Stocks
Asian markets open higher after US tech gains
Asian markets opened mostly up on Thursday, after higher-than-expected earnings from tech giant Nvidia and as investors weigh Fed minutes signalling most US officials are in no rush to cut rates.
Highly anticipated earnings results from US chip titan Nvidia beat expectations late Wednesday, with the firm reporting a quarterly profit of $12.3 billion on record-high revenue driven by demand for its AI-powering chips.
Following a mixed day on Wall Street, the company announced record revenue of $22.1 billion in the quarter that ended late January and $60.9 billion for the fiscal year.
Analysts say its bumper profits could drive up Asian markets, with Tokyo stocks moving towards a record high on Nvidia’s gains.
“As goes Nvidia, so goes the market,” Kim Forrest, chief investment officer of Bokeh Capital Partners, told Bloomberg.
Its earnings report “does confirm the narrative that AI is going to continue to be strong for the foreseeable future. This narrative supported the markets last year, why wouldn’t it do the same this year?” Forrest added.
Stephen Innes, of SPI Asset Management, said Asian equities were “poised for a potential rise” on Thursday, supported by Nvidia’s gains in after-hours US trading, which saw its shares rise more than eight percent.
The firm’s first-quarter outlook exceeded analysts’ forecasts, he noted.
Hong Kong stocks were down in early trade, while Seoul, Taipei, Bangkok, Manila and Wellington were all up. Shanghai and Sydney were flat.
London was dragged lower Wednesday by HSBC, whose share price plunged more than eight percent after the lender revealed a shock $3-billion impairment on Chinese activities.
Investors were looking to the European Central Bank’s minutes of its most recent meeting on eurozone monetary policy, to be released later Thursday, for clues on when it could start cutting rates.
In the United States, January’s Federal Reserve policy meeting minutes showed that officials had mixed views over the timing of cutting interest rates — but most members were more concerned about moving too early.
Traders will “be glossing over the hawkishly skewed details of the US Federal Reserve’s January meeting”, according to Innes.
“These minutes revealed that policymakers are concerned about the potential risks of cutting interest rates too soon.”
Key figures around 0230 GMT
Tokyo – Nikkei 225: UP 1.4 percent at 38,805.65
Hong Kong – Hang Seng Index: DOWN 0.4 percent at 16,435.80
Shanghai – Composite: FLAT at 2,950.59
Euro/dollar: UP at $1.0822 from $1.0817 on Wednesday
Dollar/yen: UP at 150.38 yen from 150.24 yen
Pound/dollar: UP at $1.2635 from $1.2630
Euro/pound: DOWN at 85.65 pence from 85.67 pence
West Texas Intermediate: FLAT at $77.92 per barrel
Brent North Sea Crude: FLAT at $83.02 per barrel
New York – Dow: UP 0.1 percent at 38,612.24 points (close)
London – FTSE 100: DOWN 0.7 percent at 7,662.51 (close)
Major General Mohammad Quamruzzaman (retd) has stepped down from his role as an independent director of the board of the Dhaka Stock Exchange, citing personal reasons.
He also served as a member of the DSE’s Nomination and Remuneration Committee (NRC).
Quamruzzaman was appointed to the DSE board on 1 September 2024, following the fall of the Awami League-led government. After serving for nearly one year and nine months, he submitted his resignation on Saturday (24 May).
Speaking to Quamruzzaman confirmed his resignation, saying, “Yes, I have resigned as an independent director for personal reasons.”
Md Shafiqur Rahman, Deputy General Manager of Public Relations and Publications at the DSE, said Quamruzzaman submitted a resignation letter mentioning personal reasons behind his decision.
“The DSE board will now take a decision regarding the resignation,” Shafiqur Rahman said.
He also indicated that Quamruzzaman may be planning to join another company, which could have influenced his decision to resign.
Earlier, another independent director of the DSE board, Shahnaz Sultana, also resigned from her position. She was likewise a member of the NRC.
According to the DSE annual report, Shahnaz Sultana is the CEO and Chief Consultant of FINS Alliance Risk Advisory and Consultancy and has served as the Founder and Chairperson of the WE Global Women Foundation since 2020.
The Bangladesh Securities and Exchange Commission (BSEC) has today approved appointment of Ms. Nuzhat Anwar as the new Managing Director of Dhaka Stock Exchange PLC. (DSE).
Ms. Nuzhat Anwar brings over two decades of experience in financial markets, banking, and development finance. Prior to her appointment, she worked at the International Finance Corporation (IFC), the private sector arm of the World Bank Group, where she held multiple senior leadership roles across Africa and South Asia. Her positions included Resident Representative for Liberia and Sierra Leone, Senior Country Officer for Bangladesh covering Bangladesh, Bhutan, and Nepal, and acting Cluster Manager during the COVID-19 pandemic and the subsequent transition period.
Ms. Anwar also served as an IFC Country Officer in Botswana and Namibia, where she played a key role in establishing IFC’s presence in Gaborone and advancing a sustainable investment program, including IFC’s first investment in Botswana. She offers deep expertise in capital management, treasury and liquidity, transaction services, portfolio optimization, and market advocacy. Earlier in her career, she spent 16 years with Citibank Bangladesh and Standard Chartered Bank Bangladesh in various senior management roles.
Ms. Anwar holds a Master’s degree in Commerce (Finance) from the University of Dhaka.
On her appointment as the Managing Director of DSE, the Chairman of the Board of DSE Mr. Mominul Islam said, “We are pleased to receive the approval of BSEC for appointment of Ms. Anwar as the new Managing Director. Over the last one year the NRC and Board of have worked hard to recruit a competent leader as the MD of DSE. We are confident that Ms. Anwar, with her excellent leadership trait, vast experience in the financial sector in home and abroad and deep passion for transformation in the Capital Market of the Country, is the right candidate to lead DSE in the days ahead. Now, we will complete the internal processes to onboard Ms. Anwar at soonest.”
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
