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Stocks end slightly higher after two-day losing streak

FE Online Report | Published: June 24, 2019 16:45:25 | Updated: June 24, 2019 18:39:10


Stocks ended slightly higher on Monday, after two-day losing streak, as investors mostly followed cautious stance.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,386, advancing 2.97 points or 0.05 per cent over the previous session.

Market analysts said despite the market inched up, most of the investors remained cautious as they awaited the government move to review the proposed taxes on listed companies.

Strong criticism from market stakeholders, the National Board of Revenue (NBR) chairman hinted at the possibility of reviewing the proposal of the budget for fiscal year (FY) 2019-20.

The Finance Minister AHM Mustafa Kamal proposed, among other, imposition of 15 per cent additional tax on retained earnings and reserves, if the amount exceeds 50 per cent of the paid-up capital of the company.

The budget 2019-20 also proposed imposing 15 per cent tax on stock dividend to promote cash dividend as part of efforts to increase money flow into the stock market.

The DSE Shariah Index advanced 0.87 point to close at 1,232. However, the DS30 index, comprising blue chips, fell 2.89 points to finish at 1,893.

Turnover, another important indicator of the market, also rose to Tk 3.78 billion, which was 12 per cent higher than the previous day’s turnover of Tk 3.38 billion.

A total number of 103,450 trades were executed in the day’s trading session with trading volume of 124.53 million securities.

The market capitalisation of the DSE fell to Tk 3,966 billion on Monday, from Tk 3,969 billion in the previous session.

The losers and gainers almost same as out of 352 issues traded, 156 declined, 155 advanced and 41 issues remained unchanged on the DSE trading floor.

United Power topped the turnover chart further with shares worth Tk 159 million changing hands, closely followed by JMI Syringes, Bangladesh Spinning Corporation, National Polymer and RN Spinning Mills.

SEML FBSL Growth Fund was the day’s best performer, posting a gain of 10 per cent while Peoples Leasing & Financial Services was the worst loser, losing 5.88 per cent.

However, the port city’s bourse, the Chittagong Stock Exchange, ended marginally lower with its CSE All Share Price Index – CASPI –shedding 38 points to settle at 16,470 and the Selective Categories Index - CSCX –losing 20 points to finish at 9,982.

The losers beat gainers, as 118 issues closed lower, 106 ended higher and 45 remained unchanged on the CSE trading floor.

The port city bourse traded 25.20 million shares and mutual fund units worth Tk 793 billion in turnover.

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