Stock index crosses 5,800 after 4 months

The benchmark index of Dhaka Stock Exchange (DSE) went past 5,800 yesterday after around four months thanks to increased participation of investors. The DSEX rose 62 points, or 1.08 per cent, to end the day at 5,813 points.The index has been rising for the last couple of days because of the higher participation of investors in a buoyant mood, according to market analysts. However, turnover, an important indicator of the stock market, plunged 2.4 per cent to Tk 1,418 crore. Advent Pharma topped the gainers’ list with a 10 per cent rise followed by Nurani Dyeing & Sweater, Shurwid Industries, Tung Hai Knitting and Dyeing and Index Agro Industries.Beximco traded the most with shares worth Tk 83 crore changing hands followed by Saif Powertec, Robi Axiata, Summit Power and National Feed Mills. At the DSE, 231 stocks rose, 88 declined and 49 remained unchanged. Malek Spinning Mills shed the most dropping 4.3 per cent followed by Emerald Oil Industries, eGeneration, Mercantile Insurance Company and Islami Insurance Bangladesh.Chittagong Stock Exchange also rose yesterday. The Caspi, the general index of the port city bourse, surged 190 points or 1.14 per cent to stand at 16,849. Among the 292 stocks to witness trade, 192 advanced, 68 fell and 32 remained the same.

Source: https://www.thedailystar.net/business/economy/news/stock-index-crosses-5800-after-4-months-2093561

Record $2.9b pledged in 2020 pvt investment: WB

Bangladesh last year witnessed a record $2.9 billion investment commitment for its infrastructure development from private sector sponsors, according to a latest report published by the World Bank.”The country’s (Bangladesh) 2020 investment amounted to US$2.9 billion, a 190 per cent increase from 2019 levels, and increased investment as a share of GDP from 0.34 percent to 0.97 percent,” said the report titled ‘Private participation in infrastructure 2020: Annual report’ released on Thursday.Bangladesh received South Asia region’s second highest private participation in infrastructure (PPI) investment, said the WB. The investment commitment across seven projects was the highest in Bangladesh’s history, placing it among the top five countries for the first time, added the WB.Conventional power plants received US$2.0 billion in 2020, compared with US$133 million investment commitments for two renewable power plants. The project is India’s largest foreign direct investment (FDI) in the Bangladesh power sector and represents the first phase of a proposed 3,000 MW gas-based, combined-cycle power project. At global level, according to the report, investment commitments in 2020 stood at US$45.7 billion across 252 projects, marking a 52 per cent decline from 2019 levels.

Source: https://today.thefinancialexpress.com.bd/first-page/record-29b-pledged-in-2020-pvt-investment-wb-1621187190

Banks can’t appoint former MDs as independent dire

Banks cannot appoint their former managing directors as independent directors at their respective board as per the provisions of the Banking Companies Act 1991, Bangladesh Bank (BB) said last week.Banks appoint managing directors (MDs) on a contractual basis. The BB has taken the move after a number of banks had appointed their former officials as independent directors at their boards. The Banking Companies Act has barred banks from appointing an individual as an independent director of the lender’s board if there is any possibility of conflict of interest between the lender and the person in the future.The central bank cited the banking companies law and said a person, who had an interest in a bank in the past and has at present, cannot be appointed as an independent director. Against the backdrop, the BB asked three banks in January to remove independent directors from their boards.Before the issuance of the circular, banks were permitted to appoint former MDs and top executives as consultants or advisers one year after the retirement of the officials.

Source: https://www.thedailystar.net/business/banking/news/banks-cant-appoint-former-mds-independent-directors-2093549

Banking hour 10am to 2pm until May 23

Bangladesh Bank yesterday instructed lenders to continue their limited banking operations until May 23. The central bank took the decision after the government extended the nationwide restrictions on public movement until May 23 to contain the second wave of Covid-19 infections.Clients will be able to enjoy banking services from 10am to 2pm during this time, according to a notice of Bangladesh Bank. Besides, the branches will remain open until 3:30pm to complete their regular procedures. In the notice, the central bank, however, has not given any indication on the alternate-day duty rosters for employees.

Source: https://www.thedailystar.net/business/banking/news/banking-hour-10am-2pm-until-may-23-2093533