The Financial Express
Swasti Lankabangla Swasti Lankabangla

Stocks slip into the red despite tax review news

| Updated: July 02, 2019 10:32:17

Stocks slip into the red despite tax review news

Stocks posted a marginal fall on Sunday despite the government passed the Finance Bill-2019 reducing tax on retained earnings.

Parliament on Saturday passed the tax measures for fiscal 2019-20, reducing tax on retained earnings and reserves of companies to 10 per cent from initially-proposed 15 per cent in the face of outcry from businesses.

It was also the last trading session of the out-going fiscal year (FY) 2018-19.

After witnessing volatility throughout the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,421, shedding 8.42 points or 0.15 per cent over the previous session.

The DSE Shariah Index also fell 1.13 points to close at 1,244. However, the DS30 index, comprising blue chips, advanced 4.18 points to finish at 1,929.

Turnover, another important indicator of the market, stood at Tk 4.69 billion, which was 9.0 per cent lower than the previous day’s turnover of Tk 5.17 billion.

A total number of 125,561 trades were executed in the day’s trading session with trading volume of 129.30 million securities.

The market capitalisation of the DSE also fell to Tk 3,998 billion on Sunday, from Tk 4,004 billion in the previous session.

The losers took a modest lead over the gainers as out of 353 issues traded, 175 declined, 122 advanced and 56 issues remained unchanged on the DSE trading floor.

HR Textile was the day’s best performer, posting a gain of 9.95 cent while First Finance was the worst loser, losing 11.76 per cent following the news of its ‘no’ dividend declaration.

The port city bourse, Chittagong Stock Exchange, also ended lower with its CSE All Share Price Index – CASPI –shedding 8.38 points to settle at 16,634 and the Selective Categories Index - CSCX –losing 1.53 points to finish at 10,084.

Here too, the losers beat gainers, as 129 issues closed lower, 96 higher and 40 remained unchanged on the CSE trading floor.

The port city bourse traded 28.69 million shares and mutual fund units worth Tk 1.13 billion in turnover.


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