BD to seek $5b soft loan from WB in next three years
Bangladesh would seek funds worth US$5.0 billion from the World Bank’s (WB’s) IDA-19 package for the next three years to bankroll its socio-economic development activities, officials said on Tuesday. In addition, the government would also request the Bank to confirm some $500 million budgetary support for the current fiscal year (FY), 2020-21, to tackle the Covid-19 pandemic impact on the economy, they also said. An additional secretary at the Economic Relations Division (ERD) told the FE that the finance minister would seek $4.5-$5.0 billion funds from the WB, as Bangladesh needs huge investment to develop its infrastructure and cut poverty. Besides, the minister would also seek $250 million as fresh budgetary support along with $250 million pending Development Policy Credit (DPC)-III. The government has so far announced some Tk 1.03-trillion stimulus package, which is 3.7 per cent of the total Gross Domestic Product (GDP), to fight the coronavirus pandemic and protect people amid the crisis. Another official at the ERD said Bangladesh had received $250 million DPC-II from the WB in June. After one and a half years, the government obtained the second installment of the WB’s total $750-million DPC amid severe impact of the deadly coronavirus pandemic on the national economy. The WB in March last had announced $12 billion initial package of assistance for the Covid-hit countries. Of which, $6.0 billion was set to be disbursed from its soft window – the International Development Association (IDA). Besides, the lender has formed $82 billion fund under the IDA-19 package for the next three years between FY 2021 and FY 2023 for financing its member countries.
Country’s first digital trade week begins tomorrow
To promote digital trade in Bangladesh and initiate digitisation of trade in readymade garments sector “Digital Trade Week” is going to start for the first time in Bangladesh from tomorrow (October 15). Digital Trade Week organised by Merchant Bay Ltd., an online B2B trading platform focusing on expanding Bangladesh’s export sector. This trade week will start from tomorrow and will continue till October 21. During this week, Merchant Bay will facilitate the opportunity to more than one thousand suppliers from different parts of Bangladesh to meet with buyers from 50+ countries around the world. Suppliers will be able to promote their products and factory facilities to the buyers around the year.
DSE daily turnover dips below Tk 6.0b-mark
Stocks rebounded on Tuesday, snapping a three-day losing streak, as optimistic investors showed their buying appetite on sector-specific issues. The market index witnessed volatility in the early hours of trading but gained momentum afterward ignited by investors’ bargain hunting as many stocks came to lucrative price level after three-day major corrections. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 30.15 points or 0.62 per cent to settle at 4,839, after losing 125 points in the past three sessions. Most of the major sectors showed positive movement with cement posted the highest gain of 1.90 per cent, followed by telecom with 0.90 per cent, banking 0.70 per cent, financial institutions 0.70 per cent and food 0.70 per cent. Engineering sector tumbled 3.60 per cent as the sector’s heavyweight Walton Hi-Tech Industries continued to loss. The newly listed Walton’s shares plunged 6.35 per cent to close at Tk 767.40 on Tuesday. Gainers took a strong lead over the losers as out of 356 issues traded, 185 ended higher, 98 closed lower while 73 issues remained unchanged on the DSE trading floor. A total number of 139,729 trades were executed in the day’s trading session with a trading volume of 251.12 million shares and mutual fund units. The Chittagong Stock Exchange also rebounded with its All Shares Price Index (CASPI)-gaining 90 points to close at 13,837 while the Selective Categories Index – CSCX rising 50 points to close at 8,310. Of the issues traded, 130 advanced, 88 declined and 46 remained unchanged on the CSE.
ICMAB team meets DSE Chairman
A delegation of The Institute of Cost and Management Accountants of (Bangladesh) ICMAB led by its President Mr. Md. Jasim Uddin Akond FCMA met Dhaka Stock Exchange (DSE). The delegation discussed matters relating to professional interest with DSE Chairman. Issues related with implementing cost audit in all limited companies were highlighted in the discussion. DSE Chairman ensured ICMAB delegation that he will take necessary steps to implement this as it seems to play a vital role for the economic development and clarity of our country.
Envoy Textile’s earning per share slumps 51pc
The earnings per share (EPS) of Envoy Textiles Ltd plunged nearly 51 per cent year-on-year for the year ended on June 30, 2020 as export declined due to pandemic. The board of directors of the company has recommended a 5.0 per cent cash dividend for the year ended on June 30, 2020, according to an official disclosure on Tuesday. The final approval of dividend will come during the annual general meeting (AGM) scheduled to be held on December 28 at 11:00am through digital platform. The textile company’s earnings per share (EPS) plunged 51 per cent year-on-year to Tk 1.63 for the year ended on June 30, 2020. The company’s EPS was Tk 3.31 for the year ended on June 30, 2019. The company’s paid-up capital is Tk 1.67 billion and authorised capital is Tk 4.0 billion while total number of securities is 167.73 million. The sponsor-directors own 45.58 per cent stake in the company, institutional investors own 41.90 per cent, foreign investors 0.07 per cent and the general public 12.45 per cent as on August 31, 2020, the DSE data shows.