Stocks
BSEC Chairman Encourages German Investment in Bangladesh’s Thriving Economy
In the realm of Bangladesh’s economy, Professor Shibali Rubayat-Ul-Islam, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), has extended an invitation to German entrepreneurs to invest in the country. This call to action was made during the “The Rise of Bengal Tiger: Bangladesh-France Trade and Investment Summit,” held at a hotel in Berlin on Monday, October 30. The event, jointly organized by BSEC and the Bangladesh Investment Development Authority (BIDA), featured special guest Salman F. Rahman, the Prime Minister’s Advisor on Industry and Private Investment.
At the event, Bangladesh’s Ambassador to Germany, Md. Mosharraf Hossain Bhuiya, and Dr. Volker Treier, the Chief Executive of the Foreign Trade and Member of the Executive Board, also delivered speeches. Professor Shibali Rubayat-Ul-Islam highlighted the existing trade ties between Bangladesh and Germany, focusing on the import of various products from both countries. Notably, Bangladesh frequently imports various machinery and industrial products from Germany, further strengthening their economic collaboration.
Moreover, Professor Shibali Rubayat-Ul-Islam emphasized that both Bangladesh and Germany are actively working together in various sectors, including education and culture. Eight German NGOs currently operate in Bangladesh, overseeing their programs in the country. Additionally, numerous German businesses are already engaged in trade activities within Bangladesh.
The Chairman of BSEC also mentioned how Bangladesh, at one time, was a cement-importing nation but has now transitioned into a cement-exporting country. Currently, 37 companies are involved in the cement sector, producing 58 million metric tons of cement to meet the demand of 33 million metric tons, allowing for profitable exports.
Professor Shibali Rubayat-Ul-Islam concluded his appeal by emphasizing that German investors have an opportunity to invest in Bangladesh without facing the complexities of prior approvals, thanks to investment-friendly government policies and taxation regulations. This paves the way for profitable investments in Bangladesh, offering a win-win scenario for both nations.
One of the Listed companies, AB Bank PLC has recommended 2% Bonus Dividend for the year ended December 31, 2023.
In terms of financial performance, The Company has also reported Consolidated EPS of Tk. 1.02 for the year ended December 31, 2023. NAV per share of Tk. 29.58 paisa.
The Annual General Meeting (AGM) of the company will be held on June 12, through the digital platform. The record date for this has been fixed at May 26.
Q1 Financials: The company’s Consolidated earnings per share EPS was Tk. 0.12 for January – March 2024 as against Consolidated EPS of Tk 0.13 (restated) for January – March 2023. As of March 31, 2024, Consolidated net asset value (NAVPS) was Tk 29.67 paisa.
The review of the U.S. stock markets highlights a mixed performance across different indices during the week. While the Nasdaq Composite recorded a significant hike, reaching a closing value of 16,156 points, the S&P 500 index showed a negative trend despite adding 28 points.
Conversely, the DJIA Index experienced a notable hike, concluding at 38,675 points after a week of gains. The Russell 3000 Index saw a modest gain, while the Russell 2000 Index demonstrated a notable increase. Overall, the week witnessed varied movements in the stock market, with certain indices showing resilience and others experiencing fluctuations.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 229 points, reaching a closing value of 16,156 points by the end of the week. Similarly, the S&P 500 index showed a negative trend, adding 28 points to settle at 5,127 points. Meanwhile, DJIA Index experienced a notable hike, adding 436 points during the week and concluding at 38,675 points after a week of gain.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 18 points to reach 2,934 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable gain of 33 points, ending the week at 2,035 points.
In the Outgoing week, the European stock market displayed a 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 slight drops of 2.45 points to close at 505.53.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant surge, adding 74 points or finishing the session at 8,213.
In Germany, the DAX 30 index, losing by 160 points to reach 18,001, while France’s CAC 40 decreased by 131 points to stop at 7,957 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 620 points to 33,629. However, Spain’s IBEX 35, fell by 300 points, to close at 10,854.
