Bourses to reopen with losses from previous week

Stocks ended a gloomy week on Thursday with low turnover as investors remained on the sidelines because of the economic impact from the Covid-19 pandemic and reference floor prices. 

DSEX, the key index of the Dhaka Stock Exchange, lost 7 points – or 0.2 percent – during the week to close at 3,961. 

CASPI, the benchmark index of the Chittagong Stock Exchange, lost 13 points – or 0.1 percent – over the week to close at 11,254.

According to the Weekly Market Review of EBL Securities Ltd, the market was mostly downbeat throughout the week mainly because of the economic uncertainty caused by the novel coronavirus pandemic. 

The week following the budget of FY21 witnessed sluggish trading activities due to mixed reactions from investors and the floor price mechanism, added the review.

Meanwhile, the regulator has reset the lower price limit for stock to be traded on the block board to boost turnover without affecting the broad index, the review further added.

The market witnessed two positive sessions and three negative sessions during the week. 

Trading remained low during the week, and the average turnover stood at Tk67.8 crore – down 4.4 percent from the previous week's Tk70.9 crore.

In weekly average turnover distribution, the pharmaceuticals sector contributed the highest – 38.8 percent – to turnover, followed by the banking sector which added 17.8 percent and the fuel and power sector which added 15.1 percent. 

Mutual funds and life insurance sectors both posted the highest price correction of 0.5 percent during the week. The fuel and power stocks exhibited the highest price appreciation of 0.4 percent. 

Among the other large-cap sectors, pharmaceuticals gained 0.1 percent, telecom lost 0.1 percent and textiles, cement and banking sectors remained flat on the weekly sector return board. 

Beximco Pharmaceuticals Ltd was the most-traded stock of the week with a closing price of Tk63.2 per share. Its weekly turnover was Tk29.3 crore, according to the DSE website.

Eastern Lubricants Ltd topped the weekly gainers' table by gaining 10.8 percent, closing at Tk890.9 per share. 

Beximco Synthetics Ltd, on the other hand, was the week's worst loser as it dropped 6.8 percent and closed at Tk5.5 per share.