Stocks rebound as insurers show momentum
Stocks posted a marginal gain on Tuesday, after a two-day moderate correction, driven mainly by general insurance shares. The market opened higher which persisted till the end of the session with some volatility as investors mostly focused on general insurance issues. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 8.69 points or 0.14 per cent to settle at 6,022, after losing 53 points in the past two consecutive sessions. The DSE 30 Index, comprising blue chips, also gained 3.90 points to finish at 2,176. However, the DSE Shariah Index (DSES) saw a fractional loss of 0.52 point to close at 1,284. The investors’ activity mostly focused on general insurance sector, capturing 25 per cent of the day’s total turnover, followed by engineering with 13 per cent and textile 12 per cent. Turnover, a crucial indicator of the market, crossed Tk 20 billion-mark after a single-day break and amounted to Tk 20.32 billion, which was 17 per cent higher than the previous day’s mark of Tk 17.40 billion. Beximco – the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth Tk 966 million changing hands, followed by Pioneer Insurance (Tk 633 million), National Polymer (Tk 631 million), Pragati Insurance (Tk 405 million) and Lub-rref (Bangladesh) (Tk 399 million). Energypac Power was the day’s top gainer, hitting the upper limit circuit breaker with 10 per cent rise, while Intech was the worst loser, losing 5.92 per cent as its third quarter earnings plunged by 75 per cent to Tk 0.01 for January-March, 2021. A total number of 306,267 trades were executed in the day’s trading session with a trading volume of 581.62 million shares and mutual fund units. The market-cap of DSE rose to Tk 5,066 billion on Tuesday, up from Tk 5,063 billion in the previous session. However, the Chittagong Stock Exchange (CSE), inched lower with the CSE All Share Price Index – CASPI -losing 1.16 points to settle at 17,464 and the Selective Categories Index – CSCX shedding 3.42 points to close at 10,513.
BEPZA signs MoU with DoE to strengthen ‘One Stop Service’
The Bangladesh Export Processing Zones Authority (BEPZA) and the Department of Environment (DoE) signed a Memorandum of Understanding (MoU) at BEPZA Complex in the city recently to ease the services for the existing enterprises as well as to set up new industries in the EPZs, says a statement. From now on, the EPZ investors will get more facilities, including issuance and renewal of environment clearance services easily through online. BEPZA signed the MoU with DoE as a part of making the ‘One Stop Service’ more effective for the investors.
LafargeHolcim Bangladesh joins hand with HSBC Bangladesh
The Hongkong and Shanghai Banking Corporation Limited (HSBC) has recently implemented Host-to-Host connectivity with LafargeHolcim Bangladesh Limited (LHBL) by integrating their Enterprise Resource Planning (ERP) system with HSBC Connect. HSBC is able to integrate its electronic banking platform with different standard ERP systems, which is defined as Host-to-Host connectivity. This Bangladesh-based system integration, coupled with a wide range of payment products, will help LHBL disburse its commercial and statutory payments with more efficiency and less operational risk. HSBC offers a wide range of online capabilities that move beyond basic connectivity into more sophisticated integrated solutions to manage banking requirements around cash and liquidity management. Cutting-edge solutions like Host-to-Host integration between HSBC systems and a client’s ERPs offer more efficient cash management, reducing the turn-around-time and cost for its valued clients.
IDLC Finance gets new chief executive
IDLC Finance has recently witnessed the appointment of a new chief executive officer (CEO) and managing director (MD). The appointee, M Jamal Uddin, has been serving the non-banking financial institution (NBFI) as its acting CEO and MD. He joined the company as a management trainee officer back in 1994. Uddin is the first homegrown CEO of the IDLC with over 27 years of experience in the financial sector. He obtained his BBA and MBA degree from International University, Missouri, USA.