Stocks continue to fall amid profit taking
The stock market continued to fall for a second consecutive day yesterday owing to a profit booking tendency prevailing among investors. Despite this, companies whose performances were not up to the mark remained bullish.Meanwhile, the Bangladesh Securities and Exchange Commission (BSEC) decided to extend trading hours by an hour to 2:00pm from today in tune with that of banks. Trade on a normal day ends at 2:30pm. From today, the pre-opening session begins at 9:45am and the post-closing session ends at 2:15pm, said a BSEC press release.The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), nosedived 19.35 points, or 0.31 per cent to 6,177.21. Investors are raking in profits from the market as the prime index had risen to its highest point in three-and-a-half years. Last Monday, the DSE’s index soared to 6,219. When the market opened on a rising trend yesterday, many people started availing profits and the rising trend proves that investors had confidence on the market. Among the top 10 gainers, only two were from the “A” category, meaning they had provided more than 10 per cent dividends last year. Another four were from the “Z” category, meaning they had either failed to provide dividends or closed production. Three more were from the “B” category, meaning their dividend payout was less than 10 per cent.Alltex Industry shed the most, falling 7.80 per cent, followed by Desh Garments, FAR Chemical Industries, First Finance and Tallu Spinning Mills. The port city bourse also fell today. The CASPI, the general index of Chittagong Stock Exchange, nosedived 74 points, or 0.41 per cent, to 17,881. Among 307 stocks to witness trade, 110 advanced, 170 dropped and 27 remained unchanged.
Approval for PranAgro’sTk 150cr bond
A non-convertible, coupon bearing green bond of Tk 150 crore of Pran Agro was approved at a commission meeting of the Bangladesh Securities and Exchange Commission (BSEC) yesterday. The coupon rate of the bond is 9 per cent. It will be issued to scheduled banks, mutual funds, insurance companies, organisations, trust funds and institutional investors through private placement. With the bond proceeds, Pran will enhance its liquidity and capital base. Then face value of each bond is Tk 10 lakh. Its trustee Green Delta Insurance, and its arranger Standard Chartered Bank. Earlier last May, Pran Agro issued a non-convertible and redeemable bond worth Tk 210 crore, equivalent to $25 million, with 100 per cent credit guarantee from a global company, the first of its kind in the country. In the commission meeting, the BSEC approved a proposal to form a board of governance for a market stabilisation fund. The BSEC decided to create the fund worth more than Tk 21,000 crore with unclaimed dividends of listed companies.
HSBC enhances banking proposition for NRBs
The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh and Bangladesh Merchant Marine Officer’s Association (BMMOA) signed a MoU to facilitate BMMOA members with privileges on HSBC products and services. HSBC’s Non Resident Bangladeshi (NRB) proposition will support BMMOA members and NRB’s with services and products that support their special circumstances of being away from Bangladesh, said a statement. NRB’s will now be able to access banking services at their fingertips for meeting their daily banking requirements through the HSBC Select proposition. They will be able to open accounts and service bonds remotely. In addition, NRBs will also be able to avail HSBC’s overseas education facilities for their children studying abroad.