Stocks nudge higher as telecom issues surge
Stocks ticked slightly higher for the second straight session on Tuesday as investors showed their buying appetite on telecommunication and pharmaceuticals issues. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,288, advancing 9.29 points or 0.17 per cent over the previous day. The market opened on positive note and the core index crossed the 5,300-mark, gaining more than 24 points within first hour of trading. But rest of the session eroded most of the early gains. Share price of Marico Bangladesh rose 6.23 per cent to close at Tk 1352.20 each, Berger Paints share price jumped 4.60 per cent to close at 1432 and Grameenphone share rose 1.22 per cent to close at Tk 366. Telecommunication posted the highest gain of 1.17 per cent followed by pharmaceuticals 0.78 per cent, and food 0.34 per cent. Two other indices-the DS30 index and the DSE Shariah Index (DSES)-also ended slightly higher. The DS30 index, comprising blue chips, advanced 4.31 points to finish at 1,862 and the DSE Shariah Index rose 2.15 points to close at 1,226. Turnover, another important indicator of the market, also rose to Tk 6.38 billion, which was 3.70 per cent higher than the previous day’s Tk 6.15 billion. The losers beat gainers as 106 issues closed lower, 105 ended higher and 35 remained unchanged on the CSE. The port city bourse traded 8.34 million shares and mutual fund units worth more than Tk 239 million in turnover.
ADB approves $50m loan for microenterprise development
Asian Development Bank (ADB) has approved US$ 50 million loan to promote microenterprise development in Bangladesh through a credit line to Palli Karma Sahayak Foundation (PKSF), a development finance organisation, and its partner microfinance institutions, reports BSS. The project will help fill the funding gap in the short term. The loan will be provided to PKSF to on-lend to partner organisations and to sub-lend to about 40,000 microenterprises, of whose 70 per cent are female. For the longer term, the project will develop microenterprise finance operational guidelines for microfinance institutions, including piloting for some partner organizations a mobile-based financing application. It will also assist in clustering microenterprises for business expansion and up-scaling with quality control, branding, packaging, and marketing. The total cost of the project, which is due for completion at the end of 2020, is $62.5 million, of which the microenterprises will contribute $12.5 million.
Shohoz to expand service outside Dhaka with foreign investment
Shohoz, a Dhaka-based start-up widely known for its ride-hailing service, now plans to expand its operation outside the capital city with fresh foreign investment. The app-based firm, which started its operation in 2014, came to limelight in the beginning of 2018 when it introduced a new feature in its app allowing commuters to call motorbikes or private cars in Dhaka metropolitan area. Before the launch of the ride-hailing service, the app of ‘shohoz.com’ was used only for purchasing bus tickets online. Presently, services available under ‘shohoz.com’ are ride-sharing and ticketing service for bus, launch, events and movies. Shohoz has about 50,000 registered drivers and it has completed a million rides as of October. When asked about the ‘Ride-sharing Service Guideline 2017’ of Bangladesh Road Transport Authority (BRTA) the answer was they are compliant with all the rules set by the government.
Citi N.A. celebrates 30 years in Bangladesh
Citibank N.A. celebrated 30 years anniversary in Bangladesh with clients, regulators, alumni and community partners recently. The celebration was hosted by Mr. N. Rajashekaran, Managing Director and Citi Country Officer for Bangladesh. Citi has been and continues to be involved in partnering progress in Bangladesh with many pioneering products and digital offerings. The last three decades have been an exciting journey for us and we believe the next 30 years will be even more rewarding. We are well positioned to support the evolution of Bangladesh. Bangladesh has made enormous economic and social development strides in the last 30 years and is poised to continue growing at a world leading rate over the next 30 years. We expect Citi to continue to support the country in this journey with its financial innovation and solutions.
185th branch of UCB at Fakirhat
Mohammed Shawkat Jamil, Managing Director of United Commercial Bank Limited, inaugurating the 185th branch of UCB at Fakirhat, Bagerhat on Tuesday. N. Mustafa Tarek, Deputy Managing Director of the bank, along with other senior officials were also present.
BBG to encourage more British cos to invest in BD
The British Business Group, Bangladesh (BBG) arranged a workshop for its members on how they can contribute to the group’s goal and actively play their role in achieving it, said a statement. BBG Chairman Francois de Maricourt hosted the event while Alison Blake, British High Commissioner attended as the Chief Guest and delivered a keynote speech. They welcome and support the commitment by the BBG to be a strong and forward looking partner for the UK Government and British businesses and investors in Bangladesh. By engaging with the Government to improve the business environment the BBG will encourage more British firms to export and invest in Bangladesh.
BRAC Bank, bKash join hands with WorldRemit
International digital money transfer service WorldRemit has tied up with local entities BRAC Bank and bKash to enhance its footprint in Bangladesh. As a result, Bangladeshi diaspora living in over 50 countries can now send money quickly and securely to 1.5 million BRAC Bank accounts, 186 BRAC Bank branches as well as up to 30 million bKash mobile money wallets. At the same time, around 30 BRAC SME locations can be used for collection of remittances in cash as part of the service. The new partnership considerably expands WorldRemit’s footprint in Bangladesh and supports its plan to serve 10 million customers connected to emerging markets by 2020.
One lakh people earning via Uber
Uber has changed the commuting ecosystem in big cities like Dhaka and Chattogram and created income opportunities for about one lakh people in the last two years. Every week, nearly 2,500 drivers get registered with Uber’s network in Bangladesh, which gives a huge boost to the company, said Pradeep Parameswaran, president of Uber for India and south Asia. Uber started its journey in Bangladesh on November 22 in 2016. Right now, the company provides four kinds of services: UberMOTO, UberX, UberPREMIER and UberHIRE. The on-demand ride sharing company also declared Bangladesh as the capital of UberMOTO following Delhi and Cairo and this market segment is also growing faster than any other place in the world. Uber cars move 14 kilometres per hour in Dhaka and 16 in Chattogram. UberMOTO is more efficient than cars, as it moves three kilometres faster than the four-wheelers per hour. The company started its operation in 2009 and now covers over 600 cities across the world.
Oil slips on record Saudi output
Oil prices slipped on Tuesday, weighed down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week. International Brent crude oil futures briefly dipped below $60 per barrel before rising back to $60.16 at 0814 GMT, still down 32 cents, or 0.5 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.18 per barrel, down 45 cents, or 0.9 percent. Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.04||↑0.48||↑0.93%|
|Crude Oil (Brent)||$ 60.74||↑0.53||↑0.88%|
|Gold Spot||$ 1,214.63||↓0.42||↓0.03%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8875|
|GBP 1||BDT 106.8895|
|EUR 1||BDT 94.7425|
|INR 1||BDT 1.1840|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.