Bear-run continues for third consecutive week

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FE Report
Share prices at the Dhaka Stock Exchange (DSE) went into a tailspin for the third consecutive week that ended Thursday amid decline in the turnover.
During the week, the benchmark index DSE General Index (DGEN) shed 95.15 points to end at 2428.63. The All Shares Price Index (DSI) ended at 2019.52 with a loss of 71.85 points and the DSE-20 blue chip index finished at 1853.29 with a drop of 110.36 points.
Factors like continued bearish trend, bleak economic scenario painted by policy makers and economists, lower than expected dividend declaration by the banks has sent the market into the negative territory, experts say.
Price adjustment of the banks that went ex-dividend also contributed to the slide in the market during the week, they said.
Out of 298 issues traded, 88 advanced, 170 declined, four remained unchanged and 36 were not traded in the week.
The daily average turnover posted a decline of 21.27 per cent or Tk 3.54 billion against the previous week's Tk 4.50 billion.
The market capitalisation stood at Tk 995.77 billion.
"The investors began to feel uncomfortable because of negative statements given by different quarters about impact of global financial recession on the country's economy," said a merchant banker.
"We are on the extent of the impact the country will have to face. Unfortunately, no analysis has been done regarding the impact of global recession on domestic economy," he added.
Summit Power was the top turnover leader for the fourth consecutive week with shares worth Tk 1.52 billion traded and accounted for about 8.59 per cent of the week's total market turnover of Tk 17.74 billion at the prime bourse.
Beximco, S Alam Cold Rolled Steels Limited, Summit Allaince Port Limited, DESCO, Titas Gas, BSRM Steels Limited, Power Grid, Shinepukur Ceramics Limited and Eastern Housing Limited (EHL).
The top ten gainers were BD Autocars, Beximco Synthetics, BD Wielding, Aramit, S Alam Cold Rolled Steels Limited, National Housing Finance and Investment Ltd, DESCO, Quasem Drycells and Aramit Cement.
The top losers were AB Bank, Uttara Bank, Dutch-Bangla Bank, Premier Bank, Southeast Bank Ltd, IFIC Bank, Eastern Bank, BD Zipper, Industries and Apex Adelchi Footwear.
The A-category issues accounted for 80.54 per cent of the total turnover in value during the week, while B-category issues accounted for 3.19 per cent, N-category 13.29 per cent and Z-category 2.98 per cent.