Saturday 24, September 2022

Stocks keep bleeding

Time Desk report: The stock market in Bangladesh continued to fall for the second consecutive day today after the conditional measures on corporate tax cuts for companies in the proposed national budget for the next fiscal year.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), decreased by 20 points, or 0.31per cent, to 6,411 at 12:30 pm.

Turnover of the Dhaka bourse stood at Tk 393 crore in the two and a half hours of trading.

At the securities, 119 stocks rose, 209 fell and 50 remained unchanged.

Meghna Insurance topped the gainers' list, rising 9.77 per cent, while Monno Fabrics, Dulamia Cotton Spinning Mills, Tosrifa Industries, and Anlimayarn Dyeing were on the list of the top five.

On Thursday, Finance Minister AHM Mustafa Kamal proposed to cut the corporate tax by 2.5 percentage points for both listed and non-listed companies.

But, two conditions were given that companies will have to offload more than 10 per cent of shares and maintain all income transactions through banking channels to enjoy the benefit.

According to analysts, investors were frustrated following the budgetary measures, creating a negative impact on the market.

The Chittagong Stock Exchange (CSE) also fell today as the CASPI, the prime index of the port city bourse, shed 83 points, or 0.44 per cent, to 18,808 at 1:00 pm.

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