Stocks
Asian markets diverge as China woes offset US rate hopes
Asian markets were mixed Monday, with optimism over an expected US interest rate cut offset by worries over the Chinese economy following the release of more disappointing data.
Figures on Friday showed the Federal Reserve’s favoured gauge of inflation — personal consumption expenditures index — fell in line with forecasts in July, setting the bank up to ease monetary policy this month.
Focus is now on the release of the closely watched non-farm payrolls report, which will provide the latest snapshot of the world’s top economy.
While a cut has been priced in, the data could determine how big it will be, with analysts saying another big miss to the downside could prompt officials to slash rates by 50 basis points, rather than the expected 25.
A well-below-forecast reading last month fanned fears of a recession and sparked a rout across equities, though figures since then have soothed those concerns.
“The spending data continues the run of indicators suggesting that fears the rise in the unemployment rate signalled an imminent turn down in activity are misplaced,” said Taylor Nugent at National Australia Bank.
“But inflation data remains permissive should the Fed need to respond more assertively on the labour market.
“That leaves the focus squarely on payrolls on Friday as the key indicator ahead of the September 18 (rate) decision.”
He said markets had priced in 100 basis points of cuts by the end of the year.
After a strong finish on Wall Street, where all three indexes ended sharply higher, Asia struggled to match up.
Tokyo, Singapore, Manila and Jakarta rose but Hong Kong, Shanghai, Sydney, Seoul, Taipei and Wellington all fell.
Investor sentiment was jolted by worries over China’s economy after a report showed activity in the country’s manufacturing sector contracted for a fourth consecutive month in August and more than expected.
The news comes as leaders face calls to unveil fresh stimulus measures, particularly for the troubled property industry, with observers warning the government’s 5 percent GDP growth target could be missed this year.
“The world’s second-largest economy is sputtering, with factory activity lagging, deflationary pressures mounting, and the call for stimulus growing louder,” said independent analyst Stephen Innes.
“The services sector tried to pick up the slack, but growth there is almost invisible… signalling an economy barely managing a pulse.”
Meanwhile, oil prices extended last week’s big losses sparked by reports that OPEC and other key producers will press ahead with a planned increase in output from next month.
That has helped offset worries about tensions in the Middle East and Libyan supply disruptions.
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: UP 0.2 percent at 38,709.88 (break)
Hong Kong – Hang Seng Index: DOWN 1.7 percent at 17,687.10
Shanghai – Composite: DOWN 0.6 percent at 2,824.41
Dollar/yen: DOWN at 146.15 yen from 146.20 yen on Friday
Euro/dollar: DOWN at $1.1048 from $1.1050
Pound/dollar: DOWN at $1.3119 from $1.3130
Euro/pound: UP at 84.22 pence from 84.15 pence
West Texas Intermediate: DOWN 0.7 percent at $73.01 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $78.38 per barrel
New York – Dow: UP 0.6 percent at 41,563.08 (close)
London – FTSE 100: FLAT at 8,376.63 (close)
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
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.
