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Stocks close flat on cautious investment

WT24 Desk

Stocks closed the post budget session flat in red today when investors were analyzing the possible impact of the proposed budget and the fiscal policy on the country’s capital market, agencies report.  Finance Minister AMA Muhith on Thursday unveiled the national budget for the 2016-17 financial year (FY17) at the Jatiya Sangsad (JS). In his budget speech, the minister expressed the hope that the capital market would be better and it would flourish as a pillar of the financial sector.

The minister also proposed tax exemption for margin loan and interest up to 10 lakh for small investors to protect their interest. Dhaka Stock Exchange (DSE) authorities welcomed the proposed budget at a press conference on Sunday, terming it an investment-friendly, which would help improve the capital market.

The post-budget share trading, however, was a bit rickety as most of the investors were mulling over the long term impact of the proposed fiscal incentives.  The DSEX of Dhaka Stock Exchange (DSE) closed the session over 20 points down at 4425.89 when the blue-chip DS30 and Shariah DSES followed it to finish at 1747.32 and 1088.53 respectively. Like the broader indicator, the loss to the selective two indices was also marginal.

As the market activities were lackluster, the daily trade value came down to Taka 307 crore from Taka 493 crore of the pre-budget session on Thursday. The daily trade volume also fell accordingly to 9.32 crore shares, which was 15.19 crore shares on Thursday. The low level of trading caused price fall in the majority of the traded issues when 190 incurred loss and 71 ended moderately higher.

Among the top gaining issues were United Insurance, Atlas Bangladesh, BSRM Limited, Legacy Foot and KBPPWBIL. The major losers were Asia Pacific Insurance, FBFIF, Safko Spinning, 1st Prime MF and Daffodil Computer. BSRM Limited topped the turnover list followed by Lafarge Surma, Titas Gas, SPCL and Doreen Power.

Like DSE, Chittagong Stock Exchange (CSE) also closed the post-budget session lower, with its major CASPI finishing over 74 points down at 13616.90. Only 55 issues gained there while 140 incurred loss out of the day’s 224 traded issues.
The trade value declined to Taka 21.55 crore and the volume to 88.91 lakh shares against Taka 38.72 crore and 1.30 crore shares respectively of pre-budget trading session.

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