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Stocks fall for 4th straight week


Published : 19 Jul 2019 08:42 PM | Updated : 07 Sep 2020 11:52 AM

Stocks maintained a falling streak for a fourth straight week as worried investors went on panic selling throughout the last week. The prime index of Dhaka Stock Exchange (DSE) went down by 300 points or 5.83 percent during the four weeks to settle at 5,130.69 on Thursday. Market analysts said, many of the investors seeking to remain on the sidelines, awaited a bouncing market as government’ measures failed to get investors' confidence up.

They suggested bringing some good financial base companies into the capital market to return investors’ confidence, which would help to build strong capital market. Most of the investors maintained their cautious stance ahead of earnings disclosures which also pushed down the market, they added. They said government's transfer to liquidate People's Leasing and Financial Services (PLFS) and the telecom regulator's strict stance on Grameenphone mainly created the panic situation among the investors which prompted them to sell off shares.

Besides, gas price hike had a negative impact on the manufacturing companies' shares as this might reduce their profits which also pressured investors into selling their shares, they informed. The prime index of DSE decreased by 91.60 points or 1.75 percent during the week to settle at 5,130.69 on Thursday.
Meanwhile, the blue chips index (DS30) slumped by 28.13 points or 1.51 percent during the week to close at 1,829.58 on Thursday, and the Shariah Index (DSES) dropped 18.46 points or 1.55 percent to finish at 1,176.14 in the span of one week.

The market capitalisation of the DSE dropped by 1.12 percent to Tk 3,822.87billion as against Tk 3,866.14 billion on the first working day of the week. The daily average turnover stood at Tk 3.27 billion, which was 22.53 percent lower than the previous week's average of Tk 4.22 billion. The losers beat the gainers as out of 356 issues traded, 273 closed lower, 66 higher and 15 remained unchanged on the DSE floor.

Fortune Shoes Limited dominated the DSE floor and topped the week's turnover chart. Market data showed, 25.19 million shares of the Fortune Shoes were traded on the floor of the Dhaka Stock Exchange during the week and its market value stood at almost Tk 964.76 million in the week. It was followed by United Power, Grameenphone, Sinobangla Industries, Federal Insurance and Sea Pearl Beach Resort & Spa Limited.

SEML FBLSL Growth Fund was the week's best performer, posting a gain of 57.95 percent while Bangladesh Industrial Finance Company was the week's worst loser, slumping by 34.09 percent. On the other hand, the port city bourse, the Chattogram Stock Exchange (CSE) also saw negative trend during the last week with its selective category index (CSCX) losing 139.72 points or 1.44 percent to close at 9,558.

All-Share Price Index (CASPI) of the CSE was lower by almost 248 points or 1.55 percent on Thursday, to close at 15,724. At the CSE, a total of 314 issues were traded. Among them, 69 closed higher, 234 ended lower and 11 remained unchanged.