Average inflation up, marginally, in 2019

The average inflation rate has increased by 0.04 percentage points for the 12 months in the just-concluded year 2019 to 5.59 per cent due to some volatility in commodity markets in the country, official figures show. According to the Bangladesh Bureau of Statistics (BBS) data unveiled on Tuesday, the average inflation rate was 5.59 per cent in 2019 as against 5.55 per cent for the previous calendar year 2018. For the current fiscal year (FY), 2019-20, the government has projected the inflation rate at 5.50 per cent. Meanwhile, the point-to-point inflation rate dropped to 5.75 per cent in December from 6.05 per cent in November 2019, the BBS data show. The figure for December 2018 was 5.35 per cent. According to the BBS data, the food inflation in December across the country on point-to-point basis dropped slightly by 0.53 percentage points to 5.88 per cent from 6.41 per cent in the previous month. However, the non-food inflation rate increased by 0.08 percentage points to 5.55 per cent in December from 5.47 per cent in the previous month, the BBS data showed. In rural areas, the point-to-point inflation rate in the last month fell to 5.76 per cent from 6.01 per cent in November. In villages, the food inflation was recorded at 6.12 per cent in December, down from 6.54 per cent in November. The non-food inflation, however, increased to 5.07 per cent in December in rural Bangladesh from 4.99 per cent in November. According to the BBS data, the inflation rate in urban areas dropped to 5.73 per cent in December from 6.12 per cent in November. The food inflation rate in urban areas was recorded at 5.34 per cent in December, down from 6.11 per cent in November. However, the non-food inflation rate in urban areas increased in December to 6.19 per cent from 6.13 per cent in the previous month. The BBS also unveiled the wage rate index (WRI) on Tuesday. It showed that the WRI rose to 6.54 per cent in December from 6.42 per cent in November.

Source: https://today.thefinancialexpress.com.bd/first-page/average-inflation-up-marginally-in-2019-1578419613

Core index sheds 4.15pc in 3 sessions

Dhaka bourse on Tuesday extended its losing streak featuring another sharp loss in core index as losers took control over gainers following investors’ panic-driven sales executed to escape further loss. Like previous two sessions, the large-cap companies triggered the fall of DSEX, broad index of Dhaka Stock Exchange (DSE). Only 12 per cent of securities traded on the DSE went green on Tuesday while 76 per cent securities closed in red amid investors’ lack of confidence in the market. Later, a recovery stance was observed but faded away after mid-session and the core index witnessed free fall for rest of the session. Finally, the DSEX settled at 4281.43 points with a loss of 1.16 per cent or 50.52 points. The core index lost 4.15 per cent in last three sessions in a row. Of the large-cap companies, the share price of Grameenphone declined 0.84 per cent, Square Pharmaceuticals 1.42 per cent, British American Tobacco Bangladesh 0.99 per cent, BRAC Bank 3.81 per cent and United Power Generation and Distribution Company 1.40 per cent. On Tuesday, the shariah-based index DSES declined 1.03 per cent or 10.15 points to close at 972.98. The DS30 index comprising blue chip securities went down by 1.07 per cent or 15.63 points to close at 1436.26 points. Of 354 issues traded, 42 advanced, 269 declined and 43 remained unchanged on the premier bourse DSE. Zeal Bangla Sugar Mills was the worst loser after declining 9.91 per cent to close at Tk 30.90 each. On Chittagong Stock Exchange (CSE), the benchmark index CASPI declined 1.68 per cent or 223.11 points to close at 13010.46 points. Of 248 issues traded, only 41 advanced, 186 declined and 21 were unchanged. And the turnover stood at above Tk 145.56 million on the port city bourse CSE on Tuesday.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/core-index-sheds-415pc-in-3-sessions-1578419135

Govt sets target to export $50b RMG in FY ’21

The government has set a target of exporting $50 billion readymade garment (RMG) in 2020-21 fiscal year (FY ’21), Secretary of Ministry of Textiles and Jute Lokman Hossain Mia said at a press conference in the capital on Tuesday, reports BSS. He said the $50 billion RMG export target has been set in line with the government’s commitment to enhance earnings from this sector which is also manifested in the ruling party’s election manifesto. He made the revealation at the press conference on the ‘National Textile Day 2020 and Multipurpose Textile Fair’ which will begin in the city on Thursday, at the Secretariat in the morning. Prime Minister Sheikh Hasina is expected to inaugurate the three-day ‘Multipurpose Textile Fair’ as the chief guest on Thursdasy at Bangabandhu International Conference Centre.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/govt-sets-target-to-export-50b-rmg-in-fy-21-1578419308