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Stocks extended the losing streak for the second straight session on Monday as the proposed budget failed to meet investors’ expectations.
The growing tension over the Covid-19 pandemic and floor price mechanism also kept the investors worried.
DSEX, the key index of the Dhaka Stock Exchange, went down by 5.91 points, or 0.15 per cent, to close at 3,958.
The DSE core index has been hovering at 3,955 and 3,968 points for the last few sessions as most of the investors are reluctant to make any fresh investment in stocks amid the worsening situation of the deadly virus.
Analysts said the budget proposed to allow investing undisclosed money in other wed to invest undisclosed money in the stock market, similar opportunity has also been proposed for some other liquid assets, making capital market investment less attractive.
Analysts said the budget failed to meet investors’ expectation as it proposed to allow investing undisclosed money in some other liquid assets, as well as in the stock market, making capital market investment less attractive.
The reduced gap between corporate tax for listed and non-listed companies will also put further stress on securities regulator’s steps to attract profitable business to become listed in the capital market, they added.
Turnover has remained below a Tk 1.0 billion-mark to Tk 615 million, a 14 per cent higher than the previous day, as investors are not showing any enthusiasm about buying shares due to the worsening Covid-19 pandemic.
The floor prices rule, coupled with the depressed market outlook, resulted in poor market participation, said a merchant banker.
Most of the shares remained stuck at the trading floor.
Of the issues traded, 221 remained unchanged while only 07 issues advanced and 34 declined on the DSE trading floor.
DS30 index, comprising blue chips, also fell 4.25 points to finish at 1,324 and DSE Shariah Index lost 1.94 points to close at 917.
A total number of 12,808 trades were executed in the day’s trading session with trading volume of 28.74 million shares and mutual fund units.
The market-cap of the DSE also inched down to Tk 3,102 billion, from Tk 3,105 billion in the previous session.
Beximco Pharma topped the turnover chart with shares worth Tk 82 million changing hands, followed by Linde Bangladesh, National Bank, Central Pharma and Bangladesh Submarine Cable Company.
Vanguard AML Rupali bank Balanced Fund was the day’s best performer, posting a gain of 2.22 per cent, while Beximco Synthetics was the worst loser, losing 5.55 per cent.
Chittagong Stock Exchange edged lower with its All Shares Price Index (CASPI) losing 21 points to close at 11,238 and the Selective Categories Index (CSCX) shedding 13 points to finish at 6,808.
Of the issues traded, 11 gained, 22 declined and 53 remained unchanged on the CSE.
The port city bourse traded 2.48 million shares and mutual fund units worth Tk 107 million in turnover.