Wednesday, April 17, 2024

Budgetary measures hope takes stocks to 4-month high

Dhaka stocks continued to gain for the sixth day on Monday with the DGEN hitting four-month high amid speculations over positive budgetary measures for the market for the next financial year.
DSEX, the benchmark general index of Dhaka Stock Exchange, gained 0.80 per cent,
or 31.72 points, to close at 3,974.97 points.The DSEX gained 291 points in the last six sessions.
The old benchmark index of the bourse, DGEN, hit a four-month high on the day by gaining 1.29 per cent, or 53.79 points, to close at 4,216.59 points. The DGEN was at 4,254.55 on February 20.
The turnover of the bourse hit a two-week high at Tk 546.99 crore from that of Tk 476.17 crore in the day before.
DS30, the blue-chip index of the DSE, gained 1.14 per cent, or 16.50 points, to close at 1,462.29 points.
Market operators said investors remained optimistic following media reports that the government would announce a package for the stock market investors in the budget for the 2013-14 financial year.
They said that investors were also upbeat following the government’s move to allocate Tk 1,200 crore for refinancing scheme for the small-scale investors affected by the stock market crash.
They said the government’s move to announce a package for the stock market including a provision of raising tax exemption limit on income from dividend boosted the investors.
The National Board of Revenue has prepared a set of proposals for the next budget with a proposal that small-scale investors will not be imposed any tax for dividend income between Tk 10,000 and Tk 15,000.
The facility to legalise undisclosed money by investing in the capital market with 10 per cent tax will continue like the previous fiscal year.
‘News reports on the budgetary support made the investors more cheerful as they were already optimistic following refinance scheme,’ said a stockbroker.
He said such moves by the government were also helping investors to regain their confidence.
‘The increasing turnover also indicates that institutional investors are also becoming active,’ he said.
Of the 284 issues traded on Monday, 184 advanced, 79 declined, and 21 remained unchanged.
All the major sectors advanced on Monday with telecommunications hitting the top by 2.81 per cent and power gained 2.38 per cent.
Pharmaceuticals gained 1.32 per cent, non-bank financial institutions gained 0.63 per cent and banks gained 0.33 per cent on the day.
United Airways topped the turnover chart with its shares worth Tk 28.49 crore changing hands.
The other turnover leaders were Titas Gas, Bangladesh Submarine Cable Company, Square Pharmaceuticals, SPPCL, National Bank, Orion Pharma, RN Spinning Mills, Meghna Petroleum and Aftab Automobiles.

-With New Age input

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