Stocks
U.S. Stock Indices in the Green on the Recent Week
The major U.S. stock indexes experienced gains, recovering from the declines observed the previous week, which had interrupted a streak of nine consecutive positive weeks at the end of 2023. As of the Friday close, the S&P 500 was nearly 0.3% away from the record closing high it established on January 3, 2022.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent gain of 448 points, reaching a closing value of 14,972 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, adding 86 points to settle at 4,788 points. Meanwhile, DJIA Index experienced a notable hike, gaining by 126 points during the week and concluding at 37,592 points after a week of gain.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight gain of 46 points to reach 2,745 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable drop of 1 point, ending the week at 1,950 points.
One of the Listed companies, Eastern Housing Ltd. has recommended 19% Cash dividend for General Public for the year ended June 30, 2024.
It has reported Consolidated EPS loss of Tk 6.04 paisa, and Consolidated NAV per share loss of Tk. 83.62 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on Ocotober 30, through the digital platform. The record date for this has been fixed at October 3.
Stocks
BSEC Orders Investigation Into Salman, S Alam Group Over Stock Market Scandal & Other Allegations
The Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation into Salman F Rahman, former private industry and investment adviser to the deposed prime minister, and other members of his family, as well as companies under his control. The investigation relates to allegations surrounding the stock market scandal and other accusations. The BSEC has also instructed an inquiry into whether any irregularities have occurred in the capital market involving activities of Saiful Alam, chairman of S Alam Group, his wife, son-in-law, relatives, and companies under his control.
This directive was issued in an order signed by Md Mahmudul Haque, director of BSEC, on Monday (9 September).
According to sources, BSEC has formed a four-member investigation committee to probe the allegations against Salman F Rahman and S Alam. The appointed officials include BSEC Director Mohammad Abul Hasan, Additional Director Md Nazrul Islam, Assistant Director Amit Kumar Saha, and Towhidul Islam Saddam.
The investigation committee has been instructed to submit its report to the commission within 60 working days.
The investigation was prompted by a report published in Prothom Alo on 14 August, which detailed allegations of irregularities involving Salman F Rahman and S Alam Group.
The Prothom Alo report mentioned that Salman F Rahman had been known as a top defaulter since the 1980s. His name surfaced during the 1996 stock market scandal. However, after the Awami League government came to power in 2009, companies under the Beximco Group, owned by Salman F Rahman, were removed from the defaulter’s list by receiving special privileges. In 2011, following another stock market scandal, an investigation committee led by Khondker Ibrahim Khaled pointed to Salman F Rahman’s influence on the regulatory body.
The report also noted that S Alam Group, a close ally of the recently ousted Awami League government, took control of Islami Bank Bangladesh PLC in 2017 through a political decision. Since then, nearly Tk50,000 crore has reportedly been siphoned off from the bank by S Alam Group and its affiliates, including Nabil Group from Rajshahi, under various aliases. This amount represents about one-third of the bank’s total loans. Officials believe that the actual amount of funds misappropriated could be higher than the reported figures.
The report alleged that funds were withdrawn from Islami Bank Bangladesh PLC under the names of S Alam Group’s chairman Saiful Alam, his wife, son-in-law, relatives, and several employees. Consequently, BSEC has also decided to launch an investigation into them.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 9th September, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
621 crore 35 lakh taka shares were traded on this day. 57 crore 46 lakh less tradings were done in DSE today compared to the previous workday, 5th September, Shares worth Tk 678 crores 20 lakh shares were traded last time, Thursday.
The benchmark DSEX dropped 49.76 points or 5,629 The Shariah-based index DSES lost 6.27 points or 1,215 and the blue-chip index DS30 decreased by 7.67 points or 2,092.
Of the issues traded, 64 advanced, 289 declined and 44 remained unchanged.
Miracle Industries PLC ranked top gainer on DSE, the share price increased by Tk 2.80 paisa or 9.93 percent. On this day, the share was last traded at Tk 31.00 paisa.
Rupali Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 10.70 paisa or 9.94 percent. On this day, the share was last traded at Tk 97.00 paisa.
DSE topped on trade is Linde Bangladesh Limited 32 crore 32 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 40 lakh 42 thousand 530 shares of the companies were traded. The financial value of which is 25 crore 93 lakh taka.
