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Stocks fall for straight third week


Published : 23 Jul 2022 09:56 PM

Stocks extended the losing streak for a third consecutive week as investors were busy to sell their holdings amid global crisis.

Market analysts said the ongoing global economic crisis has created panic among investors, which was reflected in the stock market.

Several investors were trying to exit the market by selling their shares avoid further losses, they mentioned.

The investors are in a very tough situation as they are witnessing continuous erosion of their money while some are stuck with heavy losses and cannot get out of it, they said.

However, the prime DSEX index of Dhaka Stock Exchange (DSE) went down by 198 points or 3.13 percent to settle at 6,126.52. DSEX shed more than 250 points in the past three consecutive weeks.

The DS30 Index, comprising blue-chip companies, decreased by 73.02 points to close at 2,200.83 and the DSES Index declined 32.27 points to finish at 1,345.09.

The week's total turnover stood at Tk 27.70 billion on the DSE as against Tk 19.62 billion in the previous week.

The daily turnover averaged out at Tk 5.54 billion, which was 15.29 percent lower over the previous week's average of Tk 6.54 billion.

Out of 387 issues traded, 331 declined, 45 advanced and 11 issues remained unchanged on the DSE.

General insurance sector saw the highest correction, losing 6.60 percent, followed by power (4.90 percent), engineering (4.10 percent), financial institutions (4.0 percent), telecoms (1.80 percent) and banking sector (1.20 percent).

The problem-hit Bangladesh Industrial Finance Company (BIFC) was the week's top gainer, rising a 51.60 percent growth, while Imam Button Industries was the worst loser, shedding 9.44 percent.

On the other hand, the port city bourse, the Chittagong Stock Exchange (CSE) saw lower growth with its selective category index (CSCX) losing 379 points in the last week to close at 10,764.12 points.

The All-Share Price Index (CASPI) of the CSE was also lower by 627 points to close at 17,968.38 points.

Of the 349 issues traded, 39 advanced, 305 declined and 5 remained unchanged on the CSE trading floor.

The port city's bourse traded 31.38 million shares and mutual fund units with turnover value of Tk 78.40 crore during the last week.