Stocks fall for straight four weeks

Stocks extended the losing streak for the straight four weeks as most of investors became panic amid ongoing rapid coronavirus transmission induced lockdown.

DSEX, the core index of the Dhaka Stock Exchange (DSE), decreased by 15.76 points or 0.30 percent to close at 5,254 points. The DSEX went down by 314 points in the straight four consecutive weeks.

Market analysts said the stocks started a rapid fall amid the government enforced lockdown and the rising coronavirus cases.

Stocks witnessed downward trend as caution investors dumped their holdings riding on the news that the securities regulator lifted the floor price of 66 companies, they added.

They said stocks extended the losing streak for the straight four weeks as the investors were busy for panic sale amid alarming rise of Covid-19 infections and deaths in recent days.

They said investors managed money by selling their securities to escape further losses on their portfolios as the investors are expecting an adverse impact on the economy and earnings.

The market lost by 182 points on the first trading day of the last week due to lockdown panic.   

Although the prime index went up by 248 points in the next three sessions riding on extended margin loan facilities, the index again declined by 82 points on the last trading session of the week after the stock market regulator lifted the floor price restriction for 66 companies.

However, the DSE Shariah Index (DSES) also went down 4.88 points to close at 1,197 in the last week while the DSE30 Index, comprising blue chips, advanced 7.09 points to finish at 1,990.

The week's total turnover on the prime bourse stood at Tk 23.24 billion in the last week against Tk 20.28 billion in the week before.

The average daily turnover was at Tk 4.65 billion in last week, which was 8.34 percent lower than the previous week's average of Tk 5.07 billion.

Losers lead over the gainers, as out of 367 issues traded, 205 declined, 108 advanced and 54 issues remained unchanged on the DSE trading floor.

Beximco was the most- traded stock with shares worth about Tk 2.37 billion changing hands.

It was followed by Robi, Asia Pacific Insurance, Beximco Pharma and Provati Insurance.

The market-cap of DSE also rose to Tk 4,592 billion on Thursday, up by 0.12 percent over the week before.

On the other hand, the port city bourse, the Chattogram Stock Exchange (CSE) also saw a rapid fall with its selective category index (CSCX) losing 13 points during the last week to close at 9,190 points on Thursday.

The All-Share Price Index (CASPI) of the CSE was lower by 25 points during the time to close at 15,231 points on Thursday.

Of the issues traded, 147 declined, 91 advanced and 47 remained unchanged on the CSE.

The port city's bourse traded 74.20 million shares and mutual fund units with turnover value of Tk 2.97 billion.