Stocks
Asian Markets Tread Lightly Amidst Lackluster Consumer Confidence
Asian markets showed limited movement on Wednesday following the release of uninspiring consumer confidence data. The subdued sentiment was influenced by statements from US Federal Reserve officials and upcoming economic indicators.
On Tuesday, global stocks mostly gained ground, despite reports indicating a lack of optimism among consumers in the US and Germany. The Conference Board revealed a larger-than-expected decline in US consumer confidence for February, highlighting concerns about the labor market and the political environment. In Germany, consumer outlook remained pessimistic, and intentions for significant purchases showed little change from the previous month, as reported by pollster GfK.
US stocks closed with minimal changes on Tuesday, with investors awaiting crucial economic data, including the Federal Reserve’s preferred inflation gauge. The US Personal Consumption Expenditure (PCE) price index, along with consumer income and initial jobless claims data, is scheduled for release on Thursday.
Investors are closely monitoring comments from three Fed officials later on Wednesday, seeking insights into the central bank’s stance on rate cuts. Anticipations for US interest rate reductions have shifted to later in the year due to hotter-than-expected inflation data and policymakers requiring further evidence of progress toward their 2.0 percent inflation target.
Despite a recent chorus of officials expressing concerns, Fed governor Michelle Bowman stated that she expects inflation to decrease while keeping rates unchanged. She emphasized that it is premature to consider rate reductions.
In the Asian markets, Tokyo stocks opened flat, reflecting mixed performance in US shares. Speculation arose among analysts about a potential interest rate hike by the Bank of Japan in April or even sooner, following better-than-expected Japanese consumer inflation data.
Shanghai experienced a positive opening, and other markets such as Seoul, Wellington, Mumbai, Jakarta, and Manila also traded higher. However, Hong Kong, Sydney, Taipei, Singapore, Bangkok, and Kuala Lumpur faced declines.
G20 finance ministers and central bank heads are convening in Brazil to address challenges to the global economy, including conflicts in Ukraine and Gaza, threatening its nascent recovery. Investor attention is expected to shift to Chinese manufacturing data on Friday.
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
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.
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.
