Bangladesh, Dhaka (BBN) – Bangladesh Business News prepares Monday’s evening business round up compiling reports, published by different newspapers and news portals.
Bangladesh’s stocks keep tumbling as major stocks plunge
Bangladesh’s stocks continued to bleed for the two straight sessions on Monday as investors kept their panic sell-offs to avoid further losses. After losing roughly 143 points in the previous day, the market saw volatility in the first half of the day’s session but the market fell sharply in the late hours amid persistently lackluster trade. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 128.32 points or 2.33 per cent to settle at 5,376, which is more than five-week lowest since December 29, 2020.
Covid-19 vaccination drive: PM instructs to reduce age limit of recipients to 40
Prime Minister Sheikh Hasina today instructed the authorities concerned for reducing the age limit from 55 to 40 years — to get registered for Covid-19 vaccination — aiming to expand and accelerate the drive. “I’ve instructed the minister (health) and director general, health directorate in this regard, and asked the DG to learn more about it from the minister,” she said. She also called upon all to wear facemasks and wash hands even after taking the Covid-19 vaccine. “All will have to continue wearing masks and washing hands. Even the vaccinated people have to follow the same. Don’t think you are safe as you have already taken vaccine. We have to be careful,” she said.
What recovery? Clothes retailers cut orders while factories fight to survive
Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack. The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of Covid-19 lockdowns and patchy national vaccine rollouts. Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, told Reuters it was housing around 150 million pounds ($205 million) worth of 2020 spring/summer stock and 200 million pounds from autumn/winter. In an indication of the scale of the backlog, consultancy McKinsey says the value of unsold clothing worldwide, in stores and warehouses, ranges from 140-160 billion euros ($168-192 billion) – more than double normal levels.
Asia-Pacific stocks mostly rise; China announces new anti-monopoly rules aimed at tech giants
Stocks in Asia-Pacific were mostly higher on Monday, as investors monitored shares of China’s tech giants following the release of new anti-monopoly guidelines over the weekend. Chinese tech shares were mixed as concerns that Beijing was tightening restrictions on the country’s tech giants weighed. By the Monday market close in Hong Kong, shares of Chinese tech giants listed in the city were mixed. Tencent was higher by 0.48% while Meituan gained 1.25%. Meanwhile, JD.com declined 0.6% and Alibaba dipped 0.62%.
Indian Rupee Gains, Nifty 50 Weakens on RBI Rate Hold. USD/INR Eyeing Support
The Indian Rupee gained slightly against the US Dollar after the Reserve Bank of India (RBI) left the benchmark repurchase rate at 4% in February as expected. There was some room for a surprise here as about 20% of Bloomberg survey respondents priced in a cut. The Nifty 50, the nation’s key stock market index, was aiming cautiously lower, perhaps on some disappointment for those expecting some easing. December’s CPI print surprised lower, clocking in at 4.6% y/y as inflation fell closer towards the midpoint of the RBI’s target range. This likely contributed to rising calls for further easing, which is why some investors were caught off guard in January when the central bank tried to shore up some excess liquidity. Then, the RBI withdrew US$27.3 billion via a 14-day reverse repo auction.