DSE daily turnover scales Tk 27b-mark

Business Desk :
The daily trade turnover on Dhaka Stock Exchange (DSE) climbed to a fresh 10 and a half years high on Wednesday since the country’s stock market had developed bubbles that soon burst.
Turnover, a crucial indicator of the market, jumped to Tk 27 billion on the country’s premier bourse, in a further buck by 31 per cent over the previous day’s tally of Tk 20.65 billion.
It happens to be the biggest single-day transaction since December 6 in 2010, when the turnover scaled a record amount of Tk 27.10 billion.
Market experts said turnover remained high as a section of investors are taking part in the stock market with fresh funds to enjoy the existing tax benefits ahead of the closure of the current fiscal year.
The daily average turnover on the DSE above Tk 21 billion in the last 10 consecutive sessions as the enthusiastic investors were active on the trading floor.
The recent growth in turnover and index — the two most important indicators — in general suggests that the investors’ confidence in the market is back on the ascent, said a stockbroker.
The new budget proposed to cut the corporate tax rate for the listed firms by 2.5 percentage points to 22.5 per cent for the upcoming fiscal year.
However, the ongoing facility to invest undisclosed money in the capital market would not be allowed in the next fiscal year.
The expiration of a special facility to whiten the black money this month might bring some fresh funds in the market over the next few weeks, said a merchant banker.