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BSEC Investigates Unprecedented Surge in Khulna Printing’s Share Price

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The share price of Khulna Printing & Packaging Limited, a non-operational entity under the Lockpur Group, has surged by an astonishing 260% in two months following the return of the group’s owner, SM Amzad Hossain. Hossain, who also served as the former chairman of South Bangla Agriculture and Commerce Bank, had fled the country in 2021 amidst misappropriation of funds, despite an imposed travel ban by the Anti-Corruption Commission (ACC). After his return in October this year, Khulna Printing’s share price soared, reaching Tk33 apiece in early December. The Bangladesh Securities and Exchange Commission (BSEC) is investigating the unusual surge, with market insiders attributing the rise to rumors of ownership changes and the factory’s potential reopening.

In response to the surge, Mohammad Rezaul Karim, executive director of BSEC, stated that the commission has directed the Dhaka Stock Exchange to investigate and will take necessary action based on the findings. Rumors about changes in ownership and a possible reopening of the factory have contributed to the abnormal increase in share prices, while cautious investors show interest in small-cap stocks.

SM Amzad Hossain, the Chairman of Khulna Printing, clarified that the company had to cease operations due to frozen bank accounts, and efforts are underway to unfreeze accounts for group-wide operations. Following a court order, 933 bank accounts linked to Hossain were frozen on embezzlement charges, affecting operations across various companies.

Khulna Printing, which raised Tk40 crore from the stock market in 2014, has faced financial challenges, incurring losses for five consecutive years till the fiscal year 2021-22. Despite the recent surge in share prices, financial statements and ACC probes indicate concerns about the company’s true business situation.

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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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