Stocks rise but turnover falls
Bangladesh’s stock market bounced back yesterday after taking a tumble the previous day. However, market turnover dropped at the same time. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), advanced 25 points, or 0.34 per cent, to 7,367. Tallu Spinning and C&A Textiles, both of which are junk stocks, were among the day’s top ten gainers while Tamijuddin Textiles, a recent returnee from OTC market to the main market. At the DSE, 240 stocks rose, 124 declined and 12 remained unchanged. Turnover of the Dhaka bourse dropped 21 per cent to Tk 1,962 crore, down from Tk 2,497 crore. Far East Knitting & Dyeing topped the gainers’ list, rising 34 per cent after news broke that the company’s board recommended 10 per cent cash dividends for the year that ended on June 30, 2021. Its earnings per share stood at Tk 0.79 for the period while it was Tk 0.32 the year before. Sonali Paper & Board Mills shed the most, falling by 9.39 per cent, followed by Unique Hotel, ICB Islamic Bank, Silva Pharmaceuticals, and Coppertech Industries. The Chittagong Stock Exchange (CSE) also rose yesterday as the CASPI, the general index of the port city bourse, gained 74 points, or 0.34 per cent, to 21,515.
StanChart launches special account for clients to donate account profits
Standard Chartered Bank today launched Standard Chartered Saadiq Sadaqah Account for clients to donate profits generated by the account to a charity of their choice. The mudaraba based savings account is designed to support philanthropic expectations of Sadaqah (charity), which leads to sustainable development of the society as a whole. The profit will be calculated as a part of the mudaraba pool maintaining Shariah principles and will be transferred to the charity account after applicable tax deduction.
New Council Member of ICSB
Md. Zahangir Alam Manik FCS has been elected a new Council Member of Institute of Chartered Secretaries of Bangladesh (ICSB). A total of three candidates contested in this by-election. Currently, Mr. Md. Zahangir Alam Manik FCS is serving as the Chairman of Dhaka Regional Chapter Sub Committee of ICSB.
Exclusive economic zone to boost Japanese investment
Japanese Ambassador ITO Naoki on Sunday said the Japanese Economic Zone in Araihazar, Narayanganj, would be able to go into operation within next year, expediting Japanese investments in Bangladesh. He also suggested that both Bangladesh and Japan governments could take an initiative to conduct a joint study on signing a free trade agreement (FTA) between the two countries. The Japanese envoy made the remarks during a bilateral business meeting with President of Dhaka Chamber of Commerce and Industry (DCCI) Rizwan Rahman at the DCCI office. Mentioning that Bangla-desh and Japan have a strong bilateral business relationship since long, he thanked the Japanese government for providing Covid-19 vaccine for people in Bangladesh. He said the bilateral trade volume was US$2.92 billion in fiscal year 2019-20 — the exports were worth US$ 1.20 billion and the imports 1.72billion. Due to coronavirus pandemic, Bangladesh’s exports to Japan in 2020-21 were US$1183.64 million, which was quite low than the previous year, he said and hoped that it would increase in the coming days. He also informed that 321 Japanese companies are now operating (their activities) in Bangladesh and that the Japanese FDI in Bangladesh was US$ 397.15 million in March 2021. He also thanked the Japanese entrepreneurs who have already registered for ‘Bangladesh Trade and Investment Summit’ to be jointly organised by the Ministry of Commerce and the DCCI from October 26.