The New Nation - Internet Edition

Dhaka stock bounce back this week after two consecutive bearish weeks

UNB, Dhaka

After showing a bearish trend for two consecutive weeks, the Dhaka Stock Exchange (DSE) bounced back amid increased turnover this week ended Thursday.

The week's trading also began with a depressed mood, but finished with an upbeat one with the increasing turnover due to easing of the margin loan provision through a clarification by the Securities and Exchange Commission (SEC).

Brokers said the clarification on simplifying the margin rules contributed to the increased turnover while the announcement of offloading government shares of four companies sent out a positive signal to the market, regaining the momentum.

They said opening up of subscription for Delta-Brac Housing Limited IPOs on March 2 and the possibility of giving approval to the second scheme of Grameen Mutual Fund also gave a positive signal to the market.

This week the total turnover rose by 30 percent to Tk 8.47 billion from the previous week's Tk 6.53 billion while the turnover in terms of volume increased by 21 percent to 54 million from 45 million in the previous week.

The daily average turnover of the week was also up 4 percent to Tk 1.69 billion from Tk 1.63 billion. The benchmark index (DGEN) gained 91 points or 3 percent to close at 2931 points. In the previous week, it dropped 129 points or 4 percent to close at 2,840 points.

Market capitalisation grew by 2.5 percent to Tk 804 billion from Tk 784 billion at the closing of the previous week.

The top gainers of the week were Renwick Jajneswar, Shyampur Sugar, Libra Infusion, Zeal Bangla Sugar, Rahim Textile, Padma Oil, Eastern Lubricants, Usmania Glass, National Tea and Eastern Cables.

The top losers were Maq Enterprise, Paper Processing, BD Zipper, Rangamati Food, BCIL, Maq Paper, M Hossain garments, Bengal Biscuits, Kay & Que, and Purabi General Insurance.

AB Bank, Jamuna Oil, Meghna Petroleum, UCBL, Grameen One, IFIC Bank, Uttara Bank, Dutch-Bangla Bank, Summit Power and National Bank were the turnover leaders of the week.

Dutch Ambassador visits Beacon Pharma

ECONOMIC REPORT

Bea. M. ten Tusscher the Ambassador of Netherlands in Bangladesh visited the world class manufacturing facilities of Beacon Pharmaceuticals Limited. The Managing Director of Beacon Pharma Mohammad Ebadul Karim received the distinguished guest on the factory premises.

He informed the Dutch Ambassador that Beacon Pharma has been established by following the cGMP guidelines of Europe and America. Beacon Pharma introduces hi-tech Lyophilization technology for injection manufacturing. By using this technology of Netherlands the life saving anti ulcerant Xelopes injection has already marketed.

Director Marketing Mohammad Akhter Hossain & Project Manager Biplob Sarker gave her a brief on the project of Beacon Pharma. It was mentioned that Beacon Pharma is one of the first drug manufacturing facility established at a cost of taka two hundred crore.

It has the latest imported sandwich panel wall, self leveling epoxy floor and heating ventilation air conditioning (HY AC) to keep the inside of the plant clean, dust free, air conditioned and controlled humidity.

The Dutch ambassador was highly impressed seeing the latest and the most advanced manufacturing facilities in Bangladesh. She showed her keen interest about the possibilities of marketing of Beacon pharma's products to etherlands and European Union. It is mentionable that Beacon Pharma is the only anti cancer drug manufacturing plant in Bangladesh.

This factory uses Modern Effluent Treatment plant td neutralize the pharmaceutical wastes. Gijs van Dedem, the Research and Development Expert of PUM, an organization of the Government of Netherlands, is now assisting Beacon Pharma as a consultant. The Managing Director thanked the ambassador and the Government of Netherlands for their cooperation.

Dutch-Bangla Bank donates Tk 9.73 crore to DU for research

ECONOMIC REPORT

As per decision of the Board of Directors of Dutch-Bangla Bank Limited in its 77th meeting held on January 14, a Commitment Letter for donating Tk. 9.73 to Dhaka University for constructing 'Dutch-Bangla Bank Centre Advanced Research in Arts & Social Sciences Bhaban has been handed over to Prof. S. M. A. Faiz, the VI Chancellor of Dhaka University by the Managing Director of Dutch-Bangla Bank Limited Mr. Md. Yeasin Ali in simple ceremony arranged by the Dhaka University authority in Senate Bhaban on February 27.

Eminent teachers and scholars of the university, business leaders and elite of the country attended the ceremony while Prof. Dr. Wahid Uddin Mahmud, Ex-Adviser of Care-taker Govt. and. Mir Nasir Hossain, former President of FBCCI, Prof. A. F. M. Yousuf Haider, Pro Vice Chancellor and Professor Syed Abul Kalam Azad, Treasurer of Dhaka University and Prof. Ahmed Kamal, Director of the Research Centre spoke on the occasion.

Prof. Dr. Wahid Uddin Mahmud in his oration appreciated the DBBL's continuous humanitarian and welfare activities and termed this donation as a unique example in the financial sector. He thanked the Board of Directors and the Management of Dutch-Bangla Bank Limited for their excellent contribution in social welfare activities which is rare in Bangladesh and set a tune for the commercial organisation in the service of humanity.

Prof. S. M. A. Faiz, the Vice Chancellor of Dhaka University in his address lauded the role of Dutch-Bangla Bank for discharging its Corporate Social Responsibility and thanked the Bank's authority for spontaneous donation of Tk. 9.73 crore for constructing an 11th storied building named as 'Dutch-Bangla Bank Centre for Advanced Research in Arts & Social Sciences' in Dhaka University campus. Md. Yeasin Ali, Managing Director of Dutch-Bangla Bank Limited in his brief resume informed that Dutch Bangla Bank Limited, over and above its regular financial activities, always reaches to the destitutes of the country way of carrying out a wide range of community activities like education, health, sports & culture, extending financial assistance to distress and calamity affected people etc. He also mentioned that the main objective of donating Tk. 9.73 crore to Dhaka University was for creating opportunities of higher studies/research activities in the field of Arts and Social Sciences within the country.

It needs be mentioned that this type of Research Centre would be the first of its kind not only in the Dhaka University Campus but also in the country as such. The distinguished guests and the authority of the Research Centre opined that this Centre will play a vital role for higher study in human and social sciences. Researchers/ Scholars from home and abroad will be awarded Scholarships/Fellowships for conducting higher study leading to M. Phil & Ph. D degree from this Centre. The centre will run under the supervision of the renowned scholars, teachers and researchers of the country.

Premier Bank's officials join workshop on BASEL-II accord

In line with global banking standard & in response to the enthusiastic instruction of Bangladesh Bank for Basel-II awareness programme, 2 day long workshop on Basel-II accord was conducted by the Premier Bank Limited Training Institute, Banani, Dhaka. Khondker Fazle Rashid The honou rable MD of the Bank was present on the occasion as Chief Guest. Senior officials of the bank participated in the high profile programme.

In his speech as Chief guest the Managing Director of the Bank Khondker Fazle Rashid urged the participants to maximise knowledge base workshop. He expressed convincing optimism about the Bank's competitiveness and awareness to go ahead with the global issues like BASEL-II.

The MD further advised them to adopt every idea laid on the accord from an expert's point of view in that Basel-II is going to change the entire banking operational system in the fields of risk management. Additional MD also spoke on the occasion.

Grameenphone Pavilion inaugurated at CITF

ECONOMIC REPORT

The Grameenphone pavilion was inaugurated at the Chittagong International Trade Fair (CITF) ground recently.

Saifuzzaman Chowdhury Javed, President, Chittagong Chamber of Commerce and Industries inaugurated the pavilion. Aulad Hossain, Head of Chittagong Region of Grameenphone, along with other officials of the Chittagong Chamber and Grameenphone, was present on the occasion.

The Grameenphone pavilion will work as a Grameenphone Center (GPC) and all services and offers available in a regular GPC will be available here. A visitor can have a hands-on experience with Data services and Push & Pull services. Visitors can enjoy five minutes free Internet browsing from the pavilion. They can also experience news services, welcome tunes, cricket updates and many other services.

ICMAB holds meeting for Exchange of Views and Ideas on Professional Matters

A Discussion Meeting for Exchange of Views and Ideas on Professional Matters organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) was held on February 26 at ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Dhaka. President Zahir Uddin Ahmed, FCA, FCMA presided over the meeting.

The ICMAB Council Members, Past Presidents, and Fellow & Associate members were present in the meeting and took part in the discussion.

The role of the Institute for the development of CMA profession, Cost Audit, CMA Syllabus, Class and Examination procedures, students' demand, reshaping of CMA profession in the light of market demand and other relevant issues were widely discussed in the meeting. A large number of members also expressed their views, offered valuable suggestions, comments and future courses of action in that meeting.

The President of ICMAB patiently noted the widely discussed issues and assured his wholehearted attention on those matters. Among others, Vice Presidents ABM Shamsuddin, FCMA & AKM Delwer Hussain, FCMA, Secretary ASM Shaykhul Islam, FCMA and Treasurer Md. Jasim Uddin Akond, FCMA spoke on the occasion.

Oil trades near record levels in Asian trade

AFP, Singapore

World oil traded near fresh record levels in Asia on Friday as speculators piled into the market on the back of a sharp decline in the US dollar following a weak report on US economic growth, dealers said. In afternoon trade, New York's main contract, light sweet crude for delivery in April, was 21 cents higher at 102.80 dollars per barrel. The contract had surged 2.95 dollars to close at a record 102.59 dollars per barrel in New York on Thursday, eclipsing the prior record of 100.88 dollars reached on Tuesday.

The benchmark New York contract touched an all-time intraday peak of 102.74 dollars on Thursday, and after floor trading closed reached 102.97 dollars in electronic trade.

Brent North Sea crude for April was seven cents higher at 100.97 against its all-time high of 100.90 dollars a barrel reached on Thursday. The contract had struck an intraday record of 101.27 dollars earlier Thursday. The dollar's plunge to an all-time low against the euro made dollar- denominated crude oil cheaper for investors using stronger currencies. The euro on Thursday crossed 1.52 dollars for the first time. The spiking oil prices have stoked inflation in the United States, the world's biggest energy consumer, raising concerns about the Federal Reserve's interest-rate slashing campaign aimed at spurring sluggish growth. Ministers from the 13-nation Organisation of the Petroleum Exporting Countries (OPEC) convene in Vienna next Wednesday to decide on output quotas as the northern hemisphere winter, traditionally when demand peaks, draws to a close. A top official from OPEC member Nigeria said the cartel was unlikely to cut output if prices remain around record levels. Concern that OPEC could reduce output has been one of the factors driving prices above 100 dollars this week, analysts said. On Thursday OPEC's smallest producer Ecuador suspended its oil exports because a landslide cut off its main pipeline, state- run Petroecuador oil company said. Ecuador extracts 511,000 barrels of oil per day, of which 67 percent is exported. Many oil industry experts now expect the cartel will hold its official daily output at 29.67 million oil barrels.

China national pension fund assets at end 2007

AFP, Shanghai

China's national pension fund had assets of 516.2 billion yuan (72 billion dollars) at the end of 2007, a rise of 42 percent from a year earlier, state media reported on Friday. Xinhua news agency, which gave the figure, was quoting Dai Xianglong, the head of China's National Social Security Fund.

The fund achieved returns of 110 billion yuan in 2007, partially thanks to a bull run in the stock market, the state- owned Central China Television reported on its website. The fund is studying plans for its fixed-income and equity investment strategy in coming years, including detailed rules on how much of the fund should be invested in stocks, according to the CCTV report.

The report did not say how big a share of the fund's portfolio was currently accounted for by stocks.