Banks’ forex balances on the rise
Gross foreign exchange balances held by commercial banks in Bangladesh rose to a 19-month high of $5.53 billion in June, owing to lower imports and higher export and remittance earnings. The previous high of $5.58 billion was registered in November last year. June’s holdings were up 6.23 per cent from the $5.21 billion held at the end of 2021-22 and an increase of 8 per cent from May this year when it stood at $5.12 billion. Despite the turmoil in the global economy, earnings from merchandise shipment rose 6.67 per cent to $55.55 billion in FY23, while remittance inflow grew 2.75 per cent to $21.61 billion. Imports declined 14.15 per cent to $69.97 billion in the July-May period of FY23. The data for the entire financial year has not been released yet. Outstanding forex reserves in the banking sector were $4.58 billion in 2019-20, $5.52 billion in 2020-21, and $5.2 billion in 2021-22, according to the Bangladesh Bank.
Oil prices rise
Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus measures underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks. Brent crude futures were up 91 cents, or 1.1 per cent, at $81.98 a barrel by 1415 GMT. US West Texas Intermediate (WTI) crude was at $78.12 a barrel, also up $1.05, or 1.3 per cent. The benchmarks rose 1.5 per cent and 2.2 per cent respectively last week, their fourth straight of week of gains, as supply is expected to tighten following Opec+ cuts. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week, so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate increases.
DSE turnover hits three-week low as investors tread cautiously
The Dhaka Stock Exchange (DSE) posted a three-week low turnover on Monday as many investors opted for a cautious approach when considering fresh positions in stocks. Compared to the previous day, the turnover declined by 15 per cent to Tk 6.33 billion on the premier bourse. This figure is the lowest since July 5, when the turnover amounted to Tk 8.9 billion. On Monday, most sectors on the DSE witnessed marginal declines, with the benchmark index DSEX closing at 6,337 points, down 0.07 per cent or 4.67 points from the previous day. The blue-chip index DS30, which experienced a 10-month high loss in the previous session following routine revision, declined marginally on Monday. Of the 30 blue-chip stocks, nine saw price corrections ranging between 0.21 per cent and 2.5 per cent. Among the major sectors, food and allied experienced the highest loss of 0.22 per cent, followed by pharmaceuticals, engineering and fuel & power, according to a market review by BRAC EPL Stock Brokerage.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 2.51||↑ 0.01 %|
|FTSE100||$ 7,663.73||↑ 17.68||↑ 0.23 %|
|Nikkei 225||$ 32,701.65||↑ 397.40||↑ 1.23 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 76.92||↓ 0.15||↓ 0.19 %|
|Crude Oil (Brent)||$ 80.92||↓ 0.15||↓ 0.19 %|
|Gold Spot||$ 1,960.57||↓ 1.37||↓ 0.07 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 108.6600||BDT 109.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<