Wednesday, November 13, 2024

Stocks end flat as investors watch political development

Dse Weekly Review
Stocks end flat as investors watch political development
Dhaka stocks ended flat last week in volatile trading with a decline in turnover amid uncertainties on the political front which made investors nervy.
The benchmark general index of Dhaka Stock Exchange, DSEX, ended at 4,118.50 points, shedding 0.22 per cent or 8.89 points. DS30, the blue-chip index of the DSE, ended at 1,545.50 points, advancing by 0.36 per cent or 5.47 points.
Daily average turnover of the DSE increased to Tk 484.01 crore which was Tk 663.43 crore in the previous week.
Of the 297 shares and mutual funds traded on the week, 121 advanced, 164 declined, and 12 remained unchanged.
Market operators said investors were keeping a close eye on the political situation as they had decided to take their next investment move considering the political situation.
That’s why the turnover in the bourse declined last week, they said.
The operators said a vested group of investors became inactive on the trading floor following some regulatory steps taken by the Bangladesh Securities and Exchange Commission last week.
They also said that the BSEC’s move to investigate unusual price hike of some companies made gamblers dejected which was another reason for the sluggish trend in the market.
‘The week started with volatility which dominated the market scenario where the bourse observed serial shaping and reshaping of investors expectations. The market subsequently closed from where it started with turnover staying above Tk 500 crore,’ IDLC Investments said in its weekly report.
Recently disclosed statistics of reduced foreign investment in the market triggered some profit booking, in the second session, it said.
‘In addition, participation took a pause and drove below Tk 500 crore level after eight consecutive sessions.’
It said, ‘The slight dip in price attracted opportunistic investors in the following session adding 27.25 points in DSEX. The upturn exhausted in the subsequent sessions while turnover resurfaced above Tk 500 crore level. As sentiment did not improve further, closing session went mildly negative.’
Mutual funds sector suffered the most on the week despite that fact that several facilities were announced for the funds from the regulator as a number of mutual funds would face redemption by the end of this year which refrained investors from investing in the mutual funds.
Grameenphone Ltd led the turnover leaders’ chart with its shares worth Tk 174.087 crore changing hands in the week.

-With New Age input

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