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Stocks higher on budget expectations

Star Business Report
Dhaka stocks closed slightly higher yesterday on budget expectations, backed by fuel and power sector shares.
The financial sector shares however declined on an anticipation of no budgetary recommendation for any corporate tax cut.
The benchmark index of Dhaka Stock Exchange, DSE General Index, rose by 4.07 points, or 0.14 percent to 2,747.27. The DSE All Share Price Index increased by 7.78 points, or 0.34 percent to 2,288.24.
Fuel and power sector enjoyed a great day, remarked the Equity Partners Limited (EPL), an investment firm, in its daily market analysis.
Among the highest gainers in the sector, litas Gas rose by 4.2 percent, Powergrid 7.5 percent and Desco gained 4.7 percent. Summit Power however lost 0.2 percent.
The market began with a big fall in the benchmark index as the banks declined. In the first 5 minutes of trading, the index lost about 30 points.
“The banks showed some resistance a while," the EPL said, adding that the new budget did not recommend any tax cut for the banks and other financial services.
All banks lost more or less. One Bank was the most noticeable loser with 7.1 percent price drop.
During the later part of the first 60 minutes, the entire financial sector including non-banking financial institutions (NBFls) and insurances also joined the banks in falling. BD Finance lost the highest 6.2 per cent. Most insurance companies also lost.
After that the index rose sharply in the next 60 minutes mainly because of the fuel and power, cement and pharmaceuticalsectors.
After the mid session the market became stable.
lasers beat advancers 137 to 99. Ten securities remained unchanged. A total of 2,88,76,787 shares worth Tk 672.63 crore were traded on the premier bourse.
Titas Gas topped the turnover leaders on the DSE, with 11,36,400 shares worth Tk 63.54 crore being traded, followed by Beximco Pharma, Summit Power, Summit Alliance Port, Powergrid, LankaBangla Finance, Beximco, Bextex, Desco and Prime Finance.
Chittagong stocks also posted a marginal rise. The CSE Selective Categories Index gained by 13.2 points, or 0.21 percent to 6 12439. The CSE All Share Price Index also increased by 36.33 points, or 0.38 percent to 9,444.65.
A total of 53,85,628 shares worth Tk 80.61 crore changed hands on the Chittagong Stock Exchange. Of the traded scrips, 68 advanced. 89 declined and three remained unchanged.
Beximco Pharma topped the turnover leaders on the port city bourse with 4,46,950 shares worth Ik 7.59 crore being traded. The other turnover leaders were Titas Gas, AB Bank, Bextex, Desco, Beximco, LankaBangla Finance, Shinepukur Ceramics, Powergrid and Summit Power.