Stock market suffered heavy sell-off mainly on heavyweights in the past week, pulling all the indices down.
Investors released their holdings in fear of further losses as the market remained downtrend for long.
During the past week, the benchmark index of Dhaka Stock Exchange, DSEX, lost over 75 points or 1.7% to 4,370. With this loss, it declined around 115 points in two weeks.
The blue-chip comprising index DS30 slipped 37 points or over 2% to 1,655.
The DSE Shariah Index, DSES, dropped over 20 points or 2% to 1,059.
The Chittagong Stock Exchange Selective Category Index, CSCX, closed at 8,182, tumbling 141 points or 1.7%.
All the large-cap sectors lost their solid ground during the week except low-cap engineering sector that moved up 1.8%.
The large-cap and mid-cap stocks took a beating, offsetting gains in small-cap stocks in the week.
The large-cap stocks like BATBC, Titas Gas, Square Pharma, United Power, Lafarge Surma Cement, ICB
and GP lost 4.9%, 4%, 3.7%, 3.5%, 3.3%, 2.4% and 1% respectively.
Food and allied, the week’s biggest loser, slumped over 3%, extending its losing streak for the second straight session due to sharp fall in share prices of the sector heavyweight BATBC due to dividend adjustment.
Power sector also witnessed steep fall of 2.8%, followed by pharmaceuticals, non-banking financial institutions and telecommunications and banks, which declined by 1.7%, 1.4%, 1% and 0.6% respectively. Other losing sectors were food and allied and cement.
The DSE daily average turnover in the week was Tk368 crore, down 2.7% over the previous week’s average of Tk378 crore.
Pharmaceuticals, textiles and engineering sectors dominated the trading throughout the week, as they together made up more than 51% of the total trade.
LankaBangla Securities said decline of prices of large-cap shares was one of the reasons of decline in the broad index.
Sheltech Brokerage said the market faced a heavy sell-off in large-cap stocks which drove the market down and DSEX mostly remained negative amid lack of confidence among the investors.
Share prices of majority issues closed negative during the week as out of 326 issues traded, 221 closed lower, 80 higher and 25 remained unchanged on the DSE.
