United News of Bangladesh

The Dhaka Stock Exchange (DSE) index dropped by 52.98 points within the first hour of trading on Sunday, reflecting a downturn in Bangladesh's main capital market. During this initial hour, trading volume reached Tk 71.2 crore. A total of 375 companies participated, with 248 experiencing price declines, 80 showing gains, and 47 remaining unchanged. Read: DSE index hits four-month low amid investor concerns The primary DSE index, DSEX, fell by 52.98 points to stand at 5,061.61. The DSES Shariah index saw a 12.91-point decrease, settling at 1,131.09, while the DS30 index, tracking blue-chip stocks, dropped by 18.40 points to 1,860.77.

Global electronics brand ‘Walton’ has received huge responses from global buyers at the world’s largest trade show ‘China Import and Export Fair’, popularly known as Canton Fair. The importers, traders and buyers of the electronics and electrical products coming from different countries at the mega trade show were overwhelmed witnessing Walton’s environment-friendly advanced featured smart fridge, air conditioner, TV and other technology products, said a press release.          Abdur Rauf, Vice-President of Walton Global Business Section and Chief Coordinator of Walton Pavilion at Canton Fair, said that Walton received a huge response in the fair. Various smart appliances, including environment-friendly huge energy saving advanced features’ refrigerators, air conditioners, fans, battery, computer monitor, laptop, TV, compressor, mobile’s motherboard or PCBA etc. were showcased inside one mega pavilion at the international zone of the fair. Nearly one hundred business representatives from different countries have shown their keen interests to do business with Walton. Galib Bin Mohammad, Chief Marketing Officer, said, “Canton Fair has made a bridge between Walton and global buyers. Lots of businesspersons from Korea, China, India, Saudi Arabia, Arab Emirates, Russia, Uzbekistan, France, Germany, Spain, Italy, Yemen, Maldives, Fiji, Iraq, Kazakhstan, Afghanistan, Nigeria, Mexico, Gabon, Panama, Dominican Republic and Peru and countries in South and North America have visited Walton pavilion during the fair. Of them, about one hundred of businesspersons have shown their interest to import huge amounts of fridge, AC, TV, fans and other electrical and electronics products from Walton. The participation in the fair was a successful event for Walton.” According to the Walton’s Global Business Section, the world’s advanced AIoT-featured Walton refrigerators, including 9 in 1 convertible four-door, 8in1 convertible side by side door, multi-color design side by side refrigerator, European design Combi model refrigerator and vertical freezer, solar hybrid Spot Type AC, 5-inch Digital Display AC and Offline Voice Control AC products were the center of the visitors’ attraction. With smart control features, Walton fridge and AC can be controlled from anywhere from around the world using smartphones. Walton has got huge success in the fair considering the global business leaders’ attraction and keen interest in Walton products.

Investors at the Dhaka Stock Exchange (DSE) are reacting to a volatile market this week, driving selling pressure as indices show instability over the past five trading days. Out of these five days, the DSE’s major indexes dropped on three occasions, with brief recoveries on the other two days. The uncertainty has led many investors to offload shares, resulting in a sharp decline in the market. On Thursday, shares and mutual funds of 395 companies were traded, amounting to a total transaction of Tk 306 crore. Among them, the share prices of 83 companies increased, 272 companies dropped, and 40 remained unchanged, reflecting the growing apprehension among investors. Dhaka Stock Exchange sees major decline as 274 companies' shares fall This follows a similarly tough day on Wednesday, when transactions reached Tk 321 crore and the main index plunged by 71.98 points. The continuous decline is worrying many, as the market struggles to regain stability. Despite the overall downturn, a few companies managed to stand out. Reckitt Benckiser, Marico, Ambee Pharma, Sonali Aansh Industries Limited, and Heidelberg Cement were the top five gainers on Thursday, offering some hope amidst an otherwise bearish market. By the close of trading on Thursday, the DSE's key index, the DSEX, fell by 55.19 points, closing at 5,114.59. The DSES (Shariah) index dropped by 18.63 points to settle at 1,144, while the DS30, which tracks blue-chip companies, saw a decrease of 13.59 points, ending at 1,879.17. Similar trends were observed at the Chittagong Stock Exchange (CSE), where the CASPI index decreased by 199.70 points, closing at 14,302.59. Shares of 184 companies and mutual funds were traded on the CSE, with 39 companies posting gains, 130 companies reporting losses, and 15 remaining unchanged. Investors face uncertainty as stock prices fall sharply after gains The total value of transactions at the CSE on Thursday stood at Tk 4.15 crore, an increase from Tk 3.12 crore the day before. Despite this rise in transaction volume, the overall market trend remained negative.

The Dhaka Stock Exchange (DSE), Bangladesh's premier capital market, witnessed a significant drop in its key index, with the DSEX falling by 60.28 points during the first 2.5 hours of trading on Thursday. According to DSE records, transactions worth Tk 140 crore took place during this period. While 67 companies saw their stock prices rise, the broader market struggled as the prices of 274 companies declined, and 49 companies' prices remained unchanged. The DSEX, the main index, decreased by 60.28 points, landing at 5109.51 points. The Shariah-compliant DSES index also saw a drop of 17.46 points, settling at 1176.85 points. Meanwhile, the DS30, which tracks blue-chip companies, fell by 19.66 points to 1873.10 points.

Just like government employees, bank officials and staff in the four city corporations of Bangladesh are now required to submit their tax returns online. The Banking Regulations and Policy Department of Bangladesh Bank gave the instruction on Wednesday. Referring to a special order issued by the National Board of Revenue (NBR) on October 22, the announcement says all bank employees will have to follow the instructions. All managing directors and chief executive officers of scheduled banks operating in the country have been instructed to ensure that their employees adhere to the online tax return submission requirement. Read: Budget 2024-25: Businesses to face fines for not displaying tax return proof The central bank’s notice explained that this directive has been issued under the authority granted by Section 45 of the Banking Companies Act, 1991. To facilitate easier compliance for the 2024-2025 tax year, the NBR launched an online return submission system on September 9. Individual taxpayers can now conveniently prepare and file their returns online via the platform at www.etaxnbr.gov.bd. As of October 21, the number of returns filed online has exceeded 100,000.

The Dhaka Stock Exchange (DSE), the country's primary capital market, showed mixed performance during the first two hours of trading on Wednesday. By 12 pm, transactions worth Tk 137 crore had been recorded, with share prices rising for 109 companies. The DSES Shariah Index also saw an increase during this period. Despite two consecutive days of gains, the market showed a mixed trend in the major indexes. During the same time, prices of 217 companies declined, while 61 companies' share prices remained unchanged. In total, 387 companies were actively traded on the DSE by midday. According to market data, the DSEX, the main index, dropped by 4.38 points to 5,237.39. Meanwhile, the DSES Shariah Index rose by 2.83 points to 1,176.85, and the DS30, which tracks blue-chip stocks, fell by 8.20 points to 1,916.12 in the first two hours of trading.

Mutual Trust Bank PLC (MTB) has invested in treasury bills, bonds and lending to some other banks facing liquidity shortfalls under the central bank guarantee in the face of investment and the corresponding private sector credit growth slowing down in the economy, according to Syed Mahbubur Rahman, MTB Managing Director & CEO. “The MTB has enough liquidity to invest but the bank was forced to invest in bills/ bonds as private credit growth decreased due to the central bank’s tight monetary policy,” he said while speaking at a 'Meet the Press' on the occasion of the 25th founding anniversary of the bank. Mahbubur said the MTB has maintained good governance strictly in each sector's operations, which has been possible due to not interfering with operations of the bank. As a result, despite the liquidity crisis in many banks, the deposits in the MTB increased regularly, he pointed out. He reflected on MTB's 25-year journey, highlighting the bank’s role in strengthening Bangladesh’s banking sector and economy. The bank set up its strong connection with over 1.3 million customers. As of today, MTB operates with 120 branches, 41 sub-branches, 336 ATMs (including 28 CRM), 3,117 POS terminals, 182 Agent Banking Points, 3 Cash Deposit Machines (CDM), 8 Air Lounges, and 4 Foreign Exchange Booths to support the customers. The MTB organised different programs including honoring the contributions, customers, and stakeholders across the country to celebrate the founding.

The revenue collection of the National Board of Revenue (NBR) suffered in the first three months of the running 2024-25 fiscal. The total collection in this period, the first quarter or Q1, saw a 6.1 percent fall compared to the same tenure of the last fiscal. According to the released data by the revenue collecting authority, the total revenue collection target for the first three months of the fiscal (July-September) was Tk 96,499.90 crore, but it managed to collect Tk 70,902.90 crore. In the last fiscal, the corresponding amount was Tk 75,487.70 crore. According to the data, the revenue collection target for September was Tk 39,324 crore. But NBR managed to collect only Tk 29,002.68 crore. A senior NBR official told UNB revenue collection is usually slow during this period of every fiscal year, but this time it has also been affected by the political upheaval in the wake of the Anti-Discrimination Students movement that started in the first week of July, eventually leading to a change in government and putting the country in a transition period that continues till today. Throughout the month of July and till the first week of August in particular, the movement was at its peak leaving widespread violence and bloodshed in its wake, as the government struggled to contain it. There was even a curfew in place from July 19 to August 5. Almost everything was closed, or heavily regulated. These had naturally impacted the collection of customs and taxes, said the official, who spoke on condition of anonymity considering the sensitivity of the situation. The uncertainty in the business sector continued even after the change of government in the first week of August. “Due to these reasons, the customs and tax officials said that they could not collect the desired revenue,” the official said. A tax collection target of Tk 4,80,000 crore in the 2024-25 fiscal was fixed for NBR by the last government. NBR officials feel that the pace of tax collection will pick up towards the end of the year. It may be mentioned that Bangladesh is in a $4.7 billion loan program from the International Monetary Fund (IMF). Two major conditions related to revenue collection attached to the programme are i) Increasing revenue collection by 1.5 percent of GDP every year, and ii) removal of all tax exemptions by 2027. There is talk of a strategy to increase revenue collection that will be decided by next December.

The Ministry of Finance has proposed the appointment of new managing directors (MDs) for 10 state-owned banks as part of ongoing reforms in the banking sector, officials announced on Monday. Once the proposal receives approval from top government officials, an official notification will be issued, according to ministry sources. The interim government recently removed the MDs of six state-owned banks and four specialized banks, leaving these key posts vacant for over a month. The move is part of a broader effort to revamp the banking sector. Among the proposed appointments, Shawkat Ali Khan, currently the MD of Bangladesh Krishi Bank, has been recommended for the top position at Sonali Bank. Probashi Kallyan Bank MD Mojibur Rahman has been proposed as MD of Janata Bank, while Anwarul Islam, former deputy managing director of Janata Bank, is recommended for Agrani Bank. Finance Ministry appoints MDs at 4 state-owned specialised banks Other recommendations include Abdur Rahim, Deputy Managing Director of Rajshahi Krishi Unnayan Bank, for Rupali Bank; Jasim Uddin, former deputy managing director of Janata Bank, for Bangladesh Development Bank; and Kamruzzaman Khan, former deputy managing director of Janata Bank, for the role of MD at Basic Bank. In addition, the ministry has proposed new MDs for four specialized banks. Sonali Bank Deputy Managing Director Mir Mofazzal Hossain is recommended for Ansar-VDP Development Bank, while Salma Banu, Deputy Managing Director of Bangladesh Krishi Bank, is set to take the helm at Palli Sanchay Bank. Furthermore, Sonali Bank Deputy Managing Director Sanchita Binte Ali has been recommended as MD of Bangladesh Krishi Bank, and Bangladesh Krishi Bank Deputy Managing Director Chanu Gopal Ghosh has been proposed for the top position at Probashi Kallyan Bank. This latest reshuffling comes after the previous MDs of these banks were collectively removed on September 19, as part of the government’s efforts to reform the banking sector.

The Bangladesh Bank has announced the reissuance auction of a 15-year Bangladesh government Treasury Bond, scheduled for Tuesday. A media release issued by the Department of Communication and Publications (DCP), the reissuance auction will offer Tk 2,000 crore in nominal value of the 15-year Treasury Bond. This bond, first issued on March 27, 2024 with a coupon rate of 12.15%, carries an International Securities Identification Number (ISIN) of BD0939371151. It is set to mature on March 27, 2039. The press release highlighted that the auction will be price-based one, meaning bidders must submit their desired purchase price and quantity of the bond. The auction is open to all primary dealers of government securities, including banks and financial institutions, which have been appointed to participate in this process. Other banks and financial institutions can also submit bids through primary dealers on behalf of their individual or institutional investor clients. Read: Govt set to issue Tk 5000 crore bonds to clear power sector dues Participants are required to submit their bids electronically through the MI Module at the Bangladesh Bank between 10:00 am and 12:30 pm on the day of the auction. In special circumstances, manual bids may be submitted in sealed covers, subject to approval from the relevant department. The central bank has already issued detailed instructions regarding participation to all primary dealers, banks, and financial institutions through official correspondence. The reissuance of the Treasury Bond provides an opportunity for banks, financial institutions and investors to engage with long-term government securities, contributing to the country's financial market stability.