DSE Weekly review
Dhaka stocks fell last week, second week in a row, as investors became shaky due to worrying law and order situation and a central bank move against some banks for increasing their capital market investment beyond the allowable limit, market operators said. They said finance minister AMA Muhith’s announcement on Thursday that the government would scrap the scope of legalising undisclosed money from the next budget also made investors nervous.
The market, however, remained positive in the mid trading sessions in the week following the start of refinance loan release by the Investment Corporation of Bangladesh to the small-scale investors affected by the 2010 stock market crash on Sunday.
DSEX, the benchmark index of Dhaka Stock Exchange, shed 0.26 per cent, or 11.74 points, to close at 4,555.12 points on Thursday, last trading day of the week.
The key index had lost 135 points in the previous week.
The market started the week negative as investors remained shaky due to the Bangladesh Bank move and distressing law and order situation in the country, market operators said.
They said the market recovered some ground in the next three trading sessions after the ICB had started to disburse loans to the small-scale investors under the government’s refinance fund.
Investors’ participation increased significantly on Tuesday following record foreign investment at the stock market in April, they said.
After a positive start on Thursday, the market started to decline following the finance minister announcement, said operators.
DS30, the blue-chip index of the bourse, finished at 1,666.01 points, shedding 0.35 per cent or 5.92 points.
The Shariah index of the bourse, DSES, closed at 1,012.92 points, declining by 0.52 per cent or 5.28 points.
Daily average turnover of the bourse declined to Tk 382.66 crore last week from Tk 423.41 crore in the previous week.
Of the 301 shares and mutual funds traded, 163 advanced, 114 declined and 24 remained unchanged.
‘Dynamics of up and down neutralised this [last] week’s market sentiment,’ IDLC Investments said in its weekly market commentary.
It said that a number of quarterly earnings announcements, mostly in depressed tone, beat on market sentiment in frequent intervals.
‘Accordingly, investors maintained a cautious stance, keeping them in a watchful mood,’ it said.
‘As panic was not neutralised fully, general investors were maintaining side-line strategies,’ said IDLC.
Shares of Grameenphone traded most in the week with its shares worth Tk 154.51 crore changing hands.
Meghna Petroleum, Heidelberg Cement, Matin Spinning Mills, Olympic Industries, Lafarge Surma Cement, Square Pharma, Padma Oil, Golden Son and Bangladesh Submarine Cable Company were among the other turnover leaders.
Salvo Chemical Industry gained the most with a 20.74-per cent increase in its share price, while Information Services Network lost the most, shedding 27.78 per cent.
-With New Age input
