Exports firing on all cylinders
Exporters in Bangladesh have kept setting new records as merchandise shipment fetched $4.72 billion in October, the highest single-month receipts. The earnings were 60.37 per cent higher year-on-year, data from state-owned Export Promotion Bureau (EPB) showed yesterday. October’s receipts shattered the previous single-month highest export earnings posted in September when overseas sales brought home $4.17 billion. A good portion of the earnings in October was down to the settlement of the deferred payments the local suppliers had faced last year after international buyers suspended or put on hold orders worth $3.18 billion owing to the severe fallout of Covid-19. In July to October, the first four months of the current fiscal year, the earnings from garment shipment were $12.62 billion, up 20.78 per cent year-on-year. Of the sum, $7.21 billion came from the knitwear shipment, which grew 24.27 per cent. Woven garment shipment rose 16.41 per cent to $5.41 billion, EPB data showed. Frozen and live fish exports grew by 17.46 per cent to $225.23 million, agricultural products rose 29.34 per cent to $464.11 million, and leather and leather goods shipments were up 28.85 per cent to $364.9 million.
Textile sector grabs 26pc of total turnover
Stocks plummeted for the third consecutive session on Tuesday as cautious investors went on late hours selling spree amid lack of market triggers. The market started on a positive trend, but failed to sustain that level amid heavy sell-offs by shaky investors in cement, food and banking sector stocks. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 43.68 points or 0.62 per cent to settle at 6,954. DSEX shed more than 108 points in the past three consecutive days. Two other indices also fell with the DSE 30 Index, comprising blue chips, dropping 19.76 points to finish at 2,605 and the DSE Shariah Index (DSES) lost 6.28 points to close at 1,468. Turnover stood at Tk 12.95 billion, which was 1.56 per cent higher than the previous day’s three and a half months lowest transaction of Tk 12.75 billion. Most of the major sectors suffered losses with cement saw the highest correction of 2.50 per cent, followed by food with 1.90 per cent, banking 1.0 per cent, financial institutions 0.80 per cent, engineering 0.70 per cent and pharma 0.30 per cent. On the other hand, textile and telecom sectors soared by 0.80 per cent and 0.50 per cent respectively. Losers took a strong lead over the gainers as out of 376 issues traded, 201 ended lower, 147 higher and 28 remained unchanged on the DSE trading floor. Beximco was the most traded stock with shares worth Tk 1.24 billion changing hands, followed by IFIC Bank (Tk 713 million), Alif Manufacturing Company (Tk 537 million), Makson Spinning Mills (Tk 536 million) and Orion Pharma (Tk 458 million). The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI -losing 134 points to settle at 20,404 and the Selective Categories Index – CSCX– losing 83 points to close at 12,256.
City Bank arranges Tk 742cr for power plant
City Bank has arranged a Tk 742 crore syndicated loan with Bank Asia and Eastern Bank for a heavy fuel oil-based power plant being run by Manikganj Power Generations Ltd. The financing will help the power plant operate smoothly, said a City Bank official. The plant, located at Shingair of Manikganj, has a production capacity of 162 megawatts (MW) and is owned by Doreen Group. City Bank provided Tk 217 crore and credit guarantee of Tk 525 crore, of which Tk 355 crore is from Bank Asia and Tk 170 crore from Eastern Bank. City Bank held a financial closure ceremony in Renaissance Dhaka Gulshan Hotel on October 14 marking completion of the process for the syndicated financing, which was given out in August.
New director of Standard Bank
Mr. A K M Abdul Alim has been elected as Director of Standard Bank Limited in its 349th board meeting held recently. Mr. Alim is the son of Mr. Mohammed Abdul Aziz, Founder Sponsor Director of Standard Bank and member, board of trustees of Fareast International University. Mr. Alim obtained his BBA from North South University, Dhaka. Then he completed his MBA from University of Bedfordshire, UK.