The market opened lower on Sunday, the first session after unveiling the national budget, as there were mixed investor reactions to the proposed budget.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 27.22 points or 0.42 per cent to reach 6,453 within the first hour of trading when the report was filed at 11:00am.
Finance Minister AHM Mustafa Kamal placed a record Tk 6.78 trillion national budget for the Fiscal Year (FY) 2022-2023 before Parliament on Thursday.
The budget has proposed a tax rate of 20 per cent in place of existing 22.5 per cent for listed companies that issue shares worth more than 10 per cent of its paid-up capital through initial public offering.
However, the tax rate will remain at 22.5 per cent for listed companies that issue shares worth 10 per cent or less than 10 per cent of its paid-up capital.
Many investors were also cautiously analysing the proposed budget before making any further investment decisions, said a leading broker.
The DS30 index, comprising blue chips, also lost 9.08 points to reach 2,343 and the Shariah Index (DSES) shed 6.17 points to stand at 1,407.
Turnover, another important indicator of the market, stood at Tk 1.71 billion after first hour of trading.
Of the issues traded till then, 247 declined, 79 advanced, and 42 remained unchanged on the DSE trading floor.
Shinepukur Ceramics was the most traded stock till the filing of this report with shares worth Tk 178 million changing hands, closely followed by Beximco, BSC, BD Finance and Gemini Sea Food.
The port city bourse – the Chittagong Stock Exchange – (CSE) also opened lower with CSE All Share Price Index- CASPI-losing 89 points to stand at 18,936, also at 11:00am.
Of the issues traded till then 118 declined, 44 advanced and 19 remained unchanged with Tk 50 million in turnover.