Dhaka stocks witnessed a heavy fall in the past week after rising for three consecutive weeks, as a section of investors sold shares to book some profits after the rise, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, decreased by 157.75 points, or 2.95 per cent, in the past week to end at 5,197.58 points.
The DSEX gained 240.73 points in the previous three weeks after losing about 620 points in five weeks.
Investors were cautious as the earnings declarations by companies are going on, market operators said.
They said that the country鈥檚 credit rating was recently downgraded by Moody鈥檚 in a report citing heightened political risks and lower growth, which negatively impacted the investor sentiment.
Also, higher bank interest rates are inspiring investors to invest in fixed-income options instead of the stock market, stockbrokers said.
The daily average turnover on the DSE decreased in the past week to reach Tk 465.80 crore compared with that of Tk 554.02 crore in the previous week.
Of the 382 issues traded in the past week, 72 increased, 287 decreased and 23 stayed the same.
Investors were mostly active in pharmaceutical scrips, followed by bank and textile shares.
EBL Securities in its weekly market commentary said, 鈥楾he market started the week with profit booking selling pressure dominating the trading board while cautious investors remained watchful of the market鈥檚 momentum surrounding the earnings declaration season.鈥�
鈥楳eanwhile, investment appetite remained subdued over uncertainties regarding the market outlook due to prevailing economic and political tensions, leading the bears to regain control after three consecutive weeks of gains,鈥� it added.
The DS30 index decreased by 67.36 points, or 3.39 per cent, to finish at 1,919.05 points.
The DSE Shariah index lost 37.96 points, or 3.19 per cent, to close at 1,151.56 points in the past week.
Agni Systems topped the average weekly turnover chart with shares worth Tk聽14.78 crore changing hands per session.
Sonali Aansh Industries, Midland Bank, Beach Hatchery, Taufika Foods and Lovello Ice-cream, Islami Bank Bangladesh, Bangladesh Shipping Corporation, Beximco Pharmaceuticals, Fine Foods, and Far East Knitting & Dyeing Industries were the other turnover leaders.