Stocks keep soaring amid rising confidence
Stocks extended the winning streak for the fifth straight session on Monday as the buoyant investors continued their appetite on large-cap issues amid investors’ growing confidence in the market. DSEX, the core index of the Dhaka Stock Exchange (DSE), went up by 29.10 points or 0.57 per cent to settle at 5,053. The key index added more than 187 points in the past five consecutive sessions while market capitalisationshowedTk 146 billion as increase during the period under review. Two other indices also ended higher. The DS30 index, comprising blue chips, rose 14.57 points to finish at 1,763 and the DSE Shariah Index gained 8.83 points to close at 1,159.Three Bangladeshi listed firms — Square Pharma, Renata, and Fortune Shoes — have entered into the greatly desired Forbes list of under US$ 1.0 billion company for 2020 from Asia and the Pacific region. The stock market regulator’s moves to restructure the boards of the listed companies if sponsor-directors fail to hold minimum 30 per cent shares jointly, also attracted the investors. Turnover, a crucial indicator of the market, rose to Tk 8.48 billion, which was 0.60 per cent higher than the previous day’s turnover of Tk 8.43 billion. Among the major sectors, power posted the highest gain of 1.10 per cent, followed by pharmaceuticals with 0.80 per cent and banking 0.60 per cent. Financial institutions, telecom, engineering and food sectors faced correction, losing 1.20 per cent, 0.60 per cent, 0.30 per cent and 0.10 per cent respectively.A total number of 170,937 trades were executed in the day’s trading session with a trading volume of 330.61 million shares and mutual fund units. The market capitalisation of DSE rose to Tk 4,045 billion on Monday, from Tk 4,030 billion in the previous day. Beximco topped the turnover list with 19.31 million shares worth Tk 554 million changing hands, closely followed by Republic Insurance, IFIC Bank and Fortune Shoes. Miracle Industries was the day’s best performer, posting a gain of 9.84 per cent while CAPM IBBL Islamic Mutual Fund was the worst loser, losing 7.83 per cent.The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)-advancing 72 points to close at 14,496 while the Selective Categories Index – CSCX- rising 45 points to close at 8,727. Of the issues traded, 115 advanced, 98 declined and 56 remained unchanged on the CSE. The port city bourse traded 20.11 million shares and mutual fund units with turnover value of more than Tk 439 million.
NBR introduces lottery to boost VAT collection
Buying a product from a store could help you win Tk 100,000. Sounds bizarre? Well you do have the chance to win this amount after buying any product or seeking any service if you collect a receipt generated from the Electronic Fiscal Device (EFD),With the lowest amount being Tk 10,000, the prizes, a first time-initiative by the NBR, will be distributed every month based on VAT receipts to be issued through the EFDs from the first day of the month to the last, according to the policy on lottery by receipts of the EFD management system issued by the NBR.By March next year, the NBR wants to install 4,000 EFDs across the country and 10,000 by June.The NBR started installing the devices from August this year and initially installed 100 EFDs at stores and businesses in Dhaka and Chattogram to see the results before embarking on a nationwide rollout. The EFDs are provided for free to 25 types of businesses, including shops, hotels, restaurants, sweet stores, clothing, furniture and electronics outlets and jewelers.The second highest prize will be Tk 50,000 and the NBR will give one prize for this category. The money for the third prize will be Tk 25,000 and the NBR will issue five prizes for this category. The prize money for the remaining 94 prizes will be Tk 10,000 each. The NBR said a six-member management committee, headed by NBR Member VAT Implementation and IT, will oversee the overall task.
Maksons Group to invest $111m at BangabandhuShilpa Nagar
Maksons Group, a local textile miller, is going to set up three industrial units at the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) in Mirsarai at a combined investment of $111 million. Mohammad Ali Khokon, managing director of Maksons Group and three other entities under the group, signed a land-lease agreement with the Bangladesh Economic Zones Authority (Beza) at the Pan Pacific Sonargaon Hotel in Dhaka yesterday to establish the units on 30 acres of land by 2022. Metro Spinning Ltd will invest $40 million and create jobs for 1,200 people. Maksons Spinning Mills Ltd will invest $30 million to create 800 jobs and the second unit of the factory will invest $41 million, Khokon said at the signing ceremony.Maksons Group, which has been in textile and spinning business for more than 35 years, exported goods worth $77 million last year. In the next year, the group would be able to export goods worth $100 million despite the fallouts of the Covid-19 as the volume of export orders, especially for knitwear items, has increased at his factories. In the first phase, the group plans to earn $200 million in exports from the proposed units. It will add another $300 million in the second phase. Of the $34 billion garment export from Bangladesh, $23 billion is supported by local textile millers and spinners by way of supplying raw materials, said Khokon, also the president of the Bangladesh Textile Mills Association.This means Bangladesh depends on imports for 60 per cent raw materials, or 600 crore metres of fabrics for the export-oriented garment sector, costing $8 billion a year.The agency is developing the BSMSN on 30,000 acres of land as part of its plan to construct 100 economic zones across the country by 2030. Investment proposals worth $20 billion have already been approved at the BSMSN that might create jobs for 10 lakh people.
BASIC Bank launches Contactless Credit Card
State-owned BASIC Bank Limited has launched dual currency contactless credit card. BASIC Bank is the first among all the state-owned banks to launch this type. Professor Dr. Md. Abul Hashem, Chairman of the Board of Directors of the Bank, joined a virtual opening ceremony, arranged by the head office of the bank on Sunday and inaugurated the card service. Managing Director of the bank Md. RafiqulAlam presided over the function where Directors of the Board, Md. Shaheb Ali Mridha, Md. RazibParvez and Md. Rafiqul Islam participated in the programme. The senior executives and concerned officials including the head of card division also attended the function. Chairman of the bank, Professor Dr. Abul Hashem said that BASIC Bank marked progress of another step in meeting customer demand in terms of technology oriented banking services. With Visa, a card service of international branding, customers can make their transactions easily both at home and abroad.