Trade hours rescheduled to 10:30am-1:30pm for Ramadan
Dhaka stocks rebounded on Monday as investors went for buying shares amid a rumour that the government might review some capital market-related budget proposals.
The key index of the Dhaka Stock Exchange, DSEX, finished at 4,367.89 points, adding 1.05 per cent or 45.63 points. Market operators said that there was a rumour that the government might reconsider some budget proposals made by finance minister AMA Muhith for the fiscal year 2014-2015.
The budget proposals made investors disappointed, they said.
As per the proposed finance bill, 3 per cent tax will be slapped on the individuals with more than Tk 10 lakh capital gain in a year, while the gain tax will be 5 per cent if an individual earns more than Tk 20 lakh a year from the capital market.
The government in the proposed budget also reduced corporate tax by 2.50 per cent to 35 per cent from the existing 37.50 per cent for non-listed companies, while corporate tax for the listed companies remained unchanged at 27.50 per cent.
Besides, the government also proposed to scrap the 10-per cent tax rebate for the listed companies which declare 20 per cent or more dividends for their shareholders.
Market operators said some investors might have also gone for bargain hunting on Monday as the share prices had declined significantly after the budget proposals.
DS30, the blue-chip index of the bourse, closed at 1,610.67 points, increasing by 1.05 per cent or 16.79 points.
The Shariah index of DSE, DSES, gained 0.97 per cent, or 9.59 points, to finish at 998.39 points.
Of the 296 shares and mutual funds changed hands, 173 advanced, 87 declined and 36 remained unchanged.
Turnover of the bourse increased to Tk 293.05 crore from Tk 222.63 crore in the previous trading session.
‘Remaining dip in few sessions, a natural re-bounce floated market rhythm, today [Monday],’ IDLC Investments said in its daily market commentary.
Since indices lost substantially in last couple of days, a handsome number of scrips came at lucrative range, it said.
‘Backed by this, investors re-assessed and took position in selective preferred stocks,’ said IDLC.
‘Alongside, market activities increased a bit, keeping turnover slightly below Tk 300-crore level,’ it said.
Grameenphone led the turnover leaders with its shares worth Tk 26.53 crore changing hands.
Lafarge Surma Cement, Bangladesh Submarine Cable Company, ACI Limited, BEXIMCO, Square Pharmaceuticals, UCBL, BSRM Steels, Southeast Bank and Meghna Petroleum were among the other turnover leaders.
AIBL First Mutual Fund gained the most, adding 6.55 per cent, while Third ICB Mutual Fund lost the most, shedding 8.36 per cent.
The DSE on Monday said that the trading hour of the bourse would be reduced by one hour to three hours during the month of Ramadan.
The trading at the bourse will continue till 1:30pm starting at 10:30am, a DSE news release said.
-With New Age input
