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Asian Markets Dip Amid Profit-Taking Following US Records

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Asian Markets

In Monday’s trading session, most Asian markets witnessed a downturn, despite Tokyo’s Nikkei index reaching new all-time highs following record closures of two of the three main US indices. The recent market surge, fueled by outstanding results from US tech giant Nvidia, prompted investors to engage in profit-taking, leading to a moderation in the impressive rally, analysts noted.

On Friday, Wall Street saw the Dow and the S&P closing at record highs, while the Nasdaq, dominated by tech stocks, experienced a slip, following a notable three-percent surge the day before.

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Rodrigo Catril, National Australia Bank’s senior FX strategist, observed that the advance of Nvidia moderated, and other major tech stocks saw a decline after a robust run driven by artificial intelligence.

Tokyo’s Nikkei index managed to defy the trend, rising by 0.5 percent and surpassing the December 1989 record it had smashed on the previous Friday. However, Chinese shares struggled, with Hong Kong opening higher before losing 0.6 percent, and Shanghai down by 0.4 percent.

Despite the Chinese government expressing intentions to stimulate its economy through “piecemeal incentives” such as boosting sales of cars and home appliances, Asian markets experienced setbacks.

Singapore recorded a 0.9 percent drop, Seoul fell by 0.5 percent, while Bangkok, Jakarta, and Wellington reported declines. Sydney remained relatively flat, and Taipei gained a modest 0.1 percent.

Oil prices continued their descent, extending losses from Friday, as the G7 countries pledged new sanctions against Russia, marking two years since its invasion of Ukraine. Catril highlighted concerns about a lack of demand for crude oil, coupled with uncertainty arising from the new sanctions.

Stephen Innes of SPI Asset Management expressed expectations of a slowdown in the global oil supply throughout the year. He pointed to challenges facing the Chinese economy and the Federal Reserve’s efforts to mitigate inflationary pressures as factors likely to impact global growth and oil demand.

Looking ahead, the upcoming week holds significant indicators, including January Consumer Price Index (CPI) data for Australia and Japan. The week culminates in a “Super Friday” featuring key inflation and manufacturing data releases from both the United States and China, adding to the ongoing market uncertainties.

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Indices Negative Amidst Turnover Hikes

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dse bourse indices turnover dhak stock exchange stock market

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

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National Polymer Announce Their Dividends & Q2 Financials

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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.

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Beacon Pharma Declares Their Dividends

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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.

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