Bearish market sentiment at the stock markets continued for the second straight week that ended Thursday as trading remained lacklustre on panic-driven selling spree.
After losing 75 points in the past week, the benchmark of Dhaka Stock Exchange, DSEX, tumbled around 105 points or 2.26% to settle at 4,676,-- its lowest in three months.
The blue-chip comprising index DS30 was down 50 points or 2.8% to 1,766. The DSE Shariah Index, DSES, fell 34 points or 3% to 1,114.
The Chittagong Stock Exchange Selective Categories Index, CSCX, closed at 8,711, dropping 201 points or 2.3%.
The week’s daily turnover stood at Tk383 crore, slightly down more than 1% over the previous week, indicating that investors continued to prefer to stay sideline.
Trading was concentrated mostly on bank, pharmaceuticals and engineering sectors, which jointly accounted for 45% of the week’s total turnover.
Almost all the sectors came under the selling pressure during the past week.
Telecommunications became the week’s worst sufferer, slumping over 5%, followed by cement 7%, non-banking financial institutions 4% and power 2%.
KDS Accessories made debut in the last session of the week and gained 329% on its offer price.
IDLC Investments said the bourse passed nightmare of a week, watching almost unrestrained fall of stock prices, wiping off over Tk66.8 billion of the equity market capitalisation.
It said in the backdrop of heightened security risk and consequential cancellation of trips to the country by foreign buyers and tourists as well as developments surrounding Trans-Pacific Partnership, investor was fidgety and worried.
Strong selling pressure in two multinational stocks – Grameenphone (GP) and Lafarge Surma Cement – which captured almost 17% of the total market cap of the DSE, hit the market movement for the week, it said.
GP and Lafarge lost over 6% and 10% respectively over the past week and contributed significantly to the downfall of the market.
Lanka Bangla Securities said stock faltered heavily closing the week below 4,700-mark as selling frenzy continued to mar the investors’ confidence.
“The selling pressure on large cap stocks continued to batter market sentiment while some investors were eyeing on sector specific stocks to take position as the earnings season directed the market movement.”
Royal Capital said the market fell mainly due to the investors’ panic-driven sell-offs also negative for the multinational stocks to fall.
