Stocks
“We are optimistic about the stock market”
We are optimistic about the stock market of the country. Companies listed in the country pay more taxes. For this, good companies should be listed with incentives. Professor Abu Ahmed commented that the stock market will move forward if everyone, including the media, is united.
He said these things at a round table meeting titled ‘Stock Market Present and Future’ organized by BMBA and Capital Market Journalists Forum (CMJF) at a hotel in the capital on Saturday, September 17. Stock Market regulatory body Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam was present as the chief guest at the meeting.
It was presided over by BMBA President Chhaydur Rahman. CMJF president Ziaur Rahman presided over the program. BMBA Senior Vice President Md. Moniruzzaman CFA presented the keynote.
Stock market analyst Prof. Abu Ahmed said that there is hope and despair in our market. Although there is a need to attract good companies to this market, the tax rate gap between listed companies and unlisted companies is discouraged. It is not the right policy of the government.
Abu Ahmed believes that institutional investors should be given quota benefits to large investors in IPO.
BMBA president said that not all people of the country will come to the stock market. Only those who understand stock market investment will come. Investors will face loss if they invest in the stock market without understanding.
He said that the economy of the country will be dynamic through investment in the stock market. Apart from this, government revenue will increase along with employment generation. Investors need to think about things related to their thinking. Then we will see a better capital market in the future.
He also said that the tax rate difference between listed and unlisted companies was 10pc earlier. Now bringing this difference to 7.5pc. This difference needs to be made bigger. We are thinking about improving the overall economy.
Former chairman of BSEC Khairul Hossain said that every mutual fund has given cash dividends. Mutual funds will gain 25pc growth this year. Good companies should be brought to the stock market. If we can convert 4 lakh mutual funds into 10 lakh then investment will increase.
Participating in the meeting as a negotiator – Capital Market Stability Fund Chairman and former Secretary General Najibur Rahman, National Board of Revenue (NBR) member Md. Zahid Hasan, BSEC former chairman Faruq Ahmed Siddiqi, BSEC former chairman Professor Dr. Khairul Hossain, Chairman of Dhaka Stock Exchange Yunusur Rahman, Chairman of Chittagong Stock Exchange Asif Ibrahim, Executive Director of Bangladesh Bank Dr. Ejazul Islam, Economist Professor Abu Ahmed, Professor of Economics Department of Dhaka University. Mohammad Helal, Associate Professor of Accounting Department of Dhaka University Md Al-Amin, President of DSE Brokers Association Richard D-Rosario, President of CFA Society Shaheen Iqbal, President of Association of Asset Management Companies and Fund Dr. Hasan Imam, President of Institute of Cost and Management Accountants Bangladesh (ICMAB) Mamunur Rashid FCMA, President of Institute of Chartered Secretaries Bangladesh (ICSB) Mozaffar Ahmed, FCMA FCS and Council Member of Institute of Chartered Accountants Bangladesh (ICAB) Gopal Chandra Ghosh.
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.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
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