DSEX crosses 4,100-mark on buying spree

The key index of the prime bourse on Sunday crossed the 4,100-mark after nearly five months, as the buoyant investors showed their appetite on large-cap issues amid optimism.DSEX, the core index of the Dhaka Stock Exchange, went up by 48.13 points or 1.18 per cent to settle at 4,129 during the four hours trading.It was the highest level of DSEX since March 12, 2020, although trading was closed for two months (March 26 to May 30) due to government holidays to flatten the spread of deadly Covid-19 virus.Market operators said gradual reopening of the economy and the stock market regulator’s assurance not to lift floor price restriction until the market got stable, led investors for buying shares at possible lowest prices.Gradual reopening of the economy and static number of Covid-19 cases led investors to strike bargains on promising issues, commented UCB Capital, in its regular market analysis.The large-cap BATBC’s share price jumped 3.73 per cent, followed by Square Pharma with 3.49 per cent and GP share soared 2.91 per cent.The securities regulator’s hard stance on ensuring mandatory 2.0 per cent shareholding by each director of listed companies had a positive impact on the stock prices, said a merchant banker.The stock market regulator has recently asked 61 directors of 22 listed companies to ensure a minimum 2.0 per cent shares in their own companies within 45 days to continue their directorship.Two other indices also ended higher. The DS30 index, comprising blue chips, rose 23.08 points to finish at 1,397 and the DSE Shariah Index advanced 17.53 points to close at 963.Turnover, another important indicator of the market, stood at Tk 3.71 billion on the country’s prime bourse, which was 42 per cent higher than the previous day’s turnover of Tk 2.62 billion.Most of the shares remained stuck at the trading. Of the issues traded, 172 remained unchanged while 116 issues advanced and 58 declined on the DSE floor.A total number of 79,599 trades were executed in the day’s trading session with a trading volume of 7.48 million shares and mutual fund units.The market-cap on the premier bourse also rose to Tk 3,217 billion on Sunday, from Tk 3,175 billion in the previous session.Meanwhile, Sonali Paper & Board Mills resumed trading Sunday on the main boards on the bourses under ‘Z’ category, after remaining in the OTC market since 2009, subject to one year lock-in to be imposed on the shares of the company’s existing directors.Each share of the company traded between Tk 273 and Tk 296.80, before closing at Tk 296.80 on the DSE, soaring 8.72 per cent.Its share also closed at Tk 296.80 on the CSE, gaining 8.72 per cent.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dsex-crosses-4100-mark-on-buying-spree-1595780305

DBBL holds half yearly managers’ conference

The Half Yearly Managers’ Conference-2020 of Dutch-Bangla Bank was held on Saturday through virtual platform to review the Bank’s overall performance during January-June, 2020 and discuss the business plan and strategy for achieving targets for the year 2020.The Conference was presided over by Mr. AbulKashem Md. Shirin, Managing Director of the bank. Branch Managers from 195 branches of the bank virtually participated in the conference. The Deputy Managing Directors, Mr. Khan Tariqul Islam, Mr. Shahidur Rahman Khan, Mr. Md. Abedur Rahman Sikder, Mr. Md. AhteshamulHaque Khan, Mr. K. M. Awlad Hossain, all CXOs, Divisional Heads and senior executives of Head Office of the bank also participated at the conference.In his address, the Managing Director critically analyzed the strategies for achieving business target for the year 2020. He also expected that the Managers who have not been able to achieve the respective targets for the first 06 months of 2020, will make all out efforts to achieve the targets set for the last 06 months of the year 2020.He also emphasized on increasing the business of the Bank by taking advantages of the largest On-line banking, Fast Tracks, ATMs, as well as Mobile Banking “Rocket”, Agent Banking networks, POS terminals and NexusPay during the year 2020 and directed the branch managers for improving the standard of customer services.All branch managers committed to achieve the budgetary targets for the year 2020, said a statement.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dbbl-holds-half-yearly-managers-conference-1595780464

National Housing recommends 10pc cash dividend

The 218th Board of Directors Meeting of National Housing Finance and Investments Limited was held on Thursday through virtual platform, said a statement.The Board of Directors reviewed and approved Financial Statements for the year 2019 and recommended 10.00% cash dividend for the shareholders for the year 2019.The Board of Director in that meeting also approved Financial Statements for the quarter ended 31st March 2020 and 30th June 2020.National Housing is one of the largest Financial Institutions in the country engaged with home loan & lease finance. Total shareholders’ equity of the company is Tk. 1,985.74 million as on June 30, 2020. The company earned Tk. 236.81 million as net profit after tax during the year 2019 and Tk. 93.61 million for the half year ended June 30 2020.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/national-housing-recommends-10pc-cash-dividend-1595780248

BSEC chief puts thrust on high quality financial statements

BSEC chairman Professor ShibliRubayat-Ul-Islam said inclusion of professional cost and management accountants in relevant sectors would be better for the stock market development of Bangladesh.Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized the webinar.The chairman of Bangladesh Securities and Exchange Commission (BSEC) graced the programme as the Chief Guest.The BSEC chairman mentioned that, to judge an organization properly, high quality financial statements with adequate disclosures are needed to protect shareholders as well as public interest.National Board of Revenue (NBR) would be able take right steps in giving tariff protection to the really deserving local manufacturers taking decisions from the research output conducted by Cost Auditors.The government would also be benefited in combating corruption and money laundering by doing cost audits of public spending. In conclusion, they said that cost audit is not a burden for the business houses and government organizations; rather it is an investment to assess the ability of an organization to continue as a going concern, improve efficiency and performance, fight corruption and protect public interest as well; but the corporate leaders are not aware of the uses and benefits of Cost Audit.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/the-two-day-long-half-yearly-business-meet-2020-of-bank-asia-ltd-ended-through-digital-platform-on-saturday-1595689216