Bangladesh stock investors are cautious about investing their money in the market as its main index is at an all time high.
As a result, the index movement was slow and the market rotation plunged.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), closed at 7,228 points at the end of last week from an initial 7,258 points.
Likewise, the daily average market turnover slipped 13% to Tk 1,941 crore during the same period.
“Investors are in a wait-and-see position as they fear a correction could start any time since the market index has skyrocketed over the past year,” said a top investment banker.
The market index has risen more than 45%, or 2,257 points, in the past year, according to data from the DSE.
And although sector corrections have taken place during this period, it could happen again.
“So investors have put funds aside and are ready to buy if the market goes down,” he said, adding that many of them have already sold a large chunk of their shares for fear of a market correction.
Last week 162 companies rose, 198 declined and 18 remained stable on the EHR.
A senior official at an asset management company said companies like his do not trade regularly and instead opt for long-term investments.
Given the situation, he sold some stocks to get enough funds to buy more if the market fell.
However, many performing stocks did not appreciate in line with the booming stock index. Instead, companies with low paid-up capital and unwanted stocks have seen a big uptick.
“So performing stocks are not yet salable but they are still lucrative,” he added.
In response to a question, the asset manager said the overall market is not overvalued, but many stocks are.
“This is why people should choose stocks very carefully,” he added.
Pacific Denims topped the winning list last week, rising 25 percent, followed by Eastern Insurance 21 percent, Alif Manufacturing 19 percent, Bangladesh National Insurance 17 percent and KDS Accessories 17 percent.
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