Dhaka stocks pass a wild week

Dhaka stocks witnessed wild trading sessions throughout the last week with the benchmark index dipping into a seven-month low and recovering the entire losses in the following trading session.

In the week, the key DSEX index observed bearish trend in the first two sessions but turned into green in the next three sessions.

Point to point estimate revealed that the DSEX extended the previous week’s losing streak and fell by 13.6 points or 0.2 per cent to settle at 7,062 at the end of the week.

It was 7,076 in the previous week, down by 167.04 points or 2.31 per cent from that of the week before previous week.

Two other indices of the premier bourses also ended in red as the Shariah DSES index dropped 38.77 points or 2.55 per cent to 1,479 and the blue-chip comprising DS30 index fell 60.43 points or 2.24 per cent to 2,638.

“The investors panicked during the first two sessions amid the heavy volatility of the index and went for heavy sell offs. However, during the later sessions of the week, the index bounced back as the investors took position on the stocks at the lucrative price level,” said International Leasing Securities.

According to the stock brokerage firm, the optimistic quarterly earnings disclosures also played a major role to keep the investors active on the trading floor.

The weekly average turnover remained low like that of the previous week as most of the investors preferred sidelines and closely observed the market movement, it added.

The daily average turnover at the Dhaka Stock Exchange plunged 0.05 per cent to Tk 1,510 crore last week.

Among the sectors – miscellaneous (12.5 per cent), tannery (8.2 per cent) and paper and printing (7.5 per cent) sectors achieved price appreciation while cement (-12.6 per cent), food and allied (-7.5 per cent) and pharma and chemicals (-6.7 per cent) sectors witnessed price correction during this week.

The investors’ activity was mostly focused on bank (13.9 per cent), pharma and chemicals (13.0 per cent) and miscellaneous (12.1 per cent) sectors while BEXIMCO (11.2 per cent), DELTALIFE (6.6 per cent) and ORIONPHARM (4.8 per cent) were on top of the weekly scrip-wise turnover board.

Besides, all the financial sectors posted positive performance. General Insurance booked the highest gain of 5.55 per cent followed by Bank (+3.38 per cent), Life Insurance (+0.74 per cent), Mutual Fund (+0.14 per cent), and NBFI (-0.10 per cent).

At the port city bourse, CSE30, CSCX and CASPI lost 305.5 points, 41.4 points and 64.4 points respectively last week.