Stocks extend losses for fourth week -

The stock market witnessed yet another bearish week, extending the losing streak for the fourth week in a row, as jittery investors dumped their holdings to safeguard their capital from further erosion in the sliding market.
The market has been in bear grip for more than a year since the stock market regulator imposed the 'floor price' with some periodic upward movement, which failed to sustain amid the confidence crisis.
The investors were selling off shares fearing further fall as they found no immediate solution to the current depressed market situation, said a stockbroker.
He said the investors mostly focused on short-term bets as the prolonged volatility and weakened strength of the market have dampened their confidence.
The week saw four trading days as the market remained closed on Tuesday due to the National Mourning Day. The first three sessions suffered losses while the last one managed to end higher riding on the news of regulator-shareholders meeting.
DSEX, the prime index of the Dhaka Stock Exchange, finally settled the week 42.43 points lower at 6,254.83. The DSEX lost more than 107 points in the past four straight weeks.
The DS30 Index, which comprises blue-chip companies, also plunged more than 21 points to 2,121 while the DSES index, which represents Shariah-based companies, shed almost 10 points to 1,358.
The market continued to experience subdued sentiment as risk-averse investors reduced their market exposure owing to dwindling confidence stemming from the recent political uncertainty along with the prevalent macroeconomic uncertainties, commented EBL Securities.
However, the intense selling pressure calmed down in the final session of the week as investors anticipated some positive outcomes from regulatory meetings with stakeholders, said the stockbroker.
The Bangladesh Securities and Exchange Commission sat with the executives of top brokerage firms and merchant bankers on Thursday to discuss how to support the market.
Meanwhile, HSBC Holdings Plc said Bangladesh stocks have potential like India, Vietnam as rising consumption and foreign investments boost the outlook for corporate earnings.
Most of the investors, however, remained reluctant and preferred to sit on cash owing to concerns regarding the waning momentum of the market.
Turnover, a crucial market indicator, tumbled to Tk 14.90 billion, down from Tk 20.71 billion in the week before as this week saw four trading days instead of regular five-day week.
The average daily turnover stood at Tk 3.72 billion in the outgoing week, a 10 per cent decrease, compared to Tk 4.14 billion in the week before.
Investors were mostly active in the food sector, capturing 20 per cent of the week's total turnover, followed by miscellaneous sector (10 per cent) and general insurance (9 per cent).
All the sectors saw price erosion with travel & leisure witnessed the highest correction of 8.5 per cent, followed by general insurance, life insurance and paper & printing.
Most of the traded stocks saw price fall, as out of 391 issues traded, 135 closed lower, 27 higher and 229 issues remained unchanged during the week on the DSE trading floor.
Small-cap companies dominated the weekly turnover chart with Fu-Wang Food was the most-traded stocks with shares worth Tk 893 million changing hands, followed by Sea Pearl Beach Resorts, and Sonali Paper Industries.
Simtex Industries, another low-performing stock, was the week's top gainer, registering an increase of 12.72 per cent while Imam Button Industries was the worst loser, shedding 16.68 per cent.
The Chittagong Stock Exchange (CSE) also closed lower, with the CSE All Share Price Index (CASPI) shedding 121 points to settle at 18,478 and the Selective Categories Index (CSCX) falling 73 points to close at 11,046.
Of the issues traded, 106 declined, 27 advanced and 134 issues remained unchanged on the CSE.
The port city's bourse traded 9.88 million shares and mutual fund units with a turnover value worth Tk 349 million.

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