BB signs MoU with ICT Division
The ICT Division and Bangladesh Bank [BB] signed a Memorandum of Understanding [MoU] on Monday, aiming to implement an ‘Interoperable Digital Transaction Platform [IDTP]’ in order to accelerate FinTech and digital financial inclusion. BB Deputy Governor Ahmed Jamal and senior secretary of ICT Division NM Zeaul Alam also attended the event. Implementation of IDTP is required to ensure interoperability, transaction validation, seamless fund routing and security in order to launch e-payment and mobile payments in all areas in line with the ‘National ICT Policy 2018. The initiative to create this platform through the ‘Innovation Design and Entrepreneurship Academy [iDEA]’ of Bangladesh Computer Council under the ICT Division was taken to ensure mutual interchangeability, low cost, security and transparency in digital economic transactions. This is a platform service and its Application Programming Interface [API] will be used by fintech organisations to make financial transactions, transfers, e-commerce, M-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services.
BSTI scraps Licenses of nine Brands
The national standards body has cancelled licences for six food items and a skincare product marketed by nine companies in the last three months because of their substandard quality. The food items belong to different categories, namely salt, soybean oil, turmeric powder, vermicelli, ghee, and chanachur. Earlier in the day, the BSTI had issued a press release, where it said it had revoked the licences of seven products of 13 firms. In the corrected statement, it dropped four names, saying the companies were included in the first press release mistakenly and they have already had the required licences. The BSTI scrapped the licences after testing the products in its lab. The samples were collected from the market. Haque said the BSTI cancelled the certification marks licences for the products in the ‘last two to three months’. But it made the information public yesterday as it thought that it would be good to do so if the number of licences revoked was higher, he said, adding that the agency is certain that these products are now out of market.
Core Index dips below 4,400-mark on DSE
The key index of Dhaka Stock Exchange slumped below the ‘psychological’ threshold of 4,400-mark on Monday as worried investors’ sell-offs continued. DSEX, the core index of the DSE, went down by 36.51 points or 0.82 per cent to settle at 4,394, the lowest in more than 42 months since June 26, 2016, when the index was 4,380. The market has been in the doldrums in the past eleven months amid investors’ confidence crisis which eroded 1,556 points of DSEX and the DSE market-cap shed Tk 848 billion since January 24, this year. Two other indices also ended lower. The DS30 index, comprising blue chips, lost 7.05 points to finish at 1,494 and the DSE Shariah Index shed 5.53 points to close at 981. Turnover, a crucial indicator of the market, also fell and amounted to Tk 2.63 billion, which was 2.95 per cent lower than the previous day’s turnover of Tk 2.71 billion. The port city’s bourse, the Chittagong Stock Exchange, also ended lower with its All Shares Price Index [CASPI]-losing 95 points to close at 13,384 and the Selective Categories Index – CSCX -shedding 58 points to finish at 8,113. Here too, the losers beat gainers, as 151 issues closed lower, 56 ended higher and 32 remained unchanged on the CSE. The port city bourse traded 4.74 million shares and mutual fund units worth Tk 93 million in turnover.
Shams Mahmud new President of DCCI
Shams Mahmud has been elected as president of Dhaka Chamber of Commerce & Industry [DCCI] for the year 2020 while N K A Mobin, FCA, FCS and Mohammad Bashiruddin as senior vice president and vice president respectively. The new board of directors took over charge at the 58th annual general meeting [AGM] of the trade body held at its auditorium in the capital on Monday. Newly-elected Senior Vice President N K A Mobin, FCA, FCS is the Managing Director & CEO of Emerging Credit Rating Ltd. and engaged in Credit Rating of Corporate business house, Banks and Financial Institutions and insurance business since 2009. Newly-elected Vice President Mohammad Bashiruddin is involved in Food and Bakery Business, Agribusiness, Real Estate Development, import business and restaurant chain.
BRAC Bank, BTI sign MoU
BRAC Bank Limited and Building Technology & Ideas Limited [BTI] have signed a memorandum of understanding [MoU]. Under the agreement, BRAC Bank will offer preferential rate and processing fee for Home Loan for the BTI’s Customers. BRAC Bank Home Loan covers up to 70% of apartment value or maximum of BDT 2 crore with repayment period up to 25 years.
Square Pharma tops Turnover Chart, ten Cos snare 29pc Transaction
Square Pharmaceuticals dominated the Dhaka bourse’s transaction chart Monday while ten most traded companies accounted for 29 per cent transactions. Market analysts said investors continued their selling binge on Square Pharma shares amid depressed market outlook as the company’s share price hit a fresh one-year low on Monday. The blue chip share price plunged 25.80 per cent or Tk 62.60 each in the past three-week since November 19 as foreign investors were on selling mood. According to the DSE data, some 638,973 shares of Square Pharma were traded, generating a turnover of 116 million, which was 4.40 per cent of the day’s total turnover of Tk 2.63 billion. The company’s share closed at Tk 182 on Monday, losing 0.05 per cent over the previous day. Its share traded between Tk 180.70 and Tk 277.30 in the last one year. Khulna Power came second on the turnover chart, with shares worth Tk 99 million changing hands. The power generation company’s share inched up 0.21 per cent to close at Tk 47.10. The turnover of Paramount Textile was Tk 66 million. The company’s share price fell 0.66 per cent to close at Tk 59.80. Ring Shine Textiles featured a turnover of more than Tk 62 million. The recently listed company’s share closed at Tk 11.30, advancing 1.80 per cent.
Titas Gas approves 26pc Cash Dividend
Titas Gas Transmission & Distribution Company Limited has approved 26 per cent cash dividend earlier recommended for the year ended on June 30, 2019. The approval came at the company’s 38th annual general meeting [AGM] in the capital on Sunday. The company said its income from gas sales declined 0.25 per cent to Tk 14.15 billion in the fiscal year [FY] 2018-19 when it sold more than 16.56 billion cubic metre of gas. The company’s net profit after tax stood at above Tk 4.64 billion for the FY 2018-19. Titas Gas, presently an ‘A’ category company, was listed with the stock exchanges in 2008. The company’s share price closed at Tk 31.10 each on Monday with a marginal loss of 0.64 per cent or Tk 0.2 on the Dhaka Stock Exchange [DSE].
SJIBL inks deal with US-Bangla Airlines
Shahjalal Islami Bank Limited [SJIBL] signed a Memorandum of Understanding [MoU] with US-Bangla Airlines at the Bank’s corporate head office in the city on Monday, says a statement. Under this MoU, all credit and debit cardholders of Shahjalal Islami Bank Ltd. will be able to enjoy 10 per cent discount while travelling with US-Bangla Airlines and will be able to enjoy EMI facility for different tenure such as 3-6 months at zero per cent profit rate.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 96.44||↑ 0.34%|
|FTSE100||7,623.59||↑ 41.11||↑ 0.54%|
|Nikkei 225||23,811.04||↓10.07||↓ 0.04%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 60.50 ||↓ 0.02||↓ 0.03 %|
|Crude Oil (Brent)||$ 66.40 ||↑ 0.01||↑ 0.02 %|
|Gold Spot||$ 1,488.97||↑ 3.18||↑ 0.21 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3387|
|GBP 1||BDT 108.097|
|EUR 1||BDT 92.3705|
|INR 1||BDT 1.16963|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<