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Stocks in red for 3rd straight week


Published : 28 Nov 2020 10:56 PM | Updated : 29 Nov 2020 03:18 PM

Stocks continued witnessing a falling trend for the third straight week in the face of the winter wave of the Covid-19 pandemic.

The pandemic discouraged the investors to inject fresh funds into the market.

Some investors managed funds by selling their existing securities to invest in the primary market, analysts said.

They said that many investors were busy selling their securities on profit booking and buying in three new IPOs including Robi Axiata Limited which will come soon to the market, pushing the market down.

They mentioned turnover, another major indicator of the market, dropped significantly as many investors were reluctant to make fresh investments in stocks in the face of the second wave of the coronavirus, starting to impact the world economy, especially garment exports.

The prime index of Dhaka Stock Exchange decreased by 10.87 points or 0.22 percent during the week to settle at 4,869 on Thursday. In the last three weeks, the core index of DSE decreased 73 points.

However, the blue chips index (DS30) went down by 11.64 points during the week to close at 1,689 on Thursday, while the Shariah index (DSES) increased 10.03 points to finish at 1,118 in the span of one week.

The gainers slightly beat the losers, as out of 361 issues traded, 144 closed higher, 140 ended lower and 77 remained unchanged on the DSE floor.

The market capitalisation of the DSE decreased by 0.70 percent to Tk 3,905 billion as against Tk 3,933 billion on the first working day of the week. 

Beximco Pharma dominated the floor of the DSE and became the top of the week’s turnover chart. 

Market data shows 12.12 million shares of the Beximco Pharma were traded on the floor of the Dhaka Stock Exchange (DSE) during the week, and its market value stood at almost Tk1.73 billion in the week.

It was followed by Nitol Insurance, Bangladesh Export Import Company, Northern Islami Insurance, and ADN Telecom.

Prime Insurance Company was the week's best performer, posting a gain of 36.39 percent, while Summit Alliance Port was the week's worst loser, slumping by 12.59 percent.

The daily average turnover stood Tk 6.29 billion, which was less than 19.45 percent lower than the previous week's average of Tk7.81 billion.

The total turnover stood at Tk 31.48 billion last week which was Tk39.09 billion the week before.

Meanwhile, the port city bourse, the Chattogram Stock Exchange (CSE) also saw a negative trend during the last week with its selective category index (CSCX) losing 4 points to close at 8,406points.

All-Share Price Index (CASPI) of the CSE was lower by almost 7 points on Thursday to close at 13,961 points.

At the CSE, a total of 307 issues were traded. Of them, 128 closed higher, 107 ended lower and 72 remained unchanged. 

However, the number of shares transacted on the floor of the CSE was Tk 37.91 million and the total turnover in value was Tk 875 million during the last week.