BABUL BARTENDER |
Jun 18, 2022 10:17:58 a.m.
Stocks fell in the first week after the unveiling of the national budget as investors were unhappy with fiscal measures in the capital market.
Week on week, DSEX, the key index of the Dhaka Stock Exchange (DSE), fell 54.56 points or 0.84% to settle at 6,425.74, after gaining more than 242 points over the past few months. last two weeks.
The week saw five trading days, with the first three sessions ending sharply lower while the last two closed higher on the finance minister’s latest stock market remark.
Finance Minister AHM Mustafa Kamal said on Wednesday that the stock market will turn around when the implementation of the new budget begins.
Earlier on June 9, the Minister of Finance presented to parliament a record national budget of Tk 6.78 trillion for the financial year 2022-23.
Market operators said investors were unhappy with fiscal measures in the capital market as volatile exchange rates, rising inflation and soaring overnight money rates made investors cautious.
The new budget offered no new incentives, other than the reduction of corporation tax for listed companies under certain conditions.
Additionally, the tax gap between listed and unlisted companies remained unchanged at 7.50%, which analysts said would discourage unlisted companies from going public.
“Investors reacted negatively to the draft budget because the budget proposed a conditional tax cut for listed companies,” said an investment banker.
Investors embarked on a sell-off in the first three days, while the latter two went bargain-hunting on key sector issues as their stocks turned lucrative following recent price erosion. , did he declare.
He noted that some investors are also cautiously analyzing potential capital market impacts before making other investments.
The market saw a massive drop of 119 points in the first three days of the week as the budget fell short of investor expectations. However, it rebounded in the past two days as bargain hunters placed new bets on stocks at lucrative prices, International Leasing Securities said.
“Some stocks caught the attention of investors later in the week due to fiscal incentives,” International Leasing Securities said.
Concerns about inflation and the exchange rate continue to grow given the global economic turmoil, the stockbroker said.
The reported national budget failed to meet investor expectations and the volatile macroeconomic outlook forced the majority of investors to remain cautious, EBL Securities said in its weekly analysis.
Two other indices also ended lower with the DSE 30 index, made up of blue chips, losing 24.44 points to end at 2,327 and the DSE Shariah (DSES) index losing 10.49 points to close at 1,403.
Most sectors faced a price correction, with General Insurance losing the bulk of 5.20%, followed by Cement by 1.60%, Banking by 1.40%, Food 1.30%, telecommunications 0.70% and pharmaceuticals 0.60%.
On the other hand, the ceramics sector saw a phenomenal gain of 10.70% over the week, followed by cement with 3.40%, services & real estate 3.40% and travel & leisure 1.30%.
The losers took a strong lead over the winners, as out of 389 issues traded, 251 declined, 117 advanced and 21 remained unchanged on the DSE trading floor.
Total turnover for the week stood at 43 billion taka on the main exchange compared to 43.42 billion taka the previous week.
Daily turnover averaged 8.60 billion taka, down 0.96 percent from the previous week’s average of 8.68 billion taka.
Newly listed Meghna Insurance was the week’s biggest gainer, posting a gain of 59.50%, while Bangladesh General Insurance Company was the worst loser, losing 9.33%.
The Chittagong Stock Exchange (CSE) also ended lower after two weeks, with the CSE All Share Price Index (CASPI) losing 127 points to 18,898 and its Selective Categories Index (CSCX) losing 80 points to end the week. at 11,410.
Of the issues traded, 199 declined, 125 advanced and 23 remained unchanged on the CSE trading floor.
The port city stock exchange traded 82.95 million shares and mutual fund units with a turnover value of 2.50 billion taka.
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