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Bangladesh’s Stock Market is the Key Investment Hub, Says DSE Chairman

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Dr. Hafiz Muhammad Hasan Babu, the Chairman of the Dhaka Stock Exchange (DSE), has emphasized the significance of the capital market in Bangladesh, highlighting the pivotal role played by the stock exchange, particularly in attracting investments. He stressed that the DSE is a crucial player in the country’s financial landscape, with a market capitalization of nearly $80 billion. Dr. Babu also discussed the potential for investment in innovative projects and initiatives in Bangladesh, aligning with the vision of a “Smart Bangladesh,” which is vital for the nation’s economic development.

In a meeting on Friday, November 3rd, Dr. Babu shared his views with Mr. Vincent Van Dessel, Chairman of Euronext Brussels, during their discussion in Belgium, reaffirming the importance of the DSE and its alignment with Bangladesh’s progressive economic policies, the government’s multifaceted development plans, and the transition from a Digital Bangladesh to a Smart Bangladesh. He also highlighted opportunities for foreign and expatriate Bangladeshi investors in the country’s stock market.

During their meeting, the DSE and Euronext Brussels discussed a memorandum of understanding (MoU) on mutual cooperation and collaboration, further solidifying their relationship.

From October 21st to November 4th, the DSE delegation, led by Chairman Dr. Babu, participated in “The Rise of Bengal Tiger: Potentials of Trade and Investment in Bangladesh,” a roadshow held in France, Germany, and Belgium. The eight-member delegation included Professor Abdullah Al Mahmud, Director of DSE, along with other representatives, such as Mohammad Afzal Hossain, Mohammad Shakil Rizvi, Sharif Anowar Hossain, Dr. ATM Tarikuzzaman, DSE Managing Director, Sattique Ahmed Shah, Chief Financial Officer, and Muhammad Asadur Rahman, the Company Secretary.

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NRB Bank Set to Debut on DSE in ‘N’ Category from Tomorrow

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NRB Bank is gearing up for its trading debut on Tuesday, February 27, listed under the “N” category on the Dhaka Stock Exchange (DSE). The trading code assigned to the company is “NRBBANK,” as announced by the Dhaka bourse.

In the initial public offering (IPO) phase, general investors were allotted 255 shares each, while non-resident Bangladeshis (NRBs) received 209 shares against a Tk10,000 deposit. The DSE distributed the IPO shares on a pro-rata basis.

The IPO witnessed significant oversubscription, reaching 3.61 times, according to a DSE press release. Approval from the Bangladesh Securities and Exchange Commission (BSEC) for the bank’s plan to raise Tk100 crore through issuing new shares at Tk10 each was granted on November 9.

Allocating the funds raised, the bank plans to invest Tk92 crore in government securities, Tk4.17 crore in the secondary market, and Tk3.83 crore to cover IPO expenses.

As of the financial report spanning January to September 2023, NRB Bank reported a consolidated net profit after tax of Tk16 crore, with earnings per share at Tk0.27. This was a notable decrease from Tk55 crore and Tk0.94, respectively, in 2022. The net asset value per share stood at Tk12.72 as of September 30, 2023.

The bank’s non-performing loan (NPL) ratio was reported at 6.10% of the total outstanding as of September 2023, compared to 3.22% a year ago. Established in 2013, NRB Bank offers a diverse range of products and services in retail banking, SME banking, NRB banking, corporate banking, and e-banking.

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Asian Markets Dip Amid Profit-Taking Following US Records

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In Monday’s trading session, most Asian markets witnessed a downturn, despite Tokyo’s Nikkei index reaching new all-time highs following record closures of two of the three main US indices. The recent market surge, fueled by outstanding results from US tech giant Nvidia, prompted investors to engage in profit-taking, leading to a moderation in the impressive rally, analysts noted.

On Friday, Wall Street saw the Dow and the S&P closing at record highs, while the Nasdaq, dominated by tech stocks, experienced a slip, following a notable three-percent surge the day before.

Rodrigo Catril, National Australia Bank’s senior FX strategist, observed that the advance of Nvidia moderated, and other major tech stocks saw a decline after a robust run driven by artificial intelligence.

Tokyo’s Nikkei index managed to defy the trend, rising by 0.5 percent and surpassing the December 1989 record it had smashed on the previous Friday. However, Chinese shares struggled, with Hong Kong opening higher before losing 0.6 percent, and Shanghai down by 0.4 percent.

Despite the Chinese government expressing intentions to stimulate its economy through “piecemeal incentives” such as boosting sales of cars and home appliances, Asian markets experienced setbacks.

Singapore recorded a 0.9 percent drop, Seoul fell by 0.5 percent, while Bangkok, Jakarta, and Wellington reported declines. Sydney remained relatively flat, and Taipei gained a modest 0.1 percent.

Oil prices continued their descent, extending losses from Friday, as the G7 countries pledged new sanctions against Russia, marking two years since its invasion of Ukraine. Catril highlighted concerns about a lack of demand for crude oil, coupled with uncertainty arising from the new sanctions.

Stephen Innes of SPI Asset Management expressed expectations of a slowdown in the global oil supply throughout the year. He pointed to challenges facing the Chinese economy and the Federal Reserve’s efforts to mitigate inflationary pressures as factors likely to impact global growth and oil demand.

Looking ahead, the upcoming week holds significant indicators, including January Consumer Price Index (CPI) data for Australia and Japan. The week culminates in a “Super Friday” featuring key inflation and manufacturing data releases from both the United States and China, adding to the ongoing market uncertainties.

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Rollercoaster Ride for Index Values results Mixed Performance

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Dhaka Stock Exchange DSE, Bourse on the first working day of the week, February 25, ended with price Index mixed & turnover drops. This information is known from DSE sources.

804 crore 98 lakh taka shares were traded on this day. 57 crore 19 lakh less tradings were done in DSE today compared to the previous workday, 22 February, Shares worth Tk  862 crores 18 lakh shares were traded last time, Thursday.

The benchmark DSEX lost 14.32 points or 6,259 The Shariah-based index DSES gained 2.03 points or 1,362, and the blue-chip index DS30 decreased by 2.30 points or 2,137.

Of the issues traded, 96 advanced, 243 declined and 56 remained unchanged.

Bangladesh Monospool Paper Manufacturing Co. Limited ranked top gainer on DSE, the share price increased by Tk 18.30 paisa or 9.98 percent. On this day, the share was last traded at Tk 201.60 paisa.

EBL 1st Mutual Fund ranked top loser on the DSE, the share price dropped by Tk 0.50 paisa or 7.81 percent. On this day, the share was last traded at Tk 5.90 paisa.

DSE topped on trade is Best Holdings Limited 39 crore 8 lakh takas of shares of the company have been traded.

A total of 35 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 62 lakh 58 thousand 465 shares of the companies were traded. The financial value of which is 38 crore 89 lakh taka

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