Stocks fall for 13th straight week

Stock market has witnessed its falling streak for the 13th straight week as worried investors continued their selling spree on sector-wise securities to avoid further loss.
Market analysts said the share price of most of the securities declined due to dearth of quality stocks, lack of investors' confidence and liquidity crisis. They said most of the investors remained inactive and took a ‘wait and see’ strategy as the share market saw a rapid fall over the last several months, leading to fall in share prices.

Eminent economist and market analyst Prof Abu Ahmed told Bangladesh Post that ‘most of the investors were reluctant to inject fresh funds in the market amid fund crisis.’ He said the government should discuss with the stakeholders to help rebound the stock market within a short time. Ahmed expects the government will take some steps in favour of the capital market in the upcoming national budget to make stock market strong again.

Besides, the government should encourage good finance-based companies to be listed to revive investors’ confidence through injecting more fund in the capital market. The prime index of Dhaka Stock Exchange (DSEX) decreased by 684 points in the last thirteen consecutive weeks. DSEX, the prime index of the Dhaka Stock Exchange (DSE), decreased 55.23 points or 1.04 percent during the last week to settle on 5,5,266.18 points on Thursday.

Meanwhile, the blue chips index (DS30) went down by 33.64 points during the week to close at 1863.94 points on Thursday and Shariah index (DSES) dropped 12.74 points to finish at 1,214.87 points in span of a week. The market capitalisation of the DSE dropped to Tk 3,894 billion on Thursday, which was 1.45 percent lower against Tk 3,951 billion on the first working day of the week.

Total turnover went up to Tk 13.66 billion last week from Tk 12.32 billion in the previous week. The daily turnover increased by 10.84 percent to Tk 3.41 billion over the previous week's average of Tk 3.08 billion. Out of 353 issues traded of DSE, 96 ended higher, 224 closed lower and 28 remained unchanged on the DSE floor. The Fortune Shoes dominated and became the top on weekly turnover chart with 26.34 million shares worth Tk 1001.78 million changing hands.

It was followed by Monno Ceramic (Tk 676 million), United Power (Tk 647 million), Bangladesh Submarine Cable Company (Tk 547 million) and National tubes (Tk 542 million).
The Standard Ceramic was the week’s best performer, posting a gain of 26.35 percent while the Agrani Insurance was the week’s worst loser, falling 16.72 percent. Meanwhile, the port city bourse the Chittagong Stock Exchange (CSE) also saw negative trend during the last week with its selective category index (CSCX) losing nearly 0.72 percent to close at 9,769 points. On the other hand, All Share Price Index of the CSE was lower by almost 0.74 percent to 16,146 points on Thursday.