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Stocks closed almost unchanged on Monday despite opening higher with sales pressure reducing to some extent.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up 1.96 points to settle at 5,234. A day before, or on Sunday, it had fallen by 18 points, while Thursday saw a 23-point rise after an 8.22 per cent decline from May 13 to May 28. During that period, only one trading session saw an increase, with the other 11 sessions witnessing declines.
The blue-chip index DS30, comprising 30 prominent companies, saw a decline of more than 10 points to settle at 1856, while the DSES Index, representing Shariah-based companies, gained 1.05 points to reach 1,138.
Turnover, a crucial indicator of the market, stood at Tk 3.91 billion, which is 12 per cent higher than previous trading days.
Rising interest rates have already made fixed-income instruments more lucrative compared to the equity market, but a further rate hike is likely to worsen the situation in the stock market, market experts said.
Moreover, they said, the news of a possible capital gain tax on gains exceeding Tk 4.0 million and an increased corporate tax rate has dampened the market sentiment severely.
The majority of the stocks saw price erosion; out of the 392 issues traded, 181 closed higher, 157 ended lower and 54 remained unchanged on the DSE trading floor.
Asiatic Laboratories Limited was the most-traded stock, with shares worth Tk 190.86 million changing hands, followed by Far East Knitting & Dyeing Industries Limited, eGeneration Limited, Golden Son Ltd, and Beach Hatchery Ltd.
The Chittagong Stock Exchange (CSE) ended lower, with its All Share Price Index (CASPI) losing 19.31 points to settle at 15000 and the Selective Categories Index (CSCX) losing 10.84 points to 9023.
The port city bourse traded 9.67 million shares and mutual fund units with a turnover volume of Tk 781 million.