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Dhaka shares drop for second week




One photo shows people monitoring stock price movements on a computer screen at a brokerage in the capital. Dhaka shares fell for the second week in a row last week as investors continued to sell their stocks to avoid losses amid a market downturn in recent weeks, while a number of large capitalized companies surged in the hope of better financial results. New Age Photo

Dhaka shares fell for the second week in a row last week as investors continued to sell their stocks to avoid losses amid a market downturn in recent weeks, while a number of large capitalized companies surged in the hope of better financial results.

The DSEX, the key index of the Dhaka Stock Exchange, fell 0.91%, or 44.67 points, over the past week to close at 4,872.3 points on October 15, the last trading session of the week after losing 78.35 points the previous week.

The DSEX has lost 232.5 points in the past four weeks with a positive week.

The core index fell in three out of five sessions last week as investors continued to trade cautiously amid a persistent market downturn, market operators said.

The market was volatile throughout the week due to increased investor attention to the insurance industry, they said.

The insurance industry made about 40 percent of total sales for the week.

After a huge surge in the prices of most insurance stocks, a large number of investors flocked to the sector amid the sale of shares of companies from other sectors which led to chaos in the market.

Market operators have said this gives manipulators an opportunity to better exit the industry.

Many investors preferred to sit on the sidelines and refused to buy insurance stocks at higher prices.

A group of investors also remained active in mutual funds which recorded 11 percent of total sales for the week.

Market experts said the unusual trading by some investors in the two sectors has confused other investors.

Soaring share prices of large capitalized companies, including Grameenphone, Square Pharmaceuticals, British American Tobacco Company, and United Power Generation Company, saved the market from a significant slump.

Investors bought shares of those companies which expected better financial results during the July-September period.

The top-notch DSE DS30 index, however, added 0.06 percent or 1.08 points to end at 1,670.45 points.

DSE’s average daily turnover fell to Tk 671.64 crore last week from Tk 920.99 crore the week before.

Investors also remained concerned about the possible second wave of the coronavirus outbreak as the government prepared to deal with it.

In addition, a group of investors moved into the primary market after the securities regulator approved the initial public offering of nine companies in just three months, which affected the secondary market.

Average stock prices for general insurance, textiles, non-bank financial institutions and banks fell by 4.8%, 4.2%, 4.0% and 1.4% respectively.

Stock prices in the telecommunications, pharmaceuticals and energy sectors rose 4.1%, 0.6% and 0.2% respectively.

Of the 359 issues traded last week, 262 declined, 68 advanced and 29 remained unchanged.

DSES, the stock market’s sharia index, also gained 0.38 percent, or 4.17 points, over the past week to close at 1,112.97 points.

Asia Pacific General Insurance led the turn-around table with shares valued at Tk 107.59 crore traded last week.

Continental Insurance, Beximco Pharmaceuticals, Walton, Bangladesh Export Import Company, BRAC Bank, Rupali Insurance Company, Bangladesh Finance and Investment, Sandhani Life Insurance and Republic Insurance Company were the other top revenue leaders.

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