Bangladesh
Investors face uncertainty as stock prices fall sharply after gains
Investors in Dhaka's stock market are facing a renewed dilemma as stock prices that surged on Tuesday fell sharply on Wednesday. A total of 306 companies saw their share prices decline, reversing gains from the previous day.
At the close of trading on the Dhaka Stock Exchange (DSE) on Wednesday, the main index, DSEX, fell by 71.98 points, closing at 5,169.79. This followed a 68.66-point rise just a day earlier, heightening investor concerns over market volatility.
In addition, transactions at the DSE fell by Tk 37 crore to Tk 321 crore on Wednesday, compared to Tk 358 crore on Tuesday.
Dhaka Stock Exchange sees mixed early trading
All major indices saw declines, with the DSES (Shariah) index dropping 11.37 points to 1,162.64, and the DS30, which tracks blue-chip stocks, sliding 31.56 points to 1,892.77.
The sudden decline follows two consecutive days of rising stock prices, which had given investors a sense of optimism. However, Wednesday's trading saw share prices of 306 companies fall, while only 52 companies experienced gains. The prices of 41 companies remained unchanged.
Over at the Chittagong Stock Exchange (CSE), the CASPI index saw a slight drop of 0.82 points, closing at 145,002.29. Trading volume also took a hit, with transactions decreasing to Tk 3.12 crore from Tk 13.67 crore on Tuesday. Out of the 194 companies and mutual funds traded at the CSE, the share prices of 127 companies decreased, while 42 companies saw increases, and 25 remained unchanged.
340 minutes ago
Adviser Nahid favours political consensus for decision on President
A decision regarding President Mohammed Shahabuddin can be reached through political discussion and national unity, rather than following legal or constitutional procedures, said Nahid Islam, Adviser on Posts, Telecommunications, and Information Technology, on Wednesday.
The adviser also called for everyone to remain calm and be aware about this issue.
He said this in response to a question while talking to reporters at the Secretariat on Wednesday.
He further stated, "We have received the message from the people, and the interim government is consulting all stakeholders. A decision may be forthcoming after these discussions."
Nation doesn’t expect a constitutional or political crisis: BNP
"Whether the president stays in office is not a legal or constitutional matter at this time; it is a political decision," he stated.
"In making the decision regarding the president, we are prioritising stability, security, and discipline within the state," he added.
"There is no need for demonstrations in front of Bangabhaban or elsewhere. We have heard the people's message, and a decision must be reached through discussion," he emphasized.
Nahid also mentioned that there are conspiracies both at home and abroad, urging student protesters to remain vigilant and calm in this context.
No decision yet over President issue: Interim govt
In response to another question, the adviser stated, "The students have issued an ultimatum. We are currently engaged in discussions on our end, though there is no specific timeline for this process. We will continue our efforts and once we reach a logical decision, we will inform everyone.”
Nahid stressed that the decision must prioritize the state and its citizens.
338 minutes ago
TCB to sell rice, oil, pulse at subsidised rates in Dhaka, Ctg from Thursday
Trading Corporation of Bangladesh (TCB) will start selling edible oil, pulse and rice at subsidised rates in Dhaka and Chattogram from Thursday and continue till November 30.
The three essential products will be sold through 50 and 20 trucks in the capital and the port city.
Edible oil will be sold at Tk 100 per liter, rice at Tk 60 per Kg and pulse at Tk 30 per Kg respectively.
The truck sales will be inaugurated in Tejgaon area around 10 am on Thursday morning, said a TCB press release.
330 minutes ago
HSC students demonstrate at Secretariat demanding re-evaluation
Police have dispersed a group of HSC students when they were staging demonstration at the Secretariat demanding re-evaluation of their results.Witnesses said the students, who failed in the HSC examinations or got poor results, stormed the Secretariat around 3 pm and chanted slogans demanding re-evaluation of their results published recently.
The protesters also threatened to stage a sit-in until their demand is not met.
Students stage demo protesting HSC results through subject mapping; several injured
At one stage, police chased them and forced to leave the Secretariat.Earlier on October 20, a group of students under the banner of ‘HSC-Batch 2024’ entered the Dhaka Education Board premises and staged a demonstration opposing the HSC results terming it ‘discriminatory’.Terming the results as discriminatory the students demanded the government to publish the results through mapping of all subjects.On October 15, the results of HSC and its equivalent examinations were published.
314 minutes ago
Banking sector flush with Tk 1.90 Lakh crore in excess liquidity
The banking sector in Bangladesh, once facing a liquidity crisis, is now seeing a surplus, holding Tk 1.90 lakh crore in excess liquidity, according to the Bangladesh Bank (BB).
This shift is being attributed to a rise in depositor confidence following the recent political changes in the country.
Despite the renewed trust, private credit growth has slowed to 9.46% year-on-year in August 2024, contributing to the increased liquidity within the banks.
The central bank’s latest data indicates that 46 banks—comprising four Sharia-based and 42 conventional institutions—currently have excess liquidity.
Among these, Sonali Bank stands out as the top holder of surplus funds, followed by Agrani Bank, Rupali Bank, Janata Bank and the Bangladesh Development Bank (BDBL).
The BB noted that depositors are showing a marked preference for public sector banks over private institutions, as they perceive them to offer greater security for their hard-earned money.
This shift has driven a surge in deposits at public banks.
Read: Bangladesh’s 6 struggling banks receive Tk 1,640 crore in liquidity support
Conversely, the situation in several Sharia-based banks remains less favourable.
Following the acquisition of multiple banks by large conglomerates such as the S Alam Group, a number of depositors withdrew their funds from these institutions.
Allegations of large-scale loan defaults involving groups like S Alam, Beximco, and Sikder Group have left some Sharia-based and conventional banks struggling with liquidity shortages.
However, the broader banking sector remains stable, with most banks retaining sufficient liquidity for investment, as noted by a senior BB official.
Policy Impact on Private Credit
The vice president of the Bangladesh Association of Banks (BAB), Muhahhad Abdul Mannan, explained that the drop in private credit growth can be attributed to the BB’s contractionary monetary policy, aimed at controlling inflation.
Higher interest rates and fluctuations in the exchange rate of the local currency have also discouraged entrepreneurs from seeking new investment opportunities. This has led many banks to redirect their excess liquidity into government bonds and bills.
Mannan, who previously served as Managing Director of Islami Bank before its takeover by the S Alam Group in 2017, stressed that banks are turning to safer investments in treasury bills and bonds due to the stagnation in private sector lending.
Banking Sector Stability
Syed Mahbubur Rahman, Managing Director and Chief Executive Officer of Mutual Trust Bank PLC, reiterated that most banks in the country have ample liquidity. The reduction in private sector credit demand has led many to turn to investments in treasury instruments, as per standard banking practices.
Read more: Banks hit by liquidity crunch: Limited cash withdrawals spark nationwide frustration
Mahbubur Rahman also highlighted that cash in circulation outside of banks is decreasing, while deposits are increasing due to more competitive interest rates being offered.
BB’s Executive Director and spokesperson Husneara Shikha added that stronger financial institutions are supporting weaker banks with financial aid.
As a result, the central bank has ceased printing currency to provide liquidity support to struggling banks, reflecting the sector's overall stability.
299 minutes ago
Cyclone Dana: Coastal areas in Satkhira experience rain
The coastal areas of Satkhira district have been experiencing rainfall since Wednesday morning as Cyclonic storm "Dana" has formed in the Bay of Bengal.
The coastal areas in Shyamnagar upazila including areas adjacent to the Sundarbans’s Gabura, Padmapukur, and Burigoalini are experiencing rain.
Zulfikar Ali Ripon, acting officer of the Satkhira Weather office, said the depression over the Bay of Bengal intensified into a cyclone on Wednesday and named ‘Dana.’
293 minutes ago
Japan to continue support resolving Rohingya issue: Ambassador
Japanese Ambassador to Bangladesh Iwama Kiminori has said Japan will continue to support resolving the Rohingya issue including funding assistance and cooperation with the government and relevant agencies.
As the crisis is turning into its seventh year, it is essential to keep the attention of the global community, while multiple emergencies have been taking place in different parts of the world, said the Ambassador, adding that Japan will continue to work toward the resolution of the Rohingya issue.
The Ambassador had his sixth official visit to the camp in Cox's Bazar on October 20-22 where over 1.2 million Rohingyas reside.
He visited the Ukhiya Specialized Hospital, Save the Children site, and UNHCR WASH (water, sanitation and hygiene) project sites.
The Ambassador also held discussions and exchanged views with host communities in Teknaf.
Moreover, on the last day, he had meetings with the Refugee Relief & Repatriation Commissioner (RRRC) and the Armed Police Battalion (APBN).
Witnessing the ongoing activities in the field, Ambassador Iwama said, "This is my sixth visit to the Rohingya camp in Cox’s Bazar, and this time I witnessed the current situation in the camps impacted by the flood damage due to the heavy rain on August 17.”
He said the damage left by the devastating flood is still having a negative impact on the lives of people in the refugee camps, both physically and mentally.
“At the same time, I saw how the aid funds provided by the Japanese government are being maximized in the refugee camps through the Bangladesh government, UN agencies, and NGOs,” said the Ambassador.
289 minutes ago
Ex-MP Henry, husband put on 5-day fresh remand
A court in Sirajganj on Wednesday placed ex-MP of Sirajganj-2 Jannat Ara Henry and her husband Md Labu Talukdar, former chairman of Sirajganj Zila Parishad, on a four-day fresh remand in a Jubo Dal leader murder case.
Sirajganj Senior Judicial Magistrate Court-2 judge Md Russel Mahmud passed the order after police produced them before the court with a remand prayer, said the plaintiff’s lawyer Nazmul Islam.
On October 2 and 16, the same court placed the couple on 7 and 5-day remand respectively in connection with the killing of local Jubo Dal leader Sohannur Rahman Ranju during the recent movement.
Rapid Action Battalion (RAB) members arrested them from Sonapur area of Moulvibazar town on September 30.
264 minutes ago
Man trampled to death by elephant in Ctg
A 35-year-old man was trampled to death by an elephant in Karnaphuli upazila of Chattogram early Wednesday.
The deceased was Md Akbar, a resident of Dakkhin Shahmirpur village of the upazila.
Moniruzzaman, sub inspector of Karnaphuli police station, said Akbar, his mother and wife came out of their house after hearing a hue and cry from neighbours as an elephant attacked a nearby house located in a hill area around 4am.
Suddenly the elephant appeared there and trampled Akbar to death.
Later, locals recovered the body and an unnatural death case was filed in this connection, the SI said.
A woman also died after being attacked by an elephant in the same area on Monday night, said locals.
248 minutes ago
Arrest warrant for Hasina: HRW calls for amending ICT law to ensure fair trials; opposes ban on party
The Human Rights Watch (HRW) on Wednesday said with arrest warrants out for the deposed Prime Minister Sheikh Hasina, the interim Bangladesh government should amend the International Crimes (Tribunal) Act to ensure a fair and impartial judicial process.
The US-based rights body conveyed this in a letter on October 21 to the Ministry of Law, Justice and Parliamentary Affairs.
“Sheikh Hasina and others with command responsibility should be investigated, tried, and, if found responsible, held accountable for the widespread abuses committed during the protests in July and August,” said Julia Bleckner, senior Asia researcher at Human Rights Watch.
“Ensuring fair trials will only strengthen the accountability process and is the only way to deliver genuine justice to victims and their families,” she said.
On October 17, the Bangladesh International Crimes Tribunal issued the arrest warrants for Hasina, and 44 other people, including senior members of her cabinet.
Mohammad Tajul Islam, the tribunal’s chief prosecutor, said that Hasina presided over “massacres, killings and crimes against humanity,” during mass protests against her government.
“Without clear commitments to international standards, the interim government risks undermining the justice process,” Bleckner said.
“Governments should extradite the accused, including Sheikh Hasina, to face trial as soon as the Bangladesh government issues a moratorium on the death penalty and makes amendments to ensure a fair trial,” she said.
According to the interim government’s health minister, over 1,000 people were killed and many thousands injured due to excessive and indiscriminate use of ammunition by security forces during the protests, and violent attacks by her party supporters.
Hasina, who eventually resigned and fled to India, has been ordered to appear before the court by November 18.
The tribunal, which was established under Hasina’s government in 2010 to address crimes against humanity committed during the 1971 Liberation War, has previously been fraught with violations of fair trial standards.
This included failure of evidence gathering, lack of independence of judges including collusion with prosecutors, witness tampering, denying proper rights to defense, forcibly disappearing relatives of the accused, and the use of the death penalty.
The tribunal has initiated a request for Hasina to be extradited to Bangladesh under the country’s extradition agreement with India, so that she can face trial.
Several other accused leaders have also fled to India or other countries. India and other relevant governments should support Bangladesh’s justice process by adhering to extradition agreements once the Bangladesh government issues a moratorium on the death penalty and makes amendments to ensure that the accused will be safe and will face a fair trial in accordance with international standards, Human Rights Watch said.
The interim government has issued important amendments to the International Crimes (Tribunal) Act, the law establishing the tribunal, including provisions for transparency by allowing the presence of international observers and for broadcasting trial proceedings.
Amendments also included important requirements for victim and witness protection.
Nevertheless, additional amendments are necessary to ensure that trials are fair and carried out in accordance with international standards and the rights enshrined in the Bangladesh Constitution.
Before moving ahead with trials, the interim government should adopt a moratorium on the death penalty and take steps to abolish capital punishment in line with international human rights law.
It should also make amendments to ensure the due process rights of the accused.
The government should additionally repeal Article 47(A) of the constitution to allow the accused protection of their constitutional rights, including the right to enforce their fundamental rights under Article 44 of the constitution.
The interim government should urgently create an adequately resourced witness and victim protection unit within the court administration.
At a minimum, such a unit should be able to protect witnesses, victims, and their family members before, during, and after court appearances, particularly for individuals who testify against serving security forces personnel.
Such a unit should also have the expertise to determine when in-country or, in extreme cases, out-of-country relocation is appropriate and to make suitable arrangements. Witnesses should know what rights they have and the protections that are available to them, both inside and outside the courtroom.
Among the amendments issued by the interim government is a proposal to ban a political organization found to have committed, aided, or abetted crimes against humanity.
While the role of political parties in grave abuses in Bangladesh should be addressed, a broad ban on an entire political party undermines other human rights obligations, including the right to free association, and sets a dangerous precedent that could allow the court to be politically weaponized, said the HRW.
This section should be amended to apply to individuals convicted of grave human rights abuses, instead of the political party with which they may be affiliated, unless the party itself is held responsible in law for such crimes, after a fair hearing.
The authority to ban a party should be limited to courts, not ministers or other members of the executive branch, it said.
Any prosecution should be rooted in fair trial standards, Human Rights Watch said. These include the presumption of innocence, the right of equal access to justice, and the right to trial before an independent, impartial, and competent court.
They also include the right to present witnesses in one’s own defense, and the right of defendants to see and be able to challenge the evidence and witnesses used against them, and the right to humane detention conditions.
243 minutes ago