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Bangladesh Eyes EU Trade Links for Economic Growth

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BSEC EU Bangladesh

Bangladesh Seeks Investment and Trade Partnership with European Union, says BSEC Chairman Professor Shibli-Rubayat-Ul-Islam.

In a recent summit held in Brussels, Belgium, titled “The Rise of the Bengal Tiger: Potentials of Trade and Investment in Bangladesh and the EU Countries,” Professor Shibli Rubayat-Ul-Islam, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), emphasized the importance of establishing a trade and investment partnership with the European Union (EU). The summit, organized in collaboration with the Bangladesh Securities and Exchange Commission and the Bangladesh Investment Development Authority, aimed to foster bilateral economic ties between Bangladesh and Belgium, as well as other EU member states.

Prof. Shibli Rubayat-Ul-Islam delivered a presentation titled “Fifty Years of Bangladesh: The Rise of the Bengal Tiger” at the summit. He highlighted the strategic and convenient position of Bangladesh in South Asia and the potential opportunities for its young and vibrant workforce. Furthermore, he discussed various aspects of Bangladesh’s recent economic development, including its impressive economic growth, poverty reduction, improvements in child mortality rates, increased food production, women’s participation in the workforce, demographic dividend, skilled labor force, and political stability.

Prime Minister Sheikh Hasina’s video message was screened at the summit. In a video message, Sheikh Hasina thanked everyone who participated in the summit organized jointly by BSEC and BIDA. He mentioned Bangladesh’s cordial bilateral relations and cooperation with Belgium and the European Union.

He highlighted various aspects of the economic and infrastructural development of Bangladesh in recent times. He said that Bangladesh has become a 465 billion dollar economy from a 70 billion dollar economy in just 15 years and Bangladesh is on the way to become a developed smart country with a trillion dollar economy.

The BSEC Chairman outlined the favorable aspects of investing in Bangladesh and encouraged the European Union to be part of Bangladesh’s journey toward becoming a smarter nation. He stressed that Bangladesh is well-positioned to become a hub for trade and commerce, with a rapidly growing trade volume.

During the summit, a panel discussion titled “Trade and Investment Opportunities in Bangladesh” took place. Among the panelists were Ambassador Mahbub Hasan Saleh, Bangladesh’s Ambassador to Belgium, Luxembourg, and the European Union; Mohammed Mokammel Hossain, Secretary of the Ministry of Civil Aviation and Tourism; AKM Nurul Fazal Bulbul, Vice Chairman of the Central Depository Bangladesh Limited (CDBL); and Shaikh Yusuf Harun, Managing Director of Bangladesh Economic Zones Authority (BEZA).

Notably, as part of an ongoing initiative to promote Bangladesh as an attractive destination for foreign investment, the “Bangladesh Investment Summit” is being organized in various countries worldwide. The Brussels summit showcased the continuity of this approach and highlighted the unique opportunities that Bangladesh offers to investors and businesses from Belgium and EU member states.

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

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NRB Bank

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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Asian Markets

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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index turnover dse bourse

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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