Stock markets stay volatile in past week

The modest decline extended for the second consecutive week that ended on Thursday as profit booking continued. During the week the benchmark index of Dhaka Stock Exchange, DSEX, lost about 9 points or 0.2% to end the week at 4,692. The blue-chip index, DS30, also lost 1.09 percent or 19.33 points and stood at 1,748.23,  whereas the shariah-based index, DSES, lost 1.05 percent and closed the week in red and stood at 1,111.76. The blue-chip index, DS30, was down nearly 20 points or 1% to 1,748. The DSE Shariah Index shed 12 points or 1% to 1,111. The Chittagong Stock Exchange Selective Category Index, CSCX, moved down about 24 points or 0.3% to 8,753. The week’s average daily turnover stood at over Tk500 crore, up 9% over previous week. Fortune Shoes Limited made debut trading on the stock exchanges on the final day of the week. Its shares jumped over 500% to close at Tk60 a share on its offer value. The company was mostly traded during the week with a turnover of Tk48.6 crore. Lanka Bangla Securities said after seven consecutive weeks of upward movement from the DSEX, the market has now experienced back-to-back weekly decrease. Currently, the broad index appears to be at a resistance point of 4700, it said. The list of turnover leaders continued to be dominated by high cap stocks. On the other hand, the lists of top gainers and top losers were largely comprised of small cap stocks. Among the large cap sectors, banks and telecommunications advanced by 2.45% and 2.32% respectively. Among the losing sectors, engineering declined 3.51%, fuel & power 2.37%, pharmaceuticals 1.19% and food & allied 0.41% over the week. After Fortune Shoes, the week’s other top turnover leaders were National Bank, Doreen Power Generations and Systems, Titas Gas, BSRM Limited, Square Pharmaceuticals, Singer BD and Summit Power.