Stocks
DSE indices weekly gains
DSEX, the broad index of the Dhaka Stock Exchange (DSE), progressed 57 points or 0.9pc in the exchanging week from 2 October to 6 October, although stocks were traded in four days as the market was closed one day due to a government holiday.
On a daily basis, the average turnover decreased by 9.7pc to Tk1,319.54 crore last week from Tk1,461.23 crore in the previous week.
Hence, the total market capitalization increased by 0.34pc to Tk5,21,676 crore.
In the week before last, the equity indices on the DSE encountered corrections as investors decided to realize profits from the recently rallied stocks and stay on the sidelines ahead of upcoming earnings declarations.
“The indices of the DSE marked steady gains throughout the week as investors looked out for particular sector-specific stocks with the expectation of quick gains, while a majority of stocks were stuck at the floor prices without potential buyers, gradually reducing the turnover in the market,” says EBL Securities in a weekly comment.
“Moreover, recent disclosures regarding declining export and remittance inflows along with a widening trade deficit have soared the investors’ concerns regarding the market outlook, prompting them to stay watchful on the trading floor,” reads the report.
Investors were active primarily in the pharmaceutical & chemicals sector, which contributed 18pc to the total turnover, followed by the engineering sector contributing 16.7pc, and the miscellaneous sector adding 15.2pc.
The jute sector led the highest sectoral gain with 5.5pc, while the travel sector showed the highest correction of 3.4pc.
At the end of the week, the average price-to-earnings (PE) ratio on the DSE stood at 14.98, which was 0.5pc higher than 14.91 a week ago.
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.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
You must be logged in to post a comment Login