DSEX exceeds 4,900-mark again
The benchmark index of the Dhaka Stock Exchange (DSE) exceeded the 4,900 points threshold again on Monday as bargain hunters continued their buying binge on sector-wise issues based on latest corporate declarations. DSEX, the key index of the DSE, went up by 21.69 points or 0.44 per cent to settle at 4,918.The core index crossed the 4,900-mark after five trading days. The benchmark index added more than 80 points in the past three straight sessions. The DSE Shariah Index also advanced 1.31 points to close at 1,112. However, the DS30 index, comprising blue chips, lost 1.03 points to finish at 1,698.Turnover, a crucial indicator of the market, stood at Tk 8.92 billion, which was 14 per cent higher than the previous day’s turnover of Tk 7.85 billion. The investors’ activity was mostly centered on general insurance, grabbing 34 per cent of the day’s total turnover, followed by pharma with 12 per cent and engineering 8.0 per cent.Among the major sectors- financial institutions, banking and textile sector witnessed highest gain, gaining 2.5 per cent, 1.60 per cent and 1.10 per cent respectively. The general insurance, mutual fund, engineering and telecom sectors lost 3.3 per cent, 2.9 per cent, 0.50 per cent and 0.20 per cent respectively. Gainers took a modest lead over the losers as out of 357 issues traded, 159 ended higher, 144 closed lower while 54 issues remained unchanged on the DSE trading floor. A total number of 180,146 trades were executed in the day’s trading session with a trading volume of 337.32 million shares and mutual fund units. The market capitalisation of DSE rose to Tk 3,956 billion on Monday, from Tk 3,950 billion in the previous day.The Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI)-gaining 85 points to close at 14,067 while the Selective Categories Index – CSCX advancing 50 points to close at 8,460. Of the issues traded, 132 advanced, 89 declined and 39 remained unchanged on the CSE.
Current account posts $3.53b surplus amid downturn
The country’s current account balance posted a surplus of $3.53 billion in the first quarter of the fiscal year on the back of a sharp decline in the trade deficit. This contrasts to a deficit of $715 million in the same quarter a year ago, according to data from the central bank. The first quarter’s current account balance is the highest in the same quarter in the last six years. The current account data before fiscal 2014-15 are not available on the central bank’s website.The surplus in the first quarter was largely caused by a reduction in the trade deficit, which occurs when a country’s imports exceed its exports, to $2.03 billion driven by a steep descend in imports against dwindling exports. It stood at $3.84 billion in the first quarter of FY20.Between July and September, the country’s overall imports stood at $11.73 billion, down 11.47 per cent year-on-year. Exports rose 2.97 per cent to $9.69 billion.The country’s foreign exchange reserve stood at $41 billion on November 1 in contrast to $32.43 billion a year ago. Some emerging economies, including India, have witnessed the same development. India’s current account balance recorded a surplus of $19.8 billion in the first quarter of FY21 compared to a deficit of $15 billion a year ago. The neighbouring country’s foreign exchange reserve posted an all-time high of $560.53 billion on October 23 in contrast to $475.56 billion on March 27.
Brac Bank receives Global SME Finance Awards
Brac Bank has received a Global SME Finance Awards in the silver category of SME Bank of the Year – Asia. This is the second consecutive year that Brac Bank has been awarded with this accolade, says a press release. International Finance Corporation (IFC), a member of World Bank Group, and the SME Finance Forum jointly organised the 2020 Global SME Finance Awards through a virtual platform recently.Endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients. The awards also provide an opportunity for institutions to showcase and share their practices and experience and for the wider SME finance community to learn from their examples.
City Bank earnings rise in Q3
Earnings of The City Bank rose significantly for July-September (Q3), 2020 compared to same period of the previous year. The bank has reported its consolidated EPS (earnings per share) of Tk 1.99 for July-September 2020 as against Tk. 0.76 for July-September 2019. The company’s consolidated EPS was Tk. 3.04 for January-September, 2020 as against Tk. 2.58 for January-September, 2019. The first generation PCB has also reported its consolidated NOCFPS (net operating cash flow per share) of Tk 0.96 for January-September 2020 as against Tk. (3.67), a negative value, for January-September 2019. The company’s consolidated NAV (net asset value) per share was Tk. 26.91 as on September 30, 2020 and Tk. 24.14 as on December 31, 2019.The company’s sponsor-directors hold 27.92 per cent shares, institutes 23.38 per cent, foreigners 9.16 per cent and general investors 39.54 per cent as on September 30, 2020.
Mercantile Bank organises virtual session on cyber security awareness
Mercantile Bank Training Institute organised a virtual session on cyber security awareness as part of global cyber security awareness month of October recently. Head of respective divisions of head office and branch heads of Mercantile Bank Limited participated in the virtual session. A total number of seventy officials attended the online programme. Md. Quamrul Islam Chowdhury, Managing Director & CEO of the bank, inaugurated the virtual session.