DAILY STOCK MARKET NEWS

MONDAY, MARCH 18, 2024

 Daily Stock Market News
MONDAY, MARCH 18, 2024
DSE INDEX SUMMARY
CSE Index Summary
Point
Index 14-Mar-24 13-Mar-24 % Change Index 14-Mar-24 13-Mar-24 Point Change % Change
Change
DSEX 5968.04 5974.11 -6.063 -0.10% CS50 1209.98 1210.53 -0.554 -0.05%

DSES 1299.80 1300.82 -1.021 -0.08% CS30 12811.93 12848.72 -36.786 -0.29%

DSE30 2051.58 2056.57 -4.982 -0.24% CSCX 1108.50 1106.38 2.119 0.19%

Market Overview of 14-March-2024:

The market closed in red today. The benchmark index DSEX (- 0.10%) lost 6.06 points and closed at 5,968.04. The
blue-chip index DS30 (-0.24%), the Shariah-based index DSES (-0.08%), and the large-cap index CDSET (-0.19%)
closed at 2,051.58, 1,299.80, and 1,125.40 points, respectively. Large-cap sectors posted mixed performance today.
Telecommunication booked the highest gain of 0.57%, followed by Fuel & Power (+0.38%), Engineering (+0.35%),
Pharmaceutical (-0.15%), Bank (- 0.27%), Food & Allied (-0.54%), and NBFI (-0.70%), respectively. Block trades
contributed 6.1% of the overall market turnover. Golden Son Ltd. (+1.8%) was the most traded share with a turnover
of BDT 279 million.

IMPORTANT NATIONAL & INTERNATIONAL NEWS

BOJ Rate Hike on Tuesday Is Now Widely Expected After Wages Jump
Bank of Japan Governor Kazuo Ueda and his board have one more day to decide if it’s time for the nation’s first
interest rate hike in 17 years amid simmering speculation that it will proceed.
Source : Bloomberg US Edition
Japan Leads Asian Stocks Higher on BOJ Rate Bets: Markets Wrap
Asian stocks climbed, led by Japanese shares, as investors awaited policy decisions from Japan and the US this
week for near-term trading cues.
Source : Bloomberg ASIA Edition

Forex market liquidity rising for US dollar inflow

Liquidity in the foreign exchange market is increasing due to a rise in the inflow of US dollars, riding on growing
remittance, export earnings and currency swap deals. Banks' net open position (NOP) in foreign exchange, meaning
the difference between their assets and liabilities in foreign currency, stood at $606 million on March 11, Banglades
Source: The Financial Express
NBR grants tax benefits to 3 sectors
The government has provided tax benefits to three sectors, namely leather, asset management, and research, to
boost competitiveness and foreign currency earnings. The National Board of Revenue (NBR) issued three separate
statutory regulatory orders (SROs) to that end last Thursday.
Source: The Daily Star

IMF suggests raising tax-free income limit to BDT 0.5 Mn

The International Monetary Fund has suggested the National Board of Revenue (NBR) restructure the personal
income tax slabs and increase the tax-free income limit to Tk 5 lakh from the existing Tk 3.5 lakh. The visiting tax
policy mission of the Washington-based lender recommended abolishing the lower slab of 5 percent, saying the
marginal tax rate should be 10 percent on income between Tk 5 lakh and Tk 8 lakh.
Source: The Daily Star
BANK | Banks buying remittance dollar for BDT 6-8 less as demand drops
The US dollar price for remittances has seen a decline of BDT 6-8 per dollar over the last 10 days till 15 March,
following a period of volatility spanning 20 months. With March being the month of Ramadan and Eid-ul-Fitr,
bankers anticipate at least an additional USD 500 Mn in inward remittances compared to February's USD 2.16 Bn, a
trend that could further help stabilise the foreign exchange markets.
Source: The Business Standard

Page 1 of 2 **Green Numbers Indicate Increase and Red Numbers Indicate Decrease**
 Daily Stock Market News
THURSDAY, MARCH 14, 2024
CONSUMER DURABLES | Bangladesh turning into a consumer electronics manufacturing hub
A rise in per capita and disposable income is raising demand for consumer electronics and the growth
opportunity in rural markets prevails for high remittance earnings. Domestically produced air conditioners (ACs)
currently account for 70% to 75% of the Bangladesh market sales.
Source : The Daily Star

BANK | Rural deposits fall for first time in five years as inflation bites
Banks in Bangladesh witnessed a sharp decline in deposits in rural areas in the last quarter of 2023, the first fall in
five years, data from the central bank showed. This was driven by an erosion of savings capacity for sustained
higher inflation and a rush for cash withdrawals from scam-hit Islamic banks as savers' confidence
Source : The Daily Star

EXIMBANK | Padma Bank merging with Exim after failed BDT 17 Bn bailout

Source : The Business Standard

IMPORTANT STOCK MARKET NEWS

SINGERBD | Singer Bangladesh's new plant gears up for June launch
Singer Bangladesh Ltd is set to launch the commercial operation of its new manufacturing plant by June this
year, a move aimed at bolstering its foothold in the local market, as outlined in the company's annual report for
2023. Our new plant is in line with the new priorities of Bangladesh as the country enhances self-reliance in
meeting its needs,"
Source : The Business Standard
RENATA | Renata gets nod to raise BDT 3.5 Bn
Renata yesterday received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise
Tk 350 crore in funds through the issuance of preference shares among pre-selected investors and institutions
to repay some bank loans.
Source : The Daily Star

LOVELLO | BSEC to probe Lovello’s failure to utilise IPO proceeds

The securities regulator has formed an inspection team to review Lovello Ice Cream's failure to fully utilise the
initial public offering (IPO) fund raised in 2021. The Bangladesh Securities and Exchange Commission (BSEC)
formed the three-member inspection team in the first week of March. The team is led by BSEC Additional
Director Md Al Masum Mirdha, while Deputy Director Md Sirajul Islam
Source: The Business Standard

Runner Auto sponsor to sell 1.20 lakh shares

Mohammad Ali Deen, a sponsor director of Runner Automobiles PLC, has expressed his intention to sell 1.20 lakh
shares of his total holding of 25.20 lakh shares of the company. According to a disclosure published on the stock
exchanges website on Tuesday, Mohammad Ali Deen will sell his shares at the prevailing market price in the
public or block market through the Dhaka Stock Exchange within the next 30 working days within 30 April 2024.
Source: The Business Standard

EXCHNAGE | BDT 1 Bn low-cost loan release stalls when stock brokers need it most
Key intermediaries in the stock market, brokers and dealers, are yet to access loans from the Tk100 crore fund
announced by the Capital Market Stabilisation Fund (CMSF) two months ago. Expressing their need for
additional funds to invest, intermediaries said the delay in fund disbursement is impeding efforts to enhance
liquidity in the bearish capital market. The CMSF board in a meeting on 4 January, approved the disbursement of
this loan through Community Bank Bangladesh, a subsidiary of Bangladesh Police Kallyan Trust, at a fixed
interest rate of 7% with an additional service charge of around 1% (could be more or less than 1%).
Source: The Business Standard

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