Stocks
Markets bounce as MidEast fears ease, US inflation in view
Asian markets rose Monday, clawing back some of last week’s losses, as Middle East worries subsided while traders look ahead to the release of key US inflation data and corporate earnings.
With Iran downplaying Israel’s reported attack on the country, which came days after a drone and missile strike by Tehran, tensions between the regional rivals cooled.
While the situation remains tense, the lack of escalation over the weekend provided traders with an opportunity to pick up equities and helped push oil down.
The gains came despite a largely negative lead from Wall Street, where the Nasdaq shed more than two percent owing to hefty selling in tech giants including Amazon, Apple and Netflix.
Investors are now setting their sights on the personal consumption expenditures (PCE) index, the Federal Reserve’s preferred gauge of inflation, which is due Friday.
The reading could play a major role in the central bank’s decision-making on interest rates and comes after a third successive month of above-forecast consumer price index figures.
The disappointing CPI data has dented hopes for a cut in June, while traders have scaled back their outlook for how many the Fed will make this year.
The PCE report is followed by the bank’s policy announcement next week, which will be pored over for clues about its next step.
Several officials have lined up to temper expectations for cuts, citing sticky inflation as well as a still-strong economy and labour market.
Chicago Fed boss Austan Goolsbee said last week that the battle against surging prices had stalled.
“Right now, it makes sense to wait and get more clarity before moving,” he said, warning that bringing inflation back to the bank’s two percent goal would likely take longer than initially thought.
Earnings from big-name firms including Google parent Alphabet, Tesla and Microsoft are also in play this week, with investors hoping for strong reports to back up a recent surge in equities.
– Key figures around 0230 GMT –
Tokyo – Nikkei 225: UP 0.7 percent at 37,334.97 (break)
Hong Kong – Hang Seng Index: UP 2.5 percent at 16,625.93
Shanghai – Composite: UP 0.2 percent at 3,072.00
Dollar/yen: UP at 154.68 at 154.64 yen on Friday
Euro/dollar: UP at $1.0667 from $1.0658
Pound/dollar: UP at $1.2388 from $1.2373
Euro/pound: UP at 86.13 pence from 86.11 pence
West Texas Intermediate: DOWN 0.8 percent at $81.58 per barrel
Brent North Sea Crude: DOWN 0.8 percent at $86.62 per barrel
New York – Dow: UP 0.6 percent at 37,986.40 (close)
London – FTSE 100: UP 0.2 percent at 7,895.85 (close)
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.
