Stocks see highest weekly fall in three months

Stocks plunged 5.79 percent last week, the highest single week fall in three months, as panic-driven selling spree due to shattered confidence took a heavy toll on the bourses.
The free float-based index, DSEX, went down by 244.42 points, to close at 3,979.20.
Panic sales and a fall in confidence dominated the bourses over the week, said IDLC Investments in its weekly market analysis.
Volatility prevailed in the market over frequent scrip-wise movements, the merchant bank said.
Besides, the investors remained 'watchful' over the latest monetary policy statement of Bangladesh Bank rather than injecting fresh funds, it said.
"The entire week belonged to the sellers. Four out of five days were red due to constant sales pressure from the investors," said LankaBangla Securities in its analysis.
Due to a big fall on the first day of the week panic started to grip the investors, the stock broker said.
The losers took a strong lead over the gainers as out of 295 issues that traded during the week on the DSE, 235 declined, 52 advanced and eight remained unchanged. Daily average turnover of the week declined 45.15 percent to Tk 469 crore, compared to the previous week.
None of the sectors ended in green in the week, apart from food and allied and mutual funds sectors which gained 4.73 percent and 0.78 percent.
All the major sectors ended in the red with the fuel and power sector losing the most with a 10.12 percent drop followed by non-bank financial institutions and telecoms that fell 7.85 percent and 7.60 percent.