Thursday, 7 July, 2022

Stocks go up

  • Staff Correspondent
  • 10 June, 2021 12:00 AM
  • Print news

Country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Wednesday also witnessed an upward trend like earlier as investors continued their buying spree on large-cap issues amid optimism.

Turnover, a crucial indicator of the market, jumped to Tk 27 billion on the country’s premier bourse, in a further buck by 31 per cent over the previous day’s tally of Tk 20.65 billion.

It happens to be the biggest single-day transaction since December 6 in 2010, when the turnover scaled a record amount of Tk 27.10 billion.

Market experts said turnover remained high as a section of investors are taking part in the stock market with fresh funds to enjoy the existing tax benefits ahead of the closure of the current fiscal year.

The daily average turnover on the DSE above Tk 21 billion in the last 10 consecutive sessions as the enthusiastic investors were active on the trading floor.

The recent growth in turnover and index -- the two most important indicators -- in general suggests that the investors’ confidence in the market is back on the ascent, said a stockbroker.

The new budget proposed to cut the corporate tax rate for the listed firms by 2.5 percentage points to 22.5 per cent for the upcoming fiscal year.

However, the ongoing facility to invest undisclosed money in the capital market would not be allowed in the next fiscal year.

The expiration of a special facility to whiten the black money this month might bring some fresh funds in the market over the next few weeks, said a merchant banker.

The capital market has already got back its rhythm riding on various supportive measures taken by the regulator, while the lower money market returns have encouraged the investors to put fresh funds on stocks, he said.

Along with high turnover, DSEX, the prime index of the DSE also rose by 31.89 points or 0.52 per cent to settle at 6,055.

It is the highest level of DSEX in more than three years since February 4, 2018, when DSEX was 6,102.

Two other indices also closed higher with the DSE 30 Index, comprising blue chips, advanced 6.64 points to finish at 2,202 and the DSE Shariah Index (DSES) gained 5.70 points to close at 1,296.

Gainers took a strong lead over the losers, as out of 369 issues traded, 208 advanced, 124 declined and 37 issues remained unchanged on the DSE trading floor.

Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth Tk 1.55 billion changing hands, followed by LankaBangla Finance (Tk 734 million), National Polymer (Tk 659 million), National Feed Mills (Tk 614 million) and Pioneer Insurance (Tk 589 million).