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 Stocks climb to new high ignoring grim prognosis Retail investors brush off new tax measures in budget

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sujana

sujana


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Join date : 2010-05-27

Stocks climb to new high ignoring grim prognosis Retail investors brush off new tax measures in budget Empty
PostSubject: Stocks climb to new high ignoring grim prognosis Retail investors brush off new tax measures in budget   Stocks climb to new high ignoring grim prognosis Retail investors brush off new tax measures in budget EmptyMon Jun 14, 2010 4:50 am

FE Report

Dhaka stocks gained more than one per cent Sunday - the first day of trading after budget -- as the investors brushed off fears that the proposed new tax measures would dent the market.

The Dhaka stock exchange authorities have branded the budget as anti-growth, saying that the hiked up commission on trading and taxes on companies and sponsors' profit would affect earning.

But dealers said retail investors have largely ignored the gloomy forecast, driving all three gauges of the market to fresh highs, by snapping up stocks with strong fundamentals.

The DSE General Index (DGN), the main yardstick of the market, surged 1.16 per cent or 73 points to reach a fresh height of 6332.68, beating the mark set in the previous session.

The broader All Shares Price Index (DSI) was up by 1.13 per cent or 58.69 points to 5218.26. The DSE 20 index comprising the blue chip shares ended at 3516.79, posting a hefty gain of 2.60 per cent or 89.23 points.

Banks, leasing and pharmaceuticals led the day as investors diverted their funds to top performing shares while Grameenphone, cement and energy stocks were down on profit taking, dealers said.

"Individual investors whose income has been left out of the tax-net gave a thumps-up to the budget," said Yawer Sayeed, a top fund manager.

Institutional investors who are taxed heavily in the budget have yet to react to the government's tax proposals, he said. "They are reviewing the tax proposals before making any firm decisions."

In its reaction to the budget, the DSE has said that the proposed tax measures would "seriously affect" market growth while merchant banks association said the bourses could see "huge" selling pressures in the next three weeks.

"There are many institutions that haven't realised their capital gains yet. They would now try to avoid the tax net by selling shares before the new fiscal year begins on July 1," Arif Khan, head of the association, said.

Khan, also a deputy managing director of IDLC Finance, warned that these selling pressures could "destabilize" the market.

But dealers said the retail investors were least bothered with the grim forecast. "Most of the small investors don't read between lines when they make trading decisions," said a broker.

Debutant RAK Ceramic - tiles and sanitary ware maker--was the largest gainer, scaling 333 per cent to Tk 207.80 on its cut off price of Tk 48. It reached its peak of Tk 235 at mid-day.

Share trading of United Commercial Bank resumed at the secondary market after two years, as its legal lengthy legal battle ended in amicable settlement.

Its stock prices closed at Tk 1440.25 after opening at Tk 1425.

Banking sector, which makes up one-fourth of DSE's market capitalization, gained 3.31 per cent, continued its winning run into the third session.

Among the financials, BRAC Bank climbed highest 10.37 per cent, followed by AB Bank 5.57 per cent and National Bank 5.53 per cent.

Non-banking financial institutions (NBFIs) or leasing sector closed 3.95 per cent higher to emerge as the top-gaining sector with state-owned ICB jumping highest 4.54 per cent.

Pharmaceuticals sector rallied 1.64 per cent riding on Square Pharmaceuticals, the country's top drug maker, which edged 3.44 per cent higher.

More than 60 per cent of issue prices ended higher as out of 252 issues traded, 152 closed positive, 92 negative and eight remained unchanged.

Turnover stood at Tk 22.05 billion, a rise of seven per cent over the previous session.

Beximco Ltd, the flagship company of the Beximco Group, topped the turnover list with transaction of shares worth Tk 1.38 billion.
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