Stocks
Asian Markets Surge in Anticipation of US Inflation Data Impact
Investors in Asian markets witnessed a positive trend on Thursday, anticipating the release of crucial US inflation data, which could influence the Federal Reserve’s decisions on interest rate cuts. The optimism followed Wall Street gains, particularly in the tech sector after a slow start to the year, and ahead of the corporate earnings season. Bitcoin experienced a minor dip following a brief rally, fueled by the approval of several cryptocurrency exchange-traded funds (ETFs) by US authorities. Analysts highlighted the significance of the upcoming consumer price index (CPI) reading, with expectations of falling inflation. However, concerns were raised about potential equity sell-offs in the event of an unexpected upside miss in the CPI.
Dealers faced challenges at the start of the year as the previous rally tapered off, with uncertainties regarding the anticipation of a rate cut by March. Matt Eagan of Loomis, Sayles & Co. expressed expectations of the CPI aligning with consensus, projecting headline inflation to bottom below three percent. New York Fed boss John Williams indicated confidence in rates addressing inflation but emphasized the need for a restrictive policy stance to achieve goals over time.
On Wall Street, all three main indexes experienced gains, driven by tech giants like Amazon, Microsoft, and Alphabet, which had a lackluster start in 2024. In Asia, markets enjoyed a positive day, particularly in Tokyo, reaching a fresh 34-year high, fueled by a weak yen benefiting exporters. Other markets in Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Manila, and Jakarta also saw notable increases.
Bitcoin maintained a value around $46,600, following a brief surge above $47,700 due to the Securities and Exchange Commission’s approval of ETF trading for 11 cryptocurrency funds on major exchanges. Analysts noted that the market response was muted as the decision had largely been factored in over recent weeks. ETFs, allowing exposure to asset price movements without direct ownership, were highlighted as significant.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
