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Stock Market-Here is the summary of the important news as on 22 April 2021.

Posted By : Adminnews_title?>    April 21, 2021   

Here is the summary of the important news as on 22 April 2021.

Please note that news below is taken from leading national dailies and does not reflect our view or opinion.

 Stock Market

Ten most-traded stocks grab 48pc turnover

  • Bangladesh Export Import Company (Beximco) - the flagship company of Beximco Group, continued to lead the Dhaka bourse s turnover list while ten most-traded stocks grabbed 48 per cent transaction on Wednesday.
  • According to available data with the Dhaka Stock Exchange (DSE), about 14.94 mn Beximco s shares were traded, generating a turnover of BDT 1.30 bn, which was 16.72 per cent of the day s total turnover.

From: https://today.thefinancialexpress.com.bd/stock-corporate/ten-most-traded-stocks-grab-48pc-turnover-1619026019

Banking stocks lose grace for high defaulted loans

  • Once known to many for their attractive stocks, banks are a long way from raising adequate interest among stock market investors as confidence has been sunk by high amounts of non-performing loans and low asset value.
  • Among the listed 31 banks, 21 are witnessing their stocks of a face value of BDT 10 being traded at less than BDT 20.

From: https://www.thedailystar.net/business/news/banking-stocks-lose-grace-high-defaulted-loans-2081673

DSE finds 51 firms eligible for TREC

  • The Dhaka Stock Exchange has found 51 out of 66 applicants eligible for the bourse’s trading right entitlement certificate (TREC) and has sent their names to the Bangladesh Securities and Exchange Commission.
  • The DSE narrowed down the names of 51 companies eligible for TREC issued by the bourse at a board meeting held on April 20, DSE officials said.

From: https://www.newagebd.net/article/136001/dse-finds-51-firms-eligible-for-trec

Investors suffer for malfunctioning DSE mobile app

  • Investors yesterday faced prolonged malfunctioning of the DSE mobile app while trying to execute trade, all at a time when the digital mode is enabling the stock market to stay open amidst the ongoing lockdown.
  • As a result, mobile trading dropped yesterday. Order submission through the app dropped 38 per cent to 26,321 yesterday from that the day before.

From: https://www.thedailystar.net/business/news/investors-suffer-malfunctioning-dse-mobile-app-2081649

Economy

Importers to pay duties, taxes above BDT 0.2 mn online

  • Importers will have to pay duties and taxes above BDT 0.2 mn online, using Real Time Gross Settlement (RTGS) system of the commercial banks, from July 1, 2021.
  • As per directive of the National Board of Revenue (NBR), all of the customs stations and houses across the country will implement it in a bid to expedite release of goods.

From: https://today.thefinancialexpress.com.bd/last-page/importers-to-pay-duties-taxes-above-tk-02m-online-1619029206

Middle class savings under pressure 

  • Low interest rates are a blessing for borrowers but a curse for the middle class depositors who depend on interest earnings. Money in the bank is now a loss for them.
  • Most banks in the country are currently offering interest rates ranging from 3% to 4% against savings – far below the 5.63% inflation rate as of February this year.

From: https://www.tbsnews.net/economy/banking/middle-class-savings-under-pressure-235321

Bank & NBFI

Bangladesh Bank allows NBFIs to operate on limited scale in Apr 22-28

  • The Bangladesh Bank on Wednesday allowed non-bank financial institutions to operate for four hours in April 22-28, excluding weekly holidays and other government holidays.
  • Two branches of each NBFI — one in Dhaka and another outside Dhaka — would be allowed to remain open from 10:00 am to 2:00 pm, said a BB circular issued on the day.

From: https://www.newagebd.net/article/135999/bangladesh-bank-allows-nbfis-to-operate-on-limited-scale-in-apr-22-28

Bangladesh Bank restores electronic fund transfer system

  • The Bangladesh Bank has fully restored the Bangladesh Electronic Fund Transfer Network and started facilitating the inter-bank electronic fund transfer service.
  • BB executive director and spokesperson Md Serajul Islam said that the service was restored completely on Tuesday.

From: https://www.newagebd.net/article/135996/bangladesh-bank-restores-electronic-fund-transfer-system

Information Technology

Construction work of first private hi-tech park begins

  • The construction of the Korean EPZ Hi-Tech Park in Anwara upazila of Chattogram began yesterday as its owner looks to set up Bangladesh s first private enclave for information technology firms and startups.
  • The park will have a 41-storied IT building, which will house several software development facilities. This will create jobs for up to 20,000 people when fully implemented, said the statement of the KEPZ Bangladesh.

From: https://www.thedailystar.net/business/news/construction-work-first-private-hi-tech-park-begins-2081657

Corporate

GP net profit drops 16pc

  • Grameenphone, the country s biggest mobile phone operator, saw its net profit drop 16 per cent year-on-year to BDT 8.90 bn in the January-March quarter of 2021, impacted by a reduction in inter-connection revenue and economic uncertainties from Covid-19.
  • The telecom operator reasons higher finance cost and tax expense last year.

From: https://www.thedailystar.net/business/news/gp-net-profit-drops-16pc-2081665

Brac Bank registers BDT 4.54 bn net profit

  • Brac Bank registered a net profit of BDT 4.54 bn last year, sidestepping the business slowdown caused by the coronavirus pandemic.
  • The net profit, however, stood at BDT 4.03 bn on a consolidated basis given the performance of all its subsidiary companies, according to a press release issued by the bank.

From: https://www.thedailystar.net/business/news/brac-bank-registers-tk-454cr-net-profit-2081661

Infrastructure

In need of more fund and time

  • A fast-track coal-fired power project, taken up for implementation in 2014, is likely to be delayed by three and a half years with 46 per cent cost overrun, according to knowledgeable sources.
  • They said the project titled "Construction of 2X600MW ultra-super critical coal-based power plant at Matarbari" has included some fresh components such as township development and dredging of a channel. This would cause implementation delays as well as increase in expenditure.

From: https://today.thefinancialexpress.com.bd/first-page/in-need-of-more-fund-and-time-1619028668

Construction

Steel structure business slumps 50% in pandemic

Infographic: A Glimpse of The Steel Structure Business
  • The steel structure industry witnessed a 50% decline in business during the ongoing coronavirus pandemic, according to the Steel Building Manufacturers Association of Bangladesh.
  • Industry insiders said private entrepreneurs are reluctant to invest more in new projects, which caused the slump.

 

From: https://www.tbsnews.net/economy/industry/steel-structure-business-slumps-50-pandemic-235249

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