South Asian Stock Market has seen dropped in Index last week
South Asian Stock Markets fell last week. Among them, the biggest fall was in the stock markets of India and Pakistan.
A review of South Asian markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex fell below 60,000 points in a week. The index lost 1,636 points during the week. Also, the Nifty-50 index of the country’s National Stock Exchange fell by 472 points last week. At the end of the week, the index stood at 17,806 points.
Pakistan Stock Exchange Index ‘KSE 100’ lost 1,632 points last week. After a week of decline, the index settled at 39,669 points.
The Sri Lankan stock market also suffered a big fall last week. The Colombo Stock Exchange index ‘ASPI’ fell by 173 points in a week. Also, Bhutan’s stock market index ‘BSI’ lost 12 points and Nepal’s ‘NEPSE’ lost 15 points last week.
Meanwhile, all the indices of the stock market of Bangladesh fell last week. Dhaka Stock Exchange has seen decline on four out of five working days of the week. The stock market of Bangladesh ended with a fall in the outgoing week. Dhaka Stock Exchange’s main index ‘DSE X’ lost 54.61 points in five working days. During the week, the trade dropped by 774 crore 44 lakh 30 thousand taka. Also, DSE’s market capitalization fell by Tk 2,667 crore in one week.
European Stock Market Shows Varied Performance in the Previous Week
In the Outgoing week, the European stock market displayed a losing performance.
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 slight gain of 0.54 points to close at 462.15.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed significant drops, lost 20 points or finishing the session at 7,607.
In Germany, the DAX 30 index added 68 points to reach 16,051, while France’s CAC 40 also shed 49 points to stop at 7,270 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, was the best performer of the day, gained 355 points to 27,068. Also, Spain’s IBEX 35, increased by 132 points, to close at 9,323.
Read More: European Stocks Displayed Varied Performance Over the Past Week
South Asian Stock Markets Soar in Performance during the Recent Week
South Asian Bourse or Stock Markets saw gain performance last week.
Weekly Dhaka Stock Exchange, DSE, Dhaka Bourse has seen a hikes in turnover,Market Capitalization & Index. This information was disclosed in the weekly market review from the DSE
According to sources, (5 working days) the turnover of DSE gained by Tk 935 crore 77 lakh 48 thousand 732 (28 May – 1 June). At the same time, the market capitalization has gained by 1 housand 721 crore 30 lakh 42 thousand 833 taka.
The benchmark index ‘DSEX’ increased by 29.82 points or 0.47 percent, in the outgoing week. At the end of the week, the index stands at 6,355 points.
A review of South Asian markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has gained 46 points during the week. At the end of the week, the index stood at 62,547 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange added by 35 points last week. At the end of the week, the index stood at 18,534 points.
Pakistan Stock Exchange Index ‘KSE 100’ hiked 354 points last week. After a week of gaining, the index settled at 41,356 points.
On the hand The Sri Lankan stock market dropped, the Colombo Stock Exchange index ‘ASPI’ increased by 70 points in a week. After a week the index settled at 8,767 points.
Bhutan’s stock market index ‘BSI’ rose by 30 points and the index stood at 1,332 points throughout the whole week. Nepal’s ‘NEPSE’ lost by 93 points last week, as the index stands at 1,866 points.
BSEC Declines Islam Oxygen’s IPO Application
The initial public offering (IPO) application of Islamic Oxygen Limited, seeking to be listed on the stock market through the primary public offering, has been rejected by the Bangladesh Securities and Exchange Commission (BSEC). The institution’s application was canceled by the regulatory authority due to the involvement of controversial figure Kazi Saifur, who had multiple previous convictions by the BSEC for various offenses. Moreover, Kazi Saifur had also been banned from the stock market for an extended period of time.
On Thursday, June 1, the Managing Director and spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), Mohammad Rezaul Karim, confirmed the cancellation of the IPO application of Islam Oxygen Limited. It had been pending for a considerable period. However, the company has showcased its financial stability by demonstrating substantial assets. Nevertheless, the company failed to provide evidence of sales. In addition, there is an ongoing writ petition in the High Court regarding the value-added tax (VAT) exemption by the National Board of Revenue (NBR). Considering these factors, the IPO application of the company has been revoked.
Kazi Saifur, who had previously been involved in facilitating the listing of several weak companies in the stock market, was working as a pathway to bring Islam Oxygen into the share market. He particularly assisted these companies in preparing fabricated financial statements for listing.
Notably, Islam Oxygen Limited had sought to raise Tk 93 crore through the book-building method from the stock market. The company held its roadshow on October 25, 2021. Janata Capital and Investment Limited was responsible for managing the issue, while Sonali Investment Limited acted as the registrar to the issue. However, indirectly, the primary responsibility of the issue management was carried out by the controversial Shahjalal Equity Management. This same institution had already listed several weak companies in the stock market by providing fabricated financial statements. Furthermore, Kazi Saifur Rahman, a controversial figure in the stock market, is also associated with the ownership of Shahjalal Equity Management.
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