Stocks end week on a sour note

Dhaka stocks finished the week in less than ideal conditions as investors entered a selling spree ahead of Eid-ul-Fitr, which will be celebrated in a few days.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 21 points, or 0.32 per cent, from the previous day to close yesterday's trading session at 6,655. Overall, the benchmark index lost 6.7 points or 0.10 per cent from 6,662.3 at the beginning of the week, according to DSE data.

"The week began on a positive note but the market ultimately witnessed sideways movement as risk-averse retail investors kept their selling spree on sector-specific issues ahead of Eid," International Leasing Securities Ltd said in its weekly market analysis.

On the other hand, some institutional bargain hunters showed their buying interest in sector-wise issues as some stocks declared better earnings compared to the previous quarter during the week, it added.

Despite a decline in daily turnover at the DSE, overall turnover increased in the past week.

Average turnover increased by 47.87 per cent compared to that of the previous week to stand at Tk 811.6 crore, according to International Leasing Securities.

However, daily turnover at the DSE yesterday fell to Tk 869 crore from Tk 932 crore, down 6.75 per cent from the previous day.

The blue-chip index DS30, the Shariah-based index DSES and the large-cap index CDSET also closed lower levels compared to the day before.

"All large-cap sectors posted negative performances," BRAC EPL Stock Brokerage said in its market update.

Beximco was the most traded stock with shares worth Tk 54 crore changing hands followed by JMI Hospital, GPH Ispat, Unique Hotel, and Nahee Aluminium.

Stocks of Beximco gained 0.68 per cent to reach Tk 148.90 yesterday after the company said its earnings per share grew 207 per cent year-on-year to Tk 13.18 in the July-March period of financial year 2021-22.

GPH Ispat advanced 5.19 per cent to Tk 56.80 at the same time as investors became upbeat following its third quarter earnings report.

The steel maker registered 36 per cent growth year-on-year in its earnings per share, which stood at Tk 3.58 in the nine-month period between July 2021 and March 2022.

Bangladesh Welding Electrodes topped the gainers list with a roughly 9.84 per cent rise. Summit Alliance Port, Shinepukur Ceramics, Pubali Bank, and Saiham Cotton, also saw major gains.

South Bangla Agriculture and Commerce Bank shed the most with a 5.9 per cent drop. Provati Insurance, Mir Akhter Hossain Ltd, Sea Pearl, and Deshbandhu Polymer were also among the heavy losers.

The Chittagong Stock Exchange (CSE) also dropped yesterday. The CASPI, the main index of the CSE, fell by 138 points, or 0.70 per cent, to close at 19,474.

Of the 285 stocks traded, 62 rose, 193 fell, and 30 did not see any price movement.