DSE turnover at two-month low
Stocks extended the losing streak on Monday with turnover hitting two months low on Dhaka Stock Exchange (DSE), as shaky investors continued their sell-offs on major sector-wise issues. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 48.65 points or 1.0 per cent to settle at seven-week low at 4,809. The benchmark barometer lost more than 125 points in the past three consecutive sessions. Turnover, a crucial indicator of the market, also fell to two-month low to Tk 6.94 billion, which was 21 per cent lower than the previous day’s turnover of Tk 8.75 billion. World Bank’s forecasts at a lower GDP growth (1.6 per cent in the current fiscal year) for Bangladesh added further woes to the market performance, said a leading broker. According to International Leasing Securities, the risk-averse investors continued their heavy sell offs on major sectors as experts cautioned about the second wave of Covid-19 which may hit Bangladesh in winter. Two other indices also ended lower. The DS30 index, comprising blue chips, lost 10.10 points to finish at 1,637 and the DSE Shariah Index shed 2.39 points to close at 1,096. After a significant gain in recent weeks, general insurance witnessed the highest correction, losing 9.0 per cent, followed by mutual fund with 7.2 per cent, engineering 5.1 per cent, banking 1.0 per cent, financial institutions 0.80 per cent and pharma 0.50. The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)-losing 133 points to close at 13,747 while the Selective Categories Index – CSCX shedding 77 points to close at 8,259. Of the issues traded, 184 declined, 48 advanced and 39 remained unchanged on the CSE. The port city bourse traded 12.13 million shares and mutual fund units with turnover value of more than Tk 260 million.
Olympic Industries to import brand new machinery worth Tk 49.26m
The board of directors of Olympic Industries has decided to import brand new complete set of machinery, equipment and spare parts from China at an estimated total cost of US$ 579,600 equivalent around Tk 49.26 million. The specifications of item are: PET Co-Extrusion Sheet Extrusion Line complete with Extruder, Preheating system, Master Batch, Dousing unit, Glass heater, Encoder motor, Inverter, Touch screen etc. at an estimated cost of US$ 433,070 equivalent around Tk 36.81 million. Capacity: 480-500 Kgs of final PET Sheet of 0.33 thicknesses per hour. There will be fully automatic three station Thermoforming machine complete with Mould, Electric lifter, Clamping cylinder, Main Servo motor with drive sheet feeding, forming and cutting, Stacking, Vacuum unit for forming etc. at an estimated cost US$ 146,530 equivalent around Tk 12.45 million. Each share of the Olympic Industries, which was listed on the Dhaka Stock Exchange (DSE) in 1989, closed at Tk 166.20 on Monday, gaining 1.40 per cent over the previous day following the news. The company’s paid-up capital is Tk 1.99 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 199.93 million. The sponsor-directors own 27.73 per cent stake in the company, institutional investors 16.97 per cent, foreign 39.73 per cent and the general public 15.57 per cent as on September 30, 2020, the DSE data shows.
Dhaka Central Zone of Islami Bank Bangladesh Limited organised a webinar titled ‘Compliance of Shari’ah in Banking Sector’
Dhaka Central Zone of Islami Bank Bangladesh Limited organised a webinar titled ‘Compliance of Shari’ah in Banking Sector’ on Saturday. Syed Abu Asad, Director of the bank, addressed the programme as the chief guest while Muhammad Qaisar Ali, Additional Managing Director, was special guest.
10 Bird Game winners get iPhones from bKash
Some 10 participants have been selected as winners who achieved the highest points by playing ‘Bird Game’ from July 21 to July 31, 2020. bKash, the leading mobile financial service provider, has handed over 10 iPhone SEs to the winners of Bird Game. With great response of the customers, bKash is going to launch the Bird Game competition again on October 15, 2020 and it will be open for customers until October 31, 2020. This time, the game modality and prize will be different. Details of the new campaign will be available for customers on bKash Facebook page.
Gold, silver prices rise
Gold and silver prices edged higher in Indian markets on Monday. On MCX, December gold futures edged up 0.4 per cent to 51,016 per 10 gram, rising for the third day, while silver jumped 1.4 per cent to 63,769 per kg. Gold and silver had finished the previous session on a strong note, rising 1.2 per cent and 4 per cent respectively. In global markets, gold prices edged lower on the day, falling from three-week highs hit earlier in the session. A stronger US dollar and uncertainty over US stimulus package put pressure on gold. Spot gold fell 0.2 per cent to $1,925.29 per ounce, after hitting $1,932.96 earlier in the session. The dollar index was up 0.07 per cent against rivals, making gold more expensive for holders of other currencies. The uncertainty over US stimulus saga continued, with President Donald Trump and House Speaker Nancy Pelosi blaming each other for a lack of progress on a deal. Among other precious metals, silver eased 0.4 per cent to $25.02 per ounce, platinum fell 1 per cent to $876.80, and palladium was down 0.2 per cent to $2,435.35. Analysts say that hopes of a bigger stimulus package if Democrats come to power in the US and uncertainty over global economic recovery will lend support to the precious metal at lower levels. In August, gold futures in India had hit record highs of 56,200 per 10 gram. Meanwhile, dealers sold physical gold was sold at a premium in India last week for the first time in two months as jewellers stocked up ahead of the festive season. In India, gold prices include 12.5 per cent import duty and 3.0 per cent.