DSE Turnover hits 16-month high
Dhaka bourse witnessed marginal correction in broad index on Sunday following mixed performance displayed by major sectors. On the day, the turnover hit 16-month high as many investors injected fresh funds in securities, according to market operators. Investors’ participation was mostly concentrated in general insurance sector which achieved the highest price appreciation. The market started the day’s session with an upbeat note and the broad index rose about 41 points within 30 minutes. The initial optimism faded in later hours as investors opted to book profit from sectors such as bank and financial institutions. At the end of the session, the DSE broad index DSEX closed at 5939.45 points with a loss of 0.17 per cent or 10.55 points. The DSEX added 91 points in last three sessions. The turnover stood at above Tk 11.98 billion which was 15.51 per cent higher than the turnover of the previous session. Of total turnover, above Tk 161.10 million came from transactions executed in block board. The Sunday’s turnover was the highest value in 16 months. The DSE featured a turnover of above Tk 15.08 billion on September 17, 2017.
Bangladesh to import 1.42m tonnes of fuel oil in H1
As per the report of UNB Bangladesh will import around 1.42 million tonnes of petroleum from eight state-owned companies of different countries under the government-to-government (G2G) arrangements in the first half of 2019. According to sources at the Energy and Mineral Resources Division under the Power, Energy and Mineral Resources Ministry, the government will require to spend about US $806.769 million, equivalent to over Tk 67.72 billion (Tk 6,772.87 crore), to procure this bulk refined petroleum from January to June of this current calendar year. The Energy and Mineral Resources Division and state-owned Bangladesh Petroleum Corporation (BPC) will import the bulk petroleum. Of the total fuel oil, the BPC will buy 1.19 million tonnes of gasoil (diesel) while 0.1 million (1 lakh) tonnes of Jet A-1, 30,000 tonnes of petrol ((mogas) and 0.1 million (1 lakh) tonnes of furnace oil. The Cabinet Committee on Public Purchase last week approved a proposal of the division allowing the corporation to import the bulk fuel. The committee also approved the premium of the fuel import proposals which are $2.95 per barrel for diesel, $3.95 per barrel for Jet A-1, $5.50 per barrel for petrol and $29.75 a tonne for furnace oil.
ICD signs $20m ‘murabaha facility’ with LankaBangla Finance
The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IDB) Group, has signed a murabaha facility of $ 20 Million with LankaBangla Finance Limited, a non-banking financial institution in Bangladesh.This is the first time in Bangladesh that a NBFI is going to avail Shariah compliant foreign currency financing from ICD to build up the SME portfolio. ICD Chief Executive Officer and LankaBangla Finance Managing Director and CEO signed the facility agreement on behalf of their respective organisations at Sonargaon Hotel in Dhaka on Sunday.
RMG exports to India can hit $2b in 2yrs
Bangladesh has the capability to export $2 billion worth of apparel to India in the next two years on the back of its duty-free access to the market and rising demand for garment items at competitive prices. Apparel export to India rose significantly in the last two years and the Commerce Minister hopes that Bangladesh have the capability to export more and the shipments will cross the $2 billion-mark over the next couple of years. In fiscal 2017-18, garment exports to India more than doubled to $278.68 million, according to the data from the Export Promotion Bureau.
‘Udayan’, a trailblazing venture to promote start-up businesses
A newly-launched credit scheme of Mercantile Bank Limited (MBL) has been making significant contribution to help young entrepreneurs strengthen their footholds in their respective fields. A good number of entrepreneurs so far, have availed the credit facility introduced by MBL 14 months back. According to the MBL source, the Udayan scheme is for fresh graduates having innovative, creative and unique business ideas. Under the scheme, young entrepreneurs can borrow Tk 0.5 million to Tk 5.0 million as seed capital for starting businesses with 10 per cent interest.
Bangladesh Bank asked all banks not to open LCs for goods import prohibited in specific port
Bangladesh Bank on Sunday asked banks to refrain from opening letters of credit against import of goods which are prohibited to bring to the country though specific land ports. In opening LCs, banks were asked to follow a National Board of Revenue statutory regulatory order where port-wise lists of allowable products are specified. The BB move came as many importers want to import goods by using ports through which imports of those products are not allowed. As per the BB officials importing specific goods required specific equipment along with capacities. Bringing goods through a port, which are not allowed at the port, creates problem in conducting procedure. As the procedure of import starts from opening LCs, NBR urged BB to take measures so that banks refrain from opening LCs for import of such goods through a port.
BRB eyes another SoE board buying 27pc Renwick shares
After securing four posts of director in the board of state-owned enterprise Eastern Cables, leading private sector cable manufacturer BRB Group has set eyes on another state-run company, Renwick Jajneswar & Co, as it (Group) bought a significant amount of shares of the company from the capital market. As per the capital market operators to get into the Renwick board BRB Group was using the same method — buy a significant amount of the company’s shares from the public market and get into the board by obtaining a court order — it applied in the case of Eastern Cables Ltd. According to the BRB Group authorities, companies and people associated with the Group bought around 27.05 per cent shares of Renwick from the public market. The government holds 51 per cent shares of the company which has a total of 20 lakh shares with a paid-up capital of Tk 2 crore. After the purchase, BRB Group holds more than 27 per cent and other general and institutional investors around 22 per cent shares of the company.
Bangladesh Bank team leaves for USA to file case over $81m theft
A delegation of Bangladesh Bank on Sunday left for the United States of America to file a lawsuit with a New York court over $81 million cyber heist from the BB’s reserve kept with Federal Reserve Bank of New York. As per the BB officials the central bank following approval from the government had already finalised everything about filing the lawsuit in consultation with two US law firms appointed by the Bangladesh government to deal with the case on behalf of Bangladesh.
Khirsapati gets GI certification
Khirsapati mango of Chapainawabganj got the Geographical Indication (GI) tag on Sunday. The fruit is the third to get GI registration, followed by Hilsa fish and Jamdani saree. The certification would help boost both production and export of the mango variety, experts said at the GI certificate handover ceremony. Department of Patents, Designs and Trademarks (DPDT) organised the ceremony at the industries ministry.
WCO honours FBCCI
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has been awarded the ‘Certificate of Merit’ by the World Customs Organisation (WCO) marking the International Customs Day. FBCCI President received the award from Finance Minister at a ceremony organised by the National Board of Revenue (NBR) at Bangabandhu International Conference Centre (BICC) in the city on Saturday. As a global practice, the NBR recognises its associate organisations every year.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5,939.45495|| ↓ 10.5562 || ↓ 0.18%|
|DJIA||24,737.20||↑ 183.96||↑ 0.75%|
|FTSE100||6,809.22|| ↓ 9.73||↓ 0.14%|
|Nikkei 225||20,708.22||↓ 65.34||↓ 0.31%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 53.38|| ↓ 0.31|| ↓ 0.58%|
|Crude Oil (Brent)|| $ 61.41||↓ 0.23||↓ 0.37%|
|Gold Spot|| $1,302.46||↓ 2.79||↓0.21%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7101|
|GBP 1||BDT 110.4638|
|EUR 1||BDT 95.5383|
|INR 1||BDT 1.1762|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<