Stocks slipped into the red amid high volatility in the outgoing week to Thursday as cautious investors opted for profit-booking on quick gaining shares to avoid losses.
This week featured five trading days. Of them, three sessions suffered losses while two posted gains with investors concentrated mostly on the rumor-based junk stocks.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finally went down 9.29 points to settle the week at 6,334.79.
Market operators said although the market edged lower, the opportunistic investors continued their chase for certain rumor-based junk stocks along with those which recently managed to jump off the floor price.
Despite the sell pressure from cautious investors who preferred to secure their unrealized gain, the buyers expanded the upper hand, with participation focused mostly on the rumor-based junk stock, according to EBL Securities.
Share of Olympic Accessories, which has been incurring losses for the last two years -- soared by 36.36 per cent, becoming the second highest gainer.
Olympic Accessories, took off from the floor three weeks back and soared 67 per cent as some investors chased its stock anticipating quick-buck.
Some other low-performing companies such as Fu-Wang Food, The Dacca Dyeing, Generation Next Fashion, Simtex Industries and Union Capital were on the list of the top gainers.
Investors are turning to junk stocks instead of fundamentals one in hopes of higher returns from lower investments, as a result, low-cap stocks topped the gainers and turnover lists, said a stockbroker.
Rumour-based low-performing stocks are still favorites among a section of investors even though these securities are believed to be manipulated, he said.
Despite a lack of business growth, a company exhibits a rally in the stock market when a certain group of people influence the price while others join the rally not to miss out on the opportunity to make quick-buck.
This is risky to bet and the investors should think twice before putting money in the troubled stocks, he added.
The DS30 Index, which consists of blue-chip companies, also shed 1 point to 2,191 and the DSES index, which represents Shariah-based companies, went down 2 points to 1,375.
Turnover, the crucial indicator of the market, rose to Tk 35.85 billion in total.
The average daily turnover stood at Tk 7.17 billion in the outgoing week as against Tk 7.05 billion in the week before.
Investors were mostly active in the textile sector, capturing 21 per cent of the week's total turnover. The textile sector also gained 1.30 per cent.
The country's ready-made garment (RMG) sector registered a double-digit export growth -- 10.27 per cent -- to $47 billion in FY23.
The export growth and the upcoming dividend declarations might have played a role in attracting investors to the textile sector companies, said the stockbroker.
Majority of the traded issues saw price appreciation, as out of 391 issues traded, 90 saw price surge, 23 witnessed price fall while 185 issues remained unchanged.
The Chittagong Stock Exchange (CSE) also saw modest gain with its All Share Price Index (CASPI) rising 18 points to settle at 18,720 and the Selective Categories Index (CSCX) gaining 5 points to close at 11,187.
The port city's bourse traded 33.75 million shares and mutual fund units with turnover value of Tk 849 million.
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