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Turnover dips to one-month low

Star Business Report
Share prices fell yesterday with turnover slumping to a one-month low of Tk 217 crore due to investors' reluctance to make fresh exposure for fear of further drops.
DSEX, the prime index of Dhaka Stock Exchange, fell 38.24 points or 0.87, to close at 4,364.27, witnessing a fall forthe seventh day.
Market operators said investors are panicking over the recent sharp falls in the market and they apprehend the market to fall further.
Bangladesh Bank's move to control banks' capital market exposure has made the investors shaky, analysts said.
BB has fined some banks for increasing their capital market exposure beyond the allowable limit of 25 percent of paid-up capital.
The High Court on Wednesday scrapped the provision imposed by the securities regulator for sponsor-directors to individually hold at least 2 percent shares of the company's paid-up capital.
However, the appellate division on Thursday stayed the order till May 22.
In addition, investors are not seeing signs of budgetary allocations for the ailing capital market,
forcing them to adopt a wait-and-see approach, analysts said.
"The National Board of Revenue is planning to reduce corporate tax rates. This is encouraging as it will boost corporate profitability," said LankaBangla Securities.
It is expected that the tax rate for listed entities will be brought down to 25 percent from the existing27.5 percent, the stockbroker added.
According to Bangladesh Bureau of Statistics, the country's GDP growth is likely to cross 6 percent this fiscal year despite political unrest in the first half, it added.
However, turnover, one of the most important indicators of the market, lost 5.3 percent to Tk 217 crore, compared to the previous day.
Losers took a strong lead over gainers as 178 declined, 84 advanced and 31 remained unchanged out of the 293 issues that changed hands on the DSE floor.
A total of 0.61 lakh trades were executed with 5.41 lakh shares and mutual fund units changing hands on the Dhaka bourse.
All major sectors declined: pharma 1.05 percent, power 1.02 percent, telecoms 0.42 percent, foods 0.43 percent, banks 0.57 percent and non-bank financial institutions 0.12 percent.