FE Report
The major sectors continued to suffer losses in the week ended Thursday last.
A total of 12 sectors witnessed more than 2.0 per cent correction as the market extended the losing streak for the fifth week in a row.
Of the 19 sectors listed with the prime bourse, except corporate bonds, debenture and treasury bonds, the market-cap of 18 sectors faced correction while only travel & leisure managed to close green, according to weekly analysis of the Dhaka Stock Exchange (DSE) and LankaBangla Securities.
Market operators said almost all the sectors drifted lower as the market extended losses for the five consecutive weeks amid persistent liquidity crisis in the banking sector.
Financial stocks again sustained the largest hit during the index slide. All the major market sectors gave negative returns.
Non-bank financial institutions and banking sector issues suffered the most with 5.30 per cent and 3.23 per cent respectively.
The non-bank financial institutions witnessed the highest correction of 5.30 per cent as 20 issues of the sector ended lower, out of 23.
Of the non-bank financial institution issues, United Finance saw the highest correction of 12.70 per cent to close at Tk 17.80 following its price adjustment after record date. The board of directors of the United Finance has recommended 10 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2017.
It was followed by FAS Finance with 10.60 per cent loss, followed by Midas Financing 10.20 per cent, BD Finance 8.0 per cent, LankaBangla Finance 7.90 per cent, Bay Leasing 7.90 per cent, ICB 7.60 per cent, Union Capital 6.70 per cent and IDPC 5.90 per cent.
The heavyweight banking sector also saw 3.23 per cent correction as 27 banks, out of 30 dipped.
Of the banks, Bank Asia faced the highest correction of 10.40 per cent, followed by UCB with 8.80 per cent, Prime Bank 7.90 per cent, Shahjalal Islami Bank 6.80 per cent, First Security Islami Bank 6.30 per cent, Exim Bank 5.70 per cent, NCC Bank 5.70 per cent and Islami Bank 4.40 per cent.
The ceramic sector slumped 4.27 per cent as all five issues of the sector suffered loss.
Of the ceramic issues, Monno Ceramic Industries witnessed the highest correction of 5.20 per cent to close at Tk 130.30 on Thursday, followed by RAK Ceramic with 4.60 per cent, Shinepukur Ceramic 3.90 per cent, Fu-Wang Ceramic 1.80 per cent and Standard Ceramic 1.50 per cent.
The engineering sector also lost 2.83 per cent as 33 issues of the sector closed lower out of 36.
Of the engineering issues, Ratanpur Steels saw the highest loser, slumping by 9.70 per cent, followed by BBS Cables with 8.70 per cent, Kay & Que 8.30 per cent, Eastern Cables 7.20 per cent, Olympic Accessories 7.0 per cent and Golden Son 6.30 per cent.
The heavyweight telecom sector, which comprised two issues -Grameenphone and Bangladesh Submarine Cable Company Limited (BSCCL)- also saw 2.13 per cent correction.
The largest market-cap listed company, GP's share price fell 2.0 per cent to close at Tk 472.10 on Thursday, the last trading session of the week.
The share price of state-run BSCCL, another issue of the telecom sector, closed at Tk 91.50 on Thursday, losing 4.0 per cent over the week before.
Food & allied, fuel & power and pharmaceuticals sectors also lost 2.70 per cent, 2.19 per cent and 1.15 per cent respectively.
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