NRBCBSL Daily News Recap

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NRBCBSL Daily News Recap Capital Market Stocks slip into red amid low turnover Stock markets took a pause on Wednesday after recent sharp gains, as cautious investor booked marginal profit on sector-wise issues. Market insiders said the stocks slipped into the red after four sessions as risk-averse investor sector-wise stocks while many of them followed cautious mood, taking turnover below Tk 5.0 billion-mark again. The market was in a positive territory for a brief period, but rest of the session fell gradually, finally ended more than 6.0 points. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 6.03 points or 0.09 per cent to settle at 6,200.68. The DSE Shariah Index (DSES) also fell 2.13 points or 0.15 per cent to settle at 1,431. However, the DS30 index, comprising blue chips, advanced 1.51 points or 0.06 per cent to finish at 2,304. The market activities fell and the total turnover amounting to Tk 4.24 billion, which was nearly 25 per cent lower than the previous day’s turnover of Tk 4.24 billion. The losers took a modest lead over the gainers as out of 333 issues traded, 171 closed lower, 111 higher and 51 issues remained unchanged on the DSE trading floor. Square Pharmaceuticals topped the day’s turnover chart for the fifth day in a row with shares worth Tk 274 million changing hands, followed by Grameenphone, Beximco Pharmaceuticals, BBS Cables and Olympic Industries.

Transcript of NRBCBSL Daily News Recap

Capital Market
Stocks slip into red amid low turnover Stock markets took a pause on Wednesday after recent sharp gains, as cautious investor booked
marginal profit on sector-wise issues.
Market insiders said the stocks slipped into the red after four sessions as risk-averse investor sector-wise
stocks while many of them followed cautious mood, taking turnover below Tk 5.0 billion-mark again.
The market was in a positive territory for a brief period, but rest of the session fell gradually, finally
ended more than 6.0 points.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 6.03 points or 0.09 per
cent to settle at 6,200.68.
The DSE Shariah Index (DSES) also fell 2.13 points or 0.15 per cent to settle at 1,431.
However, the DS30 index, comprising blue chips, advanced 1.51 points or 0.06 per cent to finish at
2,304.
The market activities fell and the total turnover amounting to Tk 4.24 billion, which was nearly 25 per
cent lower than the previous day’s turnover of Tk 4.24 billion.
The losers took a modest lead over the gainers as out of 333 issues traded, 171 closed lower, 111 higher
and 51 issues remained unchanged on the DSE trading floor.
Square Pharmaceuticals topped the day’s turnover chart for the fifth day in a row with shares worth Tk
274 million changing hands, followed by Grameenphone, Beximco Pharmaceuticals, BBS Cables and
Olympic Industries.
NRBCBSL Daily News Recap
Alif Industries was the day’s best performer, posting a gain of 4.67 per cent while Aziz Pipes was the
day’s worst loser, plunging by 3.11 per cent.
The port city bourse, Chittagong Stock Exchange (CSE), also ended lower with CSE All Share Price Index–
CAPSI–losing more than 32 points to finish at 19,125.
The Selective Categories Index—CSCX–also lost 19 points to settle at 11,549.
Losers beat gainers as 91 issues closed lower, 61 lower and 40 issues remained unchanged on the CSE.
The port city bourse traded 3.48 million shares and mutual fund units worth more than Tk 216 million in
turnover.
https://thefinancialexpress.com.bd/stock/bangladesh/stocks-slip-into-red-amid-low-turnover-
1520417332

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STRATEGIC INVESTOR OF DSE Chinese party withdraws most conditions A Chinese consortium that got go-ahead to be a strategic investor of Dhaka Stock Exchange has
withdrawn most of the conditions it had earlier included in its bidding.
It withdrew 16 conditions and changed three more to be eligible to buy 25 percent share of the premier
bourse, after some of the provisions collided with local laws and were found not to be fitting for other
shareholders of the DSE.
The consortium comprising the Shenzhen Stock Exchange and the Shanghai Stock Exchange made the
changes after the Bangladesh Securities and Exchange Commission (BSEC) sought clarification about the
conditions. One sticky provision was the price the Chinese consortium was willing to pay for per share.
It had offered Tk 22 per share. Many stock brokers had thought that the price was fixed.
But the DSE said the price is not fixed. If the DSE distributes any dividend it would affect the price.
In its clarification to the BSEC, the DSE said the price adjustment is a common practice. However, the
potential strategic investor has agreed to waive the condition.
Another condition said the DSE would have to take approval from the consortium in case of winding up
of the company, appointment of liquidator, sanction of scheme of liquidation or restructure, purchase of
any intellectual property, valuation and offer price of share under the planned initial public offering and
appointment of auditor.
NRBCBSL Daily News Recap
The BSEC raised questions about the legal basis of the provisions, and the DSE conveyed the regulator's
queries to the Chinese consortium.
Another condition had said the DSE would have to take permission from the consortium in case of
borrowing more than Tk 10 crore, arrangements with creditors amounting to Tk 10 crore and
investment of more than Tk 10 crore.
But the condition has been waived as well. The new threshold has been proposed at Tk 100 crore.
The consortium has retreated from another condition that had been seeking to make liability of
directors unlimited and make it mandatory to take its permission while dealing with existing or potential
asset of the company.
The consortium has also moved away from its demand to be appointed as co-chief technical officer as
this violates the DSE's demutualisation scheme.
On the issue of governing law and jurisdiction, the consortium had wanted to follow the laws of England.
Now, it has agreed to be governed by the laws of Bangladesh, if required, the DSE said in the
clarification.
The withdrawal of the conditions raised question as it is being done after the opening of the bid,
according to a senior official of the BSEC.
KAM Majedur Rahman, managing director of the DSE, however, said none of these conditions in
question violate laws. “We are following the regulators' observation so that we can find the best
strategic investor.”
BSEC officials said the consortium has agreed to withdraw or change them as many of the conditions do
not comply with the law.
Meanwhile, the four-member committee of the BSEC, set up to analyse the proposal of the Chinese
consortium, has been given five more working days to submit its report to the regulator after the expiry
of the previous deadline yesterday.
NRBCBSL Daily News Recap
http://www.thedailystar.net/business/chinese-party-withdraws-most-conditions-1545136
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Economy Jute production witnessed 8.0pc rise in 2017
Jute production witnessed 8 per cent increase in 2017 comparing previous year, said State Minister for
Textiles and Jute Mirza Azam
The state minister informed that farmers produced 9.2 million bales of jute in 2017 while it was 5 million
bales in 2016.
The jute sector is currently producing 240 types of jute products, Mirza Azam said on Wednesday.
The junior minister came up with the information while addressing a seminar at the Dhaka Chamber of
Commerce & Industry (DCCI) auditorium on Wednesday.
The DCCI organised the seminar, titled 'Diversification of jute for the development of jute industry' in
collaboration with Ministry of Textiles and Jute.
State Minister said that about 40 million people in Bangladesh are directly or indirectly involved with
jute sector.
He called upon the entrepreneurs to make jute bags at a competitive price so that people could willingly
use jute bags instead of polythene bag.
DCCI President Abul Kasem Khan, in his welcome address urged for a 'Jute Pulp Paper Act' soon.
According to UNB, he also informed that the world market for jute bags will reach US$2.6 billion by
2022. Bangladesh can use this opportunity.
NRBCBSL Daily News Recap
Dr. Hossain Zillur Rahman, a former Adviser to the Caretaker Government and Executive Chairman of
Power and Participation Research Centre (PPRC), described jute sector as the new growth driver of our
economy where jute is not only about past glory but also a golden future.
Dr. Md. Abul Kalam Azad, Director, Jute Research Institute, Director General of Jute Department
Shamsul Alam, Secretary of Bangladesh Jute Association, among others, took part in the open discussion
session.
https://thefinancialexpress.com.bd/economy/bangladesh/jute-production-witnessed-80pc-rise-in-2017-
1520437569

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BTCL slashes domain reg charges Bangladesh Telecommunications Company Limited has reduced annual registration charges of dot
bangla (.bangla) and dot bd (.bd) domain addresses to Tk 800 scrapping its earlier provision of taking
unusual charge for ‘premium category names’.
From now on, BTCL will give registration of the domain addresses on first-come first-serve basis, said a
BTCL press release issued in this regard on Wednesday.
It also said that anyone interested will get scope to register a domain and complete the payment
procedure online.
Earlier, annual registration charge for different types of premium category names were Tk 25,000, Tk
15,000 and Tk 5,000 respectively.
The new decision of the state-owned BTCL came following instruction from the posts,
telecommunication and information technology minister Mustafa Jabbar.
Jabbar, immediately after his appointment in January this year, questioned the BTCL’s unusual charging
for any special names stating that he did not understand the process.
Terming the dot bangla and dot bd registration process ‘complex’, he also asked BTCL to ease the
process of registering dot bangla and dot bd domain address so that the people could get the flexibility
that
domain-reg-chargeshttp://www.newagebd.net/article/36260/btcl-slashes-domain-reg-charges