TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts August 05, 2018

BB unveils ‘cautious’ monetary policy ahead of nat’l polls

Bangladesh Bank on Tuesday announced a ‘cautious’ monetary policy for the first half (July-December) of the fiscal year of 2018-2019 without any major changes. Besides, the public sector credit growth has been projected to grow by 8.6 per cent against the central bank’s target of 8.3 per cent for the second half of FY18. The public sector credit growth was 2.5 per cent negative in the second half of FY18.BB officials told New Age that the central bank did not go for any experiment in the monetary policy for H1 considering that the national elections would be held at the end of the period. The government, in the national budget for the fiscal year 2018-2019, has targeted to attain 7.8 per cent economic growth keeping inflation within 5.6 per cent.The government in the first half of the year failed to keep inflation within the target in FY18.Tgovernment’s target was to keep inflation within 5.5 per cent in the immediately past fiscal year, while the actual inflation was 5.78 per cent.

Source: http://www.newagebd.net/article/47382/bb-unveils-cautious-monetary-policy-ahead-of-natl-polls

Dhaka stocks gain after 5-week bear run on MPS boost

DSEX, the key index of Dhaka Stock Exchange, bounced back 1.78 per cent or 94.62 points over the week to finish at 5,399.79 points on Thursday. The daily average turnover of the bourse, however, dropped to Tk 685.80 crore in the past week from Tk 890.94 crore in the previous week.Out of the 342 traded issues, 181 advanced, 132 declined and 27 issues remained unchanged.DS30, the blue chip index of the DSE, also added 0.46 per cent, or 8.73 points, to close at 1,899.24 points over the week. BBS Cables, Saiham Textile Mills, Fortune Shoes, KDS Accessories, Simtex Industries, IFAD Autos, The Penninsula Chittagong, Legacy Footwear, Pacific Denims were the other turnover leaders. Renwick Jajneswar gained the most in the week with a 41.34 -per cent increase in its share prices, while Meghna Pet Industries was the worst loser shedding 27.27 per cent.

Source: http://www.newagebd.net/article/47690/dhaka-stocks-gain-after-5-week-bear-run-on-mps-boost

Banking stocks rebound

Shares of banks on the Dhaka Stock Exchange rose strongly yesterday, putting a halt to their frequent fall this year.
Banking stocks declined 28.5 percent this year, according to IDLC Securities.
But yesterday, the shares of the heavyweight sector advanced 2.05 percent. Of the listed 30 banks, 26 gained, one declined and three remained unchanged. Subsequently, the DSEX, the benchmark index of the premier bourse, rose 45.56 points, or 0.85 percent, finishing the day at 5,348.20. BBS Cables dominated the turnover chart with 29.75 lakh shares worth Tk 31.79 crore traded, followed by Fortune Shoes, United Power Generation, BD Thai Aluminium and Ifad Autos.Among the major sectors, non-bank financial institutions advanced 2.14 percent, general insurance 1.86 percent, mutual funds 0.55 percent and pharmaceuticals 0.36 percent. Conversely, paper & printing and fuel & power declined 1.14 percent and 0.27 percent respectively. IPDC was the day’s best performer with 9.89 percent gains, while Meghna Pet was the worst loser, giving up 10 percent. Chittagong stocks also soared with the bourse’s key index, CSCX, increasing 88.63 points to finish at 9,950.35.

Source: https://www.thedailystar.net/business/banking/banking-stocks-rebound-1614826

State banks’ escalating bad loans a threat: BB report

The rising default loans in the eight state banks, which accounts for 57.53 percent of the total classified loans in the banking sector. The NPL of the eight state banks. Sonali, Janata, Agrani, Rupali, BASIC, Bangladesh Development, Bangladesh Krishi and Rajshahi Krishi Unnayan increased 16.46 percent to Tk 42,752 crore in 2017 from a year earlier. The stressed advance, which includes the NPLs and rescheduled loans, also increased to 19 percent last year from 17.2 percent a year earlier.Large industries, which enjoyed 46.1 percent of the total loans given by the banking industry, accounted for 46.6 percent of the total stressed loans in the banking sector last year.In 2017, the stressed loans in the large industries also increased significantly: by 12.8 percentage points from 2016.

Source: https://www.thedailystar.net/business/banking/state-banks-escalating-bad-loans-threat-bb-report-1613758

BPC to borrow $1.0b from ITFC to import petroleum products

State-run Bangladesh Petroleum Corporation (BPC) is set to take out ‘costlier’ loan of US$ 1.0 billion from ITFC to import petroleum products from the international market in the calendar year 2019, officials said.
BPC has negotiated the loan at 4.50 per cent interest rate (ITFC calls it ‘mark-up rate’), higher by 0.70 per cent from the previous year’s mark-up rate of 3.80 per cent, they added.Wcontacted, General Manager (Finance) of BPC Moni Lal Das said, “The mark-up rate of the ITFC loan has been increased due to a surge in the London Interbank Offered Rate (LIBOR).” The loss stands at Tk 9.46 per litre against trading of diesel and Tk 16.88 per litre for furnace oil, considering July 02, 2018 oil price in the international market.Recently, a high-powered delegation of the state-run agency signed a US$ 1.0 billion (1000 million) loan deal with ITFC at a meeting held on July 10-12 last at Jeddah in Kingdom of Saudi Arabia (KSA).

Source: http://today.thefinancialexpress.com.bd/trade-market/bpc-to-borrow-10b-from-itfc-to-import-petroleum-products-1533397419

IPO subscription of two companies this month

The public subscription of Indo-Bangla Pharmaceuticals Ltd and Kattali Textile Ltd will open on August 09 and August 28 respectively, officials said.Indo-Bangla Pharma: The initial public offering (IPO) subscription of Indo-Bangla Pharmaceuticals is set to open on August 09 which will be continued till August 16 for resident and non-resident Bangladeshis.The subscription was supposed to begin on April 08, but suspended following a writ petition filed with the High Court by National Bank Limited (NBL).
The Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal on October 3, 2017.As per the BSEC approval, Indo-Bangla will raise a fund worth Tk 200 million by issuing 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.A market lot is 500 shares and an investor needs Tk 5,000 per lot to apply for the IPO.The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO is US$ 60.43 or GBP 43.60 or EUR 49.26, according to Dhaka Stock Exchange (DSE).The company will utilise 29.29 per cent of the IPO proceeds for construction and other civil works, 62.36 per cent for purchasing machineries and 8.35 per cent for bearing IPO expenses, according to the IPO prospectus.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/ipo-subscription-of-two-companies-this-month-1533396636

BSEC yet to finalise changes after 2yrs of drafting

Bangladesh Securities and Exchange Commission is yet to take initiative to finalise the proposed amendment to the mutual fund rules after drafting the changes two years ago, hampering the growth of the sector. Under the proposed amendments, the BSEC would specify the circumstances when RIUs can be issued to investors so that no loss is caused for the unit holders.
The commission also pegged a condition of cutting the management fees if the AMCs fail to issue dividends while the AMCs would get performance bonus if they could give cash dividends above stipulated rates. It was observed in the last six years that only 5-7 MFs provided double-digit dividend while the savings certificates and most of the commercial banks provided around 9 per cent interest for deposit that turned the investors away from the MF sector, they said. Besides, lack of knowledge of investors and lack of capability and efficiency of the fund managers have been blamed for the dullness in the sector.

Source: http://www.newagebd.net/article/47565/bsec-yet-to-finalise-changes-after-2yrs-of-drafting

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA25,462.58↑ 136.42↑ 0.54 %
Nikkei 22522,525.18↑12.65↑0.06 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$68.49↓0.47↓0.68%
Crude Oil (Brent)$73.21↓0.24 ↓0.33%
Gold Spot$1,214.90↑7.07↑0.59%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.2061
GBP 1BDT 109.4761
EUR 1BDT 97.4096
INR 1BDT 1.2272





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited