DSE daily turnover hits 10.5 yrs high
The daily trade turnover on Dhaka Stock Exchange (DSE) climbed to 10 and a half years high on Sunday since the country’s stock market developed bubbles that soon burst. Turnover, a crucial indicator of the market, jumped to Tk 26.69 billion on the country’s premier bourse, by 22 per cent over the previous day’s tally of Tk 21.82 billion. It happens to be the biggest single-day transaction volume since December 6 in 2010, when the turnover scaled a record amount of Tk 27.10 billion. However, the all-time-high turnover on the DSE was Tk 32.49 billion recorded on December 5 in 2010, when the market saw a bull run before a crash. The then key index – DGEN — also peaked at 8,918 on that fateful day.Experts find reasons for the present bullish trend in the stock trading because of lower returns on the money market, limited scope of investment in other instruments, regulatory reforms and earnings surprises by the listed firms despite the pandemic.The recent growth in turnover and index — the two most important indicators — in general suggests that the investors’ confidence in the market is back on the ascent, he said. The investors showed confidence while the institutional and high net worth individual investors were putting fresh funds on stocks on expectation of capital gains from the recent rally, said an analyst at a leading brokerage firm.However, he advised the investors to know the tricks of trade on the stock market and then invest in shares of their good choices in order to avert any misfortune. The new budget proposed to cut corporate tax rate for the listed firms by 2.5 percentage points to 22.5 per cent for the upcoming fiscal year.
Banking hours to remain 10am to 3pm till June 16
Bangladesh Bank has instructed banks to keep their doors open for customers from 10:00am to 3:00pm until June 16. The banking regulator took the decision yesterday as the government has extended the ongoing nationwide restrictions on public movement to curb the spread of Covid-19.The bank branches will remain open until 4:30 pm to complete their regular procedures, according to a central bank notice. Banks have been following the rostering system for their employees since April 14 as instructed by the government. The government enforced lockdown-like measures on April 5 after the Covid-19 infection rate began an alarming rise.
Standard Chartered wins ‘Best Int’l Bank’ award in Bangladesh
Standard Chartered Bank Bangladesh has recently been recognised as the ‘Best International Bank’ FinanceAsia Awards 2021. This achievement marks the eleventh occasion the Bank has received this prestigious award since 2009. This is the fifth major international award the Bank has achieved in the first quarter of 2021, said a statement. FinanceAsia is Asia’s authoritative source for finance, investment banking, economic and capital markets news. Founded in 1996, the publication engages with audience consisting of corporate CFOs and CEOs, bank and broker executives, portfolio managers and service providers. Each year, The Financeasia Awards recognizes the best performing banks across the region.
New DMD of Southeast Bank
S.M. MainulKabir has been promoted to Deputy Managing Director (DMD) of Southeast Bank Limited. Prior to his new assignment he was Senior Executive Vice President (SEVP), Credit Risk Management Division of Southeast Bank. He started his career with National Bank Limited in 1995 as Probationary Officer. He also worked in Exim Bank and Jamuna Bank in different capacities, later he joined Southeast Bank on 2004. He completed his Bachelor of Commerce and Masters of Commerce in Finance & Banking and MBA in Management Studies from University of Dhaka.