Connect with us

Stocks

Asian Markets Slide Amid Concerns Over Prolonged High Interest Rates

Published

on

asian stock market global

Asian markets experienced a decline on Tuesday, driven by concerns about interest rates following hawkish remarks made by a senior Federal Reserve official, signaling that the central bank was likely to maintain higher rates for an extended period.

Despite a significant drop in the past year, inflation in the United States continues to remain stubbornly above the Federal Reserve’s long-term target of two percent. This has led the majority of Fed officials to predict the necessity of another rate hike later this year.

Federal Reserve Vice Chair for Supervision, Michael Barr, conveyed his expectation at a conference in New York on Monday that interest rates would need to be kept at a “sufficiently restrictive level” for an extended period to control inflation. Barr’s comments align with the views of most of his colleagues, who recently lowered their expectations for the number of rate cuts in 2024, indicating an extended period of elevated rates.

Since March 2022, the Fed has increased its key lending rate 11 times, reaching a 22-year high. With inflation persistently exceeding its target, there is a consensus that “the Fed is gonna keep rates high and we are expecting higher rates for longer,” as noted by Xi Qiao, Managing Director for Wealth Management at UBS, in an interview with Bloomberg Television. However, this could potentially bring caution to the equity markets.

On Wall Street, trading ended with mixed results after a congressional deal was reached to avert an immediate US government shutdown. However, bond markets experienced a significant sell-off.

Stephen Innes from SPI Asset Management commented on the situation, stating, “Any ‘relief rally’ from the US government spending deal appears to have been short-lived as bond markets witnessed a deepening selloff, leading to rising yields across the curve.”

The yields on US Treasury bonds, especially the 10-year and 30-year bonds, remained notably high, reaching levels not seen in years. These Treasury bond yields are closely monitored as indicators of US interest rates.

Innes explained, “This yield surge reflects the market’s response to messaging from the Federal Reserve, indicating the central bank’s commitment to keeping borrowing costs elevated to combat inflation.”

Hong Kong led the decline in Asian equities on Tuesday, falling by nearly three percent as the market resumed trading following a holiday weekend. In contrast, the heavily indebted Chinese property giant, Evergrande, witnessed a stock price increase as it resumed trading in Hong Kong, days after its CEO was announced to be under criminal investigation.

Other Asian markets, including Tokyo, Sydney, Wellington, Singapore, Manila, and Bangkok, also saw declines, while Taipei and Jakarta remained relatively flat. Kuala Lumpur was the only market to register gains.

Share this

Stocks

DSE Break Thru 3-Days Losing Streak Despite Sluggish Turnover

Published

on

Bourse dse turnover indices stock market

Dhaka Stock Exchange DSE, Bourse on the fourth working day of the week, 12th June, ended with a hike in Indices and drop Turnover from the previous working session. This information is known from DSE sources.

350 crore 79 lakh taka shares were traded on this day. 80 crore 84 lakh less tradings were done in DSE today compared to the previous workday, June 11th, Shares worth Tk 431 crores 64 lakh shares were traded last time, Tuesday

The benchmark DSEX increased 13.17 points or 5,083 The Shariah-based index DSES added 7.13 points or 1,100, and the blue-chip index DS30 gained by 9.12 points or 1,812.

Of the issues traded, 161 advanced, 168 declined and 66 remained unchanged.

Samata Leather Complex Limited ranked top gainer on DSE, the share price increased by Tk 4.40 paisa or 9.98 percent. On this day, the share was last traded at Tk 48.50 paisa.

Delta Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 2.90 paisa or 3.68 percent. On this day, the share was last traded at Tk 75.80 paisa.

DSE topped on trade is Unilever Consumer Care (Bangladesh) Limited 17 crore 87 lakh takas of company shares have been traded.

A total of 45 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 80 lakh 76 thousand 693 shares of the companies were traded. The financial value of which is 50 crore 38 lakh taka

Share this
Continue Reading

Stocks

Popular Life Insurance announce their Dividends

Published

on

One of the Listed companies, Popular Life Insurance Limited has recommended 37% Cash Dividend for the year ended December 31, 2023.

In terms of financial performance, The Company has also reported Consolidated EPS  of Tk. 3.70 for the year ended December 31, 2023. NAV per share of Tk. 91.20.

The Annual General Meeting (AGM) of the company will be held on September 24, through the digital platform. The record date for this has been fixed at July 25.

Share this
Continue Reading

Stocks

Indices on 3-Day Losing Streak

Published

on

dse indices turnover dhaka stock exchange dhaka bourse share market

Dhaka Stock Exchange DSE, Bourse on the third working day of the week, 11th June, ended with a drop in Indices and hike Turnover from the previous working session. This information is known from DSE sources.

431 crore 64 lakh taka shares were traded on this day. 112 crore 86 lakh more tradings were done in DSE today compared to the previous workday, June 10th, Shares worth Tk 318 crores 78 lakh shares were traded last time, Monday

The benchmark DSEX decreased 35.87 points or 5,070 The Shariah-based index DSES lost 9.87 points or 1,093, and the blue-chip index DS30 lost by 8.72 points or 1,803.

Of the issues traded, 51 advanced, 308 declined and 35 remained unchanged.

Sunlife Insurance Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 7.52 percent. On this day, the share was last traded at Tk 57.20 paisa.

Eastland Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 0.60 paisa or 3.00 percent. On this day, the share was last traded at Tk 19.40 paisa.

DSE topped on trade is Beacon Pharmaceuticals Limited 72 crore 35 lakh takas of company shares have been traded.

A total of 46 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 43 lakh 57 thousand 887 shares of the companies were traded. The financial value of which is 31 crore 81 lakh taka

Share this
Continue Reading