Stocks end 2-week bull run as polls consensus hope fades
Dhaka stocks lost value last week after a two-week bull run as hopes of a political consensus on the upcoming national polls faded, market operators said.
Turnover at the Dhaka Stock Exchange also dipped over the week due to a decreased participation of investors amid political violence across the country.
DSEX, the benchmark general index of the DSE, declined by 1.28 per cent, or 54.95 points, to close at 4,244.64 points on Thursday.
DS30, the blue-chip index of the bourse, close at 1,467.07 points, shedding 1.56 per cent or 23.28 points.
The DSEX had advanced 68.66 points in the previous two weeks.
The daily average turnover of the bourse dropped to Tk 512.27 crore from the previous week’s Tk 639.92 crore.
Market operators said investors remained edgy amid the current political situation.
Investors are aware of the deteriorating business outlook in the country due to the ongoing political crisis, they said.
‘Keeping in line with gloomy political and economic outlook, the equity market passed a depressed week, as inventors lacked any apparent motivation to commit funds for a long time,’ IDLC Investments said in its weekly market commentary.
It said, ‘In this four trading sessions’ week, average daily turnover stood marginally above Tk 500 crore, which is 20 per cent lower than that of previous week.’
Irrespective of cap classes, most of the stocks suffered last week, especially mid and large cap, it added.
Of the 296 shares and mutual fund traded, 87 advanced, 190 declined and 19 remained unchanged.
Generation Next Fashions led the turnover leaders with its shares worth Tk 113 crore changing hands in the week.
Golden Son, Paramount Textile, Delta Life Insurance, Argon Denims, Envoy Textiles, LakaBangla Finance, RN Spinning Mills, Delta Spinners and CVO Petrochemical Refinery were also among the other top turnover leaders.
Sinobangla Industries gained the most in the week with a 26.34-per cent rise in its share price, while Modern Dyeing and Screen Printing lost the most, shedding 15.35 per cent.
-With New Age input
