The benchmark index of the stock markets plunged into losing territory last week as investors became anxious about the market’s momentum. The jittery investors continued to offload their shares amid repeated regulatory actions against stock manipulations. Market analysts attribute the recent decline in stock market activity to a combination of factors, including waning investor confidence and heightened uncertainty. This sentiment was further dampened by the recent imposition of significant fines on several market manipulators. In a bid to curb market manipulation and instill discipline, the Bangladesh Securities and Exchange Commission (BSEC) levied fines totaling approximately Tk 2.70 billion on multiple entities in two phases this week. Additionally, the BSEC has ordered a special audit of three major concerns within the Beximco Group. These latest regulatory actions are part of a broader effort to restore integrity to the capital market. As a result, the market witnessed a continuous selling spree throughout the week, while the news of the disbursement of the Tk 3,000 crore sovereign-guaranteed loan to ICB also failed to subside the prevailing pessimism pervading the trading floor, leading the bears to take control of the market momentum. In the last week, DSEX, the broad index of the Dhaka Stock Exchange, lost 91.4 points, or 1.8 percent, to settle at 5,105 points. Investors' participation in the market also declined by 27.5 percent to Tk3, 22.2 crore as compared to Tk381.3 crore in the previous week. DSE trading ends on downtrend; index drops by 19.06 points Investors were mostly active in Pharma sector at 17.3 percent, followed by Textile sector at 16.3 percent and Bank sector at 10.9 percent. All the sectors, except textile 0.6 percent, ended in red with Paper sector minus -6.2 percent being the biggest loser. Last week, the stock market experienced a significant decline, with the market capitalization shedding Tk11200 crore to reach Tk 6,52400 crore on Thursday. A sell-off of large-cap stocks primarily drove this downturn. A notable contributor to the market's decline was Islami Bank, whose stock price plummeted over 11 percent to close at Tk 45.6 on Thursday. This single stock accounted for a 42-point drop in the key index. Other significant decliners. Most of the traded stocks saw price erosion, as out of 392 issues traded, 293 closed lower and 76 ended higher, while 23 others remained unchanged. Orion Infusion was the most-traded stock with shares worth Tk 1.11 billion changing hands, followed by Dragon Sweater, Asiatic Laboratories, Lovello Ice-Cream, and Saiham Cotton Mills. 18 banks at risk due to potential loan defaults by top 3 borrowers: Bangladesh Bank The Chittagong Stock Exchange (CSE) also ended lower, with the CSE All Share Price Index (CASPI) losing 277 points to settle at 14,304 and its Selective Categories Index (CSCX) shedding 169 points to close at 8,702. The port-city bourse traded 1.30 crore shares and mutual fund units with a turnover value of Tk 27 crore.  

The capital market of the country turned around on Monday, and turnover exceeded Tk1000 crore for the first time in 6 months, on day 2 of lifting the floor price (minimum selling rate). The Dhaka Stock Exchange (DSE) index fell sharply on Sunday, the first working day after the floor price was lifted. Turnover too was subdued. However, after a day on Monday, the index closed higher on the second working day. Also, after six months, the turnover in the market exceeded Tk1000 crore. DSE turnover jumps over 28 percent to Tk441 crore after election day Shares and units of 207 companies increased in DSE on this day. On the contrary, the price of 145 decreased. And the price of 40 remains unchanged. The main price index of DSE DSEX increased by 14 points to 6254 points. Among the other two indices, DSE Shariah increased by 6 points to 1,380 points compared to the previous day. The DSE-30 index has increased by 10 points compared to the previous day and stands at 2147 points. Businesses want updated risk management systems to ease trade At the end of the day, Tk1042.22 crore was traded in DSE, which was Tk588.87 crore on the previous working day (Sunday). The top 10 companies traded on DSE were BD Thai Aluminum, Associated Oxygen, Orion Infusion, LafargeHolcim Bangladesh, Karnaphuli Insurance, Deshbandhu Polymer, Sea Pearl Beach Resort, Beach Hatchery, Santhani Life Insurance, and Bangladesh Shipping Corporation. DSE launches new data center for uninterrupted transactions on stock market However, the overall price index of Chittagong Stock Exchange (CSE) CASPI decreased by 93 points. Out of 267 firms participating in the market, 123 rose in price. In contrast, the prices of 118 decreased and 26 remained unchanged. Tk21.81 Crore traded on Monday at the CSE, which was Tk12.74 Crore traded on the previous working day (Sunday).

Commerce Minister Tipu Munshi has said the government has enough stock of daily commodities and there is no scope of hike in their prices during the holy month of Ramadan. "We've got sufficient oil, sugar, chickpeas, and other essential commodities in stock. There’s no scope to increase prices,” he told reporters after a meeting of Task Force committee on commodity prices and market monitoring at the commerce ministry on Sunday. He said the government has taken all necessary measures to keep the prices of essential goods under control during Ramadan. Also Read: Dates, fruits to be more costly during Ramadan due to LC opening crisis The minister said the government is working to keep the prices of eggplant, cucumber, lemon, and chicken under control during the holy month. “Meetings at various levels have been held in the past 15 days to keep the prices of Ramadan goods under control,” he said. He also mentioned strict vigilance has been ensured to prevent extortion during the transportation of these products. Also Read: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi “No extortion will be tolerated on roads and highways during Ramadan,” he said. He also said onion price is now at tolerable level and imports have been slowed down a little bit to give farmers a fair price. Also Read: During holy Ramadan, some profit-mongers hike prices and cause public sufferings: PM He said that the market will be closely monitored during Ramadan. “Some may attempt to take advantage of the situation. Anyone who will try to take advantage will face consequences,” he added.      

NEW DELHI (AP/UNB) — Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his flagship company’s $2.5 billion share offering following the loss of tens of billions of dollars in market value due to claims of fraud by a U.S.-based short-selling firm. Adani Enterprises canceled the share sale late Wednesday, citing “market volatility.” Stocks in the coal mines to ports empire sank after Hindenburg Research, which has a track record of sending stock prices of its targets tumbling, accused the group of “brazen” stock market manipulation and accounting fraud, among other financial abuses. The share sale was seen as a crucial test of investor confidence in Adani, whose net worth shot up about 2,000% in recent years as share prices for his listed companies soared. By the time trading closed Wednesday, Adani Enterprises was down by a whopping 28%. But the share offering had drawn nearly 51 million bids, exceeding the 45.5 million offered to the public. Stock in six of Adani’s other listed companies sank between 2% and 19%. Early Thursday, Adani Enterprises was down by 5%. Stocks in four of Adani’s other listed companies were down by 10% and two others sunk between 5% and 8%.In a video address Thursday, Adani said the decision to scrap the share offering was made “to insulate the investors from potential losses.” “For me, the interest of my investors is paramount and everything else is secondary,” he said. Adani Enterprises said in a statement that it would withdraw the transaction and return the money to its investors. The decision would not “have any impact on our existing operations and future plans,” it said, adding that the group’s balance sheet was “very healthy” with strong cashflows and secure assets. Adani made a vast fortune mining coal as energy-hungry India grew swiftly after its economy was liberalized in the 1990s. Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet. Hindenburg said it was betting against the group, accusing it of “pulling the largest con in corporate history.” It said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” Most of the allegations involved concerns about the group’s debt levels, activities of top executives, use of offshore shell companies to artificially boost share prices and past investigations into fraud. It listed 88 questions for the group to answer. Adani Group dismissed Hindenburg’s allegations, and called its report a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” On Sunday, it issued a 413-page report that rejected its questions, saying none were “based on independent or journalistic fact finding.” Adani’s response included documents and data tables. It said the group has made all necessary regulatory disclosures and abided by local laws. The stock losses on Wednesday cost Adani his title as the richest man in Asia and in India. Adani also slid from a ranking of being the world’s third richest man to the 13th as his fortune plummeted to $72 billion, according to Bloomberg’s Billionaire Index. Prior to the Hindenburg report, his net worth was about $120 billion.

Asian shares gained Friday as investors cheered a strong set of earnings from retailers that has sent U.S. shares higher. Benchmarks were rising in early trading across the region, including Japan, China, Australia and South Korea. “Improved risk sentiments in Wall Street, along with earnings outperformance from Alibaba and Baidu, may aid to fuel some upside for the Asia region into today’s session,” said Yeap Jun Rong, market strategist at IG in Singapore. Shares of Alibaba and Baidu have surged after they reported better than expected results, easing some concerns about the negative impact from restrictions to curb COVID-19 infections. Both shares continued to rise in early trading. Also Read: Asian stock markets higher after Wall St sinks further Gauging Japan’s economic path will be on investors’ minds as data on manufacturing, housing and employment for April are set to be released next week. Some analysts expect the numbers to be dim because of a slowdown in exports to China during that period. But some optimism is also in the air, with Tokyo’s restrictions on tourists easing and the daily cap raising from 10,000 incoming people to 20,000 starting June 1. The Japanese government, led by Prime Minister Fumio Kishida, is also set to push ahead in parliamentary discussions with a supplementary budget, another possible plus for investors. Japan’s benchmark Nikkei 225 added 0.8% in early trading to 26,811.06. Australia’s S&P/ASX 200 gained 0.9% to 7,167.70. South Korea’s Kospi jumped 1.0% to 2,638.92. Hong Kong’s Hang Seng surged 2.8% to 20,687.39, while the Shanghai Composite edged up 0.6% to 3,141.15. Wall Street ended broadly higher after seven straight weeks of declines, the longest such stretch since 2001. Bond yields rose. The yield on the 10-year Treasury, which helps set interest rates on mortgages, rose to 2.75% from 2.74% late Wednesday. Roughly 90% of the stocks in the S&P 500 rose, with technology companies, banks and retailers driving much of the rally. While trading has remained choppy this week, the market has mostly pushed higher, unlike the past five weeks, when the S&P 500 had a pullback of 2% or more at least one day each week. “It’s nice to see a couple days in the green, and this might actually end up being the first week when we don’t have a humongous down day,” said Liz Young, head of investment strategy at SoFi. “But I wouldn’t declare premature victory and assume we’re in the clear.” The S&P 500 rose 79.11 points, or 2%, to 4,057.84. The Dow added 516.91 points, or 1.6%, to 32,637.19, and the Nasdaq rose 305.91 points, or 2.7%, to 11,740.65. The Russell 2000 index of smaller companies climbed 39.07 points, or 2.2%, to 1,838.24. Retailers led the broader market higher Thursday. Macy’s surged 19.3% after it raised its profit forecast for the year following a strong first-quarter financial report. Dollar General vaulted 13.7% and Dollar Tree jumped 21.9% for the biggest gain in the S&P 500 after the discount retailers reported solid earnings and gave investors encouraging forecasts. The retail sector is being closely watched by investors looking for more details on just how much pain inflation is inflicting on companies and consumers. Weak reports from the several big companies last week, including Target and Walmart, spooked an already volatile market. “We’re not convinced that we’re completely out of the woods here,” said Philip Orlando, chief equity market strategist at Federated Hermes. “There were a lot of negative reports last week and what those companies have talked about is what is going on through the economy.” Inflation is at a four-decade high and businesses have been raising prices on everything from food to clothing to offset higher costs. The impact from Russia’s invasion of Ukraine worsened inflation pressures by fueling higher energy and key food commodity costs. Supply chain problems worsened in the wake of China’s lockdown for several major cities as it tried to contain COVID-19 cases. Consumers have been resilient about spending, but the pressure from inflation remains persistent and could be prompting a pullback or shift in spending from more expensive things to necessities. The broad gains on Thursday followed a late push for markets on Wednesday prompted by details from the Federal Reserve’s latest meeting, which confirmed expectations of more interest rate hikes. Technology stocks also rose. TurboTax maker Intuit rose 4.6%. Companies in the sector, with their lofty stock values, tend to push the market harder up or down. Airline stocks rallied on encouraging summer travel forecasts. Southwest Airlines rose 6% and JetBlue rose 3.4%. In energy trading, U.S. benchmark crude added 36 cents to $114.45 a barrel. U.S. crude oil prices rose 3.4% Thursday, and are up more than 55% for the year. Brent crude, the international standard, rose 45 cents to $117.85 a barrel. In currency trading, the U.S. dollar inched down to 126.79 Japanese yen from 127.10 yen. The euro cost $1.0763, up from $1.0733.

Warren Buffett’s company placed a rare bet on a technology company late last year and it has already paid off in a big way. Berkshire Hathaway revealed in documents filed with regulators on Monday that it bought near 15 million shares in game publisher Activision Blizzard during the last three months of 2021. The purchase came not long before Microsoft’s announcement in January that it was acquiring Activision for $68.7 billion, sending the stock soaring. Activision’s shares are up 22.5% so far this year. Berkshire estimated that its 14.7 million shares in Activision Blizzard, the maker of Candy Crush and Call of Duty, were worth roughly $975 million at the end of 2021. At the close of trading Monday, they were worth $1.19 billion. The investment by Buffett’s firm was a surprising move by the famously tech-averse investor. Buffett has long avoided investing in tech companies because he says it is too hard for him to pick the long-time winners in that sector. Also read: How India plans to spiff up economic growth The other changes to Berkshire’s roughly $330 billion portfolio revealed Monday were more typical for Buffett, such as increasing an investment in oil giant Chevron, eliminating a stake in Teva Pharmaceuticals and trimming its investments in several other drugmakers. Buffett and other Berkshire officials don’t comment on these quarterly stock filings, and the reports don’t state whether either one of Berkshire’s two other investment managers made the moves. Buffett typically handles all the company’s larger investments worth more than $1 billion apiece such as its major stakes in Apple, Bank of America and Coca-Cola, so the size of the Activision Blizzard investment suggests Buffett made that decision. Berkshire continued rebuilding its Chevron investment in the fourth quarter when it picked up nearly 10 million shares, but the stake of 38.2 million shares remains smaller than the 48.5 million shares it held when it first revealed the investment a year ago. Berkshire sold off a large chunk of its Chevron investment in the first half of last year. Buffett’s firm sold off the 42.8 million Teva shares it held and trimmed its holdings in other pharmaceutical companies Bristol Myers Squibb, Abbvie and Royalty Pharma. Also read: Alibaba appoints new CFO, reshuffles e-commerce businesses Berkshire also eliminated a $266 million investment in Sirius XM during the quarter. It revealed a new investment in Brazilian fintech NU Holdings that went public in December. Buffett’s company held 107 million shares of NU Holdings at the end of the year. In other moves, Berkshire cut down its investment in professional services firm Marsh & McLennan and trimmed its holdings in Mastercard, Visa and Charter Communications. Besides investments, Berkshire owns more than 90 companies outright, including Geico insurance, BNSF railroad, and several major utilities. The conglomerate also owns manufacturing, furniture, shoe, jewelry, chocolate, underwear and brick companies.

The price of rice is increasing being control despite a record production and the highest stock in silos, Agriculture Minister Muhammad Abdur Razzaque said on Sunday. Since rice is the staple food the country will have to further boost the grain production at any cost, the minister said at a meeting to review the progress of his ministry’s Annual Development Programme at Bangladesh Secretariat. “We are unable to control the price hike,” he told the meeting. He urged scientists, agriculture extension officials and all others concerned to work sincerely for increasing food production. Also read: Edible oil price may go up further: Tipu Munshi He asked officials not to waste time in lobbying to become projects directors in the hope of earning extra money through corruption and irregularities. “The project directors are recruited after considering professional skill, eligibility and leadership quality,” he said. “Please do not go for lobbying to become a project director for taking illegal facilities through irregularities and corruption,” he said.   He said those who are in charge projects have to maintain transparency in spending funds. Also read: Textile millers oppose plan for gas price hike Razzaque also asked the officers concerned of the ministry to monitor the project work strictly. According to the ministry, it has 71 projects in FY2021-2022 with a total allocation of Tk 2,928 crores. So far, 32 percent work has been implemented till December 2021, higher than the national ADP implementation of 24 per cent.

The Directorate General of Health Services (DGHS) on Wednesday said the stock of the Covid-19 vaccine is running out in Bangladesh as there are only 14 lakh jabs in government hands with no sign in sight to get a fresh consignment of it from India. Speaking at a virtual press briefing, DGHS spokesperson Dr Robed Amin said, “We had around one crore and two lakh vaccines in our hands…around 88 lakh jabs have already been administered as the first and second doses. Now we’ve some 14 lakh doses in stock.” He said there will be a vaccine crisis if a fresh consignment does not arrive in the country before the existing stock is exhausted. Also read: Bangladesh approves emergency use of Chinese Covid vaccine Robed said 58,19,719 people have so far received the first dose of the vaccine while 30,23,169 got the second one. As per official statistics, the country lacks over 14 lakh second doses of the vaccine to administer those who received the first jab. Amid the vaccine crisis, the government suspended administering the first dose of the coronavirus vaccine on April 26. The DGHS spokesman, however, hoped that the county may get vaccine doses from Chain before Eid-ul-Fitr. Besides, he said, a process is underway to give clearance by the Health Ministry for procuring Russia's Sputnik V vaccine. Robed said Renata Limited, a Bangladeshi pharmaceutical company, has sought permission from the government to import Moderna's Covid-19 vaccine and discussions are going on in this regard. He said three pharmaceuticals’ companies in the country have already contacted the government as they want to produce Covid vaccine in the country. “The three companies are hopeful that they’ll be able to produce 1.5 crore vaccines in a year in Bangladesh.” He said the government and DGHS assessed their capacity to manufacture vaccines. The DGHS official said the Covid situation has improved in the country significantly over the last one week as the virus transmission rate continues to drop. Stating that the virus positivity rate came down to 8.71% on Tuesday, he said there is no room for complacency over the current situation as the positive cases may spike again for any kind of negligence. Also read: Bangladesh approves local production of Russian, Chinese Covid vaccines Robed said the health safety rules must be maintained and the public movement will have to be restricted to maintain the declining trend of the virus transmission. He also urged people to wear masks whenever they come out of their homes as it is the best preventive gear against possible Covid infections.

A meeting on agriculture production and stock was held at the Ganobhaban on Thursday with Prime Minister Sheikh Hasina in the chair.

Stocks closed broadly higher on Wall Street Wednesday, driving the S&P 500 and Nasdaq indexes to more record highs.