The Financial Express

Stocks open marginally higher on proposed tax cut hopes

| Updated: June 08, 2021 16:25:31

Stocks open marginally higher on proposed tax cut hopes

The market opened marginally higher on Monday, after a mild correction in the previous day, as optimistic investors remained action on insurance sector stocks.

After a record high turnover in the previous day, the market opened marginally higher and the prime index of the Dhaka Stock Exchange DSE), went up by 12.06 points or 0.20 per cent to reach 6,050 within the first 30 minutes of trading when the report was filed at 10:30 am.

Finance Minister AHM Mustafa Kamal placed a record Tk 6.03 trillion national budget for the Fiscal Year (FY) 2021-2022 before Parliament on Thursday last.

The budget has 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 which analysts think will enhance the companies’ profit growth.

However, 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 gained 4.92 points to reach 2,227. However, the Shariah Index (DSES) fell 3.68 points to stand 1,295 points.

Turnover, another important indicator of the market, stood at Tk 4.04 billion within the first 30 minutes of trading at 10:30 am.

Of the issues traded till then, 162 advanced, 125 declined and 54 remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till filing of this report with shares worth Tk 902 million changing hands, closely followed by Fortune Shoes, LankaBangla Finance, Sonar Bangla Insurance, and Saif Powertec.

The port city bourse – the Chittagong Stock Exchange – (CSE) also opened marginally higher with CSE All Share Price Index- CASPI-gaining 42 points to stand at 17,549, also at 10:30 am.

Of the issues traded till then 52 advanced, 43 declined and 27 remained unchanged with Tk 196 million in turnover.

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