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South Asian Stocks Witness a Week of Fluctuating Performance

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South Asian Bourse or Stock Markets saw mixed performance last week.

A review of South Asian markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has gained 772 points during the week. At the end of the week, the index stood at 62,501 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange added by 296 points last week. At the end of the week, the index stood at 18,499 points.

Pakistan Stock Exchange Index ‘KSE 100’ lost 612 points last week. After a week of gaining, the index settled at 41,002 points.

On the hand The Sri Lankan stock market dropped, the Colombo Stock Exchange index ‘ASPI’ lost by 19 points in a week. After a week the index settled at 8,697 points.

Bhutan’s stock market index ‘BSI’ rose by 24 points and the index stood at 1,302 points throughout the whole week. Nepal’s ‘NEPSE’ gained by 82 points last week, as the index stands at 1,959 points.

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PM Sheikh Hasina Urges UAE Investors to Tap into Bangladesh’s Special Economic Zones

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PM Sheikh Hasina Urges UAE Investors to Tap into Bangladesh's Special Economic Zones

Prime Minister Sheikh Hasina has called on United Arab Emirates (UAE) investors to invest in Bangladesh’s special economic zones. The request was made during a meeting with UAE Ambassador Abdulla Ali Abdulla Khaseif Alhmoudi at her official residence, Ganabhaban, this morning.

According to the Prime Minister’s Press Secretary, Md Nayeemul Islam Khan, the UAE ambassador assured the prime minister that his country would issue visas for Bangladeshi workers, ensuring they have jobs waiting for them in the UAE. The envoy emphasized the importance of preventing illegal migration from Bangladesh, a concern both countries agreed to address more diligently.

The UAE ambassador also mentioned that several UAE ministers are planning to visit Bangladesh soon to explore new avenues for strengthening bilateral relations. “We already have a very extensive and deep tie, but we are eager to take it to a new height,” Alhmoudi stated.

Alhmoudi highlighted that approximately 20,000 Bangladeshis travel to the UAE each month, with the UAE embassy issuing around 1,000 visas daily—500 directly and 500 through agents. He extended an invitation to Prime Minister Sheikh Hasina to visit the UAE, noting that UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum are eagerly waiting to welcome her.

In response to Sheikh Hasina’s appeal for UAE investment in Bangladesh’s special economic zones, Alhmoudi said that the visiting UAE ministers would discuss the matter further. The envoy also sought cooperation from the prime minister to expedite UAE investments in Bangladesh, including in the container terminal sector. Sheikh Hasina assured him that her government is accelerating processes across all sectors.

Additionally, Alhmoudi mentioned that a UAE company is in the final stages of negotiating prices to provide an Advance Passenger Information System (APIS) to Bangladesh’s civil aviation sector. The prime minister delegated the task to PMO Secretary Mohammad Salahuddin.

For security reasons, the US, EU member states, and other countries now require detailed passenger information from airlines before travel, known as Advance Passenger Information (API).

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Bata Shoe Reveals Impressive EPS Surge in Q1

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Bata Shoe

One of the listed companies, Bata Shoe Bangladesh Limited discloses its financial reports for the first quarter, (January – March 24).

The company’s earnings per share (EPS) was Tk 13.42 paisa in Q1 of the current financial year (January – March 24). EPS was Tk 9.96 (restated) paisa during the same period last year. As of March 31, 2024, at the end of the first quarter of the fiscal year, the company’s net asset value (NAV) per share stood at Tk 251.35.

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Rupali Bank Discloses their Dividends

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Rupali Bank

One of the Listed companies, Rupali Bank PLC has recommended No Dividend for the year ended December 31, 2023.

In terms of financial performance, The Company has also reported Consolidated EPS  of Tk. 1.35 for the year ended December 31, 2023. NAV per share of Tk. 36.90 paisa.

The Annual General Meeting (AGM) of the company will be held on July 30, through the digital platform. The record date for this has been fixed at June 12.

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