The market opened marginally lower on Sunday, the first session after unveiling the national budget, as investors reacted mixed to the proposed budget.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 10.68 points or 0.17 per cent to reach 6,042 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.
The Finance Minister has proposed to cut the corporate tax rate for the listed firms of 2.5 percentage points to 22.5 per cent for the upcoming fiscal year while the ongoing facility to invest undisclosed money in the capital market is no more.
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 lost 1.30 points to reach 2,202. However, the Shariah Index (DSES) advanced 0.50 points to stand at 1,293 points.
Turnover, another important indicator of the market, stood at Tk 4.40 billion within the first 30 minutes of trading at 10:30 am.
Of the issues traded till then, 158 advanced, 132 declined and 43 remained unchanged on the DSE trading floor till then.
IFAD Autos was the most traded stock till the filing of this report with shares worth Tk 168 million changing hands, closely followed by Fortune Shoes, Beximco, Dhaka Insurance, and Rupali Insurance.
The port city bourse – the Chittagong Stock Exchange – (CSE) also opened lower with CSE All Share Price Index- CASPI-losing 23 points to stand at 17,520, also at 10:30 am.
Of the issues traded till then 69 advanced, 58 declined and 10 remained unchanged with Tk 73 million in turnover.