Dhaka stocks in red for third week

Dhaka stocks ended in the red for the third straight week amid slight increase of turnover as investors remained sceptical about the political uncertainty and
poor performance of the listed companies.
DSEX, the benchmark general index of Dhaka Stock Exchange, lost 1.01 per cent or 35.38 points, to close at 3,468.18 points.
The previous benchmark index of the bourse, DGEN, ended flat by increasing 0.03 per cent or 0.98 point to lose at 3,654.86 points.
The DSEX lost 86 points and the DGEN lost 65 points in last three weeks after gaining in the previous two.
The blue-chip index of the Dhaka bourse, DS30, lost 1.83 per cent or 23.99 points, to close at 1,284.38 points.
Average daily turnover of DSE inched up 2.57 per cent to Tk 138.61 crore in last week from that of Tk 135.14 crore in the week before.
Market operators said investors were sceptical last week and refrained from injecting fresh fund as they feared that the ongoing political unrest might get intense in the coming days.
They also said the investors were also worried about the negative impact of Savar building collapse that killed more than 500 garment workers because of the factory owners’ and building owner’s negligence.
The Savar tragedy after the Tazreen fire in last November exposed the garments sector, the highest export sector of the country, to a serious threat on the international market, they said.
‘If the garment sector faces a setback it will hurt the entire economy and the stock market as well,’ said a stockbroker.
He said the European Union, the largest trading partner of Bangladesh, already announced to take measures against the country’s duty free access to European countries after the Savar incident.
‘The tight political situation can turn violent again which is also another concern for the investors,’ he said.
Forty-seven listed companies made their corporate declarations during the week but most of those failed to meet investors’ expectation.
Of the total 289 companies and mutual fund traded last week, 121 advanced, 156 declined and 12 remained unchanged.
Most of the major sectors performed well last week, except for banks and pharmaceuticals that lost 0.90 per cent and 0.67 per cent respectively.
Non-bank financial institution was the highest gainer by advancing 2.04 per cent, followed by telecommunications 1.02 per cent and fuel and power 0.63 per cent.
RN Spinning was the turnover leader last week with shares worth Tk 27.66 crore changing hands. The other turnover leaders were Beximco, United Airways, Orion Pharma, Square Pharma, Bengal Windsor Thermoplastic, Golden Harvest Agro Industries, Olympic Industries and Titas Gas.

-With New Age input

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