Board Meeting this week
APSCLBOND: Board Meetings Annual | APSCLBOND
15 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Trustee of APSCL Non-Convertible and Fully Redeemable Coupon Bearing Bond has informed that a meeting of the Trustee will be held on June 15, 2023 at 3:00 PM to consider, among others, financial statements of the Bond for the half yearly Coupon Rate and Record Date.
PRIMEINSUR: Board Meetings for Q1 | PRIMEINSUR
14 Jun 2023
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on June 14, 2023 at 3:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
PRIMEINSUR: Board Meetings Annual | PRIMEINSUR
14 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the company has informed that a meeting of the Board of Directors will be held on June 14, 2023 at 3:30 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
ICICL: Board Meetings for Q1 | ICICL
14 Jun 2023
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on June 14, 2023 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
ICICL: Board Meetings Annual | ICICL
14 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the company has informed that a meeting of the Board of Directors will be held on June 14, 2023 at 4:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
UNIONINS: Board Meetings for Q1 | UNIONINS
13 Jun 2023
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on June 13, 2023 at 3:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
UNIONINS: Board Meetings Annual | UNIONINS
13 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the company has informed that a meeting of the Board of Directors will be held on June 13, 2023 at 3:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
SONARBAINS: Board Meetings for Q1 | SONARBAINS
13 Jun 2023
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on June 13, 2023 at 10:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
SONARBAINS: Board Meetings Annual | SONARBAINS
13 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the company has informed that a meeting of the Board of Directors will be held on June 13, 2023 at 10:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
EIL: Board Meetings for Q1 | EIL
12 Jun 2023
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on June 12, 2023 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
EIL: Board Meetings Annual | EIL
12 Jun 2023
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the company has informed that a meeting of the Board of Directors will be held on June 12, 2023 at 3:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
Record Date this week
GLOBALINS: Record Date for AGM | GLOBALINS
13 Jun 2023
The Board of Directors has recommended 12.25% Cash Dividend for the year ended December 31, 2022. Date of AGM: 05.08.2023, Time: 11:00 AM, Venue: Digital Platform. Record Date: 13.06.2023. The Company has also reported Consolidated EPS of Tk. 1.63, Consolidated NAV per share of Tk. 13.80 and Consolidated NOCFPS of Tk. 4.09 for the year ended December 31, 2022 as against Tk. 1.62, Tk. 13.37 and Tk. 6.79 respectively for the year ended December 31, 2021.
ALARABANK: Record Date | ALARABANK
12 Jun 2023
The Board of Directors has recommended 12% cash and 3% stock dividend for the year ended December 31, 2022. Date of AGM: 16.08.2023, Time: 11:30 AM. Venue: Digital Platform. Record Date: 12.06.2023. The Company has also reported Consolidated EPS of Tk. 1.95, Consolidated NAV per share of Tk. 22.75 and Consolidated NOCFPS of Tk. 10.28 for the year ended December 31, 2022 as against Tk. 1.96, Tk. 22.73 and Tk. (9.21) respectively for the year ended December 31, 2021 Reason for deviation in NOCFPS : NOCFPS has been increased due to placement increased from other banks and deposit increased from customer. Reasons for declaration of stock dividend: i) The retained amount of declared stock dividend will be used to strengthen the capital base of the Company as per BASEL III which will also help to increase business capacity. ii) The stock dividend is declared out of retained earnings of the Company. iii) The stock dividend is not declared from capital reserve or revaluation reserve or any unrealized gain or out of profit earned prior to incorporation of the Company or through reducing Paid up Capital or through doing anything so that the post dividend retained earnings become negative or a debit balance.
NBL: Record Date for AGM | NBL
12 Jun 2023
The Board of Directors has recommended No dividend for the year ended December 31, 2022. Date of AGM: 17.08.2023, Time: 11:30 AM, Venue: Digital Platform. Record Date: 12.06.2023. The Company has also reported Consolidated EPS of Tk. (10.13), Consolidated NAV per share of Tk. 13.00 and Consolidated NOCFPS of Tk. (17.21) for the year ended December 31, 2022 as against Tk. 0.12 (restated), Tk. 16.13 and Tk. 2.11 respectively for the year ended December 31, 2021. Reasons for deviation in EPS, NAVPS and NOCFPS: EPS and NAVPS have been decreased due to waiver of interest and decrease of interest income for rising of NPL. NOCFPS has been decreased due to inflation and increased of withdrawal deposit. (end)
Spot Date this week
SHEPHERD: Spot for EGM | SHEPHERD
12 Jun 2023 - 13 Jun 2023
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 12.06.2023 to 13.06.2023 and trading of the shares will be suspended on record date i.e., 14.06.2023 for EGM.
Daily News update
Economy
Monthly trade deficit was USD 1.1b in April while CA deficit was USD 131mn in the month
June 8, 2023
· The country's trade deficit rose USD 1.1 bn month-on-month in April despite restrictions on imports amid the ongoing dollar crisis, according to the latest Bangladesh Bank data.
· With the latest addition, the deficit in trades amounted to USD 15.73 bn in the first 10 months (July-April) of FY23, which is USD 11.96 bn lower than that of the previous fiscal year.
· Bankers said the government has made all-out efforts to reduce imports so that it can save foreign currencies. Yet, the month-on-month trade deficit has been on the rise owing to poor performance in exports.
· The trade deficit, coupled with negative current and capital accounts, continues to increase pressure on foreign exchange reserves, they added.
· The country imported goods and services worth USD 58.78 bn during July-April of FY23, down 14.4% year-on-year, while its exports were worth USD 45.68 bn, up 5.38% year-on-year, according to official data.
From: https://www.tbsnews.net/economy/trade-deficit-surges-11b-april-despite-fall-imports-646526
Financial account deficit widens in 10 months
June 8, 2023
· Bangladesh’s financial account deficit has continued widening in recent months with the deficit reaching USD 2.16 bn in the July-April period of the financial year 2022-23, while the financial account had a surplus of USD 11.95 bn in the same period of FY 2021-22, according to Bangladesh Bank data.
· The deficit in financial account was USD 2.04 bn in July-March period as per the revised data released by the central bank.
· Sluggish foreign direct investments, reduced net foreign loans and grants, and a decline in foreign portfolio investments contributed to the deficit in financial account, bankers said.
· The country’s net FDI plunged by 12.3 per cent to USD 1.49 bn in the first 10 months of FY23 compared with that of USD 1.69 bn in the same period of the previous financial year.
· The foreign portfolio investors withdrew USD 38 mn in July-April of FY23, while the withdrawal was USD 123 mn in the same period of FY22.
From: https://www.newagebd.net/article/203725/financial-account-deficit-widens-in-10-months
Banking
Credit card spending by Bangladeshis travelling abroad rises 32% in March
June 8, 2023
· Bangladeshis travelling abroad spent around Tk426 crore, equivalent to USD 40 mn, in March to buy goods and services, which is 32% more than in February.
· According to a report by the Bangladesh Bank, credit cards issued by 43 Bangladeshi banks were used in various countries for buying products from department stores, pharmacies, clothing outlets and transportation in March. In February, this expenditure was around Tk313 crore or USD 29 mn.
· An analysis of the credit card spending pattern reveals that about 77% of these transactions took place using VISA cards, 13% using MasterCard, and 9% using American Express cards.
· According to the central bank, Bangladeshis spent the highest amount of dollars through credit cards in India, followed by the USA, Thailand, the United Arab Emirates, Singapore, the United Kingdom, Saudi Arabia, Malaysia and other countries.
· A senior official at the central bank told The Business Standard, "Bangladeshi nationals can spend up to USD 12,000 a year. They can spend it using cards or by taking cash dollars with them when they go out of the country.
· "However, if anyone wants to make a dollar payment through a credit card, they can spend up to a maximum of USD 300 at a time."
· Pointing out that people are interested in dollar payments through credit cards due to the high price of cash dollars
BB to announce new MPS with focus on macroeconomic stability
June 9, 2023
· The Bangladesh Bank will announce a new monetary policy statement this month, where measures for the single exchange rate of the US dollar and market-based interest rate are getting priority.
· The monetary policy will also focus on the government’s medium-term reform policy to bring stability to the macroeconomic sector, said a senior official of the central bank who is involved in its formulation.
· The Finance Division, a wing of the finance ministry, has set a five-point reform target to get benefits in the medium term in the macroeconomic sector by overcoming the dollar crisis and strengthening the forex reserves of the country.
· The outline of these reforms has been finalised. These included introducing market-based interest rates on bank loans and the single currency exchange rate as per market demand rather than the current multiple rate system.
· Besides, the amount of subsidy will be reduced gradually, and the cost of government borrowing reduced in phases, along with cutting the volume of loans from savings bonds.
· The government policymakers identify ensuring good governance in the financial sector by amending the Bank Company Act and Financial Act for the stability of the macroeconomic situation.
From: https://www.newagebd.net/article/203787/bb-to-announce-new-mps-with-focus-on-macroeconomic-stability
Capital Market
US investment in Bangladesh stock market drops by 34pc from USD 1.05bn to USD 698mn
June 10, 2023
· Investors from the United States of America have decreased investment in Bangladesh stock market by 33.7 per cent in 2022 compared with that in the previous year, according to Bangladesh Bank data.
· The data showed that investment by US citizens in the country’s capital market plunged to USD 697.67 mn at the end of 2022, which was USD 1,052.97 mn in 2021.
· The overall balance of foreign investments in the country’s capital market plunged to USD 1,263 mn in 2022 from USD 1,925 mn in 2021.
· Among the foreign investors, US-based investors accounted for 55.2 per cent of the total volume of foreign investment in the capital market.
· The United States and other countries raising their policy rates several times have made it more appealing for the foreign investors to invest in those countries, market experts said.
· Due to various political developments, a sense of caution may have risen among foreign investors as the upcoming national election approaches, they said.
· Recently, investors have been facing challenges such as rising inflation, interest rate caps, energy crisis and depleting foreign reserves.
· Volatility and risks on the market may also prompt the foreign investors to take their funds to safe havens, they said.
· Luxembourg investors held the second position, having USD 155 mn or 12.3 per cent, while United Kingdom investors registered the third position with USD 139.42 mn or 11 per cent of the total foreign investments in 2022.
· Luxembourg and the UK had USD 289.15 mn and USD 205.92 mn worth of investments respectively in the country’s capital market in 2021.
· Singapore-based investors invested USD 103.48 mn in 2022, which was slightly lower than that of USD 141.59 mn in 2021.
From: https://www.newagebd.net/article/203872/us-investment-in-bangladesh-stock-market-drops-by-34pc
Manufacturing
Cotton consumption to rebound
June 11, 2023
· Cotton consumption in Bangladesh will grow in the marketing year of 2023-24 on the back of a rebound in work orders from international clothing retailers and brands, according to the United States Department of Agriculture (USDA).
· Local mills may use 8.1 mn bales of cotton in the next marketing year, starting in August, up 1.25 per cent from 8 mn bales projected by the US agency last month.
· The predicted increase is 11 per cent higher than Bangladesh's domestic use of 7.3 mn bales in the 2022-23 marketing year, said the agency in its report styled "Cotton: World Markets and Trade". The report was published on June 9.
· Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said cotton consumption would increase next year.
· He went on to say that imports of US cotton will grow because of the withdrawal of the fumigation rule.
From: https://www.thedailystar.net/business/economy/news/cotton-consumption-rebound-3342961
note this post is for research and analysis only.