Stocks
Mixed Performance in Asian Markets Amidst Tech Earnings Anticipation
Asian markets experienced mixed performances on Wednesday, following US losses, as investors eagerly awaited a key tech earnings report and minutes from the Fed policy meeting later in the day.
The Nasdaq, a tech-heavy index, dropped nearly one percent in US trading on Tuesday ahead of chip giant Nvidia’s highly anticipated results. Analysts consider Nvidia’s performance a significant macroeconomic indicator and a key signal for the artificial intelligence (AI) sector’s health.
Despite a 4 percent decline in Nvidia’s shares on Tuesday, the stock remains significantly higher since the year’s beginning, reflecting the market’s enthusiasm for AI-related companies.
US and European equities, buoyed by expectations of interest rate cuts and strong tech earnings, particularly in AI, have consistently set record highs in recent months.
Analysts are closely monitoring Nvidia’s results, considering its growing influence on the bullish stock narrative, key tech companies, and broader indexes.
In Hong Kong and mainland China, shares initially opened lower in response to Wall Street losses but rebounded about an hour later, with the Hang Seng Index rising approximately 1.8 percent.
The positive movement followed China’s central bank’s announcement of a significant reduction in the five-year loan prime rate used to price mortgages, from 4.2 to 3.95 percent.
However, some analysts remain cautious, waiting for more substantial measures from Beijing to support China’s economy and its struggling property sector.
Sydney, Seoul, Taipei, Bangkok, Manila, Jakarta, and Kuala Lumpur recorded losses, while Japanese stocks were also lower, influenced by Nvidia’s slump.
Despite recent losses in Tokyo, hedge funds are reportedly optimistic about Japan this year, anticipating a shift in the central bank’s policy of nearly a decade-long negative rates.
Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 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 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
