Sluggish trend continues at DSE

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FE Report
With the lowest average weekly turnover during the first two and half months of 2010, Dhaka Stocks continued with the sluggish trend throughout the week, both in terms of index and turnover.
The market was in red throughout the week, except Wednesday, as banks and telecommunication lost their ground. Mutual funds were also continuous losers throughout the week.
During the week, DSE General Index (DGEN) lost 2.50 per cent, while DSE-20 lost 1.98 per cent. The broader DSI index lost 2.34 per cent.
The average turnover for the week dropped to Tk 36.3 billion, 11.7 per cent lower than the previous week. This is the lowest average weekly turnover so far in 2010.
Almost all major sectors lost during the week. However, on Wednesday banks helped Dhaka stocks shrug off the previous damage, and the sector index for banks gained 0.22 per cent at the end of the week. Non-bank financial institutions (NBFIs) lost 0.35 per cent.
Earlier, on Sunday, Dhaka stocks went into red after four days of flat gain, as banks continued to lose ground amid price correction.
On Thursday, the market went into red again, as the indices returned to their losing trend. DGEN lost 0.36 per cent to 5500 mark, though turnover gained 7.4 per cent.
The telecom giant Grameenphone lost 5.56 per cent and mutual funds lost 7.59 per cent during the week. Among others, insurance, pharmaceuticals, fuel and power, and cement also lost points.
Lankabangla Finance was the turnover leader for the week with stocks worth Tk 3.60 billion, which was followed by Beximco, Bextex, Grameenphone, Summit Power, DESCO, AB Bank, Keya Cosmetics, Navana CNG and Jamuna oil.
Keya Detergent was the top gainer, as its shares gained 11.22 per cent to close the week at Tk 87.60. BRAC Bank, BD Welding, One Bank, Savar Refractories, Information Services Network, Bextex, Glaxo SmithKline and EXIM Bank were the major gainers.
National Bank was the top loser, as its shares shed 37.43 per cent to close the week at Tk 493.00. AIMS 1st MF, Prime Bank, United Insurance, Dutch-Bangla Bank, Mercantile Bank, ICB AMCL Islamic MF, Mutual Trust Bank, ICB AMCL 1st NRB MF and ICB AMCL 1st MF were other major losers.