Another bearish week was seen at the stock exchanges with shares price falling continuously.
During the week that ended on Thursday, the benchmark of Dhaka Stock Exchange, DSEX, lost another 62 points or 1.4% to 4,520 after falling 57 points in previous week.
The blue-chip comprising index, DS30, was down 21 points or 1.3% to 1,719. The DSE Shariah Index, DSES, shed 15 points or 1.4% to 1,090.
The Chittagong Stock Exchange Selective Categories Index, CSCX, closed at 8,399, declining 106 points or 1.3%.
The week’s most highlighted event was the Regent Textiles’ unhappy trading debut. The debutant failed to create appetite for its shares among investors as its stock prices tumbled 15.6% to Tk21—well below its offer price.
The average daily turnover value on DSE was Tk305 crore in the past week, down 30% over the previous week. The stock exchanges had to shorten the trading session to four instead of usual five due to public holiday on December 16 to celebrate Victory Day.
The cement sector witnessed a huge sell-off, slumping more than 5%, extending its losing streak for the second consecutive week.
The sector was followed by food and allied that moved down 4.7%, followed by non-banking financial institutions 3%, textile 3.4%, power 2.6% and telecommunication almost 1%.
IDLC Investments said amid prolonged depression in the market, investors opted for capital protection strategy, by liquidating their scrips to avoid any further loss.
Moreover, portfolio adjustment strategy continued on both individual and institutional ends, causing volatility among different cap classes, it said.
“Indecisive mindset amid lack of optimistic economical and capital market scenarios fazed the investors, causing slumping market activities.”
Brokers say confusion over wrapping up operations of the private sector’s two biggest and oldest closed-end mutual funds—AIMS First and Grameen One—by this year, made investors cautious during the week.