Stocks edge up amid low turnover
DSE turnover dropped below Tk300 crore and settled at Tk275.12 crore till 11am
Equity indices of both the stock exchanges upturned amid low turnover in the first hour of the trading session on Wednesday.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 49 points or 0.82% to reach 6,092 by 11am.
During the session, DSE turnover dropped below Tk300 crore and settled at Tk275.12 crore.
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Meanwhile, 239 companies' share price advanced, while 78 declined and 52 remained unchanged at the DSE.
Monno Fabrics grabbed the top position on the DSE turnover chart, with a trade worth Tk9.21 crore, followed by Delta Life Insurance and Far Chemical.
Paper Processing & Packaging Limited secured the top position in the scrip-wise gainers' list with a 9.96% price hike.
The benchmark index CASPI at the Chittagong Stock Exchange (CSE) gained 65 points to close at 17,538 by 11am.
Earlier the government finally allowed the whitening of undisclosed money by investing in stocks and other listed securities for the second consecutive fiscal year.
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In the 2020-21 fiscal year, the government allowed undisclosed money in the stock market on the condition of paying a flat 10% tax on the total amount, while regular income tax goes as high as 25%.
This time, the government made the whitening of tax a flat 25% on the total and also imposed a new 5% penalty on the total tax amount.
"We appreciate the decision to continue the option, but the new conditions will not be effective in drawing black money into the stock market," said Rakibur Rahman, veteran stockbroker and member of the DSE board of directors.
