Stock market continued to slip for the third straight session taking cue from the boiling political situation, year-end closing and adaptation to new trading system.
In the past week that ended Thursday, the benchmark index DSEX lost 33 points or 0.7% to end at 4,823.
The comprising blue chips DS30 index was down 6 points or 0.4% to 1,786. The DSE Shariah Index, DSES, lost 6 points or 1% to 1,786.
The Chittagong Stock Exchange also lost with its Selective Categories Index, CSCX, was down 83 points or 0.5% to settle at 9,019.
Average daily turnover during the week was Tk224.7 crore, a very low figure compared to that few weeks earlier.
The week witnessed four out of five trading sessions due to public holiday on the occasion of Christmas.
Turnover suffered badly through the past week as the market saw lower number of participants. Consequently, the daily turnover hovered around Tk200-240 crore range in the last two consecutive weeks.
The average daily turnover value amounted to Tk220 crore in the week compared to previous week’s average value of Tk240 crore.
Among the major sectors, telecommunication and cement came out with strong gains of more than 2% respectively. jute dropped 1.7%, followed by mutual funds 1.6% and tannery 0.8%.
Food and allied declined 1.7%. Non-banking financial institutions and power retracted by nearly 1%. Pharmaceuticals and banks also counted losses in the past week.
The small cap ceramic sector got the most hit losing 6.7% of market cap. Small cap scrips dominated among weekly gainers as EXIM First Mutual Fund, Style Craft and Alltex rallied 11.9%, 9.1% and 7.9% respectively.
LankaBangla Seceurities said the market observed another week of bearish trading as political uncertainty looms over the country.
It said the institutional inactivity ahead of year-end might be the reason for this lacklustre participation. The week’s trading session was cut short by one day for Christmas.
IDLC Investments said ahead of the year-end, market remained weak while investors were meticulously re-assessing the market before fresh investments.
Alongside the year-end closing, low turnover was caused by the adaptation to new trading software. In the political landscape, uncertainty remained high as the Bangladesh Nationalist Party came up with announcements of demonstration plans in the upcoming year.
