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Bank Asia to Issue Tk800cr Bond

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Bank Asia PLC, a leading private sector bank, has announced plans to issue a Tk800 crore bond to strengthen its capital base through private placement. This floating rate non-convertible subordinated bond, intended to raise regulatory capital (Tier-2), aims to help the bank meet its Basel-III requirements.

The decision was approved by the board of directors during a meeting on June 4, as disclosed in stock exchanges on Wednesday, June 5. The seven-year term bonds are subject to approval from the Bangladesh Securities and Exchange Commission (BSEC) and the Bangladesh Bank.

Subordinated bonds, primarily issued by banks, dominate the local bond market, aiding lenders in building their mandatory tier-2 capital base within a specific tenure. The Bangladesh Bank’s implementation of Basel-III ensures that banks maintain sufficient capital to avert systemic risk.

Basel-III is an international regulatory accord introducing reforms to mitigate risk within the global banking sector by requiring banks to maintain proper leverage ratios and reserve capital levels.

For the first quarter of 2024, Bank Asia PLC reported a profit of Tk77.88 crore, a 41% decrease compared to the same period the previous year. Despite a 33.63% increase in operating income to Tk634.77 crore, the earnings per share (EPS) dropped to Tk0.67 from Tk1.14 in the first quarter of 2023.

The company attributed the decline in EPS to higher provisions, which rose to Tk192 crore from Tk45 crore in the same quarter of the previous year.

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Weekly U.S. Stock Market Reports Diverse Performance

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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.

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Weekly European Stocks Shows Negative Result

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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.

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South Asian Stocks Reports Gaining Performance in Recent Week

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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.

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