Large-cap sectors see major correction

FE Report
The major sectors witnessed heavy sale pressure last week that ended Thursday.
Telecommunication, banking, financial institutions and ceramic sectors faced a major correction.
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 food and allied managed to close green, according to weekly analysis of the Dhaka Stock Exchange (DSE) and LankaBangla Securities.
Market operators said all four trading sessions of the week ended lower amid sluggish trading activities as investors were reluctant to make fresh exposure in the market due to liquidity shortage.
The heavyweight telecom sector, with two issues -Grameenphone and Bangladesh Submarine Cable Company Limited (BSCCL) - was the biggest loser, plunging by 4.65 per cent.
The largest market-cap listed company, Grameenphone's share price plunged 4.57 per cent or Tk 23.10 each to close at Tk 482 on Thursday.
The share price of state-run BSCCL, another issue of the telecom sector, closed at Tk 98.30 Thursday, remaining unchanged over the previous week.
The ceramic, non-bank financial institutions, engineering and banking sectors also witnessed sharp correction.
The ceramic sector plunged 10.73 per cent, followed by non-bank financial institutions with 3.40 per cent, engineering 3.06 per cent and banking 2.72 per cent.
The ceramic sector posted a 10.73 per cent negative return as the sector heavyweight RAK Ceramics lost more than 14 per cent to close at Tk 48.40 on Thursday.
Among other ceramic issues, Shinepukur Ceramic saw 7.20 per cent correction to end at Tk 19.30. Fu-Wang Ceramic and Monno Ceramic Industries also lost 4.50 per cent and 0.90 per cent respectively during the week.
The non-bank financial institutions also slumped 3.40 per cent as all 23 issues of the sector witnessed price correction.
Of the non-bank financial institution issues, Midas Financing saw the highest correction of 11.70 per cent, followed by FAS Finance with 10.90 per cent, International Leasing 6.70 per cent, Union Capital 5.80 per cent, BIFC 5.70 per cent, BD Finance 4.40 per cent, GSP Finance 4.0 per cent and Investment Corporation of Bangladesh (ICB) 3.60 per cent.
The engineering sector also lost 3.06 per cent as 28 issues of the sector posted negative return, out of 36.
Of the engineering issues, Nahee Aluminum Composite Panel saw the highest correction of 8.70 per cent, followed by Oimex Electrode with 7.60 per cent, Monno Jute Stafflers 6.40 per cent, Yeakin Polymer 5.70 per cent, Western Marine Shipyard 5.60 per cent, BD Thai Aluminum 5.30 per cent, Bengal Windsor 4.90 per cent and IFAD Autos 4.90 per cent.
The heavyweight banking sector also saw 2.72 per cent correction as 27 issues of the sector ended lower, out of 30.
Of the banks, Uttara Bank witnessed the highest correction of 7.50 per cent, closely followed by City Bank with 7.20 per cent, Premier Bank 4.90 per cent, AB Bank 4.80 per cent, Eastern Bank 4.60 per cent, Brac Bank 4.30 per cent, Dhaka Bank 4.30 per cent and ONE Bank 3.50 per cent.
Only Food & allied sector posted a weekly gain of 0.98 per cent riding on positive performance of BATBC, which gained 2.30 per cent to close its share price at Tk 3685.50 on Thursday.
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