Home ›› 15 Oct 2022 ›› Stock
Breaking the previous week’s gaining streak, Dhaka Stocks slumped this week as the market logged a catastrophic plunge at the start of the week upon rumors centering on the price floor withdrawal.
The market also finished the week in the red territory as investors were anticipating a bleaker market outlook owing to the ongoing macroeconomic strains and global economic slowdown.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dipped 75.26 points or 1.15 per cent to finish the week at 6,494.
Among other indices, the DS30, the blue-chip index, dropped 53.51 points or 2.27 per cent to close at 2,308, and the DSES, the Shariah-based index, fell 23.78 points or 1.65 per cent to settle at 1,419.
Turnover, another crucial market indicator, averaged out at Tk 1208.2 crore this week against the figure of Tk 1319.5 crore in the previous week.
Investors remained watchful throughout the week as a majority of stocks were stuck at their floor prices without potential buyers, gradually sending the turnover down, said EBL Securities, a stockbroker, in its weekly market review.
Besides, some investors tended to rebalance their portfolios ahead of the upcoming corporate declarations along with chasing selective stocks in hope of quick gains, it commented.
The market performed four sessions this week.
The market started the week on a negative note by giving up 1.82 on Monday.
It, however, turned positive with a slight gain on Tuesday and continued the upward trend on the following day by adding 0.79 per cent.
The market again turned negative on Thursday with a loss of 0.1 per cent.
On Sunday, the market remained closed due to a government holiday.
Investors were active primarily in the pharmaceutical and chemicals sector, followed by engineering, and miscellaneous.
Almost all the sectors displayed mixed returns the week. Of them, the jute sector posted the highest return of 8.4 per cent, while the IT sector faced the highest correction of 3.5 per cent.
Among the financial sectors, general insurance booked the highest gain of 2.52 per cent followed by the mutual fund.
On the other hand, non-bank financial institutions (NBFI) logged the highest loss of 2.12 per cent, followed by life insurance (1.89 per cent), and banks (0.4 per cent).
