DSEX exceeds 5,700-mark ahead of Eid holiday
Stocks extended the winning streak on Tuesday with the core index of the Dhaka Stock Exchange (DSE) crossing the 5,700-mark again ahead of Eid holiday. Today (Wednesday) is the last trading day before Eid holiday. However, trading on the bourses will remain closed only Thursday as the market will resume from Sunday (May 16), officials said. The market opened on sharply higher mood on Tuesday which sustained till end of the session amid growing confidence of investors in the market. DSEX, the prime index of the DSE, went up by 78.67 points or 1.39 per cent to settle at 5,724, hitting three and a half months high since January 28. DSEX added more than 213 points in five consecutive sessions. Two other indices also ended higher with the DSE 30 Index, comprising blue chips, advanced 28.76 points to finish at 2,194 and the DSE Shariah Index (DSES) rose 10.41 points to close at 1,271. Turnover, a crucial indicator of the market, also soared to Tk 14.03 billion on the country’s premier bourse, in a further buck by 3.78 per cent over previous day’s tally of Tk 13.52 billion.The banking sector also soared 3.10 per cent, followed by financial institutions with 2.0 per cent, telecommunication 1.50 per cent, food 0.90 per cent and engineering 0.60 per cent. Gainers took a strong lead over the losers, as out of 362 issues traded, 218 advanced, 71 declined and 73 issues unchanged on the DSE trading floor. Beximco – the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth about Tk 1.20 billion changing hands, followed by Brac Bank (Tk 570 million), National Feed Mills (Tk 513 million), BATBC (Tk 445 million) and Robi (Tk 425 million). A total number of 211,728 trades were executed in the day’s trading session with a trading volume of 456.15 million shares and mutual fund units.The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index – CASPI -soaring 235 points to settle at 16,566 and the Selective Categories Index – CSCX rising 142 points to close at 9,990. Of the issues traded, 176 advanced, 65 declined and 46 remained unchanged on the CSE.
Biotech firm Ginkgo to merge with SPAC in $15b deal
Ginkgo Bioworks will go public through a merger with a blank-check company led by former Hollywood executives Harry Sloan and Jeff Sagansky, in a deal that values the biotech company at $15 billion, the companies said on Tuesday, reports Reuters. The deal with Soaring Eagle Acquisition Corp is expected to fetch $2.5 billion in proceeds for the combined entity, the companies said. Baillie Gifford, Putnam Investments and accounts advised by ARK Investment Management have agreed to invest $775 million in the deal.
HSBC Bangladesh rolls out digital payments solution for apparel sector
The Hongkong and Shanghai Banking Corporation Limited and Babylon Group have signed an agreement recently to migrate the apparel manufacturer’s payments onto the bank’s online banking platform. HSBCnet will enable the local corporate to make all kinds of local payments – like salary, wages, and vendor payments – remotely and without any manual intervention, according to a media release received Tuesday. HSBCnet is an innovative online banking platform and offers a fast, simple and secure way to run one’s business.The solution eliminates the paper-based instructions typically required to process local payments, allowing clients to authorise transactions seamlessly – including via mobile application.With robust security and audit trail features, HSBCnet effectively supports clients to achieve faster banking turnaround times, reduced costs and greater transparency across the payments cycle.