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European Stock Market Shows Varied Performance in the Past Week

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European Stock Market

In the Outgoing week, the European stock market displayed a mixed performance.

Here is the data on the weekly performance of the European Stock Market, 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 loss of 4.87 points to close at 461.93.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant gain, adding 70 points or finishing the session at 7,531.

In Germany, the DAX 30 index gained 318 points to reach 16,147, while France’s CAC 40 also gained by 237 points to stop at 7,400 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, increasing 1,021 points to 28,230. However, Spain’s IBEX 35, hiked by 335 points, to close at 9,605.

Read More: European Stocks Displayed Varied Performance Over the Past Week

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BSEC Commissioner Urges Investment in Stock Market for Financial Growth

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BSEC Commissioner Urges Investment in Stock Market for Financial Growth

Dr. Rumana Islam, Commissioner of the Bangladesh Securities and Exchange Commission (BSEC), has emphasized the need for individuals to invest in the stock market rather than keeping their money stagnant in banks for a year. She pointed out that investing in the capital market is a viable option. Many people consider investing in land, gold, or depositing funds in savings accounts, which she discouraged.

Dr. Rumana made these remarks during a training event for students of Dhaka University’s Law Department held on Sunday, September 24. The event took place at the Kazi Motahar Hossain Building on the university campus and was organized by the DSE Training Academy. Dr. A.T.M. Tariquzzaman, Managing Director of Dhaka Stock Exchange (DSE), was a special guest at the training session.

Dr. Rumana, addressing the students, mentioned that by the year 2041, Bangladesh envisions becoming a highly developed nation, with a significant role for the capital market to play in its economic landscape.

Encouraging students to consider investment in the stock market as a means to grow their savings, Dr. Rumana Islam, Commissioner of the Bangladesh Securities and Exchange Commission (BSEC), highlighted the importance of proactively managing one’s financial future. She advised students to prioritize saving before spending, emphasizing that now is the time to shape their future. Dr. Rumana stressed the significance of making wise investment decisions, stating that if she had the capability to invest one lakh taka, she would risk only fifty thousand taka. In this case, the risk of 50 lakh takas cannot be taken.

During the event, Dr. A.T.M. Tariquzzaman, Managing Director of the Dhaka Stock Exchange (DSE), addressed the students as a special guest. He underscored the need for a robust legal framework to prevent malpractice in the stock market. Dr. Tariquzzaman emphasized that upholding the principles of legality and enforcement is essential for ensuring the security of investors, making it a primary responsibility.

In attendance at the training event, hosted by the DSE Training Academy at Dhaka University’s Kazi Motahar Hossain Building, was the Dean of Dhaka University’s Law Department, Dr. Shima Jaman; Chairman of the Law Department, Prof. Dr. Md Nazrul Islam; and DSE Training Academy’s Deputy General Manager, Syed Al Amin Rahman.

 

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Stock Market Bleeds as Index, Turnover Falls

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dse turnover bourse index

Dhaka Stock Exchange DSE, Bourse on the first working day of the week, September 24, ended with price Index & turnover drops. This information is known from DSE sources.

500 crores 74 lakh shares were traded on this day. 234 crore 61 lakh less trading was done in DSE today compared to the previous workday, 21 September, Shares worth Tk 735 crores 35 lakh shares were traded last time, Thursday.

The benchmark DSEX lost 28.81 points or 6,280 The Shariah-based index DSES dropped 5.93 points or 1,358, and the blue-chip index DS30 decreased by 9.24 points or 2,136.

Of the issues traded, 12 advanced, 148 declined and 150 remained unchanged.

Union Insurance Company Limited ranked top gainer on DSE, the share price increased by Tk 6.80 paisa or 9.94 percent. On this day, the share was last traded at Tk 75.20 paisa

Agrani Insurance Co. Ltd ranked top loser on the DSE, the share price dropped by Tk 5.90 paisa or 11.78 percent. On this day, the share was last traded at Tk 44.20 paisa.

DSE topped on trade is Fu Wang Foods Ltd 22 crore 60 lakh takas of shares of the company have been traded.

A total of 54 companies’ shares were traded in the Block on Dhaka Stock Exchange, 37 lakh 38 thousand 669 shares of the companies were traded. The financial value of which is 18 crore 7 lakh taka

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Baseless Rumors Circulate Against BSEC Chairman to affect the Stock Market

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bsec dse election sanction bangladesh election

In recent months, the volatility in the country’s stock market has started to ease, bringing some relief to investors. In the past week, investors in the stock market have seen their capital grow by over 3 thousand crore taka. Trading activity has also increased, with transactions exceeding 1 thousand 140 crore taka.

Simultaneously, all key economic indicators have shown an upward trend, crossing last week’s threshold. When investors began to see the light of hope, a disruptive element emerged in the stock market, causing a significant downturn. A rumor mill has been churning out various speculations about this within social media groups dedicated to stock market discussions. The Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibali Rubayat-ul-Islam, has become the focal point of these speculative narratives. These rumors are being disseminated through various Facebook-based stock market groups. This information has been gathered from reliable sources.

According to sources, the United States State Department has announced a new visa policy. In an announcement on Friday (September 22) evening, Matthew Miller, the spokesperson for the US Department of State, revealed this information. The United States has declared this new visa policy with the aim of ensuring a free, fair, and peaceful national election in Bangladesh. The policy mentions the possibility of imposing visa restrictions on individuals and entities associated with institutions related to Bangladesh’s upcoming 12th National Parliament election. It’s important to note that no one in Bangladesh’s stock market is directly involved in election management. Therefore, analysts believe there is no likelihood of the visa policy being applied to the Bangladesh Securities and Exchange Commission (BSEC) or its personnel.

It is known that, even though the spokesperson of the US Department of State did not mention any individual’s name, false information is being spread through various fake Facebook accounts, causing confusion. Within this context, a deceptive cycle is spreading rumors about the Chairman of the BSEC (Bangladesh Securities and Exchange Commission) through a fake account by the name of “Jamil Ahmod.” This account claims that Professor Shibali Rubayat-ul-Islam’s American visa has been canceled, alleging that he has lost her entry privileges to the United States. However, when the United States imposes a visa restriction on someone, they do not disclose the person’s name, but they are privately notified. Therefore, this matter is considered entirely baseless and a product of misinformation by those involved.

In the comments section of Jamil Ahmod’s post, there are mixed reactions. A person named Jahirul Islam Jahi commented, “Why did he engage in election tampering?” Another individual with the name Al Riad remarked, “Fake. He will never come under its purview.” Someone named Shahjahan added, “Completely false and baseless gossip, and motivated by ill intentions. Prof Rubaiyat has no knowledge of elections whatsoever.” Additionally, several comments on the post have criticized and condemned those spreading gossip and misinformation, drawing the attention of law enforcement agencies to their actions.

It is known that on May 24th, the United States announced a new visa policy with the goal of ensuring a free, fair, and peaceful national election in Bangladesh. On that day, US Secretary of State Antony Blinken stated in a press release that under the new policy, the United States will not grant visas to individuals or entities in Bangladesh responsible for obstructing or interfering with the democratic election process. Yesterday, the spokesperson for the US Department of State, Matthew Miller, clarified that the visa policy encompasses law enforcement agencies, powerful groups, and members of opposing parties.

Primarily, the United States has announced a visa policy aimed at ensuring a free, fair, and peaceful national election in Bangladesh. According to statements from Antony Blinken and Matthew Miller, this policy will restrict the issuance of US visas to individuals and entities in Bangladesh who are responsible for obstructing or interfering with the democratic election process. It’s important to note that Bangladesh’s stock market or its regulatory authority has no direct involvement in the country’s elections. Therefore, it is believed by market stakeholders that neither the Chairman of the Bangladesh Securities and Exchange Commission (BSEC) nor any individuals or organizations associated with the stock market will be affected by the US visa restrictions.

Regarding this matter, when asked, Bangladesh Merchant Bankers Association (BMBA) President Md. Sayadur Rahman told Orthosongbad that if there is no reliable information, these are rumors. BSEC has nothing to do with elections. BSEC is not a direct organization of the government. BSEC is not involved in elections or operational issues of the government. So why should they be brought under the visa ban? It seems to me, it is a completely rumor. Investors should not panic over these rumors and invest based on proper information.

Also inquiring about this from Abdur Razzak, General Secretary of Bangladesh Capital Market Investors Oikya Parishad, told Orthsoongbad that he does not think the US visa policy will be applied to the BSEC chairman. Because he is not an official of any organization related to the election of the country. It is possible that some individuals are spreading such gossip for their own interests.

The leader of the Investors’ Council also stated that regardless of who holds the position of BSEC Chairman, whether they are a practitioner, educator, or anyone else, no one can perform their duties one hundred percent correctly. However, at present, the person holding the position of BSEC Chairman is performing well.

 

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