Stocks open higher on capital gain tax cut

Stocks opened higher on Tuesday, as bargain hunters are taking positions on lucrative stocks riding on the news of capital gain tax cut on individual investors.

Market analysts said the investors showed buying appetite based on the capital gain tax cut and the latest earnings and dividend declarations as some of the listed companies posted hefty profit and declared higher dividends.

The regulatory efforts to rebound investors’ market sentiment by forming a committee to investigate the reasons behind the recent downtrend, also boosted investors’ confidence to some extent.

Following the previous day's upbeat note, the prime index of the Dhaka Stock Exchange (DSE), went up by 80 points or 1.52 per cent to 5,332 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, gained 23 points to 1,961 while DSES index, which represents Shariah-based companies, rose 15 points to 1,177.

Turnover, another important indicator of the market, stood at Tk 2.56 billion.

Of the issues traded till then, 345 advanced, 14 declined, and 32 issues remained unchanged on the DSE trading floor.

Linde Bangladesh was the most traded stock with shares worth Tk 166 million changing hands.

The Chittagong Stock Exchange (CSE) saw an upward trend with its All Shares Price Index (CASPI)—gaining 119 points to stand at 14,704 while the Selective Categories Index – CSCX rose 80 points to reach 8,954.

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