Stocks return to red after 2 gaining weeks

Dhaka stocks declined last week after two weeks of gains with higher turnover as investors went for sell-offs to offset some losses.
DSEX, the benchmark general index of Dhaka Stocks Exchange, lost 0.31 per cent, or 11.70 points,
to close at 3,762.09 points.The previous general index of the bourse, DGEN, lost 0.20 per cent, or 7.92 points, to close at 3,974.15 points.
DSE blue-chip index, DS30, however, inched up by 0.32 per cent, or 4.45 points, to close at 1,387.52 points. Average daily turnover of the bourse increased by 21.81 per cent to Tk 435 crore in last week from previous week’s Tk 357.12 crore.
Market operators said investors opted to sell some shares last week as the share prices increased in the previous two weeks.
They said many investors went for selling shares with minimum gains as they had little confidence on the market.
‘Although the political situation eased a bit and the government also took some initiative to support the market, still most of the investors are trading for short term gains,’ said a stockbroker.
He said investors had very little confidence on the market as the share prices were falling continuously for more than two years.
‘Week started upbeat with positive sentiment pulling up DGEN over 4,000 psychological level after 52-session. The upbeat held onto second session, but rally was slowing down both in terms of indices movement and turnover,’ said IDLC Investments in its weekly market commentary.
All the major sectors ended in red except telecommunications and banks which gained 3.82 per cent and 0.82 per cent respectively. NBFIs lost the highest — 3.35 per cent, followed by fuel and power 2.06 per cent and pharmaceuticals 1.49 per cent.
Orion Pharma was the week’s most traded stocks with its shares worth Tk 115 crore changing hands.
The other turnover leaders were United Airways, Summit Purbanchol Power, BSCL, Unique Hotel and Resorts, Aamra Technologies, Golden Harvest Agro Industries, Beximco, Olympic and RN Spinning.

-With New Age input

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