Stocks
Asian markets drift ahead of key US figures, eyes on China
Asian markets stuttered Tuesday as investors steel themselves for a high-stakes US jobs report at the end of the week while keeping tabs on China after fresh data stoked renewed worries over the world’s number two economy.
While the Federal Reserve is widely expected to cut interest rates at its next meeting later in September, close attention is being paid to Friday’s non-farm payrolls (NFP) figures, which are seen as playing a major role in how big the central bank will go.
However, analysts warned that traders were sensitive to a reading that is too far above or below forecasts. A miss to the upside could temper hopes for a series of reductions but a reading well below expectations would likely revive worries about a possible recession.
“This week’s overload of labour data… will be crucial in breaking the debate between a 25 or 50 basis point cut in September,” said Charu Chanana at Saxo Capital Markets, referring to the NFP as well as job openings and private hiring figures.
“If the data remains robust, a 25-basis-point cut is more likely. However, a weak NFP, particularly if it falls below 130,000 with another jump higher in unemployment rate, could push the rates market closer to pricing a 50-basis-point cut.”
Chanana added that investors will be paying close attention to comments from New York Fed boss John Williams and governor Christopher Waller later in the week for an idea about officials’ thinking.
With Wall Street closed Monday for a public holiday, there were few major catalysts to drive business, and Asia fluctuated.
Tokyo edged up along with Singapore, Seoul, Taipei, Manila and Jakarta, though Hong Kong, Shanghai, Sydney and Wellington struggled.
Nervousness over the Chinese economy was keeping buyers at bay after another round of data showed the country’s manufacturing sector contracted for a fourth straight month.
A stream of indicators have highlighted weaknesses in the economy since leaders lifted painful Covid curbs at the end of 2022, but Beijing has refused to embark on the sort of big-ticket stimulus it unveiled during the global financial crisis.
With no sign that the government will give in to the calls for support, investors are left waiting nervously for the latest round of data this month, with inflation and trade due next week.
In company news, the Hong Kong-listed shares of Cathay Pacific slipped after it announced the temporary grounding of its A350 aircraft for inspections after a “first of its type” engine component failure forced a flight to Zurich to turn back to Hong Kong on Monday.
The Hong Kong carrier said it had cancelled 24 return flights operating up until the end of Tuesday as it carried out an inspection of its 48 Airbus A350 planes.
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: UP 0.2 percent at 38,787.80 (break)
Hong Kong – Hang Seng Index: DOWN 0.3 percent at 17,632.73
Shanghai – Composite: DOWN 0.3 percent at 2,803.28
Euro/dollar: UP at $1.1069 from $1.1067 on Monday
Pound/dollar: DOWN at $1.3145 from $1.3147
Dollar/yen: DOWN at 146.67 yen from 147.01 yen
Euro/pound: UP at 84.20 pence from 84.18 pence
West Texas Intermediate: UP 0.7 percent at $74.07 per barrel
Brent North Sea Crude: DOWN 0.2 percent at $77.39 per barrel
London – FTSE 100: DOWN 0.2 percent at 8,363.84 (close)
New York – Dow: Closed for public holiday
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.
