Turnover rises to Tk 17.86b riding on banking issues
Dhaka Stock Exchange (DSE), however, saw a rise in turnover riding on banking sector which witnessed significant participation from investors. Of 20 top turnover leaders, 11 were banks which posted turnover values ranging between Tk 226 million and Tk 904 million. Following investors’ increased participation, the banking sector solely contributed 43.5 per cent in market turnover featured by the DSE. Of the banks, IFIC Bank had the highest contribution of Tk 904 million in market turnover featured by the DSE. The market opened the Sunday’s session positively but soon later the DSE broad index DSEX failed to sustain and displayed see-saw movement till closure. DS30 index comprising blue chip securities went down by 0.41 per cent or 11.10 points to close at 2683.84. Of 359 issues traded, 117 advanced, 227 declined and 15 were unchanged on Sunday. The DSE posted a turnover of Tk 17.86 billion which was 22.25 per cent higher than the turnover of previous session. Beximco topped the scrip wise turnover chart with a value of Tk 1.27 billion followed by IFIC Bank Tk 904 million, One Bank Tk 858 million, First Security Islami Bank Tk 839 million and NCC Bank Tk 593 million.
Eyeing $1bn investment, Japanese industrial zone revs up for 2022 opening
The Araihazar Economic Zone in Narayanganj will go into production in late 2022, with the potential of a $1 billion Japanese investment and creation of one lakh jobs. Japanese factories in the economic zone, which is now being built under a government-to-government (G2G) basis, will be manufacturing cars, motorcycles, mobile phones, electronic equipment and motor parts, according to the Bangladesh Economic Zones Authority (Beza). The Tk2,582-crore industrial zone sprawls on 1,000 acres of land in Araihazar upazila, 32 kilometres away from Dhaka. Beza Executive Chairman Yusuf Harun told The Business Standard that the government has already provided the authority with 620 acres of land as the remaining 380 acres are under acquisition process. Data obtained from the Japanese embassy in Dhaka say the cumulative direct investment from Japan in Bangladesh amounted to $390.18 million until September 2020. Furthermore, as of April 2021, some 321 Japanese companies were operating in the country. The number quadrupled from 83 in 2010. The amount of investment in FY20, even amid the Covid-19 pandemic, was $60 million – about three times higher compared to FY10.
Dhaka Bank inaugurated Manda Sub-branch
Dhaka Bank Limited inaugurated its Manda Sub-branch under Islami Banking Branch at Mugda. Mohammad Abu Jafar, Additional Managing Director of Dhaka Bank Limited, inaugurated the Manda Sub-branch under Islami Banking Branch while Emranul Huq, Managing Director & CEO, Dhaka Bank, virtually announced the inauguration of the sub-branch through a digital platform recently.
Mr. Masihul Huq re-appointed as Community Bank MD
The board of directors of Community Bank Bangladesh Limited has appointed Masihul Huq Chowdhury as the Managing Director & CEO of the bank for the second consecutive term, which has been duly approved by Bangladesh Bank. His upcoming 3-years term will be effective from 1st December 2021. The Board of Directors of Community Bank expressed that the appointment of Mr. Masihul Huq Chowdhury in his second-term will play a vital role in the continuity of growth of this Bank. Mr. Masihul Huq Chowdhury started his career with American Express Bank in 1992 just after obtaining Masters of Business Administration from the Institute of Business Administration (IBA), University of Dhaka. During the 30 years career he worked for Standard Chartered, Citibank N.A., IPDC and other leading financial institutions both in country and overseas.