Tuesday’s rise failed to avert the third consecutive weekly fall
The market on Thursday started to frustrate analysts and investors when the indices continued to fall sharply at the beginning of the session
Stock on Thursday plunged for the second consecutive session that neither let the Tuesday's sharp rise to sustain nor helped avoid the weekly fall for a third consecutive week.
The DSEX, Dhaka Stock Exchange's benchmark index, on Tuesday, had recovered 110 points after losing 225 points in the previous six sessions.
Analysts believe declarations of fresh fund injection, under market support arrangements, had a positive impact on the market, helping the major indices increase over 2 percent on Tuesday.
But it nosedived again on Wednesday to lose 40 points and came below 4,800 mark again.
The market on Thursday started to frustrate analysts and investors when the indices continued to fall sharply at the beginning of the session.
During the last half of the trading session, there was a recovery attempt that helped the market sentiment to neutralize a bit.
Analysts mainly blamed the government plan of appointing administrators at Grameenphone (GP) and Robi behind the early hour's sell-off and thanked bargain hunting efforts that initiated the recovery later.
"This week witnessed investors dwindling confidence sliding further amid deepening of the GP - Bangladesh Telecommunication Regulatory Commission's conflict, devaluation of taka and overall instability in the capital market," said the EBL Securities' research team in a recap report to their clients.
Finally, the DSEX has lost 10 points or 0.22 percent to close at 4,770 on Thursday. Over the week, the benchmark has lost 40 points, 0.82 percent down from the previous close.
Both the blue chip index DS30 and Shariah index DSES lost over 1.5 percent over the week.
127 scrips at the DSE gained over the week while 209 lost and price of 20 remained unchanged.
Investor's participation remained low as average daily turnover this week came down to Tk3,13 crore, 0.54 percent down compared to the previous week.
At the Chittagong Stock Exchange (CSE), broad-based index CSCX has lost 0.94 percent over the week to close at 8,816.
The blue chip index CSE30 managed to limit weekly loss to 0.4 percent while Shariah index CSI lost 1.6 percent.
94 securities advanced while 187 lost and 18 remained unchanged, at the CSE.
Over the week, investors' activities mostly centred on engineering, pharmaceutical, general insurance which contributed to more than 18,16 and 12 percent of the DSE's weekly trade volume respectively.
General insurance with 5.2 percent increase in market capital topped the sectoral gainer chart, followed by jute with 2.0 percent gain and banking with 1.1 percent gain.
Despite different fundamental concerns from analysts, bank companies started to post profit growth in the third quarter that ended on September 30.
The ceramic sector as a part of price correction has experienced the biggest weekly fall of 8.4 percent.
Cement sector lost over 5 percent of its market capital and telecom lost 4.6 percent due to price fall of the GP.