The stock market opened sharply lower on Tuesday as risk-averse investors opted for booking profit on quick-gaining stocks.
After falling below the ‘psychological’ threshold of 6000-mark in the previous day, the market opened lower this morning as the prime index of the Dhaka Stock Exchange DSE) went down by 27.65 points or 0.46 per cent to reach 5948 within the first 40 minutes of trading when the report was filed at 10:40 am.
Earlier on Thursday, Finance Minister AHM Mustafa Kamal placed a record Tk 6.03 trillion national budget for the Fiscal Year (FY) 2021-2022 before Parliament.
The budget has proposed to cut the corporate tax rate for the listed firms by 2.5 percentage points to 22.5 per cent. However, the ongoing facility to invest undisclosed money in the capital market has not been extended.
Many investors were also cautiously analysing the proposed budget before making any further investment decisions, said a leading broker.
The DS30 index, comprising blue chips, also fell 12.85 points to reach 2,182 and the Shariah Index (DSES) dropped 6.48 points to stand at 1,282 points.
Turnover, another important indicator of the market, stood at Tk 3.74 billion within the first 30 minutes of trading at 10:40 am.
Of the issues traded till then, 207 declined, 97 advanced and 48 remained unchanged on the DSE trading floor.
Beximco was the most traded stock till the filing of this report with shares worth Tk 504 million changing hands, followed by Fortune Shoes, Global Insurance, Ring Shine textiles and Sonar Bangla Insurance.
The port city bourse – the Chittagong Stock Exchange – (CSE) also opened lower with CSE All Share Price Index- CASPI-losing 84 points to stand at 17,232, also at 10:40 am.
Of the issues traded till then 39 advanced, 38 declined and 47 remained unchanged with Tk 48 million in turnover.