BSEC appoints special auditor to find out reasons
The Bangladesh Securities and Exchange Commission (BSEC) has appointed a special auditor for Delta Life Insurance Company to assess the firm’s health. The move comes following allegations of regulatory breaches by the listed insurer. The Insurance Development and Regulatory Authority (IDRA) appointed Sultan-ul-abedin Mollah as an administrator of Delta Life Insurance on February 11. The IDRA said they took this initiative to protect the policyholders’ interests and submit a report on the company’s situation within four months. Earlier, Delta Life Insurance accused IDRA Chairman M Mosharraf Hossain of seeking Tk 50 lakh in bribes to approve the reappointment of the company’s CEO and renewing the actuarial valuation basis. The press briefing was organised at the BSEC headquarters yesterday by the stock market regulator on the roadshow held from February 9 to 12 in Dubai.
DSE turnover nosedives to seven-month low
Stocks nosedived yesterday when the market’s turnover reached a seven-month low due to a confidence crisis among investors. DSEX, the Dhaka Stock Exchange’s (DSE) benchmark index, dropped 90.77 points, or 1.65 per cent, to 5,385.21. Turnover, an important indicator of the stock market, was downed by 32 per cent, to Tk 467 crore. The last time it was so low was on July 29, 2020 when turnover reached Tk 399 crore. The index has been overcast for the last couple of weeks, so many stock prices were a source of losses for investors which ultimately had an impact on confidence. The turnover’s fall proves that institutional investors are now not active in the market. In the DSE, 23 stocks rose, 219 declined and 101 remained unchanged. Alhaj Textile Mills topped the gainers’ list rising 10 per cent, followed by Intech, Walton Hi-tech Industries, Unilever Consumer Care and the Mithun Knitting and Dyeing. Beximco topped the turnover list with trade worth Tk 105 crore followed by Robi Axiata, British American Tobacco Bangladesh, LankaBangla Finance and Beximco Pharmaceuticals. Prime Finance First Mutual Fund shed the most dropping 6.50 per cent followed by Mir Akhter Hossain, Robi Axiata, Jute Spinners and Sandhani Life Insurance Company. Meanwhile the port city bourse also dropped. The CASPI, the Chittagong Stock Exchange’s (CSE) general index, fell 256 points, or 1.61 per cent, to 15,564.99. Among 186 stocks to witness trade, 26 rose, 122 dropped and 38 remained the same.
Govt releases Tk 16.83 billion cash incentives for exporters
The government has released Tk 16.83 billion (1,683 crore) for the payment of cash incentives to local exporters against their export receipts. It is the 3rd instalement of cash incentives for the January-March period of the current fiscal year. Export-oriented sectors, including readymade garment (RMG), frozen shrimp and others such as fish, leather items, jute and jute products, would receive the incentives, according to a circular issued by the Finance Division on Monday. Of the amount, Tk 2.50 billion (250 crore) would be distributed for the jute sector while Tk 14.33 billion (1,433 crore) for other sectors. Besides, a special 1.0 per cent cash incentive support fund for the RMG industry has also been included in the installment. The government provides cash incentive facilities for exporters in more than 35 categories.
BD Business Research & Dev Council launched
Bangladesh Business Research and Development Council (BBRDC), an organisation with a focus on trade and business research, officially started its journey in Chattogram city. Some young researchers and journalists came up with the initiative, which was inaugurated through a programme at a hotel in the port city in the morning. Speaking on the occasion, BBRDC founder Priyo Ranjan Dey said they had launched the organisation with a view to conducting research on trade and business.