Top gainers and losers of the bearish week
Dhaka stocks have been in a significant selloff over the last week as investors rushed to reduce some of their stock market exposure amid political and economic uncertainties.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), fell by 0.52% last week, the sharpest selloff in the last two months.
Only 35 scrips advanced, while 144 declined.
When almost all the previous weeks' trendy stocks were under selling pressure, small-cap Ambee Pharmaceuticals emerged as the week's top gainer with a nearly 20% rise.
National Tea Company, Aramit Ltd, Alif Industries and Far Chemical were the other stocks in the top five gainers.
On the other hand, Deshbandhu Polymer, after a steady rally for months, nosedived from the recent peak, and the stock led the weekly losers with an over 20% drop.
CAPM IBBL Islamic Mutual Fund, Continental Insurance, Khan Brother PP Woven Bags, and Prime Islami Life Insurance were the others in the top five losers list at the DSE.
Meghna Insurance, Khulna Printing, Republic Insurance, Asia Pacific Insurance and Metro Spinning, respectively, were among the top ten losers.
Stockbrokers said investors in July were showing their buying appetite as the country entered an improving macroeconomic scenario. However, the political instability ahead of the upcoming national election and a resurgent concern about the country's foreign currency payments amid a weakened rating hurt investors' confidence.
However, fundamentally sound stocks like Square Pharma, Marico Bangladesh had buyers above the floor prices last week, offering some sense of relief to blue-chip investors.
No sectors except tannery, pharmaceuticals, and fuel-power could avert the fall, while general insurance, IT, life insurance, travel and leisure, and the service sectors led the declines with over 2% drops in their respective market capitalisations.