Stocks
Bashundhara not allowed to raise commodity exchange
Bashundhara Group – one of the leading conglomerates in Bangladesh – has been denied permission by the market regulator to establish a private commodity exchange.
In May this year, ABG Limited – a newly formed company of the group – applied to the Bangladesh Securities and Exchange Commission (BSEC) seeking its permission to set up ABG Commodity Exchange (ABGEX).
In mid-September, the BSEC decided not to allow the conglomerate to move forward with its plan.
“As we already have two stock exchanges in the country, we will not give permission to establish a commodity exchange in the private sector,” BSEC Chairman Professor Shibli Rubayat-Ul-Islam told the news media.
“Either Dhaka or Chattogram stock exchange will set up a commodity exchange. We have already asked the Chittagong Stock Exchange (CSE) to start working to this end.”
In October last year, the port city bourse secured BSEC’s nod to establish and operate a commodity exchange, which is the first ever of its kind in the country.
Later, the CSE and Multi Commodity Exchange (MCX) signed an agreement to establish automated and structured commodity exchange in Bangladesh.
The CSE is working to launch the platform with a number of products.
A commodity exchange is an organized marketplace where buyers and sellers come together to purchase and sell enforceable contracts to deliver a commodity such as wheat, gold, or cotton or a financial instrument such as foreign currencies at some future date.
Earlier, in March this year, the Bashundhara Group applied to the commerce ministry to set up a private marketplace featuring barter, auction, warehousing, and securities transactions alongside regular B2B and B2P trading of all kinds of goods.
The group applied for seeking approval for its global marketplace named “ABG Marketplace”.
ABG Limited is also keen to become a strategic partner of the CSE. After getting the proposal, the stock market regulator and the CSE are working on the proposal.
The company will buy 25pc shares of the CSE as a strategic partner, according to sources.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
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