Stocks
Asian shares slip as China says economy slowed further
Asian shares were mostly lower on Tuesday (17 January) after China reported its economy expanded at a 3 percent pace last year, less than half 2021′s rate.
Tokyo advanced while most other regional markets declined. Investors are watching to see if Japan’s central bank will alter its longstanding policy of keeping its key interest rate at minus 0.1 percent when it wraps up a policy meeting on Wednesday.
US futures fell after markets on Wall Street were closed Monday for a holiday, while oil prices were mixed.
The Chinese economy is gradually reviving after antivirus controls and a real estate slump dragged on growth last year. Restrictions that kept millions of people at home have been lifted, but a surge in Covid-19 infections is keeping consumers cautious about travel, shopping and dining out.
Data reported Tuesday showed growth of the world’s second-largest economy slid to 2.9 percent over a year earlier in December from the previous months 3.9 percent.
The government has begun to soften a crackdown on technology industries and to roll out more support for private businesses and the property sector, seeking to spur a recovery.
“The good news is that there are now signs of stabilization, as policy support doled out towards the end of 2022 is showing up in the relative resilience of infrastructure investment and credit growth,” Louise Loo of Oxford Economics said in a research note.
U.S. Treasury Secretary Janet Yellen was set to meet with her Chinese counterpart in Switzerland on Wednesday. Yellen and Chinese Vice Premier Liu He plan to discuss economic developments between the U.S. and China at a time of persisting tensions over trade and technology.
Hong Kong’s Hang Seng index lost 1 percent to 21,528.84 and the Shanghai Composite index edged 0.3 percent lower to 3,219.68. In Seoul, the Kospi declined 0.5 percent, to 2,388.35. Australia’s S&P/ASX 200 gave up 0.2 percent to 7,376.70.
Tokyo’s Nikkei 225 index gained 1.2 percent to 26,137.15. Bangkok’s benchmark was nearly unchanged.
On Monday, European markets gained after Germany reported inflation cooled in December. The DAX in Frankfurt gained 0.3 percent to 15,134.04 and the CAC 40 in Paris also added 0.3 percent to 7,043.31. Britain’s FTSE 100 edged 0.2 percent higher to 7,860.07.
The year has begun with optimism that cooling inflation could lead the Federal Reserve to ease off soon on sharp interest rate hikes that slow the economy and risk causing a recession. They also hurt investment prices.
Slowing segments of the U.S. economy and still-high inflation are dragging on profits for companies, which are one of the main levers that set stock prices. Friday marked the first big day for companies in the S&P 500 to show how they fared during the final three months of 2022, with a bevy of banks at the head of the line.
One big worry on Wall Street is that S&P 500 companies may report a drop in profits for the fourth quarter from a year earlier.
If the economy does fall into a recession, as many investors expect, sharper drops for profits may be set for 2023. That’s why the forecasts for upcoming earnings that CEOs give this reporting season may be even more important than their latest results.
In other trading Tuesday, U.S. benchmark crude oil lost 53 cents to $79.33 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.47 to $79.86 per barrel on Monday.
Brent crude, the pricing standard for international trading, picked up 24 cents to $84.70 per barrel in London.
The dollar was trading at 128.70 Japanese yen, up from 128.53 yen. The euro rose to $1.0830 from $1.0822.
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
