Vibrant Private Sector to Boost Economy
The Metropolitan Chamber of Commerce and Industry, Dhaka [MCCI] opened its second office in Gulshan area of the city to render its services to members in a more efficient way. Planning Minister MA Mannan, in presence of the country’s renowned business personalities, inaugurated the office at Police Plaza Concord. With the new official set-up at Gulshan, its members from Gulshan, Baridhara, Banani and surrounding areas will be able to reach out to the MCCI easily. They will no more need to go to the head office at Motijheel taking the trouble of severe traffic congestions. The country’s oldest chamber that started its journey in 1904 hailed two of its past presidents – M Anis Ud Dowla and Latifur Rahman – for their outstanding contributions to the MCCI.
Dhaka Stocks gain on Earnings Reports
Dhaka Stocks advanced in the past week, adding to the gains in the previous week, as investors went on buying shares of sector specific scrips considering better financial announcements. DSEX, the key index of Dhaka Stock Exchange, gained 0.71 per cent, or 36.48 points, over the week to close at 5,169.74 points on Thursday, the last trading session of the week after inching up by 2.56 points in the previous week. Before the two-week gains, the DSEX had lost 299.36 points in three weeks. Monno Ceramic shot by 51 per cent, Monno Jute Srafflers 43 per cent, Intech 30 per cent and BD Autocars 20 per cent over the week. The market started to recover from the 31-month low on July 22 after the market regulator Bangladesh Securities and Exchange Commission had moved to revive investors’ confidence. It held a number of meetings with different intermediaries to find out the reasons behind the relentless fall. Average share prices of telecommunication, pharmaceuticals, textile and Bank sectors advanced 4 per cent, 1.8 per cent, 1.1 per cent and 0.2 per cent respectively. The daily average turnover on DSE increased to Tk 440.44 crore in last week from Tk 399.68 crore in the previous week. Out of the 354 issues traded in the week, 154 declined, 182 advanced and 18 remained unchanged. DS30, the blue-chip index of DSE, gained 0.13 per cent, 2.31 points, to close at 1,838.50 points. Shariah index DSES added 1.57 per cent, or 18.46 points, to finish at 1,192.19 points.
AB Bank diversifying Portfolio riding on SME
AB Bank wants to recover and reduce its volume of non-performing loan [NPL] on priority basis. The other priorities the Bank is considering to implement in short-term are increasing volume of deposit, boosting morale of its employee, imparting substantial training for them and investment on low-risk small and medium enterprises. If the NPL can be reduced below 10 per cent, all the indicators will start showing healthy sign. The AB Bank MD said the next step is to assess the real position of the Bank as far as innovation and quality of Banking services are concerned. Liquidity concentration in the Banking is one of the key reasons for existing liquidity crunch. The AB Bank MD said the Bank is also focusing on increasing agent Banking outlets. Currently AB Bank has some 40 outlets, at the end of this year they want increase the number to 200. The Bank’s total deposits is Tk 235.44 billion, loans and advances Tk 241.07 billion, total assets Tk 322.53 billion, interest income Tk 194.7 billion and profit after tax Tk 20 million, according to its annual report 2018.
Business Review Meeting of Bank Asia
The “Half Yearly Business Review Meeting 2019” of Bank Asia Ltd. was held at Bank’s own building, Bank Asia Tower, located at Karwan Bazar, Dhaka, on Saturday. A. Rouf Chowdhury, Chairman of the Bank, attended the programme as Chief Guest. Rumee A Hossain, Chairman, Board Executive Committee, Dilwar H Choudhury, Chairman, Board Audit Committee, Enam Chowdhury, Ashraful Haq Chowdhury, Romana Rouf Chowdhury, Directors of the Bank and Md. Arfan Ali, President & Managing Director were present in the programme
Prime Bank ups consolidated Net Profit
Consolidated Net Profit of Prime Bank Limited jumped by nearly 28 per cent in the first half [H1] of the year 2019 as the leading Private Commercial Bank [PCB] managed its balance sheet efficiently. The consolidated profit rose to Tk 1.02 billion during the January-June period of this calendar year from Tk 798 million in the same period of 2018, according to the latest statistics, released by the second generation PCB. Consolidated earnings per share [EPS] of the leading PCB rose by nearly 29 per cent to Tk 0.90 during the period under review from Tk 0.70 in the same period of the last year. Consolidated NAV [net asset value] per share of the Bank increased by more than 4.0 per cent to Tk 22.82 on June 30 from Tk 21.93 six months before, the Bank’s data showed.
Buoyant Economy demands Brand Image
It is high time for Bangladeshi companies to build brand image as the economy is growing fast, according to advertising and marketing experts. Bangladesh is not a tiny market anymore. So, it is highly required at this moment to build brand image globally. Some 350 local and foreign advertising and marketing professionals took part in the ninth edition of the event. The summit is a flagship initiative of Bangladesh Brand Forum [BBF] which brings together global and local experts, including creative professionals from diverse sectors to share knowledge. Around 10,000 people are directly involved in the communication industry, which has been growing by 10 percent annually for the last few years. Since 2009, the Communication Summit has been playing a vital role in Bangladesh’s creative communication and advertising industry by bringing in local and global creative communication experts.
LankaBangla donates Wheelchairs
With a view to bring mobility in activities of the deprived people, LankaBangla Finance Limited distributed wheelchairs among the marginalised paralyzed people in Dinajpur on Saturday. The act of handing over wheelchair among 100 financially challenged paralyzed people would help them get back to a better normal life.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.66 ||↑1.71||↑3.17%|
|Crude Oil (Brent)|| $ 61.89||↑1.39||↑2.30%|
|Gold Spot|| $ 1,440.83||↓4.35||↓0.30%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8709|
|GBP 1||BDT 100.729|
|EUR 1||BDT 92.0240|
|INR 1||BDT 1.18788|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<