Business Desk :
The stock market index fell on Sunday despite the proposed budget for 2022-23 fiscal year recommended cutting corporate tax by 2.5 percentage points for listed companies except bank, insurance, telecom, tobacco and non-banks.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), plunged 48 points, or 0.72 per cent, to 6,431.
Turnover of the Dhaka bourse hit Tk 636 crore, which is 16 per cent down from the previous day’s Tk 758 crore.
The government proposed corporate tax cut for companies which have offloaded more than 10 per cent of their paid-up capital.
So many listed companies will not avail the benefit because of non-compliance with the rule.
That is why stock investors are not buying shares now, said a stockbroker.
What is more the corporate tax cut is same for listed and non-listed companies, so it is not a special benefit for the stock investors, he added.
Meanwhile, DS-30, the blue-chip index, and DSES, shariah-based index, fell 17 points and 10 points respectively.
At the DSE, 53 stocks up, 306 down and 19 remained unchanged.
