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The securities regulator has imposed a penalty of Tk 2.0 million on a former deputy manager of Alltex Industries and his wife for making profits from the company's shares using 'undisclosed' price sensitive information.    As per another regulatory decision, the managing director, company secretary and all directors, other than independent and nominated ones, of Delta Life Insurance Company Limited will have to pay a penalty of Tk 0.2 million each for manipulating the company's share price through 'false' declaration. The decisions were taken at a commission meeting held at the office of Bangladesh Securities and Exchange Commission (BSEC) recently. According to BSEC information, Md. Nazul Islam was a deputy manager of Alltex Industries during 2004-05. Islam was also an assistant manager of Alltex Spinning, which is owned by Alltex Industries, during 2005-16. Mr. Islam earned a profit of above Tk 3.19 million by purchasing shares of Alltex Industries on the basis of the company's 'undisclosed' price sensitive information. The share transactions were conducted through the BO (Beneficiary owner's) account of Mr. Islam's wife Mrs. Shamima Nazrul. "The regulator fined Mr. Nazrul and his wife of Tk 1.0 million each for making profits using undisclosed price sensitive information," said the securities regulator. The BSEC has also fined all directors, managing director and company secretary of Delta Life Insurance Company Limited (DLICL) as they had not purchased shares of Delta BRAC Housing Limited (DBH) as per declaration. According to declaration, DLICL was supposed to purchase 1.0 million shares of DBH. The DBH share price then rose 15 per cent as others were allured following the declaration of share purchase by DLICL.      But the securities regulator found that DLICL purchased only 3,31,500 shares of DBH. "The decision of purchasing substantial shares was taken at a board meeting of DLICL. But the company had not disclosed the decision as price sensitive information," said the securities regulator. The managing director, company secretary and all directors, other than independent and nominated ones, will have to pay a penalty of Tk 0.2 million for breaching securities rules, said the securities regulator. mufazzal.fe@gmail.com....

Published at: 2017-08-12 05:00:03

FE Report Dhaka bourse closed the week that ended Thursday marginally higher amid 'see-saw' movements following mixed performance displayed by major sectors. At the end of the week, the key index closed marginally higher. The turnover, however, declined slightly compared to turnover of previous session on Dhaka Stock Exchange (DSE). Market insiders said some investors took position in 'lucrative' stocks while others were busy to rebalance their portfolios. DSE broad index DSEX closed positive in three of the five days of the week with combined total gain of 44.83 points. The remaining two trading days saw negative movement with combined loss of 23.47 points.  As a result, DSEX closed at 5901.81 points with a rise of 0.36 per cent or 21.36 points at the end of the week.  Among the large cap sectors, engineering, cement, and telecommunication gained 2.44 per cent, 1.45 per cent and 1.44 per cent respectively. According to International Leasing Securities, the stock market observed see-saw movements in the week as the investors booked profit on the bank sector stocks following price surge over the last few sessions. "The bargain hunters took position on the lucrative price levels in sector specific stocks while some others were rebalancing their portfolios over the week," said International Leasing Securities.  It said investors' concentration on the bank sector issues following their positive earning declarations during the first six months of the year. According to EBL Securities, the premier bourse started with positive trends for two consecutive sessions followed by a mild correction for another two consecutive periods. "The investors were optimistic at the beginning of the week and EPS declaration of banks and announcement of reduced tax rate of 0.7 per cent for export oriented textiles spurred positive gain in the index," said the EBL Securities.  During the week, the DSE featured a daily average turnover of above Tk 9.75 billion which was 8.31 per cent less than average daily turnover of previous session. Average trade volume decreased by 3.7 per cent to 1,747,074,354 and total number of trades decreased by 0.4 per cent to 717,045. The top gainers and losers list comprised mostly of small cap stocks. The market's weighted average P/E shoot at 16.23 in last against P/E of 16.15 calculated in previous week. Among the major sectors based on market capitalisation, bank advanced 1.5 per cent followed by cement 1.5 per cent and telecom 1.4 per cent. Among the declining sectors, mutual fund was number one with a loss of 2.2 per cent. The investors' activity was mostly focused on bank sector which grabbed 28.6 per cent of market turnover followed by textile 14.5 per cent and engineering 13.5 per cent. C & A Textiles, IFIC Bank, City Bank and IFAD Autos were on top of the weekly scrip-wise turnover board. Among top gainers, the share price of BBS Cables rose 29.89 per cent, Rupali Bank 17.91 per cent and Kay & Que 17.15 per cent.  Information Services Network was number one loser followed by National Life Insurance Company, Sunlife Insurance Company and Khulna Printing and Packaging. mufazzal.fe@gmail.com....

Published at: 2017-08-12 05:00:03

Indian External Affairs Minister Sushma Swaraj on Friday expressed her satisfaction on trans-border exchange of energy among India, Nepal, Bhutan and Bangladesh. “I’m happy to note that cross-border exchange of power among India, Nepal, Bhutan and Bangladesh is on rapid upswing,” she said. Swaraj said it while addressing 15th Bimstec Ministerial meeting in Kathmandu, reports UNB. This region has abundance of energy resources, which is a driving force for economic development, said the Indian minister. “Bimstec MoU on Grid Interconnection, which has been finalised, would further facilitate regional energy trade,” she said. Swaraj also urged members of the organisation to quicken the process of completion of Bimstec FTA, the Bimstec Trade Facilitation Agreement and the Bimstec Agreement on Mutual Assistance on Customs Matters for betterment of trade between the countries. Bangladesh Foreign Minister AH Mahmood Ali also attended the meeting with Deputy Prime Minister and Foreign Minister of Nepal Krishna Bahadur Mahara in the chair. Bimstec has a combined GDP of over US$ 2.85 trillion and the member states think there remains an immense unfulfilled potential for deeper economic integration.  ....

Published at: 2017-08-12 05:00:03

Bangladesh fast bowler Rubel Hossain sent an injury scare through the camp when he slipped and fell in his delivery stride on the second day of the squad's practice match in Chittagong, reports http://www.cricket.com.au. An extended squad of Bangladesh's Test hopefuls are preparing in the coastal city for Australia's two-Test visit later this month, with Rubel impressing on a slow and low track. It was reported in Bangladesh media that Rubel had struggled to get to his feet after slipping in his delivery stride and collapsed to the ground at the Zahur Ahmed Chowdhury Stadium. He later recovered and was able to continue bowling. He had already taken three wickets for the 'Green' team in the intra-squad match, finishing with 3-54. The pick of the batters was long-form specialist Mominul Haque who hit 73 in a 135-ball stay at the crease. Nasir Hossain, who has not played a Test since 2015, also hit a half century but played down his chances of a recall to face the Australians. "I am just enjoying the red-ball game as after a long break we are playing longer-version cricket. It's not as if I wanted to make my comeback by playing the practice match," Nasir said.  "It's just a practice match, so I tried to capitalise on the opportunity as much as possible. "We have been practising hard for quite some time for the coming series against Australia but match practice is always good. "Competition is always good and it's good for everybody. As there are a number of players in the pipeline it just shows that our cricket is going up. "You need to be mentally strong to make a comeback. and I have that mentality." Left-arm spinner Saqlain Sajib, who made his international debut in last year's World T20 group state match against Australia, also collected three wickets, finishing with 3-64. Highly-rated seamer Mustafizur Rahman continued his improvement by striking with the new ball to remove Test opener Imrul Kayes for his second low score of the match in the 'Red' team's second innings.....

Published at: 2017-08-12 05:00:03

Global importers are reluctant to sell wheat to Bangladesh due to tough purchasing conditions and slow unloading in ports, traders say, reports Reuters. Bangladesh has a major wheat import requirement after floods damaged this year's crops. The country started ramping up imports after floods in April damaged crops, with volumes seen swelling to 6.5 million tonnes in the year to June 2018. Bangladesh imported 5.8 million tonnes of wheat in the year to June 2017, according to its food ministry. The development should be welcomed by global grain trading houses, suffering from slack demand and low earnings as the world in general faces high supplies of cereals. Two trading houses submitted offers when Bangladesh's state buyer issued an international tender to purchase 50,000 tonnes of wheat closing on Aug 6 only. Just three traders offered in another tender for 50,000 tonnes on July 26 and only two offered on July 11. This compares to 10 or more trading houses offering in similar tenders from Egypt and Tunisia. "I am not offering to sell in Bangladesh's wheat tenders," one European grain trader said. "There is too high a risk you could lose money." "Bangladesh is still able to buy, but as a poor country I doubt it is getting the lowest prices possible," another trader said, adding "I need business but I cannot risk losing money." In 2015, Bangladesh rejected French wheat shipments after the government faced criticism for importing poor quality wheat from Brazil. Later Bangladesh also rejected three shipments of Russian wheat over quality concerns. "The big issue is their tough quality standard evaluation and assessment and the way they examine the quality at unloading ports. They can also reject part of the consignment and then it's a nightmare what to do with the rejected wheat," the second trader said. Bangladesh's government purchases on cost and freight liner out terms, which includes costs for ship unloading. "The liner out terms also increased risks for the grain exporters," another trader said, with slow unloading at Bangladeshi ports raising risks for trading houses. "All these risks add up to hardly anyone offering in Bangladesh's tenders despite everyone being very keen to find new business."....

Published at: 2017-08-12 05:00:03