Mutual funds shine again on DSE
The prices of all listed 37 mutual funds rose on the Dhaka bourse yesterday thanks to the stock market regulator’s move to clear the confusion on the use of margin loans for the purchase of the investment vehicle. Thanks to the rise of mutual funds, the DSEX, benchmark index of the Dhaka Stock Exchange, advanced 10.83 points, or 0.22 per cent, to 4,833.19 on the day. The Bangladesh Securities and Exchange Commission (BSEC) issued a circular on December 30 in 2010 and lifted the block on the use of margin loan for the purchase of mutual fund units. Turnover, one of the important indicators of the stock market, increased 8 per cent to Tk 671 crore yesterday compared to the previous day on the DSE floor. AB Bank First Mutual Fund topped the gainers’ list that rose 10 per cent followed by Apex Foods, BD Lamps, SEML FBLSL Growth Fund and Continental Insurance. Beximco Pharmaceuticals was the most traded stock with shares worth Tk 41 crore changing hands, followed by Nitol Insurance, Continental Insurance, Northern Insurance and ADN Telecom. Of the total 359 issues traded, 179 advanced, 71 declined, and 99 remained unchanged. United Airways shed the most losing 6.66 per cent, followed by BIFC, Shyampur Sugar, Tallu Spinning and Alltex Industries. The Chattogram Stock Exchange also rose. The CSEX, the prime index of the port city bourse, was up 38 points, or 0.45 per cent, to close the day at 8,355. Out of the 235 securities traded, 129 rose, 52 fell, and 54 remained the same.
SIBL opens three new branches
Social Islami Bank Limited (SIBL) inaugurated 162nd, 163rd and 164th branches in Bhanga, Faridpur, Muradnagar, Cumilla and Chayani Bazar, Begumgonj, Noakhali respectively on Tuesday
New AMD of Standard Bank
Md. Touhidul Alam Khan, a banker with 27 years of experience in banking, joined Standard Bank Limited as Additional Managing Director on Tuesday. Prior to joining, he was the Deputy Managing Director of Prime Bank Limited. Mr. Khan obtained his Masters in Finance from University of Dhaka and started his career with Agrani Bank Limited as Senior Officer in 1993. Throughout his banking career Mr. Touhidul Alam has worked in Bank Asia, Modhumoti Bank and Prime Bank and held senior management positions in different capacities like CAMLCO, CBO, CRO.
US envoy meets CEO of PPP Authority
Earl R. Millar, Ambassador of the United States to Bangladesh, paid a courtesy call on Sultana Afroz, Secretary to the Bangladesh government & CEO of the Public-Private Partnership Authority (PPPA), on Tuesday. He was accompanied by John Smith-Screen, Office Director-Economic Growth Office, USAID, American Embassy. Ferdousi Shahriar, Director-General of Americas, Ministry of Foreign Affairs also participated in the meeting, said a statement. Sultana Afroz, CEO of PPP Authority, noted that Bangladesh could foresee much scope of collaboration between Bangladesh and the USA. Earl Miller, US Ambassador recognized the importance of public private partnership to leverage resources for undertaking mega projects. He also discussed the strong bilateral relations between the two countries.
India to work with Bangladesh to help develop hi-tech parks, IT sector
India and Bangladesh will work together to invest in Bangladesh’s hi-tech parks and develop the Information Technology (IT) sector of the country, reports BSS. Indian High Commissioner in Dhaka Vikram Kumar Doraiswami and State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak discussed the matter in a meeting at the Bangladesh Hi-Tech Park conference room at ICT Tower in city’s Agargaon area on Tuesday. The Indian High envoy noted that there are many opportunities to work together for the sustainable development of the IT sector, adding that the partnership with Bangladesh in other sectors, including the ICT sector, would be further enhanced. He said that according to the vision of Prime Minister Sheikh Hasina, the progress of all sectors including ICT sector of Bangladesh is visible in a short time. It will go further in the coming days.