Stocks
BSEC Eases Rules on Intraco Refueling Shares
The securities regulator has shortened the lock-in period for Intraco Refueling Station’s convertible shares, set to be converted from Intraco Refueling Convertible Bonds. The Bangladesh Securities and Exchange Commission (BSEC) has reduced the lock-in period to two years, applicable to shares obtained through private placement, sponsors, and directors. Previously, the BSEC had approved the issuance of a Tk50 crore convertible bond by the company.
According to the BSEC, a key condition for the bond issuance is that converted shares held by general investors will be lock-in free. The funds raised from this initiative will be allocated for establishing five LPG auto gas stations, five mother-daughter CNG stations, three CNG filling stations, and 40% for working capital.
In December of the previous year, Intraco commenced the supply of natural gas in CNG form from Bhola to various industries in Dhaka and nearby regions. The initial supply is around 5 million cubic feet per day, primarily targeting factories in Gazipur and surrounding areas where piped-gas pressure is low. Industries will be charged Tk47.60 per unit of gas, higher than the current industrial gas rate of Tk30 per unit. Intraco is set to receive Tk30.50 per unit for retailing the gas. The contract stipulates an initial supply of 5mmcfd, gradually increasing to 25mmcfd.
As of November 30, 2023, the company’s share distribution includes sponsors and directors holding 30.06%, institutions holding 14.63%, foreign investors holding 0.04%, and the general public holding 55.27% of the shares. The closing share price on the Dhaka stock exchange was Tk41.10 on Sunday.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent loss of 1,023 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, losing 240 points to settle at 5,408 points. Meanwhile, DJIA Index experienced a notable hike, adding 1,218 points during the week and concluding at 40,345 points after a week of gaining.
In contrast, Russell 3000 Index saw a loss in week performance, with a slight drop of 141 point to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 126 points, ending the week at 2,091 points.
In the Outgoing week, the European stock market displayed a mixed 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 loss of 18.49 points to close at 506.56.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 195 points or finishing the session at 8,181.
In Germany, the DAX 30 index, added by 605 points to reach 18,301, while France’s CAC 40 decreased by 278 points to stop at 7,352 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 1,081 points to 33,291. However, Spain’s IBEX 35, lost by 228 points, to close at 11,173.
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has lost 1,182 points during the week. At the end of the week, the index stood at 82,365 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 383 points last week. At the end of the week, the index stood at 24,852 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 459 points last week. After a week of losing, the index settled at 79,002 points.
On the other hand, The Sri Lankan stock market index loss, and the Colombo Stock Exchange index ‘ASPI’ decreased by 94 points in a week. After a week the index settled at 10,775 points.
Bhutan’s stock market index ‘BSI’ dropped by 9 points hence the index stood at 1,500 points throughout the whole week. Nepal’s ‘NEPSE’ lost 22 points, therefore the index stands at 2,727 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 75.77 points or 1.31 percent, in the outgoing week. At the end of the week, the index stands at 5,728 points.
