DSE Weekly Review
Political upheaval sends Dhaka stocks down for 3rd week
Dhaka stocks declined last week, the third week in a row, with a decreased turnover as investors were shaky amid rising tension on the political front. The key index of Dhaka Stock Exchange, DSEX, closed at 4,724.05 points on Thursday, shedding 1.54 per cent or 73.91 points over the week.
Stockbrokers said share prices continued to fall as investors found no sign of immediate resolution to the current political disputes between the BNP-led alliance and the ruling alliance.
As the country is going through an uncertain economic and political situation, investors will not take the risk of making investment, they said.
They also predicted that continuation of such violent political situation would adversely affect businesses and economy in the long-term.
Of the traded shares and mutual funds, 64 advanced, 236 declined and 16 remained unchanged.
The daily average turnover at the bourse fell by 15.79
per cent to Tk 217.04 crore in the week compared with that of Tk 257.75 crore in the previous week.
‘After 158 points correction in the previous week, last week shed another 74 points,’ IDLC Investments said in its weekly market commentary.
Amid worsening political condition and nonstop blockade, the market lacked any motivation to stay optimistic, it said.
‘Consequently the market entered in downward trend which has been continuing for the last three weeks,’ IDLC said.
‘Bangladesh Bank announced its monetary policy statement for the second half of the FY 2015 on Thursday. However, no significant market movement considering the MPS was observed,’ it said.
‘Last week the market continued with its selling frenzy that started in the previous week on the backdrop of a continued blockade,’ LankaBangla Securities said in its weekly market commentary.
‘On Sunday, the market broke the support level of 4,750 points and continued to extend loss in stocks throughout the week,’ it said.
The blue-chip index of the DSE, DS30, fell by 1.75 per cent, or 31.05 points, over the week to close at 1,747.76 points on Thursday.
The Shariah index of the bourse, DSES, declined by 1.82 per cent, or 20.64 points, to close at 1,115.70 points.
C&A Textiles led the turnover leaders in the week with its shares worth Tk 78.12 crore changing hands.
Grameenphone, Lafarge Surma Cement, Alltex Industries, CVO Petrochemical Refinery, GSP Finance Company, Summit Alliance Port, DESCO, National Feed Mill and BRAC Bank were among the other turnover leaders.
Phoenix Finance 1st Mutual Fund gained the most with a 20.45-per cent increase in its share price, while National Feed Mill was the worst loser, shedding 15.14 per cent.
-With New Age input
