Stocks end the week in red

Stocks returned to the red as trading sessions advanced toward the close last week, ending a five-week gaining streak. Profit-taking pushed down market indices.
The benchmark general index of Dhaka Stock Exchange, DGEN, capped the week at 6,587, declining 73 points or 1.10 percent. The yardstick of the premier bourse gained 884 points or 15.15 percent in five weeks as the liquidity flow boosted investor confidence.
The market opened on a positive note on Sunday continuing from the preceding week’s uptrend and DGEN advanced 49.56 points or 0.74 percent.
The downtrend began on Monday with DGEN slipping 0.21 percent and the trend continued throughout the last three sessions.
Prof Mahmood Osman Imam, who teaches finance at Dhaka University, said the behaviour of the market is usual as the investors went for cashing profits.
The declaration of shares offloading by state enterprises into the capital market also increased selling pressure among the investors, said Imam.
The market faced price corrections in large capital sectors such as bank and non-bank financial institutions as the central bank moved to bear down on the growth of credit for wasteful, unproductive and speculative uses to its new half yearly monetary policy, said Green Delta Securities in its daily market analysis.
But market experts believed it is a natural price correction as investors went for selling shares to pocket profits, it said.
The banking sector declined 4.17 percent and non-bank financial institutions 5.10 percent last week following the publication of half-yearly earnings, said BRAC EPL in its daily market analysis.
Many banks reported their half-yearly earnings and poor performance compared to the same period last year, it also said.
Grameenphone, which represents the telecoms sector, declined 4.49 percent, cement 4.65 percent, while the pharmaceuticals gained 2.57 percent and fuel and power 3.69 percent.
Earlier on July 13, the finance ministry issued a fresh directive to 23 state-owned enterprises to immediately offload shares on the bourses to increase the supply of shares. Meghna Petroleum and Jamuna Oil Company, both already listed, started offloading 17 percent shares in the secondary market since Wednesday last.
Daily average turnover value stood at Tk 1,810 crore, a 16.7 percent rise from the previous week’s average turnover. Total turnover value increased 45.8 percent on the preceding week’s value of Tk 9,053 crore as the preceding week consisted of four trading sessions.
RN Spinning Mills topped the turnover leaders with 23.71 lakh shares worth Tk 264 crore changing hands.
Kohinoor Chemicals was the bigg-est gainer of the week, posting a 13.33 percent rise, while Prime Finance and Investment was the worst loser, slumping by 10.24 percent.

-With The Daily Star input

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