DSEX gains highest in nine months
The prime index of the major bourse soared 1.47 per cent on Tuesday, the first day of the year, which is the biggest single-day gain in the last nine months. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by nearly 80 points or 1.47 per cent to settle at 5,465, as investors put fresh stakes on stocks. It was the biggest single-day gain of DSEX since March 29, 2018, when the index gained nearly 109 points or 1.97 per cent. DSEX added more than 245 points in the past eight consecutive sessions. Engineering sector posted the highest gain of 2.47 per cent, followed by power with 2.34 per cent, banking 2.03 per cent, and financial institutions 1.55 per cent. Trading activities, however, remained low on the day, as the total turnover amounted to Tk 5.30 billion, which was 1.48 per cent lower than the previous day’s Tk 5.38 billion. The prices of about 80 per cent traded issues soared. Out of the 341 issues traded, 264 closed higher, 54 ended lower, and 23 issues remained unchanged on the DSE trading floor. The two other indices also ended higher. The DS30 index, comprising blue chips, soared 27.41 points to finish at 1,908, and the DSES (Shariah) index rose 12.98 points to settle at 1,245.
Banks post solid operating profits despite challenges
Private banks reported hefty operating profit in the just concluded year, helped by the much higher interest rate on lending than that on deposits. The banks gave emphasis on mobilising funds by opening non-interest bearing capital and savings accounts, which cut down costs and pushed up profits, said top bankers. The Daily Star obtained data of 28 banks’ operating profits: 25 posted growth in the range of 1.5 percent to 40 percent. For instance, Premier Bank logged in about Tk 618 crore as operating profits for 2018, up 40 percent year-on-year. Among the banks, Islami Bank Bangladesh registered the highest profit of Tk 2,770 crore in 2018, up 14.46 percent year-on-year. Southeast Bank is in a buoyant mood as its operating profit touched four digits for the first time in its history: its profits stood at Tk 1,012 crore last year, up from Tk 901 crore a year earlier. Dhaka Bank’s operating profit surged 24 percent year-on-year to Tk 650 crore last year. Against the backdrop, the banks went to the central bank and managed a deferral support to keep provisioning against their non-performing loans in phases
DBH to issue Tk 3.0b zero coupon bonds
The board of directors of Delta Brac Housing Finance Corporation (DBH) has decided to issue non-convertible zero coupon bonds of Tk 3.0 billion (in face value). The bond will be multiple tranches and fund will be raised through private placement. Each share of the company, which was listed on the Dhaka bourse in 2008, closed at Tk 130.30 on Tuesday, gaining 0.69 per cent over the previous session. In the last one year, the company’s share price hovered between Tk 126.10 and Tk 144. The company disbursed 30 per cent cash dividend for the year ended on December 31, 2017. The company’s earnings per share (EPS) stood at Tk 1.82 for July-September, 2018 as against Tk 1.83 for July-September, 2017. The net operating cash flow per share (NOCFPS) was Tk 22.91 for January-September, 2018 as against Tk 28.94 for January-September, 2017. The net asset value (NAV) per share was Tk 39.41 as on September 30, 2018 and Tk 34.56 as on December 31, 2017. The company’s paid-up capital is Tk 1.21 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 121.85 million.
BJMA wants duty on raw jute export
The country’s private jute millers have urged the government to impose duty on export of raw jute to help curb its export and survive local jute goods producers. The local jute goods producers were facing difficulty in procuring the basic raw materials for their mills due to the export, they said, adding that some 1.3-1.4 million bales of raw jute have already been exported in last six months. BJMA said they repeatedly urged the government to consider jute goods as processed agro-products and provide incentives. The millers also sought full implementation of the mandatory jute packaging act 2010 to increase the local use of eco-friendly products in the country. But they are yet to get this benefit. The export earnings from jute goods declined about 22 per cent in the July-November period of the current fiscal year (FY) as compared to the same period of the previous FY. The government has formed a jute sector development fund of Tk 100 billion. The association sought distribution of the fund immediately. Considering the ailing condition of the jute Industry, the government has taken multiple measures, including block account facilities, to help regain the lost glory of the jute sector.
Sylhet division procures 5,073 tonnes of rice
The district food department procured a total of 5,073 tonnes of rice from all the four districts of Sylhet division till December 31, 2018. An official of the department said some 1,752 tonnes of rice have been procured in Sylhet against the season’s target 7,064 tonnes, 1,214 tonnes in Moulvibazar against the target 5,780 tonnes, 967 tonnes were procured in Habiganj having a target of 4,193 tonnes. However, 1,140 tonnes of rice have so far been procured in Sunamganj against 5,126 tonnes of target. The food department earlier signed contracts with the rice mill owners for getting supply of 22,163 tonnes of rice this season. Out of the total target, 3,802 tonnes of rice would be procured from Sadar upazila, 1,306 tonnes from Saidpur, 1,820 tonnes from Domar 2,618 tonnes from Jaldhaka, 1604 tonnes from Dimla and 955 tonnes from Kishoreganj.
Potato price may go further up
The acreage of potato cultivation is set to decline this year as farmers are switching to other crops after witnessing severe losses last year. As a result, potatoes might be pricier this year. New potatoes are now selling at Tk 18-24 (granola and courage) and Tk 28- 30 (deshi red) per kg at growers’ end in Nilphamari, Rangpur, Dinajpur, Thakurgaon, Panchagarh and Gaibandha districts which was Tk 12-18 a kg in the corresponding period of last year. The crop was selling at Tk 35-50 a kg in Dhaka and Chattogram. The stored potatoes were still selling at Tk 22-26 a kg in the cities. The trading Corporation of Bangladesh (TCB) data showed the current potato price is 15-18 per cent higher than that of a year ago. A farmer got 1.5 tonnes of deshi potatoes from my lands and sold 80 per cent of the crop at Tk 34,000 per tonne. Farmers in many districts got low yield last fiscal year amid water-logging due to the flooding in the later part of 2017. According to the Bangladesh Bureau of Statistics (BBS), the country grew 10.5 million tonnes of the carbohydrate-rich crop in the FY ’18. The demand for potatoes is 7.2-7.5 million tonnes annually, according to the directorate general of food.
Pubali Bank reappoints additional MD
Safiul Alam Khan Chowdhury has recently been reappointed additional managing director of Pubali Bank for three years. He has been serving at the post since January 2016, the bank said in a statement yesterday. Chowdhury was earlier the deputy managing director of Pubali Bank. He started his banking career as a senior officer at the bank in 1983. He got his graduate and postgraduate degrees from the University of Dhaka.
Berger Paints Bangladesh Limited Rupali Chowdhury inaugurating a Berger Experience Zone
Managing Director of Berger Paints Bangladesh Limited Rupali Chowdhury inaugurating a Berger Experience Zone franchised to Dina Hardware Paint and Electric at Mohammadpur in the city recently with senior executives of the company present.
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)||$ 45.31||↓0.10||↓0.22%|
|Crude Oil (Brent)||$ 53.50||↓0.30||↓0.56%|
|Gold Spot||$ 1,282.70||↑0.10||↑0.01%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8750|
|GBP 1||BDT 106.7561|
|EUR 1||BDT 96.0033|
|INR 1||BDT 1.2042|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.</h4