Stocks continue to bleed
Economic Reporter :
Stocks extended the losing streak for the third straight week that ended on Thursday as worried investors continued their selling binge on large-cap shares.
Week on week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 39.22 points or 0.82 per cent to close at 4,771.
Market analysts said ongoing depressed market outlook coupled with growing concern about the telecom regulator moves to appoint administrator at Grameenphone over unpaid dues dragged the market down.
GP, which is the largest company by capital, slumped 4.56 per cent last week as the shaky investors sold GP shares riding on the news on appointing administrators at GP over unpaid dues.
The institutional investors are suffering from liquidity crunch while the retail investors are not confident enough to inject funds into stocks amid a gloomy market outlook, taking the market in the red zone again, said a leading broker.
He noted that the government recent market supportive steps apparently failed to boost investors' confidence.
Prolonged bearish trend frustrated general investors, said an analyst, adding that since beginning of the year, indices have been on the downward direction, with some periodic upward movement, which failed to sustain amid confidence crisis. Accordingly, the DSEX has lost a cumulative 1,179 points or nearly 20 per cent in the past nine months since January 24, this year when the index peaked at 5,950.
A group of investors under the banner of 'Bangladesh Pujibazar Biniogkari Oikya Parishad' also staged a demonstration in front of the DSE building to protest against the continuous fall in indices during the week.
The aggrieved investors demanded immediate resignation of M Khairul Hossain, the chief of the capital market watchdog, and some top officials of securities regulators for their failure to restore normalcy in the market.