Stocks slump amid panic sales
The key index of the country’s premier bourse yesterday dropped to its lowest point since August 31 due to panic sales among investors influenced by rumours and recent market trends. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell by 482 points, or 6.54 per cent, over the past 11 trading days. The DSEX shed 120 points, or 1.71 per cent, to hit 6,885 yesterday, making it the highest single-day slump since April 11, when the index lost 1.71 per cent correspondingly. Turnover, an important indicator of the market, fell to Tk 1,470 crore yesterday, down from Tk 1,471 a day earlier. In the last 11 trading days, the Dhaka bourse lost Tk 27,152 crore of its capitalisation. The DSEX lost 50 points mainly due to the fall of British American Tobacco Bangladesh (BATBC), Beximco Limited, Summit Power, and Beximco Pharmaceuticals, according to amarstock.com. Shepherd Industries topped the gainers’ list, rising 9.67 per cent, followed by CVO Petrochemicals, Fu-Wang Ceramics, Sonali Paper, and Fortune Shoes. The Chittagong Stock Exchange (CSE) also fell yesterday as the CASPI, the prime index of the port city bourse nosedived by 400 points, or 1.94 per cent, to 20,169.
German bank to provide 120m euros
ERD Secretary Fatima Yasmin and Carolin Gassner, Director South Asia, KfW Development Bank and Anirban Kundu, Director, KfW Bangladesh signed the loan agreement. The loan will be repaid in 25 years with a grace period of 5 years. The signing ceremony was attended by senior officials from the ERD and the KfW Development Bank. Germany has been providing financial and technical assistance for the socio-economic development of Bangladesh since 1972. The present agreements are a continuation of development cooperation between the two countries.
First Security Islami Bank celebrates 22nd anniversary
First Security Islami Bank Limited celebrated its 22nd anniversary on Monday at a simple ceremony organised at its head office. The bank is providing shariah based modern banking services to clients since its inception. The bank has 193 branches, 122 sub branches, 65 agent banking outlets, 192 own ATM network throughout the country and also providing online banking, internet banking, SMS banking, mobile banking, school banking services.