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Budget boosts stocks

Star Business Report
Budgetary expectations drove the Dhaka stock market last week amid increasing participation of investors.
Finance Minister AMA Muhith presented a I k 113,819 crore budget to the nation for 2009-10 fiscal on Thursday.
Fhe benchmark index of Dhaka Stock Exchange, DSE General Index (DGEN), rose by 63.79 points, or 2.38 percent to 2,747.27 on week on week basis. The DSE AH Share Price Index also gamed by 53.82 points, or • 2.11 percent to 2,288.24 on the last trading day of the week.
The expectations of allowing investment of undisclosed money in the market, corporate tax cut especially for banks and nonbanking financial institutions and emphasis on power sector were retained in the new budget proposals.
People will be able to invest Undisclosed money for three years from July 1 in the share market and several oilier sectors.The govern ' ment however did not reduce corporate tax.
Fuel and power was the best performing sector.
The government has identified energy sector as the prime sector to ensure significant improvement since its assumption of power.
Prior to the budget announcement, the government promised an additional 2.500MW power generation in a span of five years, which made investors very much optimistic about fuel and power sector, pointed out Equity Partners Limited (EPL), an investment bank. It said the investors were expecting a significant amount ofbud-getary allocation for the sector.
On the first day of die week, banking sector gained about 4 percent.
"Investors' interest has also increased toward the sector, as the market was expecting a corporate tax cut lor the financial sec tors, but the government at last denied any corporate tax cut,” the EPL remarked.
The optimism about the upcoming bud get also spurred a massive fund flow in the market with the premier bourse experiencing a single day highest turnover of I k 7.82 crore on last Sunday.
Both the total and daily average turnovers jumped by 11.35 percent toTk3,189.09 crore and I k 637.81 crore respectively.
A total of 14,71,73,646 shares were traded on the premier bourse, a 3.27 percent fall. The losers beat the advancers 113 to 146. Five scrips remained unchanged.
Total market capitalisation rose by 2.78 percent to Ik l,12,I03.40crore.
Summit Power topped the turnover lead ers with 12,53,950 traded shares worth Tk 187.03 crore, which was 5.86 percent of the total turnover. The week's other turnover leaders were Beximco Pharma, Titas Gas, Powergrid. Summit Alliance Port, LankaBangla Finance, Bextex, Beximco, AB Bank and Desco.
Chittagong stocks however fell last week. The CSE Selective Categories Index declined by0.84 percent to 6,124.39. The CSE AU Share Price Index also slid by 0.6 percent to 9,444.65.
A total of 2,60,76,466 shares worth Tk 401.79 crore changed hands on Chittagong Stock Exchange. Of the traded securities, 76 advanced, 108 declined and four remained unchanged.
AB Bank topped the turnover leaders on die port city bourse with 4,58,760 shares worth Tk 35.74 crore. Other turnover leaders for the week were Beximco Pharma, Beximco, Bextex, Titas Gas, Summit Power, LankaBangla Finance, Eastern Housing, Powergrid and National Bank.