Dhaka stocks end 8-week winning run

Dhaka stocks snapped their eight-week winning streak last week owing to the negative performance of banking and other sector shares.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 35.35 points, or 0.65 percent, to close the week at 5,408.07.

Market movement was influenced by declines in the market capitalisation of bank, general insurance, and financial institution scrips, offsetting gains in fuel and power, pharmaceuticals and chemicals, and life insurance scrips, according to a weekly market review by Shanta Securities.

The DS30, which tracks blue-chip stocks, fell 0.79 percent to 2,097.70, while the DSES, comprising Shariah-compliant companies, edged down 0.02 percent to 1,170.43, DSE data showed.

Turnover, a key indicator of investor activity, stood at Tk 3,645.50 crore, down from Tk 4,194.31 crore of the previous week, as the exchange was closed on August 5 for "July Mass Uprising Day", resulting in four trading days.

On a daily average, turnover stood at Tk 911.37 crore, up from Tk 838.86 crore the previous week. This marked an 8.64 percent increase in average daily turnover.

Bangladesh Shipping Corporation topped the turnover chart, followed by City Bank, Jamuna Bank, and Uttara Bank, the Shanta Securities review said.

Banking stocks dominated trading, accounting for 23.81 percent of the average daily traded value. Pharmaceuticals followed with 13.21 percent, while textiles accounted for 10.27 percent.

Sector-wise, life insurance stocks led the gains with a 4.03 percent rise. Paper and printing, services and real estate, and jute stocks also posted notable advances.

Market breadth was negative, with 138 scrips advancing, 227 declining, and 30 remaining unchanged.

Among individual issues, Pragati Life Insurance was the top gainer, surging 19.11 percent, while SEML Lecture Equity Management Fund suffered the steepest fall, losing 10.23 percent during the week.