Dhaka stocks slid for the third week on Thursday with a decreased turnover as investors refrained from trading, anticipating political unrest after Eid-ul-Fitr, market operators said.
DSEX, the benchmark general index of Dhaka Stock Exchange, declined by 1.69 per cent, or 67.44 points, to close at 3,911.75 points.
The blue-chip index of the bourse, DS30, ended flat last week by losing only 0.08 per cent, or 1.15 points, to close at 1,477.12 points.
In the last three weeks the DSEX lost 350 points with the turnover decreasing gradually.
The DSE put an end to its old general index, DGEN, from Thursday.
Average daily turnover of the bourse declined sharply last week by 32.33 per cent to Tk 317.55 crore from the previous week’s Tk 469.29 crore.
Of the 294 issues traded last week, 66 advanced, 221 declined, and seven remained unchanged.
Market operators said investors were worried
about the possible violent political situation after Eid-ul-Fitr.
The recently announced monetary policy has also failed to cheer the investors, they said.
They said political violence might spiral after Eid as the Bangladesh Jamaat-e-Islami on Thursday called a 48-hour nationwide general strike for August 12 and 13 protesting against a High Court verdict that declared its registration as a political party illegal.
The market started falling three weeks back because of political unrest.
‘The government has also failed to provide any real booster in the monetary policy announced last week,’ said a stockbroker.
He said investors might have sold some shares to get some cash for meeting Eid expenditure.
‘The new monetary policy has also failed to cheer the investors as it maintains policy of money supply tightening,’ he said.
‘Over disappointing earnings and approaching Eid-ul-Fitr closure, investors broadly went for selling mode almost throughout the week,’ commented IDLC Investments in its weekly market analysis.
Among the major sectors, pharmaceuticals posted the highest gain during the week with a 5.39-per cent gain followed by telecommunications 3.10 per cent.
Banks lost the most with a 4.08-per cent loss followed by NBFIs 3.21 per cent and fuel and power 0.74 per cent.
Bangladesh Submarine Cable became week’s top turnover leader with shares worth Tk 137.59 crore changing hands.
The other top-10 turnover leaders were Meghna Petroleum, Olympic Industries, Padma Oil, Grameenphone, Jamuna Oil, Square Pharma, Titas Gas, United Airways and Bangladesh Shipping Corporation.
-With New Age input
