Stocks
CSE Chief Visits QME for Market Collaboration
Asif Ibrahim, Chairman of the Chittagong Stock Exchange PLC (CSE), visited the Qianhai Mercantile Exchange (QME) in Guangdong, China today (May 22). During his visit, Ibrahim engaged in fruitful discussions with the top management of QME regarding future collaboration aimed at developing Bangladesh’s Commodity Derivatives Markets.
The discussions focused on several key areas including consultancy services, business cooperation, information technology support, and buyer-seller assistance to establish an efficient commodity derivatives market in Bangladesh. This collaboration aims to leverage the expertise and infrastructure of QME to enhance the trading environment in Bangladesh.
Qianhai Mercantile Exchange (QME) is a physical commodities trading platform initiated by Hong Kong Exchanges and Clearing Limited (HKEX Group), with HKEX and Qianhai Financial Holdings as joint shareholders. Located in Shekou, Qianhai, Pilot Free Trade Zone, Guangdong, China, QME officially launched on 19 October 2018, starting with alumina trading. The initial trade saw 3,000 tonnes of alumina transacted between Chalco Trade and Xiemen Xiangyu at a price of 3,030 yuan per tonne, establishing the first benchmark pricing of physical alumina in the Mainland market based on actual transactions.
QME aims to create a standardized asset framework that connects entities with the financial market through technology, cross-border cooperation, and finance, offering practical solutions to the financing challenges faced by physical enterprises.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 555 points, reaching a closing value of 17,688 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 85 point to settle at 5,431 points. Meanwhile, DJIA Index experienced a notable drop, losing 209 points during the week and concluding at 38,589 points after a week of gaining.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 40 points to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable drop of 20 point, ending the week at 2,006 points.
In the Outgoing week, the European stock market displayed a massive losing performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a drop of 12.5 points to close at 511.05.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 99 points or finishing the session at 8,146.
In Germany, the DAX 30 index, lost by 555 points to reach 18,002, while France’s CAC 498 decreased by 9 points to stop at 7,503 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,995 points to 32,665. However, Spain’s IBEX 35, added by 412 points, to close at 10,992.
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 299 points during the week. At the end of the week, the index stood at 76,992 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 175 points last week. At the end of the week, the index stood at 23,465 points.
Pakistan Stock Exchange Index ‘KSE 100’, shed 2,926 points last week. After a week of losing, the index settled at 76,742 points.
On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ increased by 208 points in a week. After a week the index settled at 12,314 points.
Bhutan’s stock market index ‘BSI’ added 68 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ gain 35 points, therefore the index stands at 2,112 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 119.51 points or 2.28 percent, in the outgoing week. At the end of the week, the index stands at 5,117 points.
