Stocks retreated into the red last week as the nervous investors continued dumping sector-wise shares amid ongoing corporate declarations.
The week saw the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), plunge 67.93 points or 1.38 per cent and settle at 4,846, although it gained 41 points in the week before.
Market operators said retail investors resorted to profit-booking by selling stocks in major sectors while institutional investors remained on the sidelines in the dividend declaration season, resulting in the fall in the market index.
The risk-averse investors opted to liquidate their investment amid lower-than-expected year-end dividend and quarter-end earnings disclosures of many companies, said a merchant banker.
He noted that selling pressure prevailed almost throughout the week due to the profit-booking selling frenzy, as many investors opted to cash out gains from large-cap issues.
The week featured four trading days as the market remained closed on October 26 due to Durga Puja. Of them, the first three sessions saw correction while the last one edged higher.
Two sub-indices also ended marginally lower. The DSE 30 Index comprising blue chips fell 8.48 points to finish at 1,680 and the DSE Shariah Index (DSES) lost 15.37 points to close at 1,098.
Total turnover, a crucial indicator of the market, came down to Tk 39.62 billion last week as against Tk 42.40 billion in the week before.
The daily turnover averaged out at Tk 9.90 billion last week, which was Tk 8.48 billion in the previous week, registering an increase of 17 per cent.
Losers took a strong lead over the gainers, as out of 360 issues traded, 210 closed lower, 106 ended higher and 44 issues remained unchanged on the DSE floor.
The market capitalisation of the DSE also dropped 1.34 per cent week on week to Tk 3,912 billion on Thursday.
The insurance sector continued to dominate the week's turnover chart as eight insurers featured in the top 10 turnover chart.
Beximco Pharma topped the chart with 13.12 million shares worth Tk 1.55 billion changing hands during the week, followed by Sandhani Life Insurance, Global Insurance, Express Insurance and Pioneer Insurance.
Bay Leasing was the week's best performer, posting a gain of 17.13 per cent while Generation Next Fashions was the week's worst loser, shedding 27.66 per cent following its 'no' dividend declaration.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index (CASPI) losing 205 points to settle at 13,824 and the Selective Categories Index (CSCX) shedding 113 points to close at 8,319.
Of the issues traded, 174 declined, 98 advanced and 42 remained unchanged on the CSE.
The port city's bourse traded 55.02 million shares and mutual fund units with turnover value of Tk 1.19 billion during the week.
© 2024 - All Rights with The Financial Express
