DSE turnover dips below Tk 2.0b as trading resumes
Prices of some pharmaceuticals & chemical stocks continued to soar as investors are anticipating brisk business amid rising Covid-19 cases in Bangladesh. Seven out of top 10 gainers on the Dhaka Stock Exchange (DSE) came from the pharmaceuticals & Chemicals sector on Sunday as the market reopened after 66-day break due to Covid-19 pandemic. Shares of ACI, ACI Formulations, BeximcoPharma, Central Pharma, Square Pharmaceuticals, Indo-Bangla Pharma, and ACME Laboratories soared more than 9.0 per cent each on Sunday. ACI and ACI Formulations which supply hexisol and hand wash jumped 9.96 per cent and 9.91 per cent respectively on Sunday.Beximco Pharmaceutical’s share price also surged 9.88 per cent to close at Tk 66.70 each after the news that the drug maker produced Remdesivir, the potential coronavirus drug. Among others, Share price of Central Pharma rose 9.98 per cent, Square Pharmaceuticals 9.91 per cent, Indo-Bangla Pharma 9.89 per cent and ACME Laboratories 9.38 per cent on Sunday.Meanwhile, DSEX, the key index of the DSE, went up by 52.15 points or 1.30 per cent to close at 4,060 over the last session that took place on March 25 last. Two other indices also ended higher. The DS30 index, comprising blue chips, soared 34.53 points to finish at 1,365 and the DSE Shariah Index rose 30.91 points to close at 951. Trading on the bourse took place three hours until 1:30pm, instead of usual four hours as the bourse cut one hour trading time due to ongoing Covid-19 pandemic. Turnover, a crucial indicator of the market, stood at Tk 1.43 billion on the country’s premier bourse, slumping by 59 per cent over the last session’s mark of Tk 3.48 billion.Of the issues traded, 31 gained, 24 declined and 54 remained unchanged on the CSE. The port city bourse traded 1.61 million shares and mutual fund units worth Tk 33.57 million in turnover.
BARVIDA seeks Tk 5.0b loan from stimulus package
Reconditioned car importers on Sunday demanded that the government give them Tk 5.0 billion loan from its stimulus package for paying taxes on imported cars lying idle in seaports. They also urged the government to waive port rent fee for April and May on release of around 8,000 imported cars at Chattogram and Mongla seaports considering the impact of the coronavirus pandemic on businesses.Although the business activities have been hit hard by the pandemic, still the vehicle traders have to pay the showroom and office rents, salaries to the employees which cost the sector around Tk 3.0 billion. Responding to a question, the BARVIDA president said nearly 850 members of the association provided around Tk 14.56 billion as revenue to the government in fiscal year 2018-2019. Besides, some 14,000 reconditioned and brand-new vehicles were imported last fiscal while around 6,000 were discharged so far in the current fiscal year 2019-2020.For the sake of the country’s economic vibrancy, the government should enable the banks raising the ceiling of car loans from 50 per cent to at least 70 or 80 per cent.
S Korean co to invest $10m more in BD
A South Korean company, namely Ms Giant BD Co Ltd, is going to expand their business with an investment of US$10 million more in Bangladesh. The South Korean concern will establish a new unit of shoe component (injection phylon Midsole) and sports sandal manufacturing industry in Cumilla EPZ. To this end, an agreement was signed between the BEPZA and Ms Giant BD Co Ltd at BEPZA Complex in the city. BEPZA Member (Engineering) Mohammad Faruque Alam and Managing Director of Ms Giant BD Co Ltd Kim Byung Jin inked the deal on behalf of their respective organizations. Among others, General Manager (Public Relations) NazmaBinteAlamgir and General Manager (Investment Promotion) of BEPZA MdTanvir Hossain were present on the occasion.
An EBL account can now be opened in just two minutes
Eastern Bank (EBL) yesterday rolled out the electronic Know Your Customer (e-KYC) system to allow account-opening without filling in any documents, in a bid to help clients maintain the maximum level of social-distancing during the ongoing pandemic. Thus, the bank became the first lender in Bangladesh to have introduced such service under the central bank’s e-KYC guideline issued on January 9.Instead of filling up a form consisting of several pages, a customer now needs to provide a signature by paying a quick visit to an EBL branch to open an account. They will have to bring their national identification card, photo of the nominee and a copy of utility bill as proof of the address.Currently, the service can be availed by new customers only. For now, monthly transaction (withdrawal/deposit) will be limited to Tk 1 lakh.A nationwide pilot programme for e-KYC was completed with 18 banks and one mobile financial service provider. The data provided by the institutions showed that the e-KYC can save time. The BFIU expects every financial institution to implement the guideline by December to enhance service capacity in order to reduce cost and time and achieve steady business growth.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 17.53||↓ 0.07 %|
|FTSE100||6,076.60||↓ 142.19||↓ 2.29%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$35.55 ||↑0.06||↑0.17 %|
|Crude Oil (Brent)||$ 37.91 ||↑0.07||↑0.19%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3097|
|GBP 1||BDT 102.833|
|EUR 1||BDT 92.4840|
|INR 1||BDT 1.10855|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<