Govt cuts tax, duty on ATM, CCTV parts
The government has offered tax and duty benefits on import of various parts for producing and assembling ATM machine and CCTV camera in the Hi-tech Park at Kaliakoir in Gazipur. Customs Duties (CD) on import of parts have been reduced to 1.0 per cent and 10 per cent from the existing variable rates of up to 25 per cent. Besides, import of ATM machine and CCTV camera parts has been exempted from payment of Value Added Tax (VAT), Regulatory Duty (RD) and Supplementary Duty (SD). The Customs Wing of National Board of Revenue (NBR) issued a Statutory Regulatory Order (SRO), dated January 16, in this connection. As per the officials companies that will set up plants in the Hi-tech Park and produce or assemble ATM machine and CCTV camera will be entitled to enjoy the benefits under the SRO, also NBR has offered the duty benefits following requests of the Bangladesh Hi-Tech Park Authority (BHTPA) to encourage investors. According to the Managing Director of BHTPA, construction of a number of infrastructure facilities has been started for production of those items.
Stocks rebound riding on bank issues
Stocks rebounded on Sunday, after two-session break, as investors showed their buying appetite on December-closing issues. As per the market analysts investors were active, particularly on banking, financial institutions and telecommunication sectors’ issues amid dividend expectation. Investors are shifting their focus on the December-ending companies’ stocks from other sectors as they will declare dividend soon, helping the market to close higher. Accordingly, banking sector was the day’s highest gainer, posting a gain of 2.93 per cent, with 29 banks out of 30, closed green. Telecommunication and financial institutions sectors also gained 2.75 per cent and 1.67 per cent respectively. The investors were active from the beginning of the session and the upward trend continued till end of the session with no sign of reversal. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 61.70 points or 1.05 per cent to settle at 5,887 after losing 38 points in the past two sessions. The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 20.41 points to finish at 2,029 and the DSES (Shariah) index rose 9.06 points to settle at 1,318. IDLC Securities said the market indices rose riding on banking, telecommunication and textile sectors and top three positive index contributors were Grameenphone, Brac Bank and Pubali Bank. Turnover, another important indicator of the market, stood at Tk 9.68 billion, which was 4.25 per cent lower than the previous day’s turnover of Tk 10.11 billion. A total number of 213,118 trades were executed in the day’s trading session with trading volume of 297.35 million shares and mutual fund units. The market-cap of the DSE increased to Tk 4,162 billion which was Tk 4,121 billion in the previous day.
China to provide $72.5m grant for welfare projects in BD
China will provide a grant of RMB 500 million or approximately $72.57 million to Bangladesh under an agreement on economic and technical cooperation. Monowar Ahmed, secretary to Economic Relations Division (ERD), and Chinese Ambassador to Bangladesh Zhang Zuo signed the agreement at Central Procurement Technical Unit yesterday. The grant shall be utilised for welfare projects such as disaster management and bridge construction, according to an ERD statement. Detailed matters would later be stipulated in separate agreements. Economic relations between Bangladesh and China were gaining greater significance. He urged the Chinese ambassador to take initiatives to quickly implement commitments in the pipeline for Bangladesh’s development. As per Chinese Ambassador the friendship between the two countries was a long lasting one and China always gave great importance to development assistance for Bangladesh and China would continue its support in developing Bangladesh’s economy. He said they would jointly push forward construction of three more “friendship bridges” in Bangladesh, bringing the total to 11.
Adani Wilmar to invest $400m in Mirsarai Economic Zone
Adani Wilmar Limited, a joint venture of India and Singapore-based two companies, is set to invest US $400 million in Bangabandhu Sheikh Mujib Industrial City in Chattogram region to establish agro-based factories. It will manufacture import-substitute food items in 11 industrial units on 100 acres of land and create 3,550 employments. As per the Chairman of Bangladesh Economic Zones Authority (BEZA) this is a quality foreign investment. Wilmar International Limited officials showed their interest to invest in Bangladesh during Prime Minister Sheikh Hasina’s visit to Singapore in March 2018. After visiting the Mirsarai Economic Zone (EZ), the Wilmar officials expressed their satisfaction with the geographical location of the economic zone and other facilities being provided by the BEZA
Top ten-traded companies snare 18pc of total transaction
Top ten traded companies captured 18 per cent turnover of the Dhaka bourse on Sunday. Three banks featured in the top ten-traded companies after long time. The banks were Premier Bank, Dutch-Bangla Bank and Dhaka Bank with turnover of Tk 215 million, Tk 157 million and Tk 153 million respectively. Market analysts said investors are shifting their focus on the financial sector, particularly banking and non-bank financial institutions amid dividend expectations. Banks, financial institutions, insurance and multinational companies will declare dividend soon as their year-ended on December 31, 2018. Beximco dominated the turnover chart, about 8.56 million shares of the company were traded, generating a turnover of Tk 222 million, which was 2.29 per cent of the DSE’s total turnover. The total turnover on the DSE stood at Tk 9.69 billion on Sunday which was Tk 10.11 billion on the previous session.
Dhaka stocks hit 11-month high
Dhaka stocks surged to a 11-month high on Sunday as investors went for buying shares especially Grameenphone and financial stocks amid expectations of better year-end financial results from the scrips. DSEX, the key index of Dhaka Stock Exchange, advanced by 1.05 per cent, or 61.70 points, to close at 5,887.27 points on Sunday after losing 37.7 points in the previous two sessions. Sunday’s index was the highest after February 22, 2018 when the index was at 5,906.98 points. The trading at the market began bullish that continued until the end of the day as investors went for investing funds at the capital market amid expectations over year-end financial results. Share prices of Grameenphone soared by 2.64 per cent as the company has arranged a board meeting to be held on January 27, 2019 to consider audited financial statements of the company for the year ended on December 31, 2018.
Training for Nepalease bankers begins at BIBM
An international training programme on ‘Risk-Based Internal Audit’ for the Nepalese bank executives began on Sunday. Arranged by Bangladesh Institute of Bank Management (BIBM), the programme was inaugurated by Professor Dr. Shah Md Ahsan Habib, Director General (Current Charge) of BIBM. The initiative of BIBM-BFIN joint venture draws its root in November last year when the two institutions signed an MOU at BIBM. Governor of BB and Chairman BIBM Governing Board will distribute certificate on the final day on January 24.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5,887.27724|| ↑ 61.70492 ||↑ 1.06 %|
|DJIA||24,706.35||↑ 336.25|| ↑ 1.38%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 54.01||↑0.21||↑ 0.39%|
|Crude Oil (Brent)|| $ 62.96||↑0.26||↑0.41%|
|Gold Spot||$1,281.81||↓0.30||↓ 0.02%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.6294|
|GBP 1||BDT 107.5558|
|EUR 1||BDT 95.1452|
|INR 1||BDT 1.1708|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<