The New Nation - Internet Edition

DSE takes alarming turn amid 5th week of bearish market

UNB, Dhaka

The Dhaka Stock Exchange (DSE), marked by bearish trend for the 5th consecutive week that ended Thursday, took an alarming turn as mostly the worst performing "Z" category shares emerged as the top gainers of the week.

By contrast, top losers were mostly from the best performing "A" category companies.

"This is alarming," said a stockbroker, who was closely monitoring the topsy-turvy movement of the share prices. "Investors are taking high risk to lift quick profit," he added.

An asset manager said the retail investors have lost confidence over the market as well as control over the volatile price movement only to "wait and see".

During the last week that ended Thursday, the DSE General Index (DGEN), the benchmark index, shed about 81 points or about 3 percent to close at 2,667 points while the All Share Price Index (DSI) declined 67 points or 3 percent to close at 2,211.

The DSE-20 index of selective shares lost 47 points or 2 percent to close at 2,305.

The total turnover during the week shed over 18 percent to Tk 10.72 billion from the previous week's Tk 13.11 billion.

The daily average turnover of the past week also dropped 18 percent to Tk 2.14 billion from Tk 2.62 billion in the previous week.

Market capialisation dropped over 2 percent to Tk 964 billion during the week from Tk 986 billion in the previous week.

Beximco Pharma, Beximco, Titas Gas, ACI Limited, Uttara Bank, Islami Bank, Lankabangla Finance, Square Pharma, Summit Alliance and National Tubes were the turnover leaders of the week.

Eight out of top 10 gainer companies of the week were from the worst performing "Z" category.

They are Rahima Food, Gulf Foods, Dhaka Fisheries, Tulip Dairy, Anlima Yarn, Mona Food, Gachihata Aquaculture and Tamijuddin Textiles.

Modern Dyeing from "B" category and Dhaka Bank from "A" category were also among the top gainers.

On the other hand, eight out of top 10 loser companies were from the best performing "A" category.

They are Atlas Bangladesh, Usmania Glass, United Insurance, Golden Son, Bangladesh Online, Beximco, Apex Weaving and Metro Spinning.

Bangladesh Luggage and Bangladesh Thai Aluminium from "Z" category were also among the top 10 losers.

In the past week, National Tubes recommended 50 percent stock and 25 percent cash dividend, Atlas Bangladesh 100 percent cash, Usmania Glass 60 percent cash, AMCL (PRAN) 28 percent cash, Gemini Sea Food 23 percent cash, BD Plant 12 percent cash, Hill Plant 10 percent cash, Anlima Yarn and Rahima Food 5 percent cash each, and Gulf Foods 4 percent cash dividend.

Berger PBL has announced an interim cash dividend of 50 percent while Dandy Dyeing recommended no dividend.

67 district level organisations awarded for VAT payments

BUSINESS REPORT

The National Board of Revenue (NBR) honored 67 business organizations from different districts in production, services and trade categories with certificates and crests as recognition to their contributions to the national economy.

The names of the best taxpayers were published in the government gazette as recognition of their contributions. The taxpayers, having no pending cases of duty, income tax and VAT evasion as well as who are not loan defaulters, were selected for the distinction.

Finance Adviser Dr Mirza Azizul Islam has urged all to become self-motivated to pay taxes so that the government could provide better services to the citizens.

"Enforcing tax payment is time-consuming and involve huge costs unless one becomes self-motivated to pay tax," he said, addressing a function in honour of the highest VAT payers at the district level.

The function at the Osmani Memorial Auditorium was chaired by NBR chairman Muhammed Abdul Mazid.

The Finance Adviser expressed the hope that such programmes would encourage people to pay taxes and assured that the government would take initiative to implement some proposals placed by the taxpayers.

The proposals were holding of opinion-exchange meeting with taxpayers groups at the district level to resolve procedural problems and awarding district level taxpayers the status like Commercially Important Person (CIP).

In response to the demand for better services in exchange of the tax people pay to the national exchequer, Dr Aziz mentioned the problem of resource scarcity of the government. People should consider the income of the government while they demand better services, he said.

He said the developed countries having their revenue 40-60 percent of their respective GDP provide better services to their citizen against Bangladesh's tax-GDP ratio of only 10-11 percent.

The Finance Adviser said the government has to meet the expenditure either from internal resources in terms of tax or from foreign aid, which put burden on the country's next generation.

He urged the people to come forward to pay tax as dependence on the customs duties is declining gradually with the globalization of trade. Import duties also hamper imports and increase prices of essentials as well as manufacturing exports through increasing cost of inputs, he said.

Recognising the contribution of the VAT payers, NBR chairman Abdul Mazid said identifying best taxpayers at the national level remained under process. He expected that similar programme to honour them would be held soon.

Pubali Bank introducing Online Banking

BUSINESS REPORTER

Pubali Bank Limited held a meeting with the Board of the Directors recently at its Board Room focusing on upgrading of Information Technology.

Hafiz Ahmed Majumder, Chairman, Board of Directors

of Pubali Bank presided over the meeting.

Directors Moniruddin Ahmed, Sk. Wahidur Rahman, Monzurur Rahman, Syed Moazzem Hussain, Ahmed Shafi Chowdhury, Habibur Rahman, Fahim Ahmed Faruk Chowdhury, Rumana Sharif, M. Faizur Rahman, Mostafa Ahmed, Alternative Director Kabiruzzaman Yakub, Managing Director Helal Ahmed Chowdhury, Consultant Rafiqul Islam, General Manager & Chief Financial Officer A.T.M. Hasanuzzaman, General Manager of IT Division M.A. Zubair, General Manager & Chief Technical Officer Mohammad AIi, General Manager & Company Secretary A F M Asaduzzaman & other Sr. Executives were also attended in the meeting.

Details of Online Banking was Discussed in the meeting. Information Technology Division of PBL presented their recent development elaborately. Pubali Bank Limited with its 361 branches is going to introduce Online Banking very soon. It is mentionable that, Pubali Bank is a unique bank in our country to make Real-time Centralised Online Software by using its own manpower. This system is going to implementation. 10 (Ten) Branches of Dhaka, Chittagong & Sylhet will be connected with Online Banking system this year. Gradually all branches will be under Online system. The Management was advised to comply with Bangladesh Bank guidelines in this regard meticulously. The Board took decision to further modernization of IT Division of the Bank.

The Board took decision to continue finance to food grain importers and small importers also. Large loans of the bank were reviewed & the Board expressed their satisfaction as Management vigilant in maintaining prescribed ratio of Bangladesh Bank in this regard.

Board advised management to keep close vigilance so that newly disbursed loans may not become overdue or classified by intensive supervision and close monitoring of the loan. Board also decided to diversify of Bank's products.

Shahjalal Islami Bank opens its 32nd Branch at Rajshahi

Shahjalal Islami Bank Limited (SJIBL) opened its 32nd Branch in Rajshahi on 05 November. The Mayor of Rajshahi City Corporation Mr. AHM Khairuzzaman (Liton) formally inaugurated the Branch as Chief Guest. The inaugural session was presided over by the Chairman of the Board Alhaj Akkas Uddin Mollah.

Rajshahi City Corporation Mayor Khairuzzaman (Liton) said 'as a new generation bank Shahjalal Islami Bank has marched ahead due to the excellent services provided to its clients. He thanked the Bank authority for setting up a branch in Rajshahi, the hub of Northern Bangladesh's trade and business. He hoped that the bank will continue to contribute in trade, commerce and industrialization as well as socio-economic development of their divisional city.

Founder Chairman Sajjatuz Jumma said that an expert team of professionals with the international standard is operating Shahjalal Islami Bank. He said the Bank staffs remain vigilant to reach the quality service of the bank to the clients.

Chairman of the Board Alhaj Akkas Uddin Mollah said the demand and popularity of Islamic Banking has marked a rise globally due to transparency, Justice, financing on the basis of profit sharing, philanthropic activities and major contribution in socio-economic development.

Managing Director Mohammad Ali said the Bank has become one of the best banks within a short period due to proper guidelines set by the board of directors and also because of dedication and sincerity of the Bank staffs. He also gave a short brief of the bank's deposit and investment schemes.

Int’l Medical Exposition begins in Dhaka

A three-day International Medical Equipment and Healthcare Services Exposition - Medexpo-2008 began in Dhaka on 6 November morning at the Winter Garden of Dhaka Sheraton Hotel.

Muhammad Abdul Mazid, Secretary, Internal Resources Division and Chairman, National Board of Revenue (NBR) formally inaugurated the exhibition, as the chief guest while Dr. Abdul Bayes Bhuiyan, Professor, Obstetrics and Gynaecology was present as special guest on the occasion.

Speaking at the inaugural ceremony, Kazi Wahidul Alam, Chairman Medexpo2008, said, "With a view to showcase the latest facilities in various fields of healthcare service and to provide a platform for exchange of views and experience among all concerned and eventually to help improve the quality of healthcare services in the country, we are organising this three-day exhibition for the sixth time in the country."

Triune Exhibition and Event Management Services (TEEMS) is the organiser of Medexpo-2008, while renowned hospital equipment and furniture manufacturer Otobi Ltd is the Premium Partner. The exhibition is being participated by more than 40 companies from seven countries, which include India, Singapore, USA, Germany, Japan, Thailand and host Bangladesh.

Participating organisations include hospitals from home and abroad, manufacturers and distributors of medical equipment and accessories, laboratory equipment, rehabilitation equipment, laboratories and diagnostic center &- as well as host of other organisations involved in medical sector.

The exhibition is open to all free of charge from 10 am to 8 pm everyday during the three days. The exhibition will be open for medical professionals and trade delegates only from 10 am to 12 noon on November 7 and 8.

On the sideline of the exhibition, two seminars - one on "Management of Prostate Cancer" for doctors, jointly organised by Labaid Hospital, Bangladesh and Raffles Hospital Singapore and another on "What I should know about Prostate Cancer?" for consumers, jointly organised by Eastern Bank Limited and Raffles Hospital Singapore - will be held on November 8.

Uttara University observed 17th batch orientation

Uttara University (UU) organised orientation programs for the students of Business of the Fall Semester 2008. The occasion was held at UU's School of Business Campus.

The 17th batch BBA, MBA & EMBA students were genially received by the university. Honorable Vice Chancellor of Uttara University Dr. M. Azizur Rahman was present as the chief guest of the program. Eaysmin Ara Lekha, Dean, School of Education and Physical Education and Vice Chairman, Trustee Board attended as special guest. Registrar, Saiful Alam was present as guest of honor Prof. Dr. Arifur Rahman, Dean, and School of Business chaired the program.

The speakers emphasised on the quality education- and appreciated the program offered by the university. At the beginning, the welcome speeches were presented by Md. Zahangir Alam, coordinator MBA program and Mamun Abdul Kayum, Coordinator, BBA Program. Briefings on the academic program enlightened by Kazi Tareq Ullah, Coordinator EMBA program. Among others, Mahamudul Hasan, faculty members of School of Business Orientation convener were present.

IDLC organises training course on Anti Money Laundering and Anti Terrorism Ordinance

IDLC Finance Limited, a multi-product Financial Institution, arranged a training programme on "Anti-Money Laundering Ordinance, 2008 and Anti-Terrorism Ordinance, 2008" to strengthen knowledge of its employees on money laundering.

The training programme was held at the Corporate Head Office of IDLC Finance Limited recently. Fifty executives from different business and operational units participated in the training programme.

Mahfuzur Rahman, General Manager, and Md. Muniruzzaman, Deputy Director of Anti-Money Laundering Department, Bangladesh Bank conducted the training modules.

Arif Khan, General Manager, IDLC, inaugurated the training course and highlighted IDLC's policies on strict adherence to the regulatory compliance.

H.M. Ziaul Hoque Khan, General Manager & Chief Financial Officer, Shaikh Kamruzzaman, DGM & Head of Personal Finance, and Iqbal Mahmud, AGM & Chief Risk Compliance Officer, IDLC, were also present at the event. IDLC intends to hold such training programmes at least twice a year, to keep its employees updated about the Anti-Money Laundering regulations.