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Dhaka stocks dip for week 3

 


Dhaka shares fell last week, extending the streak of losses into week three, as investors continued to sell stocks amid a market downturn while the general insurance and mutual fund sectors investments rebounded strongly this week.

DSEX, the key index of the Dhaka Stock Exchange, lost 0.22%, or 10.87 points, in the past week to close at 4,869.09 points on November 26, the last trading session of the week .

The DSEX has lost 72.88 points over the past three weeks.

Despite a three-day gain over the five-day week, the key index ended the week negative.

The market has recently been grappling with dominance of just two sectors, the spillover of initial public offerings, poor corporate reporting, the adjustment of free stocks and concerns about the impending second wave of the coronavirus outbreak.

The market has become almost static again in recent weeks, with stock prices of around 85 companies stuck at their all-time low. The number continues to increase.

On March 19, the Bangladesh Securities and Exchange Commission introduced the floor price mechanism to verify the free fall in the market amid the COVID-19 outbreak in the country.

Among large capitalized companies, stock prices of Grameenphone, Square Pharmaceuticals, Investment Corporation of Bangladesh and United Power Generation and Distribution Company plunged in the week which weighed heavily on the index.

The insurance and mutual fund sectors continued to dominate the market, negatively affecting the market, market operators said.

The general insurance and mutual fund sectors rebounded strongly, advancing 14.7% and 5.3% respectively after falling the previous week.

The general insurance industry recorded 33 percent and the mutual fund industry 14 percent of the DSE’s total weekly revenue.

EBL Securities, in its weekly market commentary, said: “ Robi Axiata Ltd’s IPO underwriting took place last week, when investors moved money from the market to bid for them. IPO shares, although many newcomers have included themselves in the market as well. ”

“ While investors continued to engage positively in the general insurance and mutual fund industries, anxious investors were on the lookout for other industry issues due to a murky future as infections in the COVID-19 over the past few days has observed an upward trend, ” he said.

Subscription to the initial public offering of Robi Tk 523 crore began on November 17 and ended on November 23.

Average share prices in the nonbank financial institutions, telecommunications, banking and energy sectors fell by 2.9%, 2.4%, 0.7% and 0.4% respectively.

DSE’s average daily turnover fell to Tk 629.78 crore last week from Tk 781.82 crore the week before.

Of the 359 issues traded last week, 140 fell, 144 advanced and 77 remained unchanged.

DSE’s top-notch DS30 index fell 0.68 percent, or 11.64 points, to end at 1,689.7 points.

The DSES Sharia index fell 0.89%, or 10.03 points, over the past week to close at 1,118.85 points.

Beximco Pharmaceuticals led the revenue chart with shares worth Tk 173 crore traded last week.

Nitol Insurance Company, Bangladesh Export Import Company, Northern Islami Insurance, ADN Telecom, Pioneer Insurance Company, Square Pharmaceuticals, Asia Pacific Insurance, Continental Insurance and BRAC Bank were the other top revenue leaders.



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