Stocks declined for the third week, as investors kept selling shares and mutual fund units ahead of the Eid festival and Durga Puja, while institutional investors preferred monitor the market.

DGEN, the benchmark general index of Dhaka Stock Exchange, finished the week at 4,458.57 points, after falling 23.69 points, or 0.53 percent.

Daily average turnover declined 13.07 percent to Tk 499 crore, compared to the previous week.

"The market closed marginally lower as investors went for withdrawing fund ahead of Eid festival," said Mohammad A Hafiz, president of Bangladesh Merchant Bankers' Association.

The market declined last week as investors sold shares ahead of Durga Puja and Eid-ul-Azha, market analysts said.

Institutional investors were waiting for the third quarterly earnings declaration of some listed companies before making any long-term investment decision, they said.

“The upcoming Eid festival and initial public offerings issues pulled out a portion of fund from the market, while the investors were waiting for earnings based market movement after disclosure of quarterly earnings of some listed companies," stated IDLC Investments in its weekly analysis.

The present market situation is normal and the investors are not 'panicked' rather they are 'indecisive' regarding future market movement, said the merchant bank.

The turnover fell sharply last week before the festivals for which the holidays will start from October 24, said BRAC EPL Stock Brokerage.

Among the five trading sessions of the week, two sessions lost 55.08 points while three sessions gained 31.39 points.

Out of the 281 issues that traded on the DSE floor, 127 advanced, 143 declined and 11 remained unchanged in the week.

All the major sectors closed in the red. Telecom lost 1.85 percent followed by non-bank financial institutions 1.16 percent, pharma 0.83 percent, power 0.11 percent and banks 0.71 percent.

The highest gainer of the week was mutual fund, which gained 4.01 percent, while cement rose 3.61 percent.

The mutual fund also dominated the top 10 gainers' list as six issues of the list came from the sector.

Over the last week, energy sector issues were the most traded, accounting for 17.70 percent of the total trade, as the dividend declaration of the major companies of the sector is forthcoming.

United Airways featured in the most traded stocks chart with 9.05 crore shares worth Tk 277 crore changing hands.

Bangas was the highest gainer of the week, posting a rise of 18.44 percent, while aamra technologies was the worst loser, plunging by 18.54 percent.

News: The Daily Star/Bangladesh/21th-Oct-12