Stocks
Asian markets slip as traders await US data, Nvidia release
Equity investors stepped cautiously Wednesday ahead of key US data and the release of earnings by tech titan Nvidia that could shine a light on demand for all things artificial intelligence after this year’s tech-led markets rally.
While a Federal Reserve interest rate cut next month is baked into prices, traders are also keenly awaiting next week’s crucial non-farm payrolls figures, which are seen as key to determining how big the central bank goes.
Traders remain largely upbeat, with August’s early rout — sparked by US recession fears and a Bank of Japan rate cut — in the rearview mirror and some markets within a whisker of records touched this year thanks to the tech-fuelled rally.
On Tuesday, the US Conference Board’s consumer confidence survey for August beat expectations and came in at its highest level since February.
The news had minimal impact on markets, with all three main indexes on Wall Street ending only slightly higher.
But Ray Attrill, of National Australia Bank, said: “The rebound in stock markets after the July crunch, lower gasoline prices and the heightened prospect of near-term interest rate cuts (reflected in lower mortgage rates) look to have overwhelmed the impact on confidence of softening labour market indicators.”
Now attention turns to the release of a series of US indicators, including gross domestic product growth, the Fed’s favoured gauge of inflation, jobless claims and personal income, which will provide fresh insight into the state of the world’s top economy.
But the headliner is the earnings report from Nvidia, which is due for release after the US market closes.
The company has soared around 16 percent this year — and about 1,000 percent from its low in October 2022 — on the back of a global race to jump on the AI bandwagon.
Nvidia has seen profits soar thanks to demand for its powerful GPU chips, which have set the industry’s pace in pushing new advances in AI, pushing its stock up about 160 percent this year.
That has made it a key indicator for the sector, but analysts warned that if it fails to deliver on its earnings, or just doesn’t top forecasts, it could spark a sell-off in the sector.
“This is the one that could either lift all boats or sink the entire fleet,” said analyst Stephen Innes in his Dark Side Of The Boom newsletter.
“With Nvidia holding a hefty seven percent of the market cap weight, directional bets were scarce — no one wants to go all-in when the 800-pound gorilla is about to shake the room.
“Nvidia’s influence is undeniable, making it nearly impossible to take your eyes off it.”
After Wall Street’s tepid performance, there was little buying inspiration among Asian traders.
Hong Kong, Tokyo, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington and Jakarta all dropped.
Oil prices edged higher after big swings Monday and Tuesday as dealers kept tabs on developments in the Middle East crisis and Libya, where the eastern-based administration said it would close fields under its control and suspend production and exports “until further notice”.
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: DOWN 0.2 percent at 38,199.52 (break)
Hong Kong – Hang Seng Index: DOWN 1.0 percent at 17,696.30
Shanghai – Composite: DOWN 0.2 percent at 2,843.77
Dollar/yen: UP at 144.33 yen from 143.96 yen on Tuesday
Euro/dollar: DOWN at $1.1173 from $1.1185
Pound/dollar: DOWN at $1.3250 from $1.3261
Euro/pound: DOWN at 84.32 pence from 84.34 pence
West Texas Intermediate: UP 0.5 percent at $75.91 per barrel
Brent North Sea Crude: UP 0.5 percent at $79.97 per barrel
New York – Dow: FLAT at 41,250.50 (close)
London – FTSE 100: UP 0.2 percent at 8,345.46 (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
