Stocks end week red amid correction
Stocks continued correction phase in the last trading week with a fall of 47.23 points as market participants remained watchful ahead of year-end corporate declaration.
Week-on-week basis, the total turnover at Dhaka Stock Exchange was Tk 2,138.48 crore, a decrease by 1.80 compared to the previous week.
The daily average turnover declined by 1.80 percent to Tk 427.69 crore from Tk 435.51 crore in the previous week.
Meanwhile, the average trade volume increased by 1.3 percent and the total number of trades saw a 7.3 percent decrease.
Three out of five trading days this week closed red.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), lost 47.23 points or 0.76 percent to finish the week at 6,182.79 points.
The two other indices also edged lower. The DSE Shariah Index also shed over by 10.02 points or 0.73 percent to close at 1,366.56points.
The DS30 index, comprising blue chips, went down by 15.99 points or 0.71 percent to settle at 2,231.19 points.
Among the large cap sectors, only Food & Allied registered positive movement with 0.11 percent gain.
LankaBangla Securities, analysing last week’s market situation, said, “Index continued its correction phase this week with lower market participation.”
A total of 607,301,371 shares were traded last week against 599,322,282 shares in the previous week, a rise by 1.33 percent.
At the end of the week, market capitalisation decreased by 0.61 percent to Tk 418,007.51 crore. The losers dominated gainers throughout the week with 93 issues advancing, 218 declining and 26 remaining unchanged.
EBL Securities Ltd, a stockbroker, said liquidity crisis in the market was apparent which drove the market turnover to plummet more.
The week ended in sluggish stance extending its bearish streak further as investors remained cautious throughout the week, it added.
Top gaining stocks of the week were Rupali Life (+17.22 percent), Emerald Oil (+16.94 percent), Republic Insurance (+15.85 percent), BRAC Bank (+11.78 percent) and aamra networks limited (+11.61 percent).
Conversely, top losing stocks were Dulamia Cotton (-14.29 percent), Jute Spinners (-11.18 percent) and Tung Hai (-10.74 percent) and Samata Leather (10.35 percent). Reported:UNB.
Grameenphone topped the weekly turnover list followed by Square Pharmaceuticals, National tubes, Alif Manufacturing Company, Shahjalal Islami Bank, Islami Bank, aamra networks, City Bank, BRAC Bank and Paramount Textile.
Like the premier bourse, the Chittagong Stock Exchange (CSE) also witnessed a bearish trend last week. At the end of the week, the port city bourse closed in the red zone. CASPI and CSCX decreased by 0.78 percent points and 0.77 percent respectively. Of the issues traded, 83 advanced and 185 declined with 17 unchanged.