Dhaka stocks remained static on Thursday amid volatile trading as investors opted to take their next investment move considering the outcome of the market operators’ talks with finance minister AMA Muhith on the newly imposed gain tax. The key index of Dhaka Stock Exchange, DSEX, closed at 4,408.80 points, shedding 0.05 per cent or 2.36 points on the day.DS30, the blue-chip index of the bourse, declined by 0.08 per cent to stand at 1,638.08 points.
‘Many of the investors took a wait-and-see position on the day to watch the talks of the stock market officials with Muhith on Thursday afternoon,’ said a stockbroker.
The bourse’s officials met Muhith requesting him to withdraw the
gain tax.
The outcome of the meeting, however, came to light after the end of the day’s trading at 2:30pm.
Muhith advised the bourse to take up the tax issue with National Board of Revenue first.
Meanwhile, some of the investors sold shares of pharmaceuticals, power and textile sectors to book some profit, operators said.
Due to the investors’ go-slow strategy, turnover of the bourse declined and the market witnessed a volatile trading session on Thursday, they said.
‘Changing preferences forced market dynamics to remain volatile this session,’ IDLC Investments said in its daily market commentary.
‘Simultaneously, shaky market momentum influenced investors’ yield hunting in frequent intervals,’ it said.
‘However, expectation of upcoming corporate declaration and lower P/NAV ratio concentrated investors to Mutual Funds on the day [Thursday],’ said IDLC.
‘Consequently, almost all the Mutual Funds gained on the day, while seven MFs emerged at top ten gainers list,’ it said.
DSES, the shariah index of DSE, however, closed at 1,018.23 points, adding 0.15 per cent or 1.56 points.
Out of the 296 shares and mutual funds traded on the day, 133 advanced, 132 declined and 31 remained unchanged.
The turnover of the bourse declined to Tk 368.76 crore on Thursday compared with Tk 437.35 crore in the previous trading session.
Grameenphone led the turnover chart on the day as its shares worth Tk 33.85 crore changed hands.
Lafarge Surma Cement, BSRM Steel Mills, Appollo Ispat, Square Pharmaceuticals, Bangladesh Submarine Cable Company, Eastern Housing, MJL Bangladesh, ACI and BEXIMCO were among other turnover leaders.
Grameen Mutual Fund One gained the most on the day as its share prices increased by 9.76 per cent, while mutual fund sector attracted investors most on the day as eight out of the day’s top ten gainers were from mutual fund sector.
Wata Chemicals, which has recently registered abnormal increase in share prices, declined the most on its record rate shedding 16.37 per cent.
The company is under regulatory scrutiny due to abnormal increase in share prices after reenlistment with the stock exchanges.
After reenlistment on May 14, the shares of the company for the first time traded at Tk 59.80 on May 29 which increased at Tk 487.10 after the company declared 30 per cent stock dividend for its shareholders.
-With New Age input
