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Stocks fall for 4th straight week

Published : 21 Sep 2019 09:51 PM | Updated : 07 Sep 2020 03:10 PM

Stocks fell for a fourth straight week as investors are yet to gain their confidence on the market despite the government's steps to improve the market condition.

Market analysts said the government's recent market-supportive measures could not bring the worried investors back to the market.  Finance Minister AHM Mustafa Kamal has recently hold a special meeting with the regulator and stakeholders to find effective ways to revive the capital market.

Experts said the government should prepare the ground well in order to undertake a long-term development drive to revive the capital market as well as bring back the confidence of investors.

They said the regulator should bring some companies with strong financial base in the market to rebuild investors’ confidence. However, the prime index of the Dhaka Stock Exchange (DSE) has fallen by 77.9 points to close at 4,855 points in last week. The prime index went down by 381 points during the last four week. 

Meanwhile, the blue chips index (DS30) slummed by 1.13 points during the week to close at 1,735 on Thursday and Shariah index (DSES) dropped 33.58 points to finish at 1,123 in the span of one week.

 The market capitalisation of the DSE dropped to Tk 3,689 billion on Thursday as against Tk 3,694 billion on first working day of the week. Total turnover went up to Tk 18.98 billion last week from Tk 16.86 billion in the previous week.

The daily average turnover of DSE stood Tk 3.79 billion, which was 10 percent lower than the previous week's average of Tk 4.21 billion. Provati Insurance was the week's best performer, posting a gain of 32 percent while the Monno Ceramic was the week's worst loser, falling 30.74 percent.

National Tubes dominated and became the top on weekly turnover chart with 7.22 million shares worth Tk 1.21 billion changing hands. It was followed by Monno Jute Stafflers, JMI Syringes & Medical Devices, Square Pharmaceuticals and Legacy Footwear.

The losers beat the gainers as out of 355 issues traded, 239 closed lower, 83 ended higher and 33 remained unchanged on the DSE floor. Meanwhile, the port city bourse, the Chittagong Stock Exchange (CSE) also saw negative trend during the last week with its selective category index (CSCX) losing nearly 135 points to close at 8,960.  On the other hand, All Share Price Index of the CSE was lower by almost 222 points during the week to close at 14,760 on Thursday.