Prof. Abu Nasser Muhammad Abduz Zaher, Chairman of IBBL presides over the 29th AGM of the Bank in the city recently.

Islami Bank Bangladesh Limited (IBBL) has declared 25 percent stock and 7 percent cash dividend for the year 2011.

This dividend was approved at the 29th Annual General Meeting of the Bank held at Islami Bank Tower in the city recently, said a press release.

Presided over by Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the Bank the meeting was attended by foreign and local directors including Dr. Abdulhameed Fouad Al-Khateeb, Jeddah, KSA, Mohammad Adnan Midani, Representative of Islamic Development Bank, Jeddah, KSA and Mohammad Abdullah Al-Jalahma, Representative of Kuwait Awqaf Public Foundation.

The Daily Sun/Bangladesh/ 17th April 2012

Stocks continued to gain for a third day, with the highest turnover since July 31 last year, as institutional and small investors are injecting fresh funds into the market amid optimism. Turnover rose 26.7 percent to Tk 1,079 crore from the previous day.

The benchmark General Index of Dhaka Stock Exchange crossed 5,300 points for the first time since January 8.

The gauge of the Dhaka bourse finished the week at 5,343.59 points, after gaining 116.98 points or 2.24 percent, according to DSE data.

“The day's surge in activity was largely a continuation of the last few days' upbeat market sentiment,” IDLC Investments said in its daily market analysis.

Investors actively invested fresh funds in the fuel and power sector, non-bank financial institutions, banks and engineering demonstrated significant improvements in daily turnover, the stockbroker said.

“Investors have high hopes centred around this market as their confidence grows,” Green Delta Securities said in its daily market analysis.

The week had a good run as retail investors were actively participating, and nullifying almost all of the selling pressures, Green Delta said.

Of the total 263 issues that traded on the DSE, 182 advanced, 69 declined and 12 remained unchanged.

A total of 2.17 lakh trades were executed with 16.93 crore shares and mutual fund units changing hands on the Dhaka bourse.

All major sectors went green, with engineering going up 4.40 percent, followed by non-bank financial institutions 3.95 percent, telecomm 3.83 percent, pharmaceuticals 3.82 percent, life insurance 3.64 percent and fuel and power 2.85 percent.

Grameenphone, which represents the telecoms sector, topped the turnover leaders with 23.89 lakh shares worth Tk 51.37 crore changing hands.

First Bangladesh Shilpa Rin Sangstha Mutual Fund was the biggest gainer of the day as it rose 9.98 percent. The biggest loser was Bay Leasing and Investment that slumped 10.48 percent.

The Daily Star/Bangladesh/ 15th April 2012

Md. Nurun Newaz Salim, Chairman of NCC Bank Limited, presides over an AGM of the Bank at Bashundhara Convention Centre in the city recently.

National Credit and Commerce Bank Limited (NCCBL) has approved 10 percent cash and 17 percent stock dividends for its shareholders for the year 2011.

The approval came from the Bank’s 27th annual general meeting (AGM) held at the Bashundhara Convention Centre in the city recently, said a press release.

Md Nurun Newaz Salim, Chairman of the Bank, presided over the AGM while Mohammed Nurul Amin, Managing Director were present on the occasion.

Directors, sponsors and a large number of shareholders were also participated the annual general meeting.

The director’s report and audited accounts of the Bank for the year ended on December 31, 2011 was placed before the shareholders at the AGM.

In his speech, Md Nurun Newaz Salim expressed that deposits, advances, profits, foreign exchange business, recovery of bad loans and advances and other fields of activities have recorded significant improvement of NCC Bank during the year 2011.

The Daily Sun/Bangladesh/ 12th April 2012

Stocks traded on the Dhaka Stock Exchange (DSE) posted substantial gain on Tuesday as investors shook off the worries on a high court show cause notice regarding directors’ compulsory share purchase.

“Market moved up as investors did not pay heed to the possibility of directors’ getting relief from buying at least two percent shares of their respective firms,” said a stock broker.

At the end of the day, the benchmark DGEN General Index of the DSE ended at 5,214 points, gaining 115 points or 2.25per cent.

On the issue of the writ, SEC-supportive stance of Attorney General boosted up investors’ confidence, said IDLC in its regular market commentary. As sentiment went up, market observed a surge in fresh fund injection, pushing turnover up by 35 percent above previous day's value, it added.

In this vibrant scenario, stocks with potential director purchases remained buoyant. Meanwhile, fuel and power sector continues its rally, largely driven by high trade volume of state owned companies, it added.

Grameenphone got a boost as a proposal of SIM (Subscriber Identity Module) tax reduction by the Association of Mobile Telecom Operators of Bangladesh, made investors optimistic.

Day’s uptrend was visible throughout the session, starting with a 70 points surge in first 5 minutes, and followed by rally across all sector, pushing the key market index above 5,200 points level.

The broader DSE All Shares Price Index, DSI, also climbed 99 points or 2.17 per cent to 4,373 points while the DSE-20 index of blue-chip shares gained 56 points or 1.49 per cent to 3,816.

Single day turnover value posted significant rise to stand at Tk 9.29 billion, up by 35 per cent compared to Tk 6.89 billion in the previous session.

Gainers beat losers as out of 259 issues traded, 220 advanced, 31 and eight remained unchanged.

Grameenphone topped the turnover chart with shares worth Tk 766.99 million changing hands followed by Titas Gas, Beximco Limited, Aftab Automobiles, Jamuna Oil, MI Cement, Summit Power, Lafarge Surma Cement, Olympic and Meghna Petroleum.

Tallu Spinning was the day’s highest gainer posting a rise of 9.97 per cent while Trust Bank was the session’s worst loser.

The Daily Sun/Bangladesh/ 11th April 2012

 The Securities and Exchange Commission allowed two more institutions to roll out full-fledged merchant banking operations in the stock market. On Wednesday, the SEC gave nod the two institutions -- IL Capital Limited and CAMP Advisory Ltd --to begin operations.

The new permits bring the number of merchant banks to 52. The responsibilities of a full-fledged merchant bank include underwriting, issue management, portfolio management and lending to stock investors.

The new merchant banks may boost liquidity flows into the market and ease entry of new exchange listings.In 2009, finance ministry asked the SEC to increase number merchant banks to 65. Official sources said, 20 more institutions are awaiting SEC approval for getting merchant banking licences.

The Independent/Bangladesh/ 6th April 2012