Business Report :
The major index of the Dhaka bourse fell significantly on Sunday, the first trading day after the proposed national budget was placed in parliament on June 6.
The DSEX, which is the benchmark index of the Dhaka Stock Exchange (DSE), plunged by 65 points, or 1.25 percent, to 5,171 — the lowest in the past 38 months.
Similarly, the DSES, the index representing Shariah-based companies, dropped by 15 points, or 1.4 percent, to 1,120.
The DS30, the index comprising the best blue-chip shares, declined by 22 points, or 1.21 percent, to 1,835.
Experts said the fall of the indices is a reflection of the disappointment expressed by the investors over the announced national budget.
The market index dropped because investors did not find any positive step in the budget for them, stock market analysts said.
Additionally, some steps are expected to hurt the market, leading to a deterioration of the bear-run.
For instance, the government will charge a capital gain tax of at least 15 percent if an investor’s gains exceed Tk 50 lakh.
In light of this, the market experienced a scarcity of buyers, causing the turnover to plunge. The DSE’s turnover decreased by 34 percent to Tk 357 crore on Sunday.
Among the traded stocks, 33 advanced, 340 declined, and 19 remained unchanged.
The drop in Square Pharmaceuticals contributed significantly to the index’s decline, draining 6 points alone.
This was followed by Beximco Pharmaceuticals, which dragged the index down by an additional 4 points, according to LankaBangla Securities.