Stocks hit 8-month high
The stockmarket has continued to maintain its post-election rally, reaching an eight-month high of 5,687 points yesterday. Turnover has also been increasing since the national polls held on December 30. The key index of the Dhaka Stock Exchange, DSEX, increased 300 points in just five sessions. It rose 96.53 points, or 1.72 percent, yesterday. Turnover crossed Tk 1,000 crore after four months. Market capitalisation of the DSE crossed Tk 4 lakh crore after eight and a half months. It was Tk 4,04,667.64 crore on April 26 last year. BBS Cables dominated the turnover chart with 28.32 lakh shares worth Tk 31.07 crore changing hands, followed by Paramount Textile, Beximco, VFS Thread Dyeing and Brac Bank. Savar Refractories, one of the junk stocks, topped the gainers’ list rising 10 percent to Tk 146.3. Sonargaon Textile was the top loser shedding 6.72 percent. Chittagong stocks also rose with the bourse’s benchmark index, CSCX, increasing 163.79 points, or 1.57 percent, to finish the day at 10,531.43. Gainers beat losers as 202 advanced and 53 declined while 18 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 2.14 crore shares and mutual fund units worth Tk 33.17 crore.
10 companies snare 23pc of total turnover
Top 10 turnover leaders on Sunday grabbed 22.90 per cent of total turnover featured by Dhaka Stock Exchange (DSE). On the day, the DSE posted a turnover of above Tk 10.26 billion which was 11 per cent higher than the turnover of the previous session. Paramount Textile topped the chart of top turnover leaders with a value of Tk 370.90 million. The company grabbed 3.6 per cent of total turnover of the premier bourse. The company’s share price declined 2.07 per cent per cent of Tk 1.50 to close at Tk 71.20 each on Sunday. BBS Cables captured 3.0 per cent of total market turnover after featuring a value of Tk 310.80 million. The company’s share price closed at Tk 109.30 with a marginal rise of 1.11 per cent or Tk 1.20. Beximco posted a turnover of above Tk 258.10 million and grabbed 2.50 per cent of the market turnover. The company’s share price declined 1.52 per cent or Tk 0.40 to close at Tk 26.10 each on Sunday. VFS Thread Dyeing also grabbed 2.50 per cent of the market turnover after featuring a turnover of Tk 256.90 million. The company’s share price closed at Tk 61.60 each with a rise of 2.18 per cent or Tk 1.30. The turnover of BRAC Bank was above Tk 227.80 million which was 2.20 per cent of the market turnover. The company’s share price closed at Tk 76.60 each with a rise of 2.0 per cent or Tk 1.50. United Power Generation and Distribution Company featured a turnover of above Tk 216.20 million and grabbed 2.10 per cent of the market turnover.
Dhaka Bank inks MoU with Unifill Group
Dhaka Bank has signed two MoUs with Unifill Group for providing Payroll Banking Services and Cash Management Services to the group at the head office of Unifill Group in Dhaka recently, said a statement. Under the Payroll Banking MoU, Dhaka Bank Ltd. will provide Payroll Banking Services to the employees of all the concerns of the group. The Bank is also equipped with a cutting-edge mobile app, titled Dhaka Bank Go, which is integrated with bKash and internet banking solution for facilitating the client’s everyday banking.
Move on for cost-free remittance by experts
A move is under way to facilitate sending of money back home free of cost by the Bangladeshi migrant workers. The Ministry of Finance (MoF) has prepared a concept paper on the issue. The government, not the migrant workers, will bear the cost involved in sending money to family members back home. We’re working on the matter which is still in its initial stage,” an official at the finance division told the FE. It is estimated that Tk 5.0-7.0 billion annually may be required to bear the cost of remittance transfer. The government made the move first in 2016 at a time when remittance inflow fell significantly on the back of fall of international oil prices. However, remittance has rebounded in recent months, hitting at $15.53 billion in the year 2018. Remittance jumped by nearly 15 per cent or around $2.0 billion in the 2018 calendar year, thanks to the depreciation of local currency against dollar. People familiar with the development said remittance inflows rose despite a falling trend in outbound jobs of Bangladeshis. An estimated 10 million Bangladeshi workers are employed in different countries and they remit $15 billion, on an average, every year to help boost the foreign currency reserve. The country’s economy is believed to be vibrant because of the remittances and export receipts.
Sonali Bank adopts ‘Ababil’
Sonali Bank Limited., the largest state-owned commercial bank in Bangladesh, recently celebrated the inauguration ceremony of “Ababil” Islamic Core Banking Solution developed by Millennium Information Solution Ltd. (MISL). Initially six branches of Sonali Bank Limited have come under “Ababil”. Ababil” has been rated by Gartner Inc., USA, as one of the top ten (10) Islamic Banking Solutions in the global arena. It has also won Islamic Finance Forum South Asia Award for two consecutive years in 2017 and 2018. It has also been highly rated by Oracle Inc. and IBM Inc.,and has been awarded by Global Finance Magazine for Process Innovation in Islamic Finance in 2016.Through the adoption of this matured globally acclaimed solution. Sonali Bank Limited would like to attain a commendable market share in the Islamic Banking domain of the country. Currently eight banks and two NBFIs are running their entire Islamic Banking operations using “Ababil”.
Bangladesh Bank tightens foreign courier firms’ funds transfer abroad
Bangladesh Bank has tightened its supervision over the foreign courier service companies to check outbound remittances by the entities to their head offices abroad. To this end, the central bank issued a circular under the Guidelines for Foreign Exchange Transaction 2018. As per the new circular issued on Sunday foreign courier service companies or their agents were asked to submit monthly statements to the authorised dealers along with supporting documents for remitting surplus earnings to the head offices abroad. The authorised dealers (AD) were asked to examine the documents meticulously while ascertaining surplus earnings along with payment of due value added taxes and income taxes as per the rules. And then the ADs were asked to approve sending remittance of surplus earnings. The ADs, within 15 days of such approval for sending remittance, must report concerned branch of Bangladesh Bank along with supporting documents, for post-facto examination.
Participants of a seminar on “Macroeconomic Performance and Export Sector of Bangladesh”
Eminent economist Dr Qazi Kholiquzzaman Ahmad, Professor Dr Muhammad Mahboob Ali and Houston-Downtown University’s Professor Dr Anisul M Islam seen with the participants of a seminar on “Macroeconomic Performance and Export Sector of Bangladesh” organised by Dhaka School of Economics at its campus in the city on Saturday.
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)||$ 48.61||↑0.75||↑1.56%|
|Crude Oil (Brent)||$ 57.80||↑0.74 ||↑1.30%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8374|
|GBP 1||BDT 106.8508|
|EUR 1||BDT 95.7591|
|INR 1||BDT 1.2088|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.</h4