Dhaka, Bangladesh (BBN) – Bangladesh’s stocks returned to the red on Thursday, breaking a two-day gaining streak, on the budget declaration day.
Meanwhile, the Finance Minister AMA Muhith has proposed to cut corporate tax rate by 2.5 percent to 37.5 per cent for banks and financial institutions for the fiscal year (FY) 2018-19.
However, corporate tax rates for other publicly traded companies remain unchanged.
Following the previous two days’ upward trend, the Dhaka Stock Exchange opened higher and the key index rose about 36 points within 30 minutes of trading. But, rest of the session, went down steadily.
Finally, DSEX ended more than 32 points lower while CSE All Share Price Index fell 72 points at closing.
DHAKA STOCK EXCHANGE:
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell more than 32 points or 0.59 percent to settle the week at 5,366 points.
The two other indices also ended lower. The DS30 index, comprising blue chips, fell 15.47 points to finish at 1978 and the DSE Shariah Index (DSES) lost 7.85 points to close at 1,238 points.
The market activities remained almost unchanged as total turnover on the Dhaka bourse stood at BDT 4.54 billion, which was BDT 4.56 billion in the previous day.
Of the traded issues, 171 advanced, 108 declined and 59 issues remained unchanged on the DSE trading floor.
United Power topped the day’s turnover chart with shares worth Tk 196 million changing hands, closely followed by Alif Industries, Aman Feed, Legacy Footwear and BRAC Bank.
Aziz Pipes was the best performer, posting a gain of 9.99 per cent while Pragati Insurance was the day’s worst loser, plunging by 8.87 per cent.
CHITTAGONG STOCK EXCHANGE:
The port city’s bourse, Chittagong Stock Exchange (CSE) also closed lower with CSE All Share Price Index – CASPI – losing 72 points to finish at 16,549 points.
The Selective Categories Index – CSCX – also fell 44 points to settle at 10,012 points.
Losers beat gainers as 103 issues closed lower, 74 higher and 33 remained unchanged on the CSE.
The port city bourse traded 6.33 million shares and mutual fund units worth more than BDT 202 million in turnover.