Stocks
Asian Markets Mixed Amid Wall Street Slump, Investors Seek Catalysts
Asian Markets showed a mixed performance on Wednesday, following a negative trend on Wall Street. Observers are cautioning that the recent surge in equities might be losing momentum, and investors are eagerly awaiting fresh catalysts to reignite buying.
The subdued market activity across the region this week precedes key data releases from the US, including the Federal Reserve’s preferred measure of inflation and the upcoming corporate earnings season. Although the central bank hinted at three interest rate cuts this year, some investors are skeptical due to recent indicators and statements from policymakers.
Recent figures on February’s durable goods sales, released on Tuesday, indicated a healthy state of the world’s largest economy and a slight improvement in consumer confidence, albeit with less optimism about the future.
Upcoming releases include jobless claims, economic growth readings, and the crucial Personal Consumption Expenditures (PCE) index on Friday. Analysts anticipate a modest uptick from January in the PCE index, which is not likely to unsettle markets significantly, although a significant deviation could raise concerns.
The following month marks the onset of earnings releases, which could profoundly impact sentiment. The recent market rally has been partly fueled by expectations for future profits, making corporate earnings performance crucial.
Stephen Innes of SPI Asset Management remarked, “With market valuations at lofty levels, there’s little room for corporate earnings performance to falter or for the Federal Reserve to deviate from its anticipated course of three rate cuts. Any divergence from these expectations could potentially lead to market turbulence.”
On Wall Street, all three main indexes closed in negative territory, despite spending most of the day in positive territory. In Asian trading, Hong Kong, Shanghai, Seoul, Jakarta, and Wellington experienced declines, while Sydney, Singapore, Taipei, and Manila saw gains. Tokyo advanced by one percent, driven by a weaker yen fueled by comments from Bank of Japan board member Naoki Tamura, indicating a continued stance of easy monetary policy for now.
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
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.
