DSEX dips below 5,000-mark again
Stocks drifted lower on Tuesday, after a single-day break, as risk-averse investors opted for booking profit on quick-gaining stocks. The market opened on upbeat note and the key index of the major bourse rose 25 points within first 30 minutes. But, all the initial gains wiped out as the sessions progressed amid profit booking sell-offs. Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down 21.25 points or 0.42 per cent to settle at 4,982.According to International Leasing Securities, the shaky investors preferred to book quick-gain after the news that the securities regulator has revised the margin loan limit announced recently based on the movement of the broad index of DSE which will come into effect from January 1, 2021. Among the major sectors, financial institutions witnessed the highest correction of 2.10 per cent, followed by banking and power with 1.0 per cent each. The engineering sector posted the highest gain of 3.9 per cent, followed by general insurance with 2.3 per cent and food 2.0 per cent.The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)-losing 37 points to close at 14,261 while the Selective Categories Index – CSCX shedding 22 points to close at 8,560. Of the issues traded, 136 declined, 112 advanced and 39 remained unchanged on the CSE. The port city bourse traded 17.17 million shares and mutual fund units with turnover value of Tk 635 million
Mercantile Bank opens 20 new agent banking outlets
Mercantile Bank Limited launched twenty more new ‘Agent Banking Outlets’ across the country to provide basic banking services to the unbanked population of the country.Customer can enjoy any banking services like opening different A/Cs and deposit schemes or cash deposit, withdrawal, transfer and remittance easily through Biometric registration. Bank’s Managing Director Md. Quamrul Islam Chowdhury said that utility bill, salary of government and private organisations, merchant payment, school-college-university fees will be added to the MBL Agent Banking services soon. He also claimed that quick progress of MBL agent banking will ensure the higher client services and satisfaction.
Fifth Cotton Day-Bangladesh held in Dhaka
COTTON USA held a virtual seminar in Dhaka to celebrate the fifth Cotton Day- Bangladesh recently. Cotton Council International (CCI) introduced Cotton Day in 2016 in Bangladesh to celebrate US Cotton as well as Bangladesh being the largest manufacturer and exporter of cotton apparel products.Over one thousand participants including spinning and textile mill owners, executives, garment manufacturers, officials from international brands and retailers, cotton merchants and traders including agents attended the virtual seminar.
TK Group to set up three units, invest $205m
TK Group, a local conglomerate, is set to invest US $205.28 million to manufacture consumer goods and chemical products at the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN). It will establish several industrial units on an area of 60 acres and generate employment for over 2,000 people. Samida Food Products limited, a subsidiary of the TK Grouop, signed a land lease agreement with Bangladesh Economic Zones Authority (BEZA) at a ceremony held at the latter’s headquarters in the city on Monday.Modern Syntex, another concern of the TK Group, is currently setting up a factory in the BSMSN on 20 acres of land, the statement said. Besides, two other subsidiaries of the group got land lease at the Maheshkhali Economic Zone.
Deadline for loan rescheduling extended again for rawhide traders
The central bank yesterday extended the timeframe of relaxed loan rescheduling facility for rawhide traders for the second time in order to help them stay away from the defaulted zone. Having been announced on July 5, the initial deadline to apply for the facility was set at July 30 but seeing as many rawhide traders failed to do so within the stipulated timeframe, the central bank was forced to push the deadline to October 29. Now though, due to the considerable number of loan defaulters among rawhide traders, the deadline has again been extended to December 30 of this year, as per a notice from Bangladesh Bank issued yesterday.Under the relaxed rescheduling facility, traders are allowed to reschedule defaulted loans that were taken in the form of working capital and demand loans after paying only 2 per cent down-payment on the outstanding loans as of June 30.Rawhide traders will have to pay back at least 15 per cent of their outstanding loans after rescheduling their non-performing loans if they want to secure further funding.