Thursday’s morning business round up of Bangladesh

BBN Desk — Thu, 23 Jan 2020 05:53:58 +0000

File photo: debt.org

Dhaka, Bangladesh (BBN) - The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Tk 96,986cr in loans defaulted by 8,238 companies: minister

Finance Minister AHM Mustafa Kamal on Wednesday informed Parliament that 8,238 companies defaulted in repaying Tk 96,986.38 crore bank loans until November 2019. He submitted a list containing names of 8,238 companies that defaulted in repaying the loans replying treasury bench MP Ahsanul Islam.

Banking sector poised to derail growth momentum for Bangladesh economy

The current vulnerable state of the banking sector steeped in default loans poses the biggest danger to sustenance of Bangladesh’s tremendous growth momentum, said the International Monetary Fund. Bangladesh logged in 8.15 per cent GDP growth last fiscal year -- after three consecutive years of more than 7 per cent expansion -- and is on track to surpassing the number this year

Freight charges fly by a third

Shipping freight charges have jumped by 33 per cent to $200 after the implementation of new international carbon rule. The International Maritime Organisation, or IMO, introduced the global sulphur cap rule, which came into force from January 1, 2020.

BB unveils long-term capital mkt plan soon

The central bank of Bangladesh is gong to announce a long-term comprehensive plan soon aiming to support sustainable development of the country’s capital ailing market. Under the plan, the Bangladesh Bank (BB), the country’s central bank, will provide both liquidity and policy supports to the banks along with other capital market intermediaries, according to officials.

Bangladesh’s stocks rebound after a day

Bangladesh’s stocks rebounded on Wednesday after a single day halt amid profit-taking move of shareholders. The broad index, DSEX closed at 4440.29 points on Wednesday with a gain of 32.18 points or 0.73 per cent.

BB proposes Tk 10,000cr fund for stocks

The Bangladesh Bank has submitted to the finance ministry a set of proposals, including formation of a Tk 10,000-crore refinancing fund in line with some stockbrokers’ demand to stabilise the ailing capital market. As per the BB proposal, the fund would be managed by the central bank directly and the banks, merchant banks and brokerage houses would get fund from the BB at the interest rates between 3 per cent and 5 per cent.

DITF: Jute goods in high demand

Jute goods are in high demand at the month-long Dhaka International Trade Fair (DITF), as buyers prefer products made from the natural fibre than leather items or goods from artificial materials. Visiting stalls and pavilions at the fair, people were found preferring jute products to leather goods as customers said prices of the latter was higher despite being produced locally.

Govt to focus on financing next planning blueprint
The government and donors will gather in the capital next week in a traditional parley to discuss national and global agenda, officials said on Wednesday. The Bangladesh Development Forum (BDF), scheduled for January 29-30, will dwell on the implementation of the upcoming 8th five year plan and the Sustainable Development Goals, known as SDGs.

BBN/SSR/AD

Bangladesh’s stocks witness see-saw movement at midday

BBN Desk — Mon, 30 Jan 2017 06:37:59 +0000

Dhaka, Bangladesh (BBN) - Bangladesh’s stocks witnessed see-saw movement at midday on Monday as investors were active both sides of trading fence.
Brokers said following the central bank’s concern over the recent bullish momentum in the capital market, the investors followed cautious stance.
A section of investors sold their holdings fearing further fall, while some optimistic investors took position, taking the market volatile.
Effective surveillance is necessary so that the process of recovery from the bearish trend since 2010 remains under the regulator’s control, the central bank said in its latest monetary policy statement.
“Otherwise, investors will seriously be affected like previous times,” Bangladesh Bank Governor Fazle Kabir said while announcing the monetary policy for the second half of the fiscal year on Sunday.
After 15 minutes of trading, the key index of the DSE plunged 64 points, but next 15 minutes tried to recover some losses, but failed.
After 30 minutes of trading, DSEX, the prime index of the DSE fell 37.92 points while, the Selective Category Index of the port city’s bourse, CSCX, shed 32.78 points at 11:00am.
At 12:00 noon, DSEX lost plunged 8.28 points while the Selective Category Index of port city bourse advanced 9.79 points when the report was filed.
DHAKA STOCK EXCHANGE:
After one and a half hours of trading, DSEX, the prime index of the Dhaka Stock Exchange (DSE) stands at 5,492.48 points, losing 8.28 points or 0.15 per cent when the report was filing at 12:00 noon.
The two other indices also saw negative trend till then. The DS30 index, comprising blue chips fell 2.37 points or 0.11 per cent to reach at 2,000.86 points at 12:00 noon.
The DSE Shariah Index (DSES) lost 2.39 points or 0.18 per cent to reach at 1,272.40 points.
Turnover, the crucial indicator of the market, stands at BDT 5.12 billion when the report was filed at 12:00 noon riding on Baraka Power and Islami Bank.
Of the issues traded till then, 117 advanced, 171 declined and 33 issues remained unchanged on the DSE trading floor.
Baraka Power dominated the turnover chart with shares worth BDT 344 million changing hands till then, closely followed by Islami Bank BDT 245 million, Beximco BDT 224 million, LankaBangla Finance BDT 149 million and Saif Powertec BDT 135 million.
CHITTAGONG STOCK EXCHANGE:
However, the port city bourse – the Chittagong Stock Exchange – (CSE) saw positive trend till 12:00 noon as its Selective Category Index – CSCX –ncing 9.79 points to stand at 10,311.55 points, also at 12:00 noon.
Of the issues traded till then, 88 gained, 112 declined and 23 issues remained unchanged with BDT 290 million in turnover.
BBN/SK/AD

Bangladesh’s stocks plunge at opening

BBN Desk — Mon, 30 Jan 2017 05:03:42 +0000

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed steep fall in early hour of trading on Monday, the second trading session of the week, as investors continued on selling spree.
Analysts said following the central bank’s concern over the recent bullish momentum in the capital market, the retail investors remained on selling mood, fearing further fall in stock prices.
Effective surveillance is necessary so that the process of recovery from the bearish trend since 2010 remains under the regulator’s control, the central bank said in its latest monetary policy statement.
“Otherwise, investors will seriously be affected like previous times,” Bangladesh Bank Governor Fazle Kabir said while announcing the monetary policy for the second half of the fiscal year on Sunday.
Both bourses - the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) saw sharp fall till the report was filing at 10:45am.
DSEX, the key index of the DSE slumped 63.84 points while the Selective Category Index of port city bourse plunged 97.62 points within first 15 minutes of the day’s trading at 10:45am.
DHAKA STOCK EXCHANGE:
DSEX, the benchmark index of the DSE, went down by 63.84 points or 1.16 per cent to stand at 5437.03 points, when the report was filed at 10:45am.
The two other indices also witnessed steep fall till then.
The DS30 index, comprising blue chips, also lost 16.51 points or 0.82 per cent to reach at 1986.74 points.
The DSE Shariah Index (DSES) shed 11.33 points or 0.88 per cent to stand at 1,263.46 points.
Turnover, the important indicator of the market, stands at BDT 1.10 billion when the report was filed at 10:45 million, riding on Islami Bank and Bangladesh Shipping Corporation.
Of the issues traded till then, 41 advanced, 200 declined and 12 issues remained unchanged.
Islami Bank dominated the turnover chart with shares worth BDT 67 million changing hands till then, followed by Bangladesh Shipping Corporation BDT 61 million, Beximco BDT 53 million, LankaBangla Finance BDT 49 million and Saif Powertec BDT 45 million.
CHITTAGONG STOCK EXCHANGE:
The port city bourse CSE also witnessed sharp fall in early trading with its Selective Category Index - CSCX – falling 97.62 points to stand at 10204.28 points, also at 10:45am.
Of the issues traded till then, 26 gained, 86 declined and 6 issues remained unchanged with a turnover value of BDT 40 million.
BBN/SK/AD

Asian shares lower

BBN Desk — Mon, 30 Jan 2017 04:11:09 +0000

Tokyo, Japan (BBN) - Asian shares were lower on Monday as investors eye the international backlash against US President Donald Trump's immigration policy, which has added pressure on the dollar.
Several countries have criticized President Trump's latest executive order to block refugees from seven predominantly Muslim countries from entering the United States for a four-month period, reports CNBC.
Several attorney generals from California, New York, Washington DC and 13 other states have condemned the move and pledged to fight the "unconstitutional" move, Reuters reported.
Trump defended his actions late Sunday, saying that it was about national security and not religion.
The dollar index, which tracks the greenback against a currency basket, was at 100.18 versus levels above 100.5 seen late last week after the Dow Jones industrial average rose above 20,000.
"Whether the markets start to price in a stronger Trump risk premium is yet to be seen, but the S&P 500 rallying 1 percent last week in the face of various protectionist measures suggest this premium is not yet in the market," said Chris Weston, chief market strategist at spread-better IG, in a note on Monday.
Asian shares were lower on Monday as investors eye the international backlash against US President Donald Trump's immigration policy, which has added pressure on the dollar.
Trump defended his actions late Sunday, saying that it was about national security and not religion.
The dollar index, which tracks the greenback against a currency basket, was at 100.18 versus levels above 100.5 seen late last week after the Dow Jones industrial average rose above 20,000.
"Whether the markets start to price in a stronger Trump risk premium is yet to be seen, but the S&P 500 rallying 1 percent last week in the face of various protectionist measures suggest this premium is not yet in the market," said Chris Weston, chief market strategist at spread-better IG, in a note on Monday.
Spot gold, viewed as a safe haven asset, was up 0.13 percent at $1,192.80 an ounce.
Over in Asia, Japan's Nikkei 225 fell 0.73 per cent, after data showed that December retail sales rose 0.6 per cent from the previous year, disappointing the market forecast for a 1.3 per cent increase, Reuters reported.
Toshiba stocks fell 5 per cent, falling as much as 5.8 per cent earlier, after the Asahi Shimbun reported that several trust banks will sue Toshiba after its share price dropped due to the accounting scandal.
Several media reports also reported that Toshiba chairman Shigenori Shiga and Toshiba's US nuclear subsidiary Westinghouse President Daniel Roderick will both step down.
In other Japan-related news, the Bank of Japan begins its two-day monetary policy meeting, where the central bank is expected to keep policy steady and assuage fears that it may taper off its massive stimulus program.
Down Under, the ASX 200 plunged 0.96 per cent, seeing broad based losses across all sub-indexes except for its gold sub-index, which was up 1.12 per cent.
Gold miner Newcrest Mining shares were up 0.85 per cent, after it released its production report for the December quarter.
"Newcrest Mining had a solid production report this morning, which leave it on track to achieve production guidance for the current financial year," said Ric Spooner, chief market analyst at CMC Markets, in a note on Monday.
Other Australian gold miners were in the green, with Evolution Mining up 1.65 per cent and Alacer Gold surging 3.22 per cent.
Australian insurer QBE Insurance jumped 1.5 per cent after news that it was approached by Allianz for a potential takeover deal although no acquisition price has been proposed to QBE as of yet, an anonymous source told Reuters.
In the broader currency market, the yen strengthened 0.32 per cent against the dollar at 114.34, while the Australian dollar was trading at $0.755.
Markets in China, Singapore, Hong Kong, South Korea and Taiwan are shut for public holidays.
Major US indexes close mixed after the initial fourth-quarter gross domestic product (GDP) read missed expectations.
The Dow Jones industrial average was down 0.04 per cent at 20,093.78, S&P 500 was down 0.09 per cent at 2,294.69 and Nasdaq was up 0.1 per cent at 5,660.78.
BBN/SK/AD

IFC to invest up to $55m to Dhaka Bank

BBN Desk — Sat, 28 Jan 2017 07:35:28 +0000

Washington, US (BBN) - International Finance Corporation, the private investment arm of World Bank, has agreed to invest up to $55 million to support Dhaka Bank‘s working capital solution, and help the bank aid foreign currency needs of SMEs in Bangladesh.
Under the agreement, IFC will provide Dhaka Bank a short-term loan for of up to $20 million for working capital solutions and a $35 million guarantee under Global Trade Finance Program, IFC said in a disclosure, reports Deal Street Asia.
“The financing provided is a fit with the World Bank and IFC strategy of promoting economic growth by providing access to finance to underserved market segments and promoting international trade, thereby leading to improved competitiveness, job retention and creation,” it said.
Founded in 1995, the Dhaka-based bank has total assets of $2.48 billion as of September 30, 2016.
Present in almost all major cities in Bangladesh, it has 95 branches and 54 owned ATMs.
Dhaka Bank is publicly listed on Dhaka and Chittagong Stock Exchanges, with 36.5 per cent of its shares owned by the general public and 24.2 per cent by local institutions. Around 39.1 per cent of shares is held by the sponsors/directors and 0.2 per cent is held by foreign investors.
IFC’s $5 billion Global Trade Finance Program extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.
IFC has been actively extending such loans to Asian banks. It recently agreed to invest up to $150 million in Thailand Military Bank (TMB) to support the latter’s loan extension to Thai small-and medium-sized enterprises.
Prior to that in December, Indonesia’s Bank Tabungan Pensiunan Nasional got the backing of $100 million in loans from the World Bank arm.
Also, in September, Vietnam Prosperity Joint Stock Commercial Bank, commonly known as VPBank, has secured a $50 million syndicated loan from IFC.
BBN/SK/AD

Trump signs 'extreme vetting' order to limit immigration

BBN Desk — Sat, 28 Jan 2017 05:07:20 +0000

Washington, US (BBN)-US President Donald Trump has announced new vetting measures to "keep radical Islamic terrorists out of the US".
He signed a wide-ranging executive order which, among other measures, bans Syrian refugees until further notice, reports BBC.
It also put a cap of 50,000 refugees entering the US in 2017 - less than half the previous upper limit.
In a TV interview broadcast on Friday, the president said Christians would be given priority among Syrians who apply for refugee status in the future.
He signed the executive order at the Pentagon after a ceremony to swear in Gen James Mattis as defence secretary.
During the ceremony, Trump said: "I'm establishing new vetting measures to keep radical Islamic terrorists out of the United States of America. We only want to admit those into our country who will support our country and love deeply our people."
The text of the order was released several hours after it was signed. Among the measures are:
Suspension of the US Refugee Admissions Programme for 120 days
A ban on refugees from Syria until "significant changes" are made
A 90-day suspension on arrivals from Iraq, Syria, and "areas of concern" - reported to include Iran, Libya, Somalia, Sudan, and Yemen
To prioritise future refugee applications on the basis of religious-based persecution - but only if the person is part of a minority religion in their home country
A cap of 50,000 refugees in 2017 - less than half of Mr Obama's upper limit
However, a mention of creating "safe zones" within Syria, seen in an earlier draft, was removed from the final order.
The order also said all immigration programmes should include questions to "evaluate the applicant's likelihood of becoming a positively contributing member of society."
Other measures include a broad review of the information required from all countries to approve a visa; a review of visa schemes between nations to ensure they are "truly reciprocal" for US citizens; and the immediate suspension of the Visa Interview Waiver Programme.
But the document also says exceptions to most restrictions could be made on a case-by-case basis.
President Trump also signed an executive order aimed at rebuilding the military by "developing a plan for new planes, new ships, new resources and new tools for our men and women in uniform".
Last year, the administration of then-President Barack Obama admitted 10,000 Syrian refugees into the US.
Neighbouring Canada - whose population is a ninth of that of the US - took in 35,000.
During the presidential campaign, Trump suggested a "total and complete shutdown of Muslims entering the United States until our country's representatives can figure out what is going on".
But he has made no mention of this since being elected last November.
The signing of the executive order has been met with criticism from Democrats and notable figures.
Democratic Senator Kamala Harris wrote that the order had been signed on Holocaust Memorial Day.
"Make no mistake — this is a Muslim ban," she wrote.
"We have opened our doors to those fleeing violence and oppression for decades, by presidents on both sides of the aisle."
"During the Holocaust, we failed to let refugees like Anne Frank into our country. We can't let history repeat itself," she said.
Malala Yousafzai, the teenage Nobel Peace Laureate who was once shot by the Taliban following her advocacy for women's education in Pakistan, wrote that she was "heartbroken".
"Today President Trump is closing the door on children, mothers and fathers fleeing violence and war," she said.
"America is turning its back on a proud history of welcoming refugees and immigrants - the people who helped build your country, ready to work hard in exchange for a fair chance at a new life," she added.
Facebook founder Mark Zuckerburg also posted a lengthy note to his own profile on the site, saying he was "concerned" about the president's executive orders, and noting that he, like many Americans, is the descendant of immigrants.
"These issues are personal for me even beyond my family," he wrote. "A few years ago, I taught a class at a local middle school where some of my best students were undocumented. They are our future too."
BBN/SK/AD

Islami Bank rules week’s turnover, gainer chart on DSE

BBN Desk — Sat, 28 Jan 2017 04:32:02 +0000

Dhaka, Bangladesh (BBN) - Islami Bank Bangladesh Limited (IBBL) dominated the week’s turnover and gainer charts of the Dhaka Stock Exchange (DSE) last week that ended on Thursday.
According to the statistics available with the DSE, about 61.13 million shares of Islami Bank were traded, generating a turnover of BDT 2.76 billion during the week.
It was 3.20 percent of the week’s total turnover value.
The daily average turnover for the bank was BDT 552 million last week.
The bank’s share price closed at BDT 47.80 on Thursday, the last trading session of the week, soaring nearly 30 percent over the previous week.
It was also the week’s highest gainer.
After massive reshuffle in the bank’s top positions early in this month, the bank’s share price continued to rise.
Between January 5 and January 26, the bank’s share price jumped nearly 60 percent or BDT 17.80 each.
Changes have been made to the posts of the bank’s chairman, managing director, heads of various committees and chief of the Islami Bank Foundation in line with a decision at the bank’s board meeting on January 5.
Officials said some companies bought the bulk of the local shares in the Islami Bank over the last one and a half years, leading to the latest reshuffle at its top level.
Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic Shari’ah with 63.09 per cent foreign shareholding having largest branch network among the private sector banks in Bangladesh, according to the bank’s website.
The bank’s third quarter (Q3) consolidated earnings per share (EPS) stood at BDT 0.46 for the July-September period of 2016 as against BDT 0.33 for the same period a year ago.
Islami Bank, which was listed on the Dhaka bourse in 1985, disbursed 20 per cent cash dividend for the year ended on December 31, 2015.
The bank’s paid-up capital is BDT 16.10 billion and authorised capital is BDT 20 billion, while the total number of securities is 160.99 million.
The total market capitalisation stood at BDT 75.51 billion as on Thursday.
The sponsor-directors own 71.69 per cent stake in Islami Bank, while institutional investors own 5.04 per cent, foreign investors 6.38 per cent and the general public 16.89 per cent as on December 29, 2016, the DSE data shows.
Islami Bank was, closely followed by Beximco with about 73.72 million shares of BDT 2.63 billion changing hands, Baraka Power BDT 2.17 billion, LankaBangla Finance BDT 2.04 billion, City Bank BDT 1.73 billion, IFAD Autos BDT 1.52 billion and Saif Powertec BDT 1.48 billion.
National Bank was also included in the top ten turnover chart with 92.25 million shares worth BDT 1.42 billion changing hands, followed by Summit Power BDT 1.42 billion and Lafarge Surma Cement BDT 1.29 billion.
BBN/SK/AD

Bangladesh’s stocks extend winnings spell for 13 weeks

BBN Desk — Sat, 28 Jan 2017 04:21:12 +0000

Dhaka, Bangladesh (BBN)-Bangladesh’s stocks ended finished higher for the 13 straight weeks that ended on Thursday, riding on banks, telecom and non-bank financial institutions stocks.
Market insiders said the recent growth of turnover and index is reflected that the investors’ confidence in the market is coming back, however, they should carefully invest in a rising market.
The market witnessed substantial gain in first three sessions of the week riding on financial stocks, but last two sessions faced some correction on profit booking sale pressure.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 84.58 points or 1.53 per cent to finish the week at 5,618.65 points.
The two other indices also closed higher.
The DS30 index, comprising blue chips, advanced 54.77 points or 2.76 per cent to settle at 2,038.48 points.
The DSE Shariah Index rose 16.94 points or 1.33 per cent to close at 1,292.49 points.
City Bank Capital Resources, said, “The bullish trend of the market was triggered by healthy gain in bank and non-bank financial institutions for expecting better corporate disclosure ahead”.
Trading activities remained encouraging as total turnover for the week stood at BDT 86.57 billion against BDT 89.78 billion in the week before.
The daily turnover averaged at BDT 17.31 billion, which was 3.58 percent lower over the previous week’s average of BDT 17.95 billion.
IDLC Investments, a merchant bank, said, As earnings disclosure started to came into the market, investors showed tendency to rebalance their portfolio in response to positive earnings disclosure and expectations, especially in the last two trading sessions”.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 262.41 points or 2.55 per cent to close at 10,549.
The losers took a modest lead over the gainers as out of 330 issues traded, 168 closed lower, 150 closed higher and 12 remained unchanged on the DSE trading floor.
Islami Bank dominated the week’s turnover chart with 61.13 million shares of BDT 2.76 billion changing hands, followed by Beximco, Baraka Power, LankaBangla Finance and City Bank.
Islami Bank was the week’s best performer, posting a 30 percent gain, while BD Autocars was the worst loser, slumping by nearly 16 per cent.
BBN/SK/AD

Global stocks rally gathers pace as bonds slide: Markets wrap

BBN Desk — Thu, 26 Jan 2017 11:37:57 +0000

New York, US (BBN)-A global equities rally gathered speed as investors embraced riskier assets after the Dow Jones Industrial Average topped 20,000 for the first time.
Gold retreated with bonds, reports Bloomberg.
European stocks climbed, pushing a benchmark all-country index to within 1.5 per cent of its record high.
The dollar rebounded, strengthening against most major peers.
Copper touched the highest price since November after reports of lower production.
Global government bonds extended declines as France’s 10-year yield breached 1 per cent for the first time in more than a year.
Record highs in the world’s biggest equity indexes is fueling optimism that renewed growth in the US will filter through into other major global economies, creating demand for commodities exports and driving investors out of fixed-income assets and gold.
The rally may meet resistance from economic indicators that have reached the upper reaches of historical ranges, according to Deutsche Bank AG strategists.
“The surge in growth momentum that has been a key driver of the sharp moves in global equity and rates markets is likely to fade over the coming months,” according to a note published by strategists led by London-based Sebastian Raedler Wednesday.
HERE ARE THE MAIN MOVES IN MARKETS:
STOCKS
The Stoxx Europe 600 Index climbed 0.5 per cent at 10:49 am London time, while Germany’s DAX rose to a 20-month high.
S&P 500 futures were up 0.1 per cent after the underlying index jumped 0.8 per cent to 20,068.51 on Wednesday.
Drug and healthcare companies lead the 19 industry groups of the Stoxx 600, with 40 of 42 members higher.
Swiss drugmaker Actelion Ltd. jumped as much as 22 per cent percent after agreeing to a $30 billion takeover by Johnson & Johnson.
BONDS
The yield on the 10-year Treasury added three basis point to 2.54 per cent after jumping five basis points on Wednesday.
Periphery nations led a retreat in European bonds, with yields on Italian and Portuguese government debt advancing nine basis points.
Russian bonds fell for a third day after the finance ministry said it will start currency purchases next month.
CURRENCIES
The Bloomberg Dollar Spot Index was up 0.3 per cent, though still headed for a fifth straight weekly decline, the longest stretch since May 2015.
The pound weakened 0.2 per cent to $1.261 after earlier climbing as much as 0.3 per cent after a data release showed the UK economy grew faster than economists forecast in the fourth quarter.
The euro slipped 0.3 percent to $1.0721.
COMMODITIES
Gold fell 0.6 per cent to $1,193.24 an ounce after dropping 1.4 per cent over the previous two sessions as optimism around corporate earnings fueled risk appetite.
West Texas Intermediate crude rose 0.3 per cent to $52.91, paring Wednesday’s declines as investors weighed output cuts from OPEC and other producing nations against expanding US crude stockpiles.
Copper for delivery in three months was little changed on the London Metal Exchange after climbing to the highest since November 28 at $6,045.50 a ton after miner Anglo American said output fell.
Iron ore continued its rally for a third day, with futures climbing 1.1 per cent.
BBN/SK/AD

Bangladesh’s stocks end flat amid high volatility

BBN Desk — Thu, 26 Jan 2017 09:53:04 +0000

Dhaka, Bangladesh (BBN)-Bangladesh’s stocks finished the week almost flat on Thursday with turnover falling further as cautious investors continued on profit booking mood.
Analysts said the market closed flat as risk-averse investors preferred to bag profits on sector specific stocks, while some remained active on blue-chip issues, taking the market in flat red zone.
DSEX plunged 2.63 points while the Selective Category Index of port city bourse lost 22.84 points at the closing.
DHAKA STOCK EXCHANGE:
After witnessing see-saw movement throughout the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled the week at 5,618.64, losing 2.63 points or 0.04 per cent.
However, the two other indices edged higher. The DS30, comprising blue chips, advanced 10.41 points or 0.51 per cent to finish at 2,038.48 points.
The DSE Shariah Index (DSES) rose 4.92 points or 0.38 per cent to finish at 1,292.49.
Turnover, the crucial indicator of the market, came down to BDT 12.70 billion, which was 17 per cent lower than the previous day’s BDT 15.25 billion.
The losers took a strong lead over the gainers as 328 issues traded, 193 closed lower, 108 closed higher and 27 remained unchanged on the DSE trading floor.
Islami Bank led the DSE turnover for the third day in a row with about 14.08 million shares of BDT 675 million changing hands, followed by ACI, Ratanpur Steel-Re-rolling Mills, Beximco and Beximco Pharmaceuticals.
Investment Corporation of Bangladesh (ICB) was the day’s highest gainer, posting a 10 per cent rise, while Savar Refractories was the worst loser, plunging by 6.71 per cent.
CHITTAGONG STOCK EXCHANGE:
The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index - CSCX – shedding 22.84 points to settle at 10,549.
Losers beat gainers as 156 issues closed lower, 87 closed higher and 18 remained unchanged on the CSE.
The port city bourse traded 23.52 million shares and mutual fund units’ worth BDT 724 million in turnover.
BBN/SK/AD

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