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Bashundhara not allowed to raise commodity exchange

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Bashundhara

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.

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Weekly U.S. Stock Market Reports Diverse Performance

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Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 555 points, reaching a closing value of 17,688 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 85 point to settle at 5,431 points. Meanwhile, DJIA Index experienced a notable drop, losing 209 points during the week and concluding at 38,589 points after a week of gaining.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 40 points to reach 3,077 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable drop of 20 point, ending the week at 2,006 points.

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Weekly European Stocks Shows Negative Result

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In the Outgoing week, the European stock market displayed a massive losing performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a drop of 12.5 points to close at 511.05.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 99 points or finishing the session at 8,146.

In Germany, the DAX 30 index, lost by 555 points to reach 18,002, while France’s CAC 498 decreased by 9 points to stop at 7,503 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,995 points to 32,665. However, Spain’s IBEX 35, added by 412 points, to close at 10,992.

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South Asian Stocks Reports Gaining Performance in Recent Week

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A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 299 points during the week. At the end of the week, the index stood at 76,992 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 175 points last week. At the end of the week, the index stood at 23,465 points.

Pakistan Stock Exchange Index ‘KSE 100’, shed 2,926 points last week. After a week of losing, the index settled at 76,742 points.

On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ increased by 208 points in a week. After a week the index settled at 12,314 points.

Bhutan’s stock market index ‘BSI’ added 68 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ gain 35 points, therefore the index stands at 2,112 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 119.51 points or 2.28 percent, in the outgoing week. At the end of the week, the index stands at 5,117 points.

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