FE Report
Most of the major sectors ended lower last week that ended Thursday as cautious investors were on selling binge on sector-wise large-cap issues.
Of the 19 sectors listed with the prime bourse, except corporate bonds, debenture and treasury bonds, the market cap of 17 sectors closed lower while only two managed to stay green, according to weekly analysis of the Dhaka Stock Exchange (DSE) and LankaBangla Securities.
Among the major sectors, the heavyweight banking sector witnessed the highest correction of 3.92 per cent as news broke that the central bank would tighten the credit to deposit ratios for banks, in order to stop any potential liquidity crisis.
"This had an adverse reaction on the banking sector stocks," commented
LankaBangla Securities, a stockbroker, in its weekly analysis.
29 banks closed lower, out of 30 and only Al-Arafah Islami Bank managed to close positive. 13 banks lost more than 4.0 per cent each.
Of the banks, Shahjalal Islami Bank posted the highest loss of 9.90 per cent, followed by UCB 7.80 per cent, Jamuna Bank 7.30 per cent, AB Bank 6.40 per cent, Mercantile Bank 6.40 per cent, Dhaka Bank 5.90 per cent, City Bank 5.60 per cent, Prime Bank 5.60 per cent, ONE Bank 5.40 per cent and Eastern Bank 4.50 per cent.
The non-bank financial institutions (NBFI) also lost 3.07 per cent as 22 issues of the sector closed lower, out of 23.
Of the NBFI issues, FAS Finance was the highest correction of 5.90 per cent, followed by Investment Corporation Bangladesh (ICB) with 4.20 per cent, LankaBangla Finance 3.90 per cent, First Finance 3.40 per cent, IPDC 3.10 per cent, National Housing Finance 3.10 per cent, while Phoenix Finance, Peoples Leasing and Union Cap lost 2.90 per cent each.
Fuel & power posted 2.81 per cent loss as 16 issues of the sector ended lower, out of 18.
Of the fuel & power issues, United Power withered the highest correction of 6.50 per cent, DESCO with 4.30 per cent, GBB Power 4.0 per cent, Power Grid 3.30 per cent, Titas Gas 3.10 per cent, Padma Oil Company 3.0 per cent, Shahjibazar Power 2.90 per cent and Baraka Power 2.40 per cent.
Cement sector also lost 3.72 per cent as large-cap issues of the sector closed lower with Lafarge Surma Cement posted the highest loss of 6.40 per cent. MI Cement, Aramit Cement and Heidelberg Cement also lost 1.20 per cent, 1.0 per cent and 0.50 per cent respectively.
The engineering sector also lost 1.04 per cent as share prices of 26 issues of the sector closed lower, out of 36.
Of the engineering sector issues, newly listed Nahee Aluminum was the highest loser, losing 9.70 per cent, followed by Anwer Galvanizing with 4.90 per cent, Oimex Electrodes 3.80 per cent, Western Marine Shipyard 3.40 per cent, Bangladesh Building Systems 3.30 per cent, and BSRM Steels 1.30 per cent.
The textile sector also lost 1.46 per cent as 31 issues of the sector closed lower, out of 48.
Of the textile issues, Alif Manufacturing Company, which was returned to main market recently, was the week's worst loser, shedding 15.38 per cent.
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