The war in the Middle East has stalled more than 1,000 TEUs (twenty-foot equivalent units) of weekly exports from Chattogram Port after major shipping lines suspended bookings, leaving exporters facing mounting storage costs and uncertainty.

Containers carrying potatoes, agro-products, frozen foods and ready-made garments are now stranded at private inland container depots (ICDs), as exporters wait for shipping routes to reopen while absorbing additional depot and plugging charges.

One of the first casualties of the disruption is a seasonal potato shipment prepared for export to Dubai.

After processing and packaging, a 28-tonne consignment from SR Impex Ltd arrived in Chattogram from Bogura on 1 March. It was scheduled to be shipped to Jebel Ali port the following day. But the cargo never left the depot.

The container is now sitting at a private ICD after shipping lines abruptly stopped accepting bookings to Middle Eastern destinations due to security risks.

"While we were loading the cargo, the shipping line suddenly informed us they would no longer accept bookings and cancelled the slot," said Mohammad Forkan, managing director of SR Impex Ltd and general secretary of the Fresh Food and Fruits Exporters Association.

Infograph: TBS
Infograph: TBS

"We somehow arranged another container from a depot and plugged it in to preserve the potatoes. Now we are paying plugging and depot charges just to store them. We do not know what will happen next," he said.

He added, "Every week, around 450 tonnes of potatoes, another 450 tonnes of agro and food products, and nearly 300 tonnes of frozen foods are exported to Middle Eastern countries through the Chattogram port and the airport. Including RMG and other exports, the total value reaches around $17 million. Most of these shipments are now disrupted."

Exporters fear the disruption could deepen if the conflict drags on, squeezing Bangladesh's trade and raising costs across multiple industries.

Garment exporters fear missing Eid market

The disruption is also worrying exporters in Bangladesh's largest export sector – ready-made garments.

Although the Middle East accounts for only over $800 million, or roughly 2% of Bangladesh's apparel exports, the market becomes crucial during the Eid shopping season.

Exporters say the conflict erupted just as shipments normally begin for the festive market.

"We have already purchased raw materials, produced goods and placed orders," said garment exporter Abdus Salam.

"Our buyers need these products to stock their showrooms for Eid. Normally, shipments begin at the start of Ramadan. But the war started exactly at that time."

He added, "Our goods cannot be shipped and their showrooms are empty. At the same time, our workers expect Eid bonuses and salaries. We are facing a very difficult situation."

Shipping lines suspend bookings

Shipping companies confirm that container bookings to many Middle Eastern destinations have been suspended.

Azmir Hossain Chowdhury, head of operations at MSC Shipping, said the company had received instructions not to accept bookings for the region and had suspended bookings from 2 March.

"Other shipping lines are doing the same. As a result, weekly exports of around 800 to 1,200 TEUs to Middle Eastern countries are being affected," he said.

Freight costs from China rise

The crisis is also adding pressure on Bangladesh's import supply chain.

With maritime routes facing disruption, freight rates from China — the main source of raw materials for the country's industries — have already started rising.

Industry insiders say shipping costs from Chinese ports have increased by roughly $300 per container in recent days.

Rakibul Alam, a former vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said the higher freight cost is becoming a major concern for importers.

"For high-cube containers, freight from China has increased by around $500 in some cases," he said.

"Chinese ports have resumed exports after earlier disruptions and our import flow is picking up again. But the biggest challenge right now is the higher shipping cost."

Major carriers restrict services

Global shipping companies have begun tightening operations in the conflict-affected region.

Shipping giant Maersk has suspended all vessel transits through the Strait of Hormuz since 1 March and stopped accepting new bookings to several destinations, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Oman.

COSCO Shipping Lines has also temporarily suspended cargo services to certain ports, including Qatar, Bahrain, Iraq and Kuwait, due to security concerns and navigation restrictions.

However, COSCO said operations would continue to ports that do not require vessels to pass through the Strait of Hormuz, such as Jeddah in Saudi Arabia and the UAE ports of Khor Fakkan and Fujairah.

Sean Robinson, a 54-year-old schoolteacher in the US capital Washington, did not realize how high gas prices had gotten until he arrived at the pump on Friday.

“That is a sizeable jump,” he told AFP, pointing to a neon sign showing $3.27 for a gallon of regular gasoline.

Robinson is among US consumers feeling the sting of a cost surge sparked by the US-Israel war on Iran, which sent oil prices soaring as Tehran effectively blocked the Strait of Hormuz after being attacked.

But the price hike comes at a politically sensitive time for President Donald Trump as midterm elections approach, hitting voters hard.

Expensive gasoline could also prompt the independent central bank to put the brakes on the world’s largest economy as it battles stubborn inflation.

Since last week, US average domestic fuel prices have risen 11 percent, according to the AAA’s fuel price gauge.

It is the kind of move that Robinson said will have him cutting down on all but the essentials.

“It just determines what I’m going to do on a day-to-day basis,” he said. “Pretty much start thinking about (watching) Netflix, staying in the house instead of burning gas.”

Others at the gas station agreed.

“It impacts all areas of life,” said Toloria Washington, 39. “We are in a state of survival mode.”

Washington, who works in finance, said fuel expenses are non-negotiable for her. With prices rising at the pump, she had to make cuts elsewhere.

That, she said, is a problem for people already battered by years of high prices post-pandemic. “That’s the key thing, it’s tapping into everybody’s basics,” she added. “It’s the basics. Daily survival of food, water, housing.”

US inflation hit a peak of 9.1 percent during the pandemic. While it has cooled since then, analysts warn of risks of another pick-up.

“Inflation showed signs of accelerating prior to the jump in energy prices,” said KPMG chief economist Diane Swonk.

“That has left consumers in a sour mood,” she added.

Swonk warned that rising fuel prices added “insult to injury” for low-income Americans, who are already seeing higher healthcare costs and a tightening of welfare benefits under Trump.

Trump, who has bragged about oil prices falling during his term, sought to address the political fallout on Friday, telling CNN he expected prices to come down quickly.

His Republican party holds only a slim majority in both the House and Senate.

With midterm elections due in November, he will be hoping that voters do not let tightening household budgets weaken his political position.

Trump could see further complications if inflation from gasoline price hikes pushes the Fed to respond by keeping interest rates at a higher level.

The central bank has a dual mandate of maintaining stable prices and maximum employment, but has one main tool to do so -- adjusting interest rates.

Raising them generally cools economic activity and reduces inflation while lowering them can spur activity, boosting the weakening employment market.

The prospect of more inflation due to oil prices raises the specter of what some analysts call a nightmare scenario.

“This could not come at a worse time for the Federal Reserve,” said KPMG’s Swonk. “It now has a dueling mandate with the risk that inflation not only lingers but accelerates.”

Fed policymakers remain cautious.

Addressing higher domestic energy prices on Friday, Federal Reserve governor Christopher Waller told Bloomberg TV he considered them “unlikely to cause sustained inflation.” But this is scant consolation for many Americans hit by even a temporary bout of price increases.

“One thing after another, it’s chaos, you know, every day,” said Lucas Tamaren, 32, at a gas pump in Los Angeles.

“Living in America feels unpredictable and chaotic and it’s hard.”

Robinson, the schoolteacher, said he will be watching gas prices every day now. He expects price pressures will be reflected at the voting booth in November.

“The more you pay higher gas, higher groceries (costs),” he said, voters will “start to see” that the middle class is shrinking.

As escalating geopolitical tensions in the Middle East create uncertainty over global economic stability, Bangladesh's top eight economists have advised the central bank to preserve foreign currency reserves, hold off on cutting the policy interest rate for now, and closely monitor unusual fluctuations in the dollar market.

These recommendations were made during a meeting at Bangladesh Bank today (7 March) with Governor Mostaqur Rahman, confirmed by spokesperson and executive director Arif Hossain Khan.

The economists noted that the full impact of the Iran-US standoff remains unclear, but warned that if the crisis continues, it could disrupt fuel supplies, affect remittance inflows, and place additional pressure on the dollar market, underscoring the need for a cautious approach.

They insisted that the central bank should protect foreign currency reserves and avoid unnecessary expenditure, particularly on import financing.

To mitigate potential risks in fuel supply, they suggested reducing reliance on the Middle East and exploring alternative sources, including examining the possibility of importing fuel from Brunei, Singapore, and other countries if necessary.

Even with rising global fuel prices, they recommended refraining from immediately passing these costs to consumers, cautioning that such action could worsen inflation and destabilise the broader economy.

With inflation already high, the economists said lowering the policy interest rate now would not likely stimulate investment, and any reduction should be considered only after global conditions stabilise to encourage growth.

The group also urged accelerating disbursement of loans pledged by the World Bank and other development partners and exploring additional financing from the Islamic Development Bank to support fuel imports.

They highlighted that rising tensions in the Middle East could disrupt remittance flows if workers face travel restrictions, stressing that processes should be streamlined to ensure those willing to send money home can do so efficiently.

Acknowledging that global shocks may be unavoidable, the economists advised policymakers to focus on minimising potential economic damage.

Governor Mostaqur Rahman, according to multiple sources, pledged to act with integrity, make decisions free from political influence, and encourage banks to do the same.

They also recommended forming a special committee to monitor economic developments, analyse trends, and advise policymakers, reducing the risk of panic-driven market reactions.

A source present at the meeting, speaking to The Business Standard on condition of anonymity, said the economists emphasised three core points: foreign reserves should not be depleted because substantial dollars are needed for importing essential goods beyond fuel; the policy interest rate should not be reduced under current conditions, as businesses are unlikely to invest; and the central bank should remain vigilant to prevent abnormal spikes in the dollar rate.

The meeting follows Governor Mostaqur Rahman's initial move to lower the policy rate after taking office on 26 February, which was postponed following the resignation of a Monetary Policy Committee member and objections from economists.

The ongoing US-Iran confrontation has created fresh uncertainty over global fuel supply and pricing, prompting the central bank to convene leading economists to assess potential economic impacts.

Officials present from the Bangladesh Bank included the governor, four deputy governors, and senior officials.

Economists attending the meeting were Mustafizur Rahman, fellow at CPD; Fahmida Khatun, executive director at CPD; former cenbank chief economist Mustafa K Mujeri; Mohammad Abdur Razzak, chairman of RAPID; Selim Raihan, executive director of Sanem; Masrur Riaz, chairman of Policy Exchange Bangladesh; AK Enamul Haq, director of Bids; and Najmus Sadat Khan, senior economist at the World Bank Dhaka office.

Qazi Saleemul Huq, director of GQ Ball Pen Industries, has announced plans to gift company shares worth Tk10.50 crore to his sister, Shermin Huq, a general shareholder, marking a transfer of ownership within the family.

According to a disclosure filed with the stock exchanges today (5 March), Saleemul Huq – who currently holds 23.44 lakh shares – will transfer 2 lakh shares, representing ar 2.24% stake in the company, as a gift outside the trading system of the exchanges.

The transfer is expected to be completed within 30 working days starting from 3 March.

After eight consecutive years of losses and steadily declining sales, the company's shares have surged significantly in recent months. Despite weak business fundamentals – including low sales and continued losses – the company's market capitalisation has climbed to about Tk474 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange, GQ Ball Pen's share price closed at Tk525.10 each today.

The company manufactures various types of ballpoint pens and distributes them to stationery shops through its distributor network as well as to institutional buyers through sales personnel.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, with about 60% of the shares held by general investors.

China has told its largest oil refiners to suspend exports of diesel and gasoline, Bloomberg News reported Thursday, citing unidentified sources, as the war in the Middle East risks an energy supply crunch.

China is a net importer of oil and is one of several major Asian economies that depend on the vital Strait of Hormuz for energy. Traffic through the strait is currently blocked.

The Middle East was the source of 57 percent of China’s direct seaborne crude imports in 2025, according to analytics firm Kpler.

Officials from China’s top economic planner, the National Development and Reform Commission, met refinery representatives “and verbally called for a temporary suspension of refined product shipments that would begin immediately”, Bloomberg said Thursday, citing unidentified people familiar with the matter.

“The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments,” it said.

A spokesperson for China’s foreign ministry denied knowledge of the suspension when asked about it at a regular news conference.

PetroChina, Sinopec, CNOOC, Sinochem Group and private refiner Zhejiang Petrochemical regularly obtain fuel export quotas from the government, Bloomberg said.

The companies did not respond to AFP’s requests for comment.

Bangladesh’s top economists have suggested forming an inter-ministerial crisis committee to address public panic over the potential economic shock from the Middle East crisis.

They recommended that the committee provide regular briefings to prevent unnecessary alarm. The proposal came during a meeting between the Bangladesh Bank governor and eight leading economists at the central bank headquarters today.

Deputy governors, members of the Monetary Policy Committee, and the chief economist of Bangladesh Bank also attended the meeting.

Md Mostaqur Rahman, the new governor of Bangladesh Bank, convened the discussion in light of the ongoing Middle East crisis.

Central bank officials said the economists advised against using foreign exchange reserves under any circumstances. Since reserves are limited, alternative methods of paying for oil imports must be explored.

“If necessary, agreements should be reached with exporting countries such as Saudi Arabia. Opportunities for deferred payment should be sought, or loans could be taken from the Asian Development Bank or other sources to settle fuel import bills,” they said.

The meeting also emphasized the need to encourage remittances during this period. Incentives may be offered to motivate expatriates to send money through formal channels.

Cutting the policy rate should not be considered at this time, given the current situation.

Among those present were Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD); Fahmida Khatun, executive director of CPD; former chief economist of Bangladesh Bank Mustafa K Mujeri; Mohammad Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID); Selim Raihan, executive director of the South Asian Network on Economic Modeling (SANEM); Masrur Reaz, chairman of Policy Exchange Bangladesh; AK Enamul Haque, director general of the Bangladesh Institute of Development Studies (BIDS); and Nazmus Sadat Khan, senior economist at the World Bank’s Dhaka office.

The Dhaka Stock Exchange fell for the third day in a row as cautious investors today offloaded shares in response to escalating geopolitical tensions in the Middle East and a volatile global energy market.

The benchmark DSEX index plunged 82 points, or 1.54%, to settle at 5,241, bringing the total losses over the last three sessions to 293 points

Blue-chip stocks were not spared, with the DS30 index dropping 34 points, or 1.65%, to settle at 2,012, while the shariah-based DSES index slipped slightly by 14 points to close at 1,049.

Market breadth remained sharply negative, as 308 issues declined compared to only 52 advancing, with 33 stocks unchanged. Turnover fell 21.13% to Tk459 crore from Tk582 crore in the previous session, while the bourse's total market capitalisation shrank by Tk3,096 crore, settling at Tk6,97,952 crore in a single session.

Market insiders highlighted that the sell-off is closely linked to both international and domestic economic uncertainties. The ongoing Middle East conflict, particularly involving Iran, has driven up global crude oil and LNG prices, creating fears of energy supply disruptions for import-dependent economies like Bangladesh.

The international benchmark Brent crude oil surged from around $70 to $80-$84 per barrel, marking a 10-15% increase, while the Asian LNG benchmark Japan Korea Marker (JKM) jumped from $13-$14/MMBtu to $24-$25/MMBtu, an extraordinary 70-80% rise.

Insiders said these higher energy costs will directly affect Bangladesh by increasing fuel import bills, raising electricity generation costs, and potentially forcing the government to adjust tariffs or increase subsidies.

Against this backdrop of uncertainty, investors opted for caution, triggering broad-based selling. Analysts warned that continued geopolitical developments and fluctuations in global energy markets could prolong market volatility in the coming sessions.

Among the top gainers, International Leasing and Financial Services Limited led with a 10% rise, followed by FAS Finance & Investment Limited and Fareast Finance & Investment Limited, each up 9.09%. On the losing side, First Finance Limited suffered the biggest drop at 10%, followed by Prime Finance & Investment Limited, down 8%, and ICB Islamic Bank Limited, which fell 7.89%.

Trading activity remained concentrated in a few high-volume stocks, with Orion Infusion, City Bank, and Khan Brothers PP Woven Bag Industries emerging as the most actively traded shares, demonstrating significant participation by large investors despite overall market weakness.

All major large-cap sectors recorded losses, highlighting widespread selling pressure. Food & Allied was the worst performer, down 2.44%, followed by Banking at 2.36%, and Non-Bank Financial Institutions at 2.29%. Other sectors also declined: Engineering fell 1.36%, Fuel & Power down 1.20%, Pharmaceuticals dropped 0.99%, and Telecommunication slipped 0.23%. Block trades contributed 4.7% of total turnover, reflecting ongoing institutional participation.

The Chittagong Stock Exchange also ended lower, with the CASPI index falling 192 points to 14,825, while the CSCX index declined 115 points to 9,061, signalling negative sentiment across both major bourses.

The auditor of National Feed Mills, a listed company on the stock exchanges, has flagged several non-compliances, including understated purchases, overstated profits, lower reported finance expenses, unpaid workers' participation fund contributions, and a deficit in the unclaimed dividend account.

The auditor's qualified opinion for the year ended 30 June was published on the stock exchanges' website on Thursday (5 March).

The auditor pointed out that National Feed Mills reported Tk7.83 crore in material purchases, while its VAT return showed Tk10 crore.

The auditor's report said there is a possibility that the company's management understated purchases by Tk2.26 crore and overstated the net profit for the year, which could significantly affect the company's earnings per share (EPS).

"Also, we did not find a ledger, vouchers or other supporting evidence for material purchases during the year," the auditor said.

The audit report also said National Feed reported Tk4.40 crore as interest charges in the statement of financial position and Tk2.44 crore as financial expenses for interest on term loans.

"Therefore, the management of the company understated financial expenses by Tk1.96 crore and overstated profit, which could significantly affect EPS," it said.

Moreover, the auditor said it did not find the interest expense ledger, the loan statement of Tk25.78 crore from Bank Asia, or supporting evidence of loan repayment or adjustment amounting to Tk1.96 crore during the period.

The company has Tk2.48 crore in the workers' profit participation fund, but the amount has remained unpaid for several years.

Deficit in unclaimed dividend account

According to the auditor, the company showed Tk3.15 lakh in the unclaimed dividend account, which has remained unclaimed for more than three years.

The fund is supposed to be transferred to the Capital Market Stabilisation Fund (CMSF), but the company's management did not transfer the amount to the fund.

The auditor said the closing balance in the unclaimed dividend account was Tk77,020. Therefore, there is a shortage of Tk2.38 lakh in the dividend bank account.

Inventory items unverified

In its financial statement, National Feed reported Tk55.31 crore in inventory at the end of June 2025.

The auditor said it did not find a slow-moving items list, a damaged items list, a net realisable value (NRV) test, an inventory valuation report, counting sheets, or other supporting evidence.

The NRV test is an accounting procedure used to ensure inventory is not overstated on the balance sheet and is valued at the lower of cost or market value.

"No physical inventory verification was conducted by us due to management unawareness," the auditor said.

When asked about the non-compliances in the financial statements, Md Jahidul Islam, acting company secretary of National Feed Mills, declined to comment and asked to be contacted next Sunday.

Gold rose on Friday after softer US payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check.

Spot gold was up 1.4 percent at $5,149.14 per ounce as of 01:31 p.m. ET (1831 GMT), ​but was down 2.4 percent this week. US gold futures for April delivery settled 1.6 percent higher at $5,158.70.

“An alarmingly ​weak payrolls report that saw heavy private sector job losses along with higher wages whispers stagflation; let’s see if this is enough to help gold recover from what ​has been a disappointing week,” said Tai Wong, an independent metals trader.

Data showed that nonfarm payrolls decreased ​by 92,000 jobs last month, compared with economists’ expectations for a 59,000 gain, while the unemployment rate rose to 4.4 percent.

Kuwait said it had implemented a ​precautionary reduction in crude ‌oil production and refining throughput following the ​ongoing attacks by ​Iran against Kuwait and "Iranian threats ⁠to safe passage ​of ships through the ​Strait of Hormuz," Kuwait Petroleum Corporation (KPC) said in a ​statement on Saturday.

The ​state oil company said the ‌move ⁠was part of its "risk management and business continuity strategy."

It said ​the adjustment ​was ⁠strictly precautionary and would be ​reviewed as the ​situation ⁠develops, and it remained ready to restore ⁠production ​levels once conditions ​allow.

A shortage of edible oil has emerged in several markets across the capital, as consumers rush to collect more than demand fearing a price hike due to the ongoing war between the US, Israel and Iran.

Some grocery stores still have one-litre and two-litre bottles on their shelves; five-litre bottles have almost disappeared from many markets.

Retailers said supply from companies has declined over the past week, leaving them unable to stock larger bottles. However, major producers deny reducing deliveries and instead blame stockpiling at the dealer level for the shortage.

A visit to Meradia Bazaar and nearby shops in South Banasree yesterday (7 March) revealed that no five-litre bottles of soybean oil were available. Even at the Shwapno outlet in the area, shoppers could not find any soybean oil.

A Shwapno salesperson said the stock ran out quickly. "Every customer who came in the morning bought a bottle. Now we have none left."

The same situation prevailed at the Agora outlet in the area, as there were no five-litre bottles available, and only a few two-litre bottles of Fresh brand soybean oil remained. To ensure more customers could purchase the product, staff members allowed each buyer to take only one bottle.

Most shops had no soybean oil in Badda and Shahjadpur, while a few larger stores managed to keep three or four bottles of two-litre packs on display.

Shahjadpur shopkeeper Md Saiful Islam said companies rarely deliver five-litre bottles and only occasionally supply two-litre ones, citing the shortage of oil.

Another seller, Ilias Hossain, said his shop had not received any oil deliveries for two weeks.

When contacted, Taslim Shahriar, deputy general manager of Meghna Group, which produces Fresh brand soybean oil, said they supplied large volumes in January and February.

"We have imported additional oil to ensure stable supply during Ramadan. More than 50,000 tonnes are being distributed every month, so there should be no crisis," he said.

Echoing Taslim, City Group Executive Director Biswajit Saha said they have not reduced supply, though some smaller companies may be struggling to import oil due to complications with letters of credit.

The crisis was created due to increased demand in Ramadan and stockpiling by some consumers and traders, he added.

Prime Minister Tarique Rahman today (7 March) said the government has taken steps to make the zakat management system more effective and targeted, noting that zakat can play an important role in poverty alleviation if it is distributed in a planned and organised way.

"Zakat is one of the five pillars of Islam. I would like to share with you a plan regarding zakat management in the country. According to Islamic teachings, many wealthy people in our society pay zakat on their own initiative. Some also pay their zakat through the government's Zakat Board," he said.

If zakat is distributed in a planned and organised manner can make a significant contribution to reducing poverty, the prime minister said at an iftar mahfil hosted for ulema, Islamic scholars and orphans at State Guest House, Jamuna.

"In this context, the government has taken steps to make zakat management more effective and target-oriented," he said.

The prime minister mentioned that various research reports suggest the amount of zakat collected in Bangladesh exceeds Tk20,000 to Tk25,000 crore every year and some estimates put the figure even higher.

However, he said the absence of a planned and organised distribution system means that although wealthy individuals fulfil their zakat obligation, questions remain about how effectively the funds help reduce poverty.

"As far as I know, Islamic teachings encourage zakat to be distributed in such a way that a recipient may not need to receive zakat again the following year after receiving it once," the Prime Minister observed.

He said there are currently around four crore families in the country, both rich and poor.

If poor and extremely poor families are identified and five lakh families are given Tk1 lakh each in zakat every year in phases, most of those families may not need to receive zakat again the following year, Tarique Rahman said.

"If zakat is distributed in a targeted and well-planned manner, it could play an effective role in poverty alleviation in the country within 10 to 15 years through zakat management alone," he added.

The prime minister said if the idea of zakat management for poverty alleviation is considered logical, ulema and religious scholars can play the biggest role in raising awareness among wealthy people.

He also said the existing Zakat Board under the Ministry of Religious Affairs can be reorganised with leading Islamic scholars, religious experts and government officials to work more effectively for poverty alleviation through zakat management.

"By using zakat for poverty alleviation, there is an opportunity to present Bangladesh as a model in the Islamic world," the prime minister said.

The benchmark index of the Dhaka Stock Exchange (DSE) extended its losing streak last week as escalating geopolitical tensions in the Middle East rattled investor confidence and triggered broad-based selling.

The DSEX shed 359 points, or 6.42%, to close the week at 5,240. The blue-chip DS30 index fell further, losing 157 points, or 7.28%, to settle at 2,011.

Market participation also weakened during the week. Average daily turnover declined 4% to Tk696 crore, reflecting cautious trading as investors avoided large bets amid rising uncertainty. The bearish sentiment wiped out about Tk20,400 crore from the market capitalisation of listed companies.

The majority of listed securities ended the week in the red. A total of 325 issues declined, while only 59 advanced and eight remained unchanged.

Analysts say the market may remain volatile in the near term as investors closely monitor developments in global energy markets and geopolitical tensions.

According to the weekly market review by EBL Securities Limited, the capital market faced strong bearish sentiment as investors worried about the possible macroeconomic impact of tensions in the Middle East. The brokerage noted that market participants were particularly concerned about potential disruptions to fuel and power supply in Bangladesh if the conflict escalates further.

The review added that the market remained under sustained downward pressure throughout the week in the absence of any clear signs of stability in the Gulf region. The uncertainty prompted aggressive selling across sectors, ultimately snapping the benchmark index's six-week upward streak.

Despite the negative trend, investors remained relatively active in a few sectors. The banking sector accounted for the largest share of turnover at 24%, followed by pharmaceuticals with 15.3% and textiles with 8.5%.

Among individual stocks, Orion Infusion, City Bank, Khan Brothers PP Woven Bag, BRAC Bank and Robi dominated the turnover chart during the week, reflecting concentrated trading in a handful of issues.

Sectoral performance, however, remained largely dismal. The food sector recorded the steepest decline with an average loss of 11.5%, followed by life insurance, which fell 9.1%, and cement, which dropped 8.9%.

A few stocks managed to post strong gains despite the overall downturn. Premier Leasing emerged as the top gainer with a 44.44% rise, while Fareast Finance and FAS Finance both advanced 41.18%.

On the losing side, Rahima Food suffered the sharpest fall, declining 23.90%. Pragati Life Insurance dropped 19.86%, while BAT Bangladesh lost 17.35% during the week.

The Bangladesh Bank has decided to pause regular purchase of dollars from banks to keep the market afloat as it sees risk of exchange rate volatility in case the Middle East war prolongs.

The central bank's monetary policy committee meeting scheduled for Wednesday to review a policy rate reduction was cancelled considering the ongoing situation as it could further put pressure on the exchange rate, said a senior executive of the central bank.

Bangladesh Bank Governor Md Mostaqur Rahman, who had called the meeting as his first priority was to reduce the lending rate, has changed his mind, instructing officials that the policy committee meeting will be held after Eid.

The Bangladesh Bank bought $25 million from two commercial banks on Monday but decided to pause further dollar buying as it backtracked from the buying spree on Tuesday, according to central bank sources.

The central bank is in a comfort zone for now with its foreign exchange reserve position to meet additional demand for dollars amid rising trade costs after the US-Israel strikes on Iran.

But it will be challenging to keep the rate stable in the coming days if the war prolongs, said a senior executive of the central bank.

The country's foreign exchange reserves are still rising, reaching $30.5 billion as per the International Monetary Fund's calculation, while the figure stands at $35.3 billion as per Bangladesh Bank's own calculation.

The reserve amount is enough to cover imports of more than four months, according to the central bank.

Inter-bank dollar transactions remained normal, with a stable rate at Tk122 to Tk123. The exchange rate has not yet been hit by the war on the fourth day of the Iran conflict as the Bangladesh Bank had already paused regular dollar buying from the market as a precaution to keep it afloat.

However, the dollar market seemed slightly stressed as remittance inflow from Middle Eastern countries slowed on the first two days of March as workers could not go to exchange houses amid the alarming situation, said a senior executive of a private commercial bank.

On the other hand, the cash dollar price in the kerb market increased slightly by Tk0.10 to Tk0.20 over the last two days, trading between Tk125.80 and Tk126, according to brokers. However, the price of the Saudi riyal, dirham and other Middle Eastern currencies dropped.

Speaking to The Business Standard, Arif Hossain Khan, executive director and spokesperson of Bangladesh Bank, said, "We are not worried about inflow of remittance but concerned that many workers may lose their job."

He said the central bank buys dollars only when remittance inflows exceed the holding limit of banks.

Remittance inflow still remains high even after the Iran war as the country received $377 million in remittances in the first two days of March, up from $188 million received during the same period last year, central bank data show.

Islami Bank, which is the highest remittance earner, is experiencing a normal flow of remittances even after the Iran war as workers usually send higher amounts home ahead of Eid, said a senior executive of the bank.

"The official exchange rate still remains stable but it depends on energy reserves of the government," said a senior executive of the central bank.

The Bangladesh Bank is closely monitoring exchange rate movements and will sell dollars to keep the rate stable if it sees higher demand, he added.

The central bank bought $5.4 billion from the market since the start of FY26, which contributed to rebuilding reserves.

The financial account balance stood at a surplus of $2 billion at the end of July-December of FY26, compared to $525 million during the same period last year, giving more space to the central bank to spend reserves amid rising costs.

He, however, said the Bangladesh Bank may see a major shock in remittance inflows from Middle Eastern countries if the war prolongs as more than 50% of remittances come from the Gulf.

He said exports have already slowed, and remittances will also slow down if the war affects the job market in the Middle East. In this situation, rising import costs will put pressure on the exchange rate in the near future, slightly increasing the dollar price, he opined.

Speaking to The Business Standard, Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said the exchange rate remained stable due to low import demand.

However, imports have started to rise slowly, and if demand picks up after a reduction in the lending rate, it will put pressure on the dollar market, he added.

Electricity from Bangladesh's long-awaited Rooppur Nuclear Power Plant could begin flowing into the national grid by June or early July as the authorities prepare to start loading nuclear fuel into the plant's first unit early next month.

According to project officials, preparations are underway to begin fuel loading in the first week of April. Testing and synchronisation are then expected to continue through May and June, potentially allowing the first unit to start supplying electricity to the national grid by June or July.

Initially, the plant will provide electricity on a trial basis and at irregular intervals. Gradually, the facility will move towards full-scale generation.

Project officials told The Business Standard that the first unit is expected to be ready for fuel loading by the end of March. A fuel-loading ceremony will be organised and is expected to involve senior officials from Bangladesh and Russia.

Countries generating the most electricity from nuclear power

Prime Minister Tarique Rahman is expected to inaugurate the process, while a Russian minister and other senior officials may also be present.

The head of the International Atomic Energy Agency, Rafael Grossi, is expected to attend the ceremony. Russian President Vladimir Putin may also join the event virtually, officials said.

Due to the involvement of high-level officials from both Bangladesh and Russia, the exact date for fuel loading will be finalised through mutual consultation between the two governments, they added.

Testing and synchronisation

Officials said if fuel loading begins in early April, the process of loading nuclear fuel into the first unit could be completed within about a month. After that, the reactor will go through several stages, including achieving "criticality", technical tests, and synchronisation with the national grid.

Md Anwar Hossain, secretary of the Ministry of Science and Technology, said the first unit would be fully ready for fuel loading by 27 March.

"There are some formalities to complete. Because foreign guests will attend, the schedule must be coordinated. The prime minister will formally inaugurate the fuel loading," he told The Business Standard.

However, he noted that the current global conflict situation may create some uncertainty. "Travel for guests and technical testing could face difficulties," he said.

Rooppur Nuclear Power Plant: How far along is Bangladesh’s biggest energy project?

Explaining the timeline for power generation, Anwar said fuel loading would take around four weeks, followed by several more weeks of testing and synchronisation with the grid.

"In total, it may take two and a half to three months after fuel loading before electricity can be supplied to the national grid. We hope the plant will connect to the grid in the last week of June or the first week of July," he said.

He added that the timeline could still change because of the technical nature of the process. Delays may occur if Russian technical experts cannot arrive on time or if supply chain disruptions arise due to the ongoing war.

Officials said that out of more than 2,000 tests required for the project, around 150 minor tests are still ongoing in parallel. Most of these are expected to be completed by March, while a few remaining tests can be carried out during the fuel-loading phase.

Gradual rise in generation

Project officials said the first unit will initially produce around 300 megawatts of electricity. Output is expected to increase by 10% to 15% each month.

By November, the first unit could generate about 1,100 megawatts of electricity. After the physical start-up, it may take around eight to ten months to reach the full capacity of 1,200 megawatts.

They also said plans are in place to begin fuel loading in the second unit toward the end of this year, allowing it to start power generation as well.

Dr Md Zahedul Hassan, managing director of Nuclear Power Plant Company Bangladesh Limited, said key tests such as the "hot run" and "cold run" for the first unit had already been successfully completed.

"The project is now in the final inspection stage. From a safety perspective, no major problems have been found so far," he said.

Rooppur nuclear plant project cost to rise by Tk26,181cr after exchange rate adjustment

He added that the entire process is highly sensitive and technology-driven. Each stage is being examined according to international standards, and additional tests may be conducted if necessary to ensure safety and quality.

Officials stressed that safety remains the highest priority.

"This is a major milestone for the country. However, safety comes first. In nuclear projects, the final inspection, safety clearance and official approvals determine the timeline," an official said.

Officials further noted that extra time had previously been taken during several testing phases due to safety concerns, which could also affect the production schedule.

Delays and rising costs

The Rooppur Nuclear Power Plant project has faced several delays over the years. In January, then science and technology adviser Salehuddin Ahmed said the first unit could be connected to the national grid by March, following fuel loading.

However, additional safety tests extended the timeline, preventing the plant from beginning electricity production that month.

The project, being built under an intergovernmental agreement between Bangladesh and Russia, was first launched in October 2013 when the then prime minister laid its foundation stone. Construction of the reactor and cooling dome of the first unit began in November 2017.

Initially, one unit was expected to start production in early 2021, but delays caused by the Covid-19 pandemic, the Russia-Ukraine war, and other complications pushed back the timeline.

Loan tenure for Rooppur plant extended

In December 2015, the Bangladesh Atomic Energy Commission signed a contract with Russian state company Atomstroyexport for the construction of two nuclear units with a combined capacity of 2,400 megawatts, along with equipment supply, training, and fuel provision.

In March last year, the Executive Committee of the National Economic Council approved a revised proposal increasing the project cost by Tk25,592 crore.

The project's original cost was Tk113,092.91 crore, but after the revision, it rose to Tk138,685 crore, largely due to exchange rate fluctuations and higher costs in several components.

Officials said the Covid-19 pandemic, the Russia-Ukraine conflict, and the dollar shortage have all affected the project's progress. Following the 90th joint coordination meeting between Bangladesh and Russia on 3 June 2025, the project timeline was extended.

Under the revised development project proposal, the overall completion deadline has now been set for June 2028, with the preliminary handover of the second unit expected by 31 December 2027.

Bangladesh Bank Governor Md Mostaqur Rahman has assured that the withdrawal of the central bank-appointed administrator from Nagad will be a seamless process, explicitly ruling out the possibility of any unauthorised or "overnight" takeover of the mobile financial service provider.

The assurance came today (4 March) after the administrator team of Nagad briefed the governor on the company's current status, according to a senior official of Bangladesh Bank.

At present, Md Motasem Billah, a director of Bangladesh Bank, is serving as administrator at Nagad.

Central bank spokesperson Arief Hossain Khan told TBS that a special inspection at Nagad had uncovered extensive irregularities, while members of the previous board remain absent. He reiterated that the institution is owned by the Department of Posts.

"Nagad has not yet received a full licence from the Bangladesh Bank and is operating under an interim approval. We appointed an administrator because transactions involving nearly 4-5 crore customers are linked to this institution," he said.

The spokesperson alleged that parties outside the Department of Posts who previously held ownership stakes had engaged in such significant irregularities that, if the company were valued today, their net assets would be deeply negative. "There is no scope for them to return," he added.

Search for foreign investors

In August last year, former governor Ahsan H Mansur had said at an event in Dhaka that the government had decided to transfer Nagad to the private sector.

Subsequently, during the final phase of the interim government, Jamaat-e-Islami MP Barrister Mir Ahmad Bin Quasem Arman expressed interest on behalf of a foreign entity in investing in Nagad.

At the time, it was stated that if any credible foreign investor showed interest, necessary steps would be taken in coordination with the government.

Under the current governor, a fresh meeting was held today with Nagad's administrators to review the institution's position.

Forensic findings

Following the fall of the Awami League government on 5 August 2024, the Bangladesh Bank had decided on 21 August to appoint an administrator to oversee Nagad. The following day, central bank director Muhammad Badiuzzaman Dider was appointed administrator, alongside six supporting officials.

A subsequent inspection by the central bank found evidence of financial fraud through the creation of fictitious distributors and agents, as well as the issuance of excess electronic money without corresponding cash backing. The inspection identified discrepancies amounting to Tk2,356 crore.

The administrator at the time prepared a list of six officials allegedly responsible for creating unauthorised distributors and forwarded it to the Department of Posts for legal action. Letters were also sent seeking action against individuals involved in Nagad's operations.

The administrator team further informed the postal authorities that Tk1,711 crore had been siphoned off through 41 distributor accounts opened without approval. These accounts were reportedly designated for the distribution of government allowances.

In June last year, the Bangladesh Bank stated in a press release that Nagad had issued at least Tk645 crore in electronic money without depositing equivalent funds, causing financial losses to the Department of Posts and, by extension, the government.

Under the Bangladesh Bank Order, 1972, the sole authority to issue money on behalf of the state rests with the central bank.

The spokesperson said an internationally reputed audit firm KPMG has been engaged to complete a full forensic audit of Nagad. The findings of the international firm have reportedly corroborated the irregularities detected by the central bank's inspection team.

Following 5 August 2024, the chief executive officer Tanvir Ahmed ceased attending office. Executive directors Niaz Morshed (Elite) and Maruful Islam (Jhalak), deputy chief marketing officer Khandaker Mohammad Solaiman (Solaiman Sukhan), and human resources official Anik Barua were also absent.

After the administrator assumed charge on 21 August, they were dismissed. Several of the dismissed individuals were linked to ownership of Nagad.

Oil prices rose 1% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from ‌past sessions after President Donald Trump raised the possibility of the U.S. Navy escorting vessels through the Strait of Hormuz.

Brent rose $1.17, or 1.4%, to $82.57 a barrel by 0408 GMT, after closing at its highest since January 2025 on Tuesday.

U.S. West Texas Intermediate crude rose 72 cents, or 1%, to $75.28, after settling at its highest since June. Both rose by around 5% or more in the past two sessions.

"Right now, geopolitics has clearly overtaken the usual price ⁠drivers like inventory data, U.S. economic numbers or OPEC commentary," Phillip Nova senior market analyst Priyanka Sachdeva said.

"In the near term, the key pointers to watch are physical export data from the Gulf, any confirmed tanker incidents, U.S. naval movement, and Iran's tone," she added.

Israeli and U.S. forces struck targets across Iran on Tuesday, prompting Iranian strikes against energy infrastructure in a region that accounts for just under a third of global oil production.

Iraq, the second-largest crude producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half its production, due to storage limits and the lack of an export route, officials told Reuters. They said the country may have to shut its nearly ‌3 ⁠million bpd of output within days if exports do not resume.

Iran has also targeted tankers in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas flows. Traffic through the Strait remains effectively closed.

Trump has said that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, adding he had ordered the U.S. International Development Finance ⁠Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.

"The promise of such guarantees comes as insurers are cancelling war risk coverage for vessels moving through the Strait of Hormuz. This is welcome news, but clearly it won't happen overnight. ⁠Naval escorts would be helpful, but again, this effort will take time," ING analysts said in a note.

Countries and companies have begun seeking alternative routes and supplies. India and Indonesia said they were looking for other energy supplies, while some Chinese ⁠refineries were shutting or moving up maintenance plans.

In the United States, crude stocks rose by 5.6 million barrels last week, according to market sources citing American Petroleum Institute figures, well above the 2.3 million barrels analysts projected. Official figures from the U.S. government are expected later on Wednesday.

US Treasury Secretary Scott Bessent said Wednesday that Donald Trump’s 15-percent global tariff is likely to be rolled out this week, as the president moves to rebuild his trade agenda after a major legal setback.

The Supreme Court last month struck down Trump’s country-specific tariffs, which he imposed on allies and competitors alike, delivering a stinging rebuke of his signature economic policy.

Since then, the US leader has tapped a different law to impose a new 10-percent duty, and vowed to raise this level to 15 percent.

Asked when the hike will be implemented, Bessent told CNBC: “That’s likely sometime this week.”

He added that this will be done under Section 122 of the Trade Act of 1974 -- the same basis for Trump’s new 10-percent tariff -- which only allows for a duty lasting 150 days unless Congress extends it.

During this five-month window, the Trump administration will move to wrap up investigations linked to concerns over national security and unfair trade, Bessent said. These probe, in turn, could bring about new sets of tariffs.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.

“And those are very fulsome authorities,” he added, referring to the laws justifying these investigations.

“They have survived more than 4,000 legal challenges. They are more slow moving, but they are more robust,” Bessent said.

After several rounds of rises, gold prices in Bangladesh fell, with the rate of 22-carat gold dropping by Tk9,214 per bhori.

The new rate sets the price of 22-carat gold at Tk2,68,214 per bhori (11.664 grams), according to a statement issued this morning (4 March) by the Bangladesh Jewellers Association (Bajus).

Bajus said the decision was taken considering the overall market situation, particularly a decline in the price of pure gold (tejabi gold) in the local market.

The revised rates have come into effect immediately.
Gold prices hiked by Tk3,324 per bhori

Under the new pricing structure, 21-carat gold now costs Tk2,56,025 per bhori while 18-carat gold is priced at Tk2,19,258 per bhori.

The price of traditional-method gold has been set at Tk1,79,159 per bhori.

The last adjustment was made on 3 March, when Bajus increased the price of 22-carat gold by Tk3,324 per bhori to Tk2,77,428.

So far in 2026, gold prices have been adjusted 37 times in the domestic market, with rates increased 24 times and reduced 13 times.

Alongside gold, silver prices have also been reduced.

The price of 22-carat silver has been cut by Tk641 per bhori to Tk6,532.

The price of 21-carat silver now stands at Tk6,240 per bhori, 18-carat silver at Tk5,365 per bhori, and traditional-method silver at Tk4,024 per bhori.

In 2026, silver prices have been adjusted 22 times so far, including 14 increases and eight reductions.

Commerce Minister Khandakar Abdul Muktadir has said the recently signed trade deal between Bangladesh and the United States is not irreversible, noting that there remains scope for amendment, addition or deletion of provisions if needed.

The agreement includes elements that could help further strengthen bilateral trade ties in the future and should not be viewed as "wholesale negative" or "wholesale positive", he said while speaking to reporters after a meeting with US Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur at the commerce ministry today (4 March).

Muktadir said there was no discussion on the recent trade deal, noting that the agreement has already been signed and constitutes a state-level arrangement, leaving little scope for fresh decisions at this stage.

"The agreement was signed on the 9th [February]. There was no separate discussion on it today," he said, adding that the deal was signed to expand economic, trade and investment relations between the two countries.

Referring to bilateral trade, he said the volume of trade between the countries exceeds $8.5 billion, while Bangladesh imports goods worth nearly $2.75 billion from the US. "As a single country, the US remains one of Bangladesh's largest trading partners."

Asked whether issues mentioned in a congratulatory letter to the premier from US President Donald Trump – including trade and defence-related matters – were discussed, the minister replied that military issues do not fall under his ministry's jurisdiction.

On the issue of visa bonds, he said the matter would be handled by the foreign ministry. The government wants businesspeople and investors from both countries to travel without obstacles, he said.

At the meeting, Muktadir highlighted the volatility in the global energy market following the Middle East conflict and sought US cooperation, especially in ensuring LNG supplies.

He said discussions covered investment, digital infrastructure development and prospects for future economic cooperation, alongside trade-related issues.

During the meeting, Paul Kapur recommended the removal of non-tariff barriers that may be hindering American investment in Bangladesh, Muktadir said.

The US believes that eliminating certain non-tariff barriers would help attract more American investment to Bangladesh, making the country a more appealing destination for US businesses, the minister said.

US cuts Bangladesh tariff to 19%, no duty on RMG made of US cotton

He said that addressing these barriers could also facilitate Bangladesh's smoother inclusion in US development assistance and financing programmes. However, the minister did not disclose which non-tariff barriers were discussed.

Meanwhile, the US assistant secretary held a separate meeting with Foreign Minister Khalilur Rahman at the foreign ministry.

Speaking to the media on the recent deal, Khalilur said that the reciprocal trade agreement was not signed abruptly just days before the national election.

He claimed that the matter had been discussed in advance with the leadership of the country's two major political parties – BNP and Jamaat-e-Islami, and both had agreed to the deal before its signing.

"The US Trade Representative spoke to the heads of our two key parties before the elections and they also agreed to it. So it's not like we did this in the dark," Khalilur said in response to a question on whether there had been any pressure to expedite the signing of the deal ahead of the recently held national election.

US makes up to Tk18 lakh visa bond mandatory for Bangladeshi B1/B2 applicants from 21 Jan

He said there are entry and exit clauses and the government can review it if it desires so.

"We have discussed the crisis in the Middle East. I told him [Paul Kapur] that two of our Bangladeshis have lost lives and seven others have been injured. If this war is prolonged or spreads, this fear may increase further," he said.

Dhaka conveyed to the US official that the US should try to resolve this conflict, this problem, through dialogue as soon as possible by giving diplomacy opportunity.

Paul Kapur, however, underscored the importance of implementing the provisions of the agreement on "reciprocal trade" to foster greater bilateral trade and investment, the foreign minister said.