| Home |

Stock  News

Tuesday, January 14, 2003

Compiled by SDNP

Head Lines


Capital markets show lacklustre trading

BSS, Dhaka, The Independent

Capital market witnessed a lacklustre trading yesterday on fall in share prices at both the Dhaka and the Chittagong bourses on lower demand for scripts.

The business was marked with thinner transfer of shares at lower turnover in value. Shares opened the day higher and later started to fall and lost ground at the mid session pushing majority of the issues down. The market was less active and there were lower contacts made at both the DSE and the CSE. The benchmark share price index and market capitalisation as well moved lower at both the exchanges, signaling to negative growth to the market.

The market capitalisation at the DSE was 0.283 per cent or Tk 190 million (USD 3.3 million) lower to total at Tk 67 billion (USD 1.157 billion) against previous day's Tk 67.19 billion (USD 1.16 billion).

At the CSE, it was 0.017 per cent or Tk 10 million (USD 0.2 million) down yesterday to total at Tk 59.13 billion (USD 1.02 billion) against previous day's Tk 59.14 billion. Square Textiles, Square Pharmaceuticals and Intech Online were highly traded issues earning major turnover in value. Square Textiles shares gained 0.36 per cent to Tk 27.40 per share at the DSE. Its shares were traded flat at the CSE to close at Tk 27.40.

Square Pharmaceuticals shares lost 0.16 per cent to Tk 1225 and 0.49 per cent at Tk 1216.25 at the DSE and the CSE respectively.

Intech Online shares gained 1.48 per cent to Tk 13.70 and 2.24 per cent to Tk 13.70 at the DSE and the CSE respectively. The DSE 20 index for blue chip shares lost 2.21 points to finish at 1023.88 against previous day's 1026.09. The DSE Weighted Average Share Price Index was slightly higher at 822.53. A total of 1,803,314 shares worth Tk 56.13 million (USD 0.969 million) were traded at the DSE floor yesterday against previous day's 2,294,614 shares for Tk 58.73 million (USD 1.014 million). In all, 165 issues were traded, of which 51 issues gained, 72 lost and 42 remained unchanged.

The CSE 30-blue chip Selective Price Index was 1.06 points down to 1192.96 from 1194.02 previous day. The CSE Trade Volume Weighted Index was slightly down at 1841.13. A total of 492,989 shares worth Tk 95.69 million (USD 1.653 million) were traded against previous day's 1,459,005 shares valued at Tk 33.36 million (USD 0.576 million). In all, 40 issues were traded, of which 9 gained, 20 lost and 11 remained unchanged.

Top of the page

$ firm against Taka

BSS, Dhaka, The Independent

The US dollar was firm against the Bangladesh Taka but lost ground against the yen and remained pressured against the euro following grim US labour report, lending further worries over the state of the US economy, dealers said.

The Labour Department said Friday US firms unexpectedly cut 101,000 jobs in December, defying economists' expectations of a modest increase in employment, they said.

The dollar traded at 58.85-59.05 to the Taka yesterday compared to previous day's 58.80-58.95 Taka and compared to central bank's selling rate at 58.40 Taka, dealers of different commercial banks said.

Nationalised commercial banks, the biggest foreign exchange earners of the country sold dollar at 58.85-59.95 Taka per unit while some private commercial banks had to purchased dollar at 58.95-59.05 Taka as they faced sudden pressure for the greenback from importers, they said.

The demand for the dollar was strong form importers as they had import payments due to resume of trading in the international markets after two-day weekend holiday Saturday and Sunday, dealers said.

Some private commercial banks faced short-fall of dollars due to thin inward remittance when they had to pay a handsome of dollar funds against import of goods and oil, they said.

The dollar traded at 119.10 yen yesterday, down from 119.28 yen in New York and 119.93-95 yen in Tokyo on Friday. Markets in Japan are closed for a public holiday, dealers said.

The euro-dollar changed hands at 1.0567 versus 1.0573 in New York and 1.0484 in Tokyo while against the yen, the euro traded at 125.84 from 126.13 in New York and 125.85 in Tokyo on Friday, they said.

The dollar is expected to remain soft against the major currencies after the December employment report and the euro is poised to be a major beneficiary of the greenback's weakness, currency analysts said.

"The trend would be further euro upside at the expense of the dollar," they said adding that the euro is expected to stay firm against the dollar amid nervousness over the weak US economy.

In kerb market, the dollar was strong against the local currency and traded at 59.60-90 Taka to the dollar- higher than the offer rates of commercial banks to their customers and public, traders at different money changers said.

But the Saudi riyal gained some points due to rising demand from haj pilgrims, they said.

At 3.00 p.m. yesterday, the euro was traded at 60.20-30 Taka, pound sterling at 93.10-20 Taka and Saudi riyal at 16.20-16.30 Taka, traders said.

Meanwhile, the inter-bank money market was flooded by huge surplus funds and the demand for call money was very thin yesterday fund managers of commercial banks said. The call money rate touched its high at 7.00 per cent yesterday and in most deals ranged between 6.00 per cent and 6.50 per cent, they said.

Fund managers said the banking sector now is flooded by huge surplus funds about more than Tk 6000 crore when banks are yet to disburse their loans to their clients.

"Banks are now taking plans to invest their funds in projects. So the demand for call money is very thin", fund managers said.

A few non-bank financial institutions were in need of money yesterday", they added.

Sonali Bank, Agrani Bank, Janata Bank, AB Bank, Eastern Bank, NCCBL bank, led the call money market with their surplus funds while a few private banks and leasing companies borrowed money from the call money market, they said.

Top of the page

New brand Indian motorcycle in Bangladesh

BSS, Dhaka, The Independent

Runner Automobiles Limited, a local company, started marketing of a new brand Indian motorcycle in the country from Saturday last.

The company will sell each of the 110 CC 'LML Freedom' motorcycle at a cost of Taka 70,500 through its distributors across the country, a press release of the company said today.

An official of the company claimed that the LML Freedom was one of the cost effective vehicles as the motorcycle could run 85 km with one liter petrol.

Managing Director of the Runner Automobiles Hafizur Rahman formally launched the marketing of the motorcycles at the company's factory at Savar here. Senior Vice President of LML Limited RD Jayal, executive director and board of directors of Runner Auto and dealers were also present at the inaugural function, which was followed by a cultural soiree.

Top of the page

Dhaka Stock Exchange Link 

Top of the page

International Stock Exchange Link

Top of the page



| About us | Bangladesh | Success Stories | DocumentsSEMP  | LinksNewsPartnersEnvironmentTech.Info |

Copyright and Fair Use . SDNP Bangladesh holds the copyright to its publications and web pages but
encourages duplication of these materials for noncommercial purposes. Proper citation is required. 

Sustainable Development Networking Programme (SDNP)
E-17 Agargaon, Sher-e-Bangla Nagar, Dhaka-1207, Bangladesh. Email: info@sdnbd.org