DSEX soars in post-Eid session to reach record high
The prime index of the Dhaka Stock Exchange (DSEX) hit a record high on Sunday, the first session after Eid vacation, as buying binge added strength to the equity indices despite virus worries. The market remained shut for five days from July 20 to 24 due to Eid-ul-Azha while trading time reduced to three hours in line with the banks during the government-enforced latest strict lockdown. After crossing the 6,400-mark in the in the previous session, the market opened higher and persisted till the closure although saw some profit booking sell pressure during the session. DSEX, the prime index of the DSE, went up by 19.17 points or 0.29 per cent to settle at 6,424, the highest since its inception in 2013. The DSEX was introduced more than eight years back on January 27, 2013, designed by Standard and Poor’s (S&P) based on the free-float methodology, replacing the then key index – DGEN. However, the all-time high DGEN was 8,918 recorded on December 5, 2010, when the market saw a bull run before a crash.The blue chip index DS30, a group of 30 prominent companies, also rose 14.10 points to settle at an all-time high at 2,336, highest since its inception on January 27, 2013. The DSE Shariah Index also advanced 6.08 points to close at 1,393.Fu-Wang Ceramic was the day’s best performer, posting a gain of 9.95 per cent while Familytex (BD) was the worst loser, losing 9.43 per cent after a ‘abnormal’ hike in the recent weeks. The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index – CASPI -gaining 103 points to settle at 18,673 and the Selective Categories Index – CSCX -advancing 69 points to finish at 11,216.
New MD joins DSE
Newly appointed managing director Tarique Amin Bhuiyan on Sunday joined the Dhaka Stock Exchange (DSE), according to a release. The board of the premier bourse DSE decided to appoint Mr. Bhuiyan at a meeting held on July 04, 2021. Later, the Bangladesh Securities and Exchange Commission (BSEC) accorded its approval to his appointment on July 05, 2021. Mr. Bhuiyan obtained his Master of Business Administration (MBA) from IBA, University of Dhaka.He held important positions in various organizations including ING, St. George and Westpac & global consulting companies like TCS, Accenture & Infosys etc. He also served the BRAC Bank as the Chief Information Officer (CIO) and as the Founding Chief Executive Officer (CEO) at mobile money transfer company bkash.
BD keeps investment doors open despite pandemic
Bangladesh Economic Zones Authority (BEZA) Executive Chairman Shaikh Yusuf Harun said the Bangladesh government continues investment services despite pandemic to allure investors to come with their new ventures here. Despite slow investment flow across the world, Shaikh Yusuf Harun said, Bangladesh is becoming a centre of global business community which will help the country achieve Vision-2041. He said that very low labour cost, skilled manpower, favourable government policies, uninterrupted electricity supply, high productivity and political stability are turning Bangladesh into a global investment hub despite the Covid-19 pandemic.The BEZA chief said, investment in different countries is becoming difficult, but Bangladesh has kept its investment doors open.He said Bangladesh will become a developed country in 2041 and for this, orgranisations like BEZA would have to work as per their targets. Mr Harun said BEZA has set a target to create jobs for around one crore people by establishing 100 economic zones across the country. It has also set a target to earn an additional $40 billion by exporting goods from the economic zones, he added. He said that the BEZA governing board has already approved the location and amount of land in 97 economic zones, of which 68 are public economic zones and 29 are private economic zones.