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Stocks open post-budget session higher

FE Online Report | Published: June 16, 2019 11:15:40 | Updated: June 17, 2019 20:04:18


Investors react while monitoring stock price movements on computer screens at a brockerage house in the capital city — FE/Files

Stocks witnessed an upward trend in early hour of trading on Sunday, the first session after the budget declaration, as investors showed their buying spree on sector-wise issues.

Market analysts said stocks gained as the proposed budget for the fiscal year (FY) 2019-20 is capital market-friendly one.

Finance Minister AHM Mustafa Kamal unveiled the national budget on Thursday last.

The Finance Minister proposed some incentives for stock investors including increasing the tax-free dividend income up to Tk 50,000, from existing Tk 25,000.

The minister also proposed that the double taxation on dividend from listed companies will also be removed.

Terming the proposed budget capital market-friendly, a leading broker said, the investors’ confidence will restore in coming days as the finance minister proposed incentives for stock investors.

Following the previous day’s volatility, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened on positive note today.

Within first 15 minutes of trading, DSEX, the key index of the country’s prime bourse advanced more than 17 points while the CSE All Share Price Index (CASPI) of port city’s bourse gained 26 points at 10:45am.

The DSEX went up by 17.35 points or 0.31 per cent to stand at 5,491 points at 10:45am.

The two other indices also saw a positive trend till then. The DS30 index, comprising blue chips advanced 6.29 points to 1925 points while the DSE Shariah Index (DSES) gained 4.89 points to stand at 1,248 points till then.

Turnover, the important indicator of the market, stood at Tk 559 million when the report was filed at 10:45am.

Of the issues traded till then, 168 advanced, 61 declined, and 52 remained unchanged.

Eastern Housing was the most traded stocks till filing of the report with shares worth Tk 40 million changing hands, followed by JMI Syringes, United Power, Sonali Aansh, and BBS Cables.

The Chittagong Stock Exchange (CSE) also saw a positive trend till then the CASPI advancing 26 points to stand at 16,791 points, also at 10:45am.

The Selective Category Index (CSCX) also rose 16 points to stand at 10,174 points till then.

Of the issues traded till then, 47 gained, 16 declined, and 10 issues remained unchanged with Tk 57 million in turnover.

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