Stocks posted a marginal gain in early trading on Sunday, the first session after the national budget declaration, as investors followed a cautious stance.
Finance Minister AHM Mustafa Kamal unveiled the budget for the FY 2020-21 on Thursday allowing undisclosed money to invest in stocks although investors say such move failed to bring expected results in the past.
Analysts said the proposed budget has brought no cheers for stock investors, who have been battered by a prolonged slump in indices, but promised measures to develop the country’s bond market.
Mr Kamal proposed to reduce the corporate tax gap between listed and non-listed companies which they think would discourage non-listed firms to go public.
The growing tension over the virus scare and the floor price mechanism also kept the investors worried.
Within first 30 minutes of trading, DSEX gained more than 2.0 points gain while the Selective Category Index of port city bourse advanced 7.0 points at 11:00am, when the report was filed.
DSEX, the prime index of the DSE, went up by 2.33 points or 0.05 per cent to stand at 3,969 points at 11:00am.
Two other indices also gained marginally till then. Of them, DS30 index, comprising blue chips, advanced 1.06 points to 1,332 and DSE Shariah Index (DSES) gained 0.45 point to stand at 920 points till then.
Turnover, an important indicator of the market, stood at only Tk 99 million when the report was filed at 11:00am.
Most of the shares remained stuck at the trading floor due to floor price limitation.
Of the issues traded till then, only 20 advanced, 13 declined and 174 remained unchanged.
Reckitt Benckisher was the most traded stocks till then with shares worth Tk 14 million changing hands, followed by BSCCL, Beximco Pharma, Jamuna Oil and Square Pharma.
Chittagong Stock Exchange also saw a marginal gain till then with its All Shares Price Index (CASPI) gaining 11 points to reach at 11,278 and the Selective Categories Index (CSCX) advancing 7.0 points to finish at 6,833 at 11:00am
Of the issues traded till then, 6 gained, 3 declined and 21 remained unchanged on the CSE with turnover of Tk 4.0 million.
