ICB AMCL declares dividends of eight closed-end MFs
The Trustee Committee of the eight closed-end mutual funds managed by ICB Asset Management Company Ltd (AMCL) declared dividend for the year ended on June 30, 2019, said official disclosures on Wednesday. The closed-end mutual funds are: ICB AMCL Second Mutual Fund, ICB Employee Provident Mutual Fund 1, Prime Bank 1st Mutual Fund, Phoenix Finance First Mutual Fund, ICB AMCL Third NRB Mutual Fund, IFIL Islamic Mutual Fund 01, ICB AMCL Sonali Bank 1st Mutual Fund and ICB AMCL Agrani Bank Mutual Fund. The record date of the funds is on September 03, 2019. ICBAMCL2ND: The Trustee Committee of the fund has approved 6.0 per cent cash dividend for the year ended on June 30, 2019. The Fund has reported earnings per unit (EPU) of Tk 0.53, net asset value (NAV) per unit at market price of Tk 8.84, NAV per unit at cost of Tk 13.89 and net operating cash flow per unit (NOCFPU) of Tk 0.08 for the year ended on June 30, 2019 as against Tk 0.62, Tk 9.23, Tk 13.86 and Tk 0.10 respectively for the same period of the previous year. ICBEPMF1S1: The Trustee Committee of the fund has approved 4.5 per cent cash dividend for the year ended on June 30, 2019. The Fund has reported EPU of Tk 0.34, NAV per unit at market price of Tk 7.56, NAV per unit at cost of Tk 12.13 and NOCFPU of Tk 0.07 for the year ended on June 30, 2019 as against Tk 0.61, Tk 7.99, Tk 12.35 and Tk 0.11 respectively for the same period of the previous year.
Stocks end flat amid bumpy ride on DSE
The turnover on Dhaka Stock Exchange (DSE) crossed Tk 5.0 billion-mark on Tuesday again as investors put fresh stakes on stocks amid post-Eid expectation. Turnover, a crucial indicator of the market, stood at Tk 5.68 billion on the country’s premier bourse, climbing further by 19 per cent over previous day’s mark of Tk 4.77 billion. It was the highest single-day turnover in nearly two months since June 13, when the turnover totaled Tk 5.72 billion. Along with the rising turnover value, DSEX, the prime index of the prime bourse also rebounded after a single-day break. DSEX, the prime index of the DSE, went up by 26.92 points or 0.52 per cent to settle at 5,187. Market analysts said the market rebounded as pre-Eid sale pressure eased some extent as only two trading days are left before a nine-day Eid holidays. Trading and official activities on the bourses will remain closed from August 9 to August 17, including weekly holidays, on the occasion of Eid-ul-Azha, one of the biggest religious festivals of the Muslims. Stocks ended flat on Wednesday amid volatile trading as the investors were active both sides of trading fence ahead of Eid festival. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,187, inching down by 0.09 point over the previous day. Market analysts said some investors were active on financial stocks while some were busy with rebalancing their portfolio based on earnings declarations, taking the market in flat zone. Today (Thursday) is the last trading day before nine-day Eid holidays as bourses will remain closed from August 9 to August 17, including weekly holidays, on the occasion of Eid-ul-Azha. The DSE has extended the suspension period of trading of shares of the People’s Leasing and Financial Services for further period of 15 days from August 13, 2019 as per the regulation, according to a DSE statement.
BUILD for ensuring credit lines for maximizing export competitiveness
Business Initiative Leading Development (BUILD) has called for ensuring financial schemes and credit lines for exporters in order to maximize export competitiveness. BUILD made the plea at a dialogue on Financing Schemes and Available credit Facilities for Export Competitiveness under the 7th Financial Sector Development Working Committee (FSDWC) Meeting on Wednesday at DCCI Board Room. Speaking as the Chair, Ahmed Jamal, Deputy Governor of Bangladesh Bank said BB has simplified the Foreign Exchange Guideline to support the private sector and is implementing a number of reforms for export competitiveness. The Ministry of Industries has drafted the SME Policy 2019 and is currently awaiting approval of the Cabinet Division, which was not coordinated with the Bangladesh Bank. So, the Deputy Governor requested the Ministry of Industries to hold a coordinated meeting with them before the gazette notification of the SME Policy 2019. The entrepreneurs urged for a simplified trade license for marginal women entrepreneurs and an earmarked fund from the recently announced Tk 1.0 billion startup funding.
Govt sets export target at $54b
The government yesterday set the export target for the current fiscal year at $54 billion, up 15.20 percent than that a year ago. Of the amount, merchandise export target has been fixed at $45.50 billion, which is 12.25 percent higher than the achievement of last fiscal year. Meanwhile exports from services sector has been set at $8.50 billion, a 34.10 percent year-on-year rise from that attained last fiscal year. The target for the new fiscal year has been fixed on the achievements of the immediate past fiscal year. World economic outlooks, government policy supports, changes in the dollar exchange rate, market and product diversification, supply side capacity, improvement of safety standards in garment factories and effects of the US-China trade war have been taken into consideration during fixing of the target. Last fiscal year receipts from merchandise shipment amounted to $40.53 billion and services sector $6.33 billion. Overall exports had registered a 14.30 percent growth, 10.55 percent in goods shipments and 46.06 percent in services sector. The highest export target has been fixed for the garment sector in the current fiscal year. This year the garment export target has been fixed at $38.20 billion, which is 11.91 percent higher than the achievement of last fiscal year. Of the amount, $18.85 billion has been targeted from knitwear and $19.35 billion from the woven sector. Last year Bangladesh exported garment items worth $34.13 billion, registering a 11.49 percent year-on-year growth.
City Bank, Biman to launch co-branded credit card
City Bank and Biman Bangladesh Airlines have recently signed an agreement to launch a co-branded credit card. This is going to be the first ever co-branded credit card between a bank and the national carrier of the country titled ‘The Biman Bangladesh American Express® Credit Card’. The card is signed to cater to the frequent travelers of the country with attractive privileges and services from both Biman Bangladesh and City Bank. City Bank customers can now avail special facilities while travelling with the national flag carrier by using this co-branded credit card. This indeed will add newer dimensions to their travels and hopefully will make their journeys memorable.
Shafiul Azam reappointed Modhumoti Bank MD
Md Shafiul Azam has recently been reappointed managing director and chief executive officer of Modhumoti Bank. He has been serving in these capacities since 2016, says a press release. Azam started his career as a probationary officer at AB Bank in 1991. He also served as deputy managing director of Shahjalal Islami Bank and additional managing director of Modhumoti Bank.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 20,636.72 ||↑120.16||↑0.59%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.61 ||↑1.52||↑2.98%|
|Crude Oil (Brent)|| $ 57.78 ||↑1.55||↑2.76%|
|Gold Spot|| $ 1,499.97||↓1.19||↓0.08%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8642|
|GBP 1||BDT 100.708|
|EUR 1||BDT 92.8691|
|INR 1||BDT 1.16583|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<