Stocks slipped into the red in the outgoing week, snapping a nine-week winning streak, as cautious investors booked some profit on quick-gaining stocks amid rising trend of Covid-19 cases.
Week-on-week, DSEX, the key index of the Dhaka Stock Exchange (DSE), went down by 13.89 points or 0.23 per cent to settle at 6,052, after gaining 812 points in the past nine consecutive weeks.
Market capitalisation of DSE also dropped to Tk 5,081 billion on Thursday, down from previous week's all-time high of Tk 5,099 billion.
The week's total turnover on the DSE came down to Tk 97.98 billion which was Tk 121.88 billion in the week before.
The daily turnover averaged out at Tk 19.60 billion, which was 20 per cent lower than the previous week's record average of Tk 24.38 billion.
Market experts said the market failed to uphold the upward drive as an extension of lockdown and the rising trend of coronavirus cases prompted investors to take some profit on quick-gaining stocks.
As the core index restrained settling above the 6,000 mark, some shaky investors opted to book profit amidst the volatile trading during the week, said a stockbroker.
He noted that some investors also followed 'go slow' strategy as the stock market regulator lifted the floor price restriction for all listed companies effective from Sunday next.
"Investors took a conservative approach on the bourse as Covid-19 cases in the country have been on the rise while some investors showed interest mostly on small-cap stocks," commented EBL Securities, in its weekly analysis.
However, tax benefits facility in the outgoing fiscal year and media report on continuation of the special facility to disclose untaxed money in the capital market may positively impact the market ahead, said the stockbroker.
According to International Leasing Securities, the investors profit booking sell-offs in major sectors after the recent price upsurge led the market to close marginally lower.
The stockbroker noted that the investors booked profit on banking and financial institution sectors as the default loans went up substantially in the first quarter of 2021 after the government partially withdrew the loan moratorium facility.
The investors' enthusiasm sustained in general insurance, cement, engineering and mutual fund sectors, said the stockbroker.
Meanwhile, four more companies from OTC market started trading on the bourses' main market from last week after remaining in the over-the-counter market for more than 10 years.
The companies are Bangladesh Monospool Paper Manufacturing Company, Paper Processing and Packaging, Tamijuddin Textile Mills and Monno Fabrics and all the companies share prices soared more than 45 per cent each during the week.
The DSE also suspended trading at Banco Securities and filed a case against its owners over alleged embezzlement of clients' fund worth around Tk 660 million.
Two other indices also edged lower with the DSE30 Index, comprising blue chips, shed 8.04 points to finish at 2,197 and the DSE Shariah Index (DSES) lost 8.55 points to close at 1,291.
Of the 375 issues traded, 210 declined, 148 advanced and 17 remained unchanged on the DSE trading floor during the week.
Beximco-the flagship company of Beximco Group-was the most traded stock with shares worth Tk 8.17 billion, making up more than 8.0 per cent of the total turnover.
It was followed by Pioneer Insurance (Tk 2.70 billion), Orion Pharma (Tk 1.87 billion), Fortune Shoes (Tk 1.66 billion) and Lub-rref (Bangladesh) (Tk 1.65 billion).
Safko Spinning Mills was the week's top gainer, posting a 51.83 per cent gain while Alif Manufacturing Company was the worst loser, losing 10.83 per cent.
The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index - CASPI -losing 15 points to settle at 17,570 and the Selective Categories Index - CSCX shedding 18 points to close at 10,576.
Of the issues traded, 176 declined, 142 advanced, and 20 remained unchanged on the CSE trading floor.
The port city's bourse traded 160.85 million shares and mutual fund units with turnover value of Tk 4.45 billion.
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