Dhaka stocks gained slightly on Wednesday after witnessing fall in three consecutive sessions, as a section of investors went for low-priced shares after the recent market fall, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, increased by 13.17 points, or 0.25 per cent, to settle at 5,083.19 points on the day after losing 35.87 points in the previous trading session.
The key index had shed 167.29 points in three trading sessions before Wednesday after the placing of the proposed budget for the 2024-25 financial year by finance minister Abul Hassan Mahmood Ali in parliament on June 6.
The DSE posted its lowest in 42 months in the previous session, at 5,070.01 points.
As investors chose to observe the current market momentum and lowered their activity on Wednesday, the total turnover on the bourse decreased to Tk聽350.79 crore compared with that of Tk聽431.64 crore in the previous session.
Market operators said that investors were unhappy with the new budget measures related to the capital market.
The finance minister has proposed a capital gains tax on individual investors if their profits exceed Tk 50 lakh.
Many investors are also pulling their money out of the market ahead of Eid-ul-Azha, which will be celebrated in the country on June 17, market operators said.
They said that the current negative mood on the market was also due to growing economic concerns, especially the ongoing decline in the country鈥簊 foreign exchange reserves.
Over the past 16 weeks, the market had advanced in just three.
Of the 395 issues traded on Wednesday, 161 advanced, 168 declined and 66 remained unchanged.
The DSE Shariah index increased by 7.13 points, or 0.65 per cent, to close at 1,100.92 points on Wednesday.
The DS30 index gained 9.12 points, or 0.50 per cent, to finish at 1,812.18 points.
On the sectoral front, pharmaceutical issues exerted the highest turnover, followed by the food and textile shares.
EBL Securities in its daily commentary said, 鈥楾he prolonged downbeat vibe across the market induced investors to remain watchful of the market鈥檚 trend and stay on the sidelines due to concerns surrounding the market outlook.鈥�
Unilever Consumer Care topped the turnover chart on the day with its shares worth Tk聽17.87 crore changing hands.
Taufika Foods and Lovello Ice-cream, Sea Pearl Beach Resort & Spa, Asiatic Laboratories, Orion Pharma, Alif Industries, eGeneration, Rupali Life Insurance, Central Pharmaceuticals and British American Tobacco Bangladesh Company were the other turnover leaders.
