Stocks closed lower pulled down by mainly large issues in the past week, failing to sustain gains seen in previous week as negative sentiment continued to plague the market.
During the past week, the benchmark index of Dhaka Stock Exchange, DSEX, slipped 38 points or 0.8% to 4,446, after a rally of 11 points in previous week.
The blue-chip comprising index DS30 lost 28 points or 0.7% to 1,693.
The DSE Shariah Index, DSES, dropped 5 points to 1,080.
The Chittagong Stock Exchange Selective Category Index, CSCX, closed at 8,323, declining 60 points or 0.8%.
Food and allied was the week’s worst sector tumbling about 5%, led by BATBC that faced price correction of 7% due partly to its dividend adjustment.
Engineering sector lost 2.49%, ceramics 2%, telecommunications 1.6%, banks 1.4%, non-banking financial institutions 1.4% and power 0.8% during the week. Pharmaceuticals remained flat.
The positive performers, mostly from low cap sectors, included insurers, cement and textile.
Selling pressure contributed to push up the trading activities as the week’s DSE daily average turnover stood at Tk378 crore, up almost 17% over the previous week’s average of Tk323 crore despite one shortened trading session because of public holiday on Thursday.
Summit Power, BATBC, Grameenphone, United Power Generation and Distribution witnessed a heavy selling pressure throughout the past week.
“The news of several changes in Bangladesh Bank management body created some hope and enthusiasm in the market on the third day of the week, but the market couldn’t explode as there was no backup from institutional investors,” said MTB Capital.
On Tuesday, the central bank governor Atiur Rahman stepped down over the cyber heist from the bank’s reserves. Aman Feed, a fisheries and livestock feed producer, was the week’s top turnover followed by Lanka Bangla Finance, Orion Pharmaceuticals, AFC Agro Biotech and Summit Power.
