Home ›› 05 May 2023 ›› Stock
Breaking two weeks of gains, Dhaka stocks slightly fell this week, as investors preferred booking profits as well as rebalancing their portfolios.
Though investor optimism grew owing to the ease of the macroeconomic adversities and healthy corporate earnings in the latest quarter, as per analysts and stockbrokers, cautious investors went for profit booking to shun any possible further losses.
Besides, as the earnings of the recently ended quarter began to flow into the market, investors increased their holdings in those stocks that surpassed their expectations while selling off positions in stocks that fell short of expectations, they said.
Portfolio rebalancing as well as short-term profit booking tendency of investors led the market to experience losses this week.
The DSEX, the broad index of the prime bourse Dhaka Stock Exchange (DSE), lost by 4.9 points or 0.1 per cent, to settle at 6,269.
Turnover, another crucial indicator of the market, averaged out at Tk 800 crore this week, which was 7.1 per cent higher than the average turnover of Tk 749 crore in the previous week.
The market performed three sessions this week, with the market starting the week with a correction of 0.18 per cent on Sunday.
The market, however, turned positive on Tuesday with a gain of 0.13 per cent, but it closed the week on Wednesday with a loss of 0.03 per cent.
Investors were mostly concentrated on the food and allied sector, with the sector topping the turnover chart with a contribution of 18.1 per cent of the total turnover of the DSE, followed by IT (13.7 per cent) and travel (9.8 per cent), according to the weekly review of EBL Securities, a stockbroker.
Eastern Housing Limited was the week’s most traded stock with Tk 134 crore worth of its shares changing hands, followed by Unique Hotel & Resorts PLC, Olympic Industries Limited, LafargeHolcim Bangladesh Limited, and Sea Pearl Beach Resort & Spa Limited.
Sectors ended in mixed this week, with the cement sector being the highest gainer with a return of 6.5 per cent, while the travel faced the highest correction of 7.2 per cent, EBL Securities said.
According to stockbroker Brac EPL, financial sectors posted mixed performance this week, with the life insurance booking the highest gain of 0.25 per cent, followed by bank (0.10 per cent), and mutual fund (0.04 per cent).
On the other hand, the general insurance faced the highest loss of 0.08 per cent, followed by NBFI.
Heidelberg Cement Bangladesh Ltd topped the DSE’s gainer chart this week with a return of 29.78 per cent, while Sea Pearl Beach Resort & Spa Limited was the week’s worst sufferer with a loss of 12.83 per cent.
