DSE turnover hits two-and-a-half month high <\/strong>
\nTurnover of the Dhaka Stock Exchange on Wednesday hit a two-and-a-half month high and the stocks extended gains for the third day on buying spree after the government allowed legalisation of undisclosed money by investing in the capital market, market operators said.
\nThe Finance Bill 2011 passed on Tuesday included a provision of investment of undisclosed\u00a0money\u00a0in the stock market by paying a 10 per cent tax.
\nThe benchmark general index of the DSE gained 68.18 points, or 1.14 per cent, to close at 6,038.66 points on Wednesday.
\nTurnover rose to Tk 937.66 crore from that of Tk 771.52 crore on Tuesday. Wednesday\u2019s figure of the turnover was the highest since April 11 when it was Tk 1,224.16 crore.
\nMarket operators said both individual and institutional investors went for a buying binge following the government\u2019s move.
\nOut of the 257 issues traded on Wednesday, 205 advanced, 47 declined, and five remained unchanged.\u00a0
\nPrices of the bank and textile shares made significant gains on the day. All but two banks gained heavily and only one textile issue went red.
\nThe DSE general index had gained 352 points over the previous nine trading days, riding on the hope that the government might finally include a provision in the budget for fiscal 2011-2012 allowing legalisation of undisclosed money invested in the capital market.
\nThe DGEN had shed 213 points in a week after the finance minister in his proposed budget placed in the house on June 9 allowed legalisation of undisclosed money by investing it in government treasury bonds and infrastructure development fund by paying a 10 per cent tax ignoring calls from stock market stakeholders to allow such provision in the market.
\nMahmood Osman Imam, who teaches finance at Dhaka University, said, \u2018The government\u2019s move may boost the general investors for a short period but would not bring any substantial positive change in the capital market in the long run.\u2019
\n\u2018So, it would not be justified to say that allowing undisclosed money for capital market investment will help the market.\u2019
\nOn Tuesday finance minister AMA Muhith said that the facility for legalising undisclosed money did not bring much benefit in the past. \u2018In 2009-2010 at total of Tk
\n922 crore was legalised and only Tk 121 crore was realised as income tax,\u2019 he said adding that the best way to reduce the size of undisclosed money was to invest it in real economy.<\/p>\n

-With New Age<\/span> input<\/p>\n","protected":false},"excerpt":{"rendered":"

DSE turnover hits two-and-a-half month high Turnover of the Dhaka Stock Exchange on Wednesday hit a two-and-a-half month high and the stocks extended gains for the third day on buying spree after the government allowed legalisation of undisclosed money by investing in the capital market, market operators said. The Finance Bill 2011 passed on Tuesday … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[4014,444,194,326],"yoast_head":"\n