Share-Market
No reason for deteriorating stock market situation, said Brokers’ Association
The DSE Brokers’ Association (DBA) in a meeting on the present state of the stock market opined that there is no reason for the deteriorating market situation.
But there is a price adjustment of stocks after lifting the floor price barrier that is normal, they said this in a meeting held in the virtual platform on Tuesday.
The broker representatives indicated that the market will return to normal very soon as the country’s economy is turning around.
The representatives have raised some points to implement for the future interest of the share market. These initiatives will bring positive changes in the market and the market will be stable and sustainable in the long run.
These are- the rumours in the market that the floor may be re-imposed on the share price, which is false and baseless. DBA does not think that there will be a recurrence of the floor price.
Current Margin Rules-1999 need to be modernized and reformed. Good companies should be listed in the IPO market. Proper compliance with all laws and regulations should be ensured in case of company listing.
Emphasis should be placed on mutual funds to reduce dependence on banks for investment. It is logical to categorize the company on its capital size rather than on dividends. Shares of any company should not be increased in any other way without informing the common shareholders, and sponsor shareholders.
And the issue of double taxation should be taken into consideration and resolved immediately.
DBA President Saiful Islam moderated the program. Among others, DSE Director Sharif Anwar Hossain, Richard D'Rosario, former DBA President Ahmad Rasheed Lali, BLI Securities Managing Director Minhaj Mannan Emon, Beximco Securities CEO Mustafa Zamanul Bahar were present in the meeting.
Dhaka stocks suffer major decline:However, despite ensuring stability by the regulator, the main index of the Dhaka Stock Exchange suffered another significant decline on Tuesday.
The DSEX, the benchmark index of the premier bourse of Bangladesh, lost 84 points, or 1.42 percent, to close the day at 5,814.
With this, the market fell for the eighth consecutive day, prompting the DSEX to hit the 35-month low.
Turnover slipped to Tk 465 crore from Tk 486 crore a day earlier. Among the traded stocks, 41 advanced, 319 dropped and 36 remained unchanged.
Rally in banking stocks drives DSE index to 16-month high
A rally in shares of banks saw the benchmark index of DSEX (Broad-based index of Dhaka Stock Exchange) hit a 16-month high, surpassing the 6,400 points mark on Sunday.
The total turnover on Sunday increased to more than Tk1852 crore.
This surge was primarily fuelled by the strong performance of bank stocks, despite prevailing selling pressure in other sectors. Out of 35 listed banks, prices of 34 banks’ stock advanced.
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At the end of the day, the DSEX registered a gain of 73 points, settling at 6,447, while the blue-chip index DS30 saw a surge of 21 points, closing at 2,159.
Earlier, on 16 October 2022, the DSEX was over 6,400 points.
At the Dhaka bourse, 196 scrips declined, 165 advanced, and 33 remained unchanged.
Market insiders said during the session investors displayed heightened activity in purchasing bank shares, which had long been restricted by the floor price.
Potential investors, who invested in the capital market for the long term by investing in fundamental stocks are back in the market.
The shares of Fortune Shows contributed the most to the turnover. The shares of the company have been traded for Tk 65.05 crore. Shares of Orion Pharma in the second place were traded at Tk 64.49 crore. Orion Infusion is in third place with a share transaction of Tk 63.48 crore.
Besides, the list of top 10 companies in terms of transactions on DSE includes IFIC Bank, Intraco Refueling Station, ITC, Global Islami Bank, Bangladesh Shipping Corporation, Malek Spinning and Central Pharmaceuticals.
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Meanwhile the Chittagong Stock Exchange (CSE) overall value CASPI increased by 309 points. Out of 294 firms participating in the market, 128 rose in price. On the contrary, the prices of 146 have decreased and the prices of 20 have remained unchanged. The transaction was Tk23.80 crore on Sunday.
NBR working for innovative customs management: NBR Chairman
The National Board of Revenue (NBR) will observe the International Customs Day 2024 on Friday in Bangladesh and in 185 other countries across the world.
NBR Chairman Abu Hena Md Rahmatul Muneem on Thursday afternoon spoke at a ‘meet the press’ held in the NBR Building, Agargon in the capital.
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He said that the customs officials in the country are working hard to serve stakeholders.
He said that automation work has progressed to serve the customer without any interruption.
He said that the NBR enhanced trade facilitation including National Single Window (NSW), Authorised Economic Operator (AEO), National Enquiry Point (NEP), Pre-Arrival Processing (PAP), Advance Ruling, Time Release Study, E-Auction, Non-Intrusive Inspection (NII) and Advanced Passenger Information (API).
The customs department is working on the issues of terror finance, money laundering, and environment conservation by preventing the import of products harmful to human and animal health, he said.
The NBR Chairman said, “In the first half of the current fiscal year 2023-24, the NBR has collected revenue of Tk 1.66 lakh crore— Tk49068 crore came from the customs. I saw a growth of 9.16 percent compared to the previous fiscal year.”
In the fiscal year 2022-23, the NBR collected revenue of Tk3.31 lakh crore, of which Tk92,732.35 crore has come from the customs sector.
Bangladesh's imports drop over 18% in first half of FY2023-24
He said despite higher revenue collection in the first half of the current fiscal year there is revenue shortfall of Tk23,000 crore.
Muneem said that the activities of ‘ASYCUDA World’ have been extended to facilitate the customs duty and shipment of goods.
The NBR also took specific plans to implement an E-payment system for a sustainable delivery system of customs goods, he said.
Marking the day, the NBR will organise a seminar at 10:0 am on Friday at the Multipurpose Hall of the NBR Building in the capital's Agargaon.
The theme of the day is "Customs Engaging Traditional and New Partners with Purpose".
Finance Minister Abul Hassan Mahmood Ali will attend the seminar as the chief guest with Senior Secretary of the Internal Resources Division (IRD) and NBR Chairman Abu Hena Md Rahmatul Muneem in the chair.
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Finance Division Secretary Dr Md Khairuzzaman Mozumder and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam will be present there as the special guests.
Stocks regain on day 2 after lifting floor price, turnover crosses Tk1000 crore
The capital market of the country turned around on Monday, and turnover exceeded Tk1000 crore for the first time in 6 months, on day 2 of lifting the floor price (minimum selling rate).
The Dhaka Stock Exchange (DSE) index fell sharply on Sunday, the first working day after the floor price was lifted. Turnover too was subdued.
However, after a day on Monday, the index closed higher on the second working day. Also, after six months, the turnover in the market exceeded Tk1000 crore.
DSE turnover jumps over 28 percent to Tk441 crore after election day
Shares and units of 207 companies increased in DSE on this day. On the contrary, the price of 145 decreased. And the price of 40 remains unchanged. The main price index of DSE DSEX increased by 14 points to 6254 points.
Among the other two indices, DSE Shariah increased by 6 points to 1,380 points compared to the previous day. The DSE-30 index has increased by 10 points compared to the previous day and stands at 2147 points.
Businesses want updated risk management systems to ease trade
At the end of the day, Tk1042.22 crore was traded in DSE, which was Tk588.87 crore on the previous working day (Sunday).
The top 10 companies traded on DSE were BD Thai Aluminum, Associated Oxygen, Orion Infusion, LafargeHolcim Bangladesh, Karnaphuli Insurance, Deshbandhu Polymer, Sea Pearl Beach Resort, Beach Hatchery, Santhani Life Insurance, and Bangladesh Shipping Corporation.
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However, the overall price index of Chittagong Stock Exchange (CSE) CASPI decreased by 93 points. Out of 267 firms participating in the market, 123 rose in price. In contrast, the prices of 118 decreased and 26 remained unchanged.
Tk21.81 Crore traded on Monday at the CSE, which was Tk12.74 Crore traded on the previous working day (Sunday).
DSE turnover jumps over 28 percent to Tk441 crore after election day
After the national parliament election, the index Dhaka Stock Exchange (DSE) rose 25 points to reach 6.269 and the blue-chip index DS30 surged 7.96 points to 2,102 today.
The turnover of the DSE also jumped over 28 percent to Tk441 crore. During the session, prices of 119 listed companies increased, while 44 declined and 169 remained unchanged.
Besides, the port city bourse Chittagong Stock Exchange (CSE) all-share price index CASPI jumped 59 points to reach 18,568 today (Monday).
Market insiders said that there was some uncertainty among investors around the election. But as the election was completed without any major conflict, investors were somewhat relieved.
However, there are still concerns about how sustainable this rise in the market will be, they said.
The rise of the index is a big effect of the increase in the price of some shares of the banking sector.
In the stock market, there was no movement in the share prices of the banking sector for a long time. But today saw the highest price increase in the shares of some banks.
Apart from this, the share prices of some companies with good fundamentals also increased.
Businesses want updated risk management systems to ease trade
Business leaders at a seminar organised by apex trade body FBCCI on Sunday urged the adoption of updated risk management systems in customs and ports operation systems to reduce the time and cost of export-import trading.
They emphasized a major reform in the next ‘Import Policy Order’ and lifted the 100 percent inspection requirement for importing agricultural and food products.
DCCI urges speedy reform of Companies Act to increase business confidence
The businesses said this in a seminar on international trade ‘Issues of Cross-border Trade: Importance of Risk Management System in Supply Chain of Agro Products’ organized by FBCCI.
The Bangladesh Trade Facilitation (BTF) project organized this seminar jointly with FBCCI, funded by USDA (United States Department of Agriculture), held at the FBCCI Auditorium, in Motijheel on Sunday.
Agriculture Minister Dr. Mohammad Abdur Razzaque was present on the occasion as the chief guest. He highlighted the country's self-sufficiency in food grains and the government's efforts to modernize and commercialize the agriculture sector.
He announced plans to allocate space near the capital for testing agricultural products, aiming to streamline the clearance process and minimize time and cost for traders.
Dr Mohammad Abdur Razzaque also indicated that the Government is willing to take any reform to enhance the quality of exports of the country. Implementing risk management can impact Bangladesh’s branding as a trusted agro-trading partner and can be beneficial in the post-LDC graduation context.
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Earlier in his speech, FBCCI President Mahbubul Alam said, "There has been a revolution in agriculture in the past year. The government is working to reduce the issues related to cross-border trade. We will soon discuss with the government to facilitate trade.”
Risk Management is a new concept in Bangladesh and BTF is here to support the government and private sector to understand and introduce it systematically with all legal and institutional backup, mentioned Michael J Parr, Project Director, USDA-funded Bangladesh Trade Facilitation Project (BTF).
The keynote paper presented at the program highlighted the physical inspection and testing requirement of 100% of agro and food products, without analyzing and assessing associated risks is unscientific and impractical. Risk management is a widely used international best practice that creates a balance between facilitation and control by expediting the release of low-risk products and imposing stringent interventions on high-risk ones.
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FBCCI Senior Vice President Md. Amin Helaly, Vice President Md. Khairul Huda Chopol, Anwar Sadat Sarker, Dr. Joshoda Jibon Deb Nath, Shomi Kaiser, Md. Munir Hossain, FBCCI Panel Advisors, Directors, former Directors, and other Business Dignitaries were present at the program.
DSE launches new data center for uninterrupted transactions on stock market
Dhaka Stock Exchange (DSE), the main stock market of Bangladesh on Sunday launched a new data center to ensure automated and uninterrupted transactions.
The DSE authorities have claimed it is a state-of-the-art data center with 106 racks, a press release said.
Stock exchanges should allow more access for vetting IPOs, said DSE Managing Director
The data center has already achieved ANSI/TIA-942, Rated-3 (Design and Construction) international standard certification, DSE said.
Rated-3 data centers have multiple paths to keep power, cooling, and other systems updated and running without taking them offline. As a result, equipment/devices can be removed/replaced/maintained on a planned basis without disrupting application operations, said the DSE.
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On November 12, the DSE announced that trading activities have been launched from the new data center at DSE Tower in Nikunja. It further stated that trading activities are being conducted successfully through the new data center since its commissioning.
According to DSE, the new data center has been equipped with state-of-the-art servers, network components, storage, and electrical equipment. By launching this state-of-the-art data center, DSE has ensured a highly reliable and modern trading platform for the benefit of investors and all stakeholders.
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DSE Chairman Professor Dr. Hafiz Muhammad Hasan Babu, Director Rubaba Daula, Managing Director Dr. ATM Tariquzzaman, Chief Operating Officer M. Saifur Rahman Majumder, Acting Chief Technology Officer Tariqul Islam, among others, were present in the opening transaction ceremony.
Stock exchanges should allow more access for vetting IPOs, said DSE Managing Director
Managing Director of Dhaka Stock Exchange (DSE) ATM Tariquzzaman said that stock exchanges should have more powers in vetting IPOs for compliance as it would boost investors' confidence.
He said this while speaking at the ‘CMJF Talk’ organized by the Capital Market Journalists Forum (CMJF), held at its office in Paltan on Tuesday.
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The DSE MD said as a regulator the Bangladesh Securities and Exchange Commission (BSEC) currently approves all types of public offers, including initial public offerings (IPOs).
However, different countries around the world have different rules. Somewhere the stock exchange approves and somewhere else the regulator gives the approval, he pointed out.
In response to a question, Tariquzzaman said that the floor price (minimum sale rate) is not a permanent solution to improve the confidence of the capital market.
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“Such initiative is direct intervention in share price determination. It is not right for regulators or stock exchanges to fix prices. It is not present anywhere in the world,” he pointed out.
The former executive director of capital market regulator BSEC ATM Tariquzzaman took charge as Managing Director of DSE in September this year. At the event, he highlighted various aspects of the current status of DSE and various plans for its development.
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CMJF President Ziaur Rahman presided over the programme while it moderated by the general secretary of the organization Abu Ali.
Number of BO accounts increased in August
The number of Beneficiary Owners (BO) in the capital market of the country increased by 4596 in the month of August.
Read more: https://www.unb.com.bd/category/Business/stakeholders-collaboration-innovative-business-model-stressed-for-transition-to-circular-economy-in-bangladeshs-textile-and-garment-industry/121415
This information is revealed by the Central Depository of Bangladesh Limited (CDBL), an organization that keeps shares and BO accounts automatically.
According to CDBL data, the current number of women and men investors in the country's capital market is 1747621, which was 1743 25 till last July 31.
Read more: https://www.unb.com.bd/category/Bangladesh/fm-momen-discusses-trade-investment-issues-with-us-bangladesh-business-council-leaders/121299
The number of male investors was 134372 and the number of female investors was 422301 on July 31 of this year in two types of BO accounts.
Read more: https://www.unb.com.bd/category/Business/shiny-object-syndrome-in-business-career-symptoms-effects-prevention/120986
And the number of institutional investors is 16352. In all, the total BO account of the investors was 174325.
Banks, asset management companies to raise investment in capital market: BSEC
Banks and asset management companies will raise investment in the stock market for stabilising the market after a drastic fall of share prices.
Their commitment came after a meeting of the representatives of merchant banks and asset management companies with the Bangladesh Securities and Exchange Commission (BSEC) on Thursday.
The meeting also discussed raising the confidence of investors in the capital market and bond market for the sake of the development of the stock market.
Read: BSEC sits with stock market stakeholders Thursday after drastic fall of share prices
With BSEC Commissioner Dr Sheikh Shamsuddin Ahmed in the chair, BRAC Bank CEO and Managing Director Salim RF Hussain, Shanta Asset Management Vice Chairman Arif Khan, EBL Securities Managing Director Sayedur Rahman, Standard Chartered Bank Managing Director Muhit Rahman, City Bank AMD and CFO Mahbubur Rahman and representatives of other related institutions attended the event.
BSEC Commissioner Shamsuddin explained the global situation and termed the bond market as an important source of long-term financing.
He emphasized making the bond market more sustainable for the development of the country's capital market and utilizing the possibility of long-term financing through bonds.
He also said that the government is playing a supporting role in the development of the bond market and the activities are ongoing in coordination with the IMF, World Bank, and other international organisations.
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Another special meeting of BSEC with asset managers and fund managers was held on the same day. They discussed the current market situation and the development of existing mutual funds in the capital market.
BSEC Commissioner Dr. Mizanur Rahman instructed the present fund managers and asset management companies to protect the interests of the investors and conduct their activities as fair procedures.