Stocks
Asian markets track Wall St record ahead of Nvidia results, Fed minutes
Asian investors fought Wednesday to revive a recent rally across markets as they turned their focus on the release later in the day of earnings from US tech darling Nvidia.
Record closes for the S&P 500 and Nasdaq provided a little inspiration, even with few catalysts to drive buying, with minutes from the Federal Reserve’s May policy decision possibly giving an insight into officials’ thinking with regard to interest rates.
A slowdown in US inflation and China’s announcement last week of plans to support its crucial but battered property sector have helped propel equities but, with that euphoria petering out, traders are taking a breather.
The next major driver could be the results from Nvidia — the third-largest US company by market capitalisation — which is being seen as a gauge of overall market sentiment.
The chip-making giant’s stock price has rocketed in recent years — its shares are up around 90 percent in 2024 — with the high-end processors prized by firms looking to get ahead in the booming artificial intelligence sector.
However, there is a worry that the figures do not match sky-high expectations, which some observers say could spark a hefty sell-off, particularly among market-heavyweight tech firms.
After the previous day’s retreat, most Asian markets rose Wednesday, with Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta all in positive territory. Tokyo fell, however.
Investors are also looking forward to getting an eye on the minutes from the Fed’s May 1 rate decision, which will be pored over for an idea about the thought process as decision-makers considered three straight months of above-forecast consumer inflation data.
While the April reading on prices showed a slowdown, a number of central bank officials are reluctant to begin cutting too early.
Fed governor Christopher Waller said he wanted to see “several” months of additional data, while Atlanta boss Raphael Bostic warned that “one number is not a trend” and he did not see a reduction before the fourth quarter.
Bostic’s comments were echoed by his Cleveland and Boston counterparts Loretta Mester and Susan Collins.
“I think this is a moment or a period when patience really matters,” Collins said. “I think the data has been very mixed
“It’s going to take longer than I had previously thought.”
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: DOWN 0.6 percent at 38,719.35 (break)
Hong Kong – Hang Seng Index: UP 0.4 percent at 19,303.62
Shanghai – Composite: UP 0.2 percent at 3,164.06
Dollar/yen: UP at 156.24 yen from 156.18 yen on Tuesday
Euro/dollar: UP at $1.0862 from $1.0858
Pound/dollar: UP at $1.2722 from $1.2708
Euro/pound: DOWN at 85.39 from 85.41 pence
West Texas Intermediate: DOWN 0.7 percent at $78.08 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $82.33 per barrel
New York – Dow: UP 0.2 percent at 39,872.99 (close)
London – FTSE 100: DOWN 0.1 percent at 8,416.45 (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
