DSE, CSE rebound after ICB received Tk 7.60 billion
Stocks posted marginal gain on Wednesday as investors showed their buying appetite on sector-wise shares after the Investment Corporation of Bangladesh received Tk 7.60 billion from the Central Bank. According to market analysts, the stocks rebounded after the news that the ICB received the money from the Bangladesh Bank under the capital market refinancing scheme. The market opened on positive note and the upturn continued until end of the session amid modest volatility. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 14.09 points or 0.26 per cent to settle at 5,250. Two other indices also edged up. The DS30 index, comprising blue chips, advanced 7.53 points to finish at 1,830 and the DSE Shariah Index rose 1.31 points to close at 1,196.
BB doubles deferred payment period for Power Companies
According to the official, the Central Bank has doubled the deferred payment period for import of raw materials only for the power generating enterprises to help ease the pressure on foreign exchange market. Under the relaxation, importers are now allowed up to 360 days instead of 180 days to settle the deferred payment for import of raw materials for power generation. A notification issued by Bangladesh Bank stated, to facilitate power sector industry, it has now been decided to enhance usance period up to 360 days from 180 days for import of raw materials in the case of power generating enterprises only and other instructions in this regard will remain unchanged. As per a senior BB official, they relaxed the regulations for the benefit of power producers, particularly for those in the private sector.
Rice Import: Govt doubles duty to 55pc
The National Board of Revenue recently doubled the import duty on rice to discourage importers, as tens of thousands of farmers are incurring losses with paddy prices plummeting in the year’s biggest season, Boro. Importers from now on would have to pay 55 percent duty and tax to bring in the cereal. It was 28 percent earlier, according to a statement issued by the revenue authority. The NBR kept intact the customs duty at 25 percent but increased regulatory duty to 25 percent from 3 percent and introduced 5 percent advance income tax on rice imports.
DSE to hunt down Sponsors who sell shares without notice
The Dhaka Stock Exchange (DSE) will track down the sponsors of listed companies who sold off their stakes without any prior notice, in one of the several measures it is taking to regain investor confidence. The sudden dumping of shares by the Sponsors impacted the general investors. The Sponsors’ names will be sent to the stock market regulator for punitive action. Also at recent meeting, a committee was formed — comprising three members from the DSE, Chittagong Stock Exchange, DSE Brokers’ Association and Bangladesh Merchant Bankers’ Association — to work jointly to tackle any problem the market faces.
Govt to provide Tk 30b for agricultural mechanisation
According to the Agriculture Minister Dr Md Abdur Razzaque, the government will spend Tk 30 billion as subsidy for the mechanisation of agriculture work as finding agricultural labour is a problem now-a-days. The Minister also added, Finding workers in agricultural work have become a problem at present time so we started mechanisation of agriculture sector and Tk 30 billion will be spent as subsidy to this end.
New AMD of UCB
Mr. Syed Faridul Islam has recently joined United Commercial Bank Limited as the Additional Managing Director. Prior to joining UCB, he was the Deputy Managing Director & Chief Risk Officer of Prime Bank looking after on Credit, Information Security, Credit administration and Risk Management division of the Bank.
Ten most-traded Companies capture 29pc turnover
Ten most-traded Companies captured more than 29 per cent transaction of the Dhaka Stock Exchange (DSE) on Wednesday while Fortune Shoes topped the chart. According to market insiders, investors continued to show their appetite on Fortune Shoes shares after the Company posted a 35 per cent earnings growth in January-March, 2019 quarter disclosed recently. The Company’s earnings per share (EPS) stood at Tk 0.54 for January-March 2019 as against Tk 0.40 for January-March 2018.
Ctg Chamber gets new Director
Mr. Tazmeem Mostafa Chowdhury, Director of Standard Bank Capital Management Limited, has been elected as the Director of Chattogram Chamber of Commerce & Industry. He is also Managing Director of Shawon Shipping Lines Ltd and Managing Director of Invoca Bangladesh Ltd.
EBL reappoints Ali Reza Iftekhar as Managing Director
Eastern Bank Limited (EBL) has reappointed their Managing Director and Chief Executive Officer (CEO) Ali Reza Iftekhar for another three years. Mr. Iftekhar has been serving the bank in this position since 2007. In his career of 34 years, he has worked in important positions in local private and international banks including Banque Indosuez, Standard Chartered Bank, and AB Bank.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,776.61|| ↓100.72|| ↓0.39%|
|Nikkei 225|| 21,084.62||↓198.75||↓0.93%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 61.07||↓0.35||↓0.57%|
|Crude Oil (Brent)|| $ 70.65||↓0.34||↓0.48%|
|Gold Spot|| $1,274.25||↑0.91|| ↑0.07%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8391|
|GBP 1||BDT 105.0160|
|EUR 1||BDT 92.4409|
|INR 1||BDT 1.1871|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<