Bangladesh’s economic growth expected to be 6.4% in 2021-22: World Bank
The World Bank report also added that the country’s economy is expected to see a 6.9% growth in 2022-23. Bangladesh’s economy is expected to grow at 6.4% in 2021-22, according to the World Bank’s “Global Economic Prospects” report released on Tuesday (11 January). The World Bank report also added that the country’s economy is expected to see a 6.9% growth in 2022-23. Neighbouring India’s economic growth is expected to be 8.3% in the current financial year and 8.7% in 2022-23. Nepal’s growth is expected to be at 3.9% this fiscal and at 4.7% in the next financial year. Pakistan’s economy will grow by 3.4% in the current fiscal and at 4% in 2022-23. It predicted further that global growth will slow down to 4.1% this year from an estimated 5.5% in 2021, but warned “Omicron-related economic disruptions could substantially reduce growth” to as low as 3.4%.
Core index crosses 7000 points mark
Dhaka bourse closed Tuesday’s session with a moderate rise both in broad index and turnover value riding on investors’ increased participation. On the day, the DSEX, broad index of Dhaka Stock Exchange (DSE), crossed 7000-point mark after 23 sessions executed on the premier bourse. Of the major sectors, fuel & power, engineering and pharmaceuticals & chemicals played a pivotal role behind the rise in turnover value. The market opened the day’s session positively and the DSEX continued an upward trend for half an hour. Another upward trend was observed after the mid-session and the core index closed the session with a moderate rise. At the end of the session, the DSEX settled at 7049.15 with a rise of 0.78 per cent or 54.99 points. According to the market operators, Square Pharmaceuticals, Titas Gas, Beximco Pharmaceuticals and the Bangladesh Shipping Corporation played major role behind the moderate rise of the broad index. The shariah based index DSES on Tuesday advanced 1.02 per cent or 15.18 points to close at 1495.87. The DS30 index comprising blue chip securities went up by 0.77 per cent or 20.11 points to close at 2626.66. Power Grid Company of Bangladesh topped the scrip wise turnover chart with a value of Tk 1.33 billion followed by Beximco Tk 1.22 billion, Titas Gas Transmission & Distribution Company Tk 726 million, Fareast Islami Life Insurance Company Tk 697 million and Bangladesh Submarine Cable Company Tk 598 million. CASPI, benchmark index of Chittagong Stock Exchange (CSE), advanced 0.92 per cent or 189.56 points to close at 20667.35.
Beximco Green Sukuk makes debut trading tomorrow on bourses
Beximco Green Sukuk Al Istisna’a will make its debut trading tomorrow (Thursday) on both the bourses. The trading of the sukuk will be conducted under ‘N’ category, according to officials of Dhaka Stock Exchange (DSE). On July 8, 2021 the Bangladesh Securities and Exchange Commission (BSEC) accorded consent to Bangladesh Export Import Company (Beximco) as originator for issuance of Beximco Green Sukuk Bond of Tk 30 billion. Of Tk 30 billion, Tk 7.50 billion was raised through IPO (initial public offering). As a result, the units worth Tk 7.50 billion will be available for trading after the listing of the Sukuk. Meanwhile, the DSE informed that Union Insurance will make its shares trading debut on both the bourses on Sunday (January 16) under the settlement category “N”.
Digital platform ‘Fabric Lagbe’ launched
Fabric Lagbe, a digital platform to sell textile and readymade garments products, materials, product related accessories was formally launched on Tuesday, reports UNB. Founder and Managing Director of this digital platform Md Nazmul Isalm said that options named job and work have also been added at Fbric Lagbe apps and websites where job seekers can upload their CVs along with qualification and experience. Garment manufacturers can recruit or hire suitable manpower by using the facility at the web portal, he said while addressing the launching of ‘Fabric Lagbe’ digital platform at a function held at the auditorium of Economic Reporters’ Forum in the capital on Tuesday. The platform is basically a combination of textile and readymade garments industries, where the producers can sell its products (readymade garments, fabrics, yarn, and accessories, sizing, dyeing processing, chemical, machineries, etc.) directly. The producers can display their products by listing at ‘Fabric Lagbe’ mobile apps or web portal and can arrange live bids for selling products.