The pre-Eid optimism at the Dhaka Stock Exchange (DSE) proved short-lived as the market witnessed a sharp downturn today, with investors rattled by rising global geopolitical tensions and their potential economic fallout at home.

Trading resumed after the weeklong holidays with heavy selling pressure dominating the session, as concerns over inflation, possible fuel price hikes, and energy supply disruptions linked to the ongoing Middle East crisis dampened sentiment.

The uncertainty triggered a broad-based decline across sectors, wiping out nearly Tk9,000 crore in market capitalisation in a single day – an indication of weakening investor confidence.

The benchmark DSEX index fell by 68 points, or 1.28%, to close at 5,284. The decline was even steeper among blue-chip stocks, with the DS30 index shedding 39 points, or 1.91%, to settle at 2,011. Market breadth remained decisively negative, with 243 issues declining against 121 gainers, while 27 stocks remained unchanged.

Despite the significant drop, trading activity was subdued. Daily turnover stood at Tk492 crore, reflecting a cautious stance among investors who appear to be adopting a wait-and-see approach amid persistent uncertainties.

Market analysts attributed the bearish trend largely to macroeconomic concerns exacerbated by global developments.

Analysts say the market's near-term direction will largely depend on developments in global energy markets and the government's ability to manage domestic inflationary pressures. Until greater clarity emerges, investors are likely to remain cautious, limiting fresh capital inflows into an already volatile market.

According to EBL Securities, the market slipped into negative territory from the opening bell as the initial festive enthusiasm quickly faded. The brokerage noted that fears of energy shortages and inflationary pressures stemming from the Middle East tensions overshadowed any positive sentiment.

Although the market attempted a modest recovery during mid-session trading, it failed to sustain momentum, closing firmly in the red.

A more detailed assessment by BRAC EPL Stock Brokerage highlighted the potential sectoral impact of escalating tensions involving the United States, Israel, and Iran. The report suggested that manufacturing, cement, and power sectors are likely to face immediate pressure due to their heavy reliance on imported fuel and raw materials.

These sectors are confronting a dual challenge. Rising global prices of furnace oil and liquefied natural gas (LNG) are expected to squeeze profit margins, while the risk of industrial load-shedding and higher transportation costs – driven by a so-called "Gulf risk premium" – could disrupt production cycles.

Gulf risk premium refers to extra cost added to oil prices or shipping and insurance rates due to geopolitical tensions in the Gulf region. It reflects perceived risk of supply disruption from major producers such as Saudi Arabia, Iran, Iraq and Kuwait.

The BRAC EPL analysis also pointed out that export-oriented readymade garment (RMG) companies with strong financial positions may benefit marginally if they can position themselves as reliable suppliers amid global uncertainty. However, this advantage will depend on their ability to absorb higher freight and insurance costs without losing competitiveness.

In contrast, the banking and telecommunications sectors were identified as relatively resilient. Banks may benefit from increased trade finance activities and higher interest income, while telecom companies are often considered defensive investments during periods of restricted mobility. Nonetheless, these sectors were among the major contributors to Tuesday's decline.

Key index draggers included BRAC Bank, Robi Axiata, Grameenphone, Square Pharmaceuticals, Walton Hi-Tech Industries, and Islami Bank Bangladesh, all of which weighed heavily on the indices.

Sector-wise, the banking sector led turnover with a 15.5% share, followed by pharmaceuticals at 12.8% and engineering at 11.5%. Among individual stocks, ACME Pesticides Limited topped the turnover chart, alongside City Bank PLC and Sea Pearl Beach Resort and Spa Limited.

All major sectors ended in negative territory. The banking and telecommunications sectors recorded the steepest declines, each falling by 2.45%. Non-bank financial institutions dropped 1.88%, followed by food and allied at 1.18% and fuel and power at 1.14%.

Amid the widespread losses, the mutual fund sector emerged as a rare bright spot, posting a 6.55% gain. Several funds delivered strong returns, offering some relief to investors.

The bearish sentiment extended to the Chittagong Stock Exchange, where the CSCX index declined by 47 points to 9,118 and the CASPI fell by 75 points to 14,954. Turnover at the port city bourse remained modest at Tk18.79 crore.

Bangladesh's ambitions to enter the electric vehicle (EV) manufacturing space took a step forward as Runner Automobiles partnered with the Chinese BYD Company on a potential local production venture.

Shanat Datta, chief financial officer of Runner Automobiles, told The Business Standard that an agreement was signed on Tuesday (24 March) between the two companies in China. Under the agreement, Runner will conduct a feasibility study for the local production of all BYD EV and non-EV vehicles.

Earlier, the decision was approved at a Runner board meeting on 20 March, where the company authorised signing a master supply and manufacturing agreement with the Shenzhen-based EV giant. The collaboration is expected to pave the way for local vehicle production, technology transfer, and increased industrial capacity in Bangladesh.

Company officials said the initiative is still at an early stage. CFO Datta said a comprehensive feasibility study will determine key aspects such as investment size, funding sources, plant construction, implementation timeline, and partnership structure. A detailed plan is expected by April.

"Our main goal is to manufacture BYD-branded cars in the country," he said, adding that the company will design and develop the necessary factory infrastructure to support production, following the rules and regulations.

The move comes as Bangladesh maintains high import duties on vehicles, making locally assembled or manufactured cars significantly more competitive. Recent policy support has further strengthened the case for localisation.

In the 2025-26 fiscal year budget, the National Board of Revenue reduced the duty and tax burden to around 33% for locally produced electric or hybrid vehicles meeting certain investment and value-addition thresholds. In contrast, imported electric and plug-in hybrid cars currently face duties as high as 89%.

The government has also been actively promoting EV adoption, targeting a 30% electric vehicle market share by 2030. Incentives for battery technologies, including lithium and graphene, have been introduced to support this transition.

BYD is one of China's leading clean energy firms, known for EVs, batteries, and renewable solutions. Founded in 1994, it has grown into a global EV powerhouse, competing with companies like Tesla. BYD produces cars, buses, and trucks, while also manufacturing advanced lithium batteries.

The company is expanding rapidly across Asia, Europe, and Latin America, playing a key role in the global transition to sustainable transportation.

The announcement by Runner had an immediate impact on the stock market, with its share price rising 9.97% to Tk37.50 on the Dhaka Stock Exchange.

Industry insiders say Runner has been preparing for such a venture. In May 2025, the company acquired land in Sreepur, Magura, and near its existing facility in Bhaluka, Mymensingh, with plans to establish a vehicle manufacturing plant in collaboration with a foreign partner.

Runner already has experience in automotive production, having invested around Tk300 crore to manufacture Bajaj three-wheelers. It also markets a range of international brands, including Eicher trucks and buses, KTM motorcycles, and Vespa scooters, alongside its own two-wheeler line-up.

Despite its diversified portfolio, the company has faced profitability challenges. It reported a loss of Tk1.41 crore in the second quarter (October-December) of the current fiscal year, although overall first-half profits stood at Tk2.93 crore. Revenue during the July-December period rose 31% year-on-year to Tk592.18 crore, driven by strong growth in truck, pickup, and tractor sales.

Filling stations across the country received far less supplies than required as prolonged bank closures during Eid-ul-Fitr disrupted fuel distribution from depots, leaving motorists grappling with long queues and intermittent shortages.

Officials from Bangladesh Petroleum Corporation (BPC) and pump owners say the seven-day banking holiday from 17 to 23 March created a critical bottleneck in the fuel supply chain.

During the period, filling station owners were unable to issue pay orders – a prerequisite for lifting fuel from depots – effectively halting regular distribution.

Without access to banking services, dealers found themselves unable to procure fuel even as demand surged ahead of and during the Eid holidays.

While the government maintained that there was no actual shortage of fuel, pump owners said they were getting inadequate supplies, exposing them to chaotic scenes and even threats from frustrated customers.

Reports from major cities indicated that pumps were facing acute supply shortage of octane–- primarily used by cars and bikes.

BPC officials said supply disruptions were linked to delays in issuing pay orders, noting that in previous long holiday periods, authorities had instructed selected bank branches to remain open to facilitate emergency transactions for fuel dealers.

This time, however, the absence of such arrangements worsened the situation.

Compounding the problem, global supply uncertainties – particularly disruptions in the Strait of Hormuz over the Middle East war – have also affected external fuel sourcing.

Bangladesh meets its entire petrol demand from local processing of condensate, a gas by-product, while around 60-65% of octane demand is met domestically, with the remainder dependent on imports. The external disruptions prompted BPC to adopt a cautious approach in releasing fuel.

Despite the visible strain at retail points, Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud Tuku dismissed concerns of an actual shortage, attributing the current situation to panic buying.

"There is no shortage of fuel in the country," the minister said while speaking to reporters at the Secretariat in Dhaka yesterday. "However, people have started purchasing more than they actually need, causing filling stations to run out of stock earlier than usual."

However, pump owners paint a different picture, pointing to reduced allocations and logistical challenges. Nazmul Hoque, president of the Bangladesh Petrol Pump Owners Association, told TBS that many stations are receiving significantly less fuel than required.

"I am receiving half of what I demand. Panic buying and supply constraints have made the whole situation messy," said Nazmul, who operates Ramna Petrol Pump, adding that the bank closures further deepened the crisis by preventing the timely issuance of pay orders.

The situation appears particularly acute in Chattogram, where multiple filling stations reported sharp declines in supply, especially of octane.

At the Shamanta CNG filling station in the Chandgaon Bahir Signal area, monthly allocations dropped drastically. The station, which previously received eight fuel tankers per month from Jamuna Oil Company Limited, is now getting only one tanker per week.

"Our main crisis is the lack of normal oil supply from Jamuna," said station manager Hasan Tarek. "We are currently unable to supply octane. The stock we received before Eid ran out quickly, and supply has been suspended for three consecutive days."

Similar complaints were echoed at various other petrol pumps in the port city.

Meanwhile, the impact on commuters and drivers was severe. "No octane" signs were common at many stations, while others were rationing fuel.

Absar Hossain, a motorist waiting near the Gani Bakery area, described his ordeal: "I have been searching since last evening but couldn't find octane anywhere. Even when I did, they wouldn't give more than a small amount."

Ride-share driver Abdur Rahman said the shortage has directly affected his income during what should have been a peak earning period. "I had to stand in line for more than half an hour, and still couldn't get enough fuel to operate properly," he said.

A widespread shortage of petrol and octane disrupted fuel supply across the country. Reports from Rajshahi, Dinajpur, Bogura, Savar, and Ashulia revealed that most pumps remained closed.

Security fears

Meanwhile, the Bangladesh Petrol Pump Owners Association on Sunday warned that fuel stations across the country may shut down due to mounting security concerns and an ongoing fuel supply shortage.

The association said petrol pumps nationwide are facing a "critical situation" as the daily fuel allocation from companies is insufficient to meet growing consumer demand.

The organisation alleged that the issue of security in fuel marketing has been largely overlooked by the government and local administration, leading to increasing disorder at pump stations.

Citing recent incidents, the association said that despite having around 10,500 litres of petrol and an equal amount of octane at one pump ahead of Eid, and about 8,000 litres at another, the stock was depleted within a short period due to excessive pressure and chaotic situations.

Describing the situation as a form of "looting," the association claimed that some individuals are purchasing fuel multiple times a day and reselling it at higher prices.

In some cases, motorcyclists were reportedly refuelling up to 10 times daily, while others repeatedly returned with partially filled tanks, depriving genuine customers.

The association also alleged that organised groups have been forcibly opening pumps at night and taking fuel.

Referring to an incident in Thakurgaon, it said miscreants armed with sticks looted fuel during supply operations.

Gold prices steadied on Tuesday after ​falling nearly 2 percent earlier in the session, as investors weighed conflicting signals on ‌a potential de-escalation in the US-Israeli war on Iran, and its impact on the outlook for inflation and interest rates.

Spot gold was up 0.1 percent at $4,411.28 per ounce as of 1104 GMT, after falling to $4,097.99 per ​ounce in the previous session, its lowest since November 24.

US gold futures for April ​delivery added 0.1 percent to $4,412.70.

SOME STABILITY FOR NOW

“The market is in a wait-and-see position. Considering that oil prices are a bit lower, this is reducing these rate hike ​expectations somehow and that’s giving some stability to the gold price now,” said UBS analyst ​Giovanni Staunovo.

International Brent crude prices plunged 13 percent on Monday after Trump ordered a five-day delay to attacks on Iran’s power plants, but traded moderately higher on Tuesday as Iran denied it had talks with the ​United States to end the war in the Gulf.

The rise in energy prices caused by ​the war has increased inflation concerns and made higher interest rates globally more likely. While gold is ‌considered an inflation hedge, high interest rates reduce the non-yielding asset’s appeal, and the metal has fallen around 18 percent since the war began.

Iran launched waves of missiles at Israel on Tuesday, the Israeli military said.

San Francisco Federal Reserve Bank President Mary Daly said on Monday that unless the Iran ​conflict is resolved quickly ​and the Fed can “look through” a temporary increase in oil prices, it is unclear what the central bank’s next move on interest rates will need to ​be.

However, analysts say there are broader factors that should still support gold ​prices this year.

“Structural drivers for the gold rally over the recent years, debt issues, political pressure on the Fed to cut rates, high inflation, low interest rates, and a weaker dollar, these factors are still ​there. Nothing has changed on that side,” Staunovo added.

Elsewhere, spot silver rose 0.9 percent to $69.77 per ounce. Spot platinum added 1.3 percent to $1,906.80 and palladium lost 1 percent to $1,419.25.

Bangladesh will prioritise bilateral trade negotiations, deferment of its graduation from least developed country (LDC) status, among other issues, at the World Trade Organisation’s (WTO) 14th Ministerial Conference, which opens tomorrow in Cameroon’s capital, Yaoundé.

The country has scheduled talks with the European Union (EU) on signing a free trade agreement (FTA) on the sidelines, Commerce Minister Khandakar Abdul Muktadir, who will be leading the Bangladesh delegation at the conference, told The Daily Star over the phone yesterday.

“We have a plan to discuss trade agreements and business issues with several countries and trade blocs apart from participating in the regular consultation meetings at the summit,” Muktadir said.

The four-day summit comes as the rules-based multilateral trading system under the WTO faces mounting pressure from bilateral deals, regionalism and protectionism by developed nations.

On the sidelines, Bangladesh will also seek EU support for delaying its LDC graduation, said the minister. The country applied to the United Nations last month to defer its LDC graduation by three years to November 2029. The UN Committee for Development Policy discussed the request at its annual meeting in New York last month and has set up a process to evaluate the application.

The Bangladesh delegation will also seek cooperation from member countries as it tries to join the China-led Regional Comprehensive Economic Partnership Agreement (RCEP). Trade partnership discussions are scheduled with South Korea, Singapore, and New Zealand, scheduled during the summit, which runs until March 29.

Other priorities on Bangladesh’s agenda include e-commerce, foreign direct investment and fisheries subsidies. On the latter, Bangladesh has agreed to reduce funding for the fishing of rare and endangered species.

Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development (RAPID), recently said it is difficult to predict how much support Bangladesh can secure for deferring graduation.

Gambia, as LDC coordinator, has proposed allowing LDCs and graduating LDCs with per capita real income below $1,000 -- measured using 1990 US dollar exchange rates – to continue providing subsidies.

Under that criterion, Razzaque said, Bangladesh would qualify to maintain subsidies in various sectors.

Gambia has also sought an extension of the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) for graduating LDCs, which would benefit Bangladesh by preserving its patent waiver facility on goods such as medicines beyond graduation.

But concrete decisions at the ministerial conference will be difficult given fragmentation in global trade caused by US reciprocal tariffs and the US-Israel war on Iran, Razzaque said.

“If all the LDCs and graduating LDCs can raise their voice collectively, a few good decisions may come from the conference, because the WTO also has an agenda for LDCs,” he added.

Ministers from across the world will attend the conference to discuss challenges facing the multilateral trading system and decide on the WTO’s future work. The conference will be chaired by Luc Magloire Mbarga Atangana, Cameroon’s minister of trade.

The opening session begins at 10am tomorrow with welcome remarks by the chair, the WTO director-general, and guests, including heads of state or government. This will be followed by a ministerial breakout session covering WTO foundational issues.

Thursday’s breakout sessions will focus on WTO reform, with each session facilitated by a minister. A plenary session on WTO reform will be held at the end of the day.

Friday will begin with an update on dispute settlement reform, followed by ministerial sessions on fisheries subsidies, incorporation of the Investment Facilitation for Development Agreement, the e-commerce work programme and moratorium, agriculture, and development, including LDC issues.

The final day will begin with a heads of delegation meeting at ministerial level in preparation for the closing session, scheduled for midday.

Grameenphone Limited has forecast a slight decline in its financial performance for the first quarter of 2026, citing global geopolitical tensions and ongoing domestic economic challenges.

In a price-sensitive disclosure submitted to the Dhaka Stock Exchange today (24 March), the country's largest telecom operator said its revenue for the January-March period is expected to fall by around 2% year-on-year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) are also projected to decline by approximately 3% year-on-year.

The company noted that further details regarding its performance will be disclosed in its official Q1 2026 financial report.

Following the announcement, Grameenphone's share price fell 1.34% to close at Tk251.10, reflecting investor concerns over its near-term outlook.

Grameenphone attributed the expected slowdown primarily to ongoing geopolitical tensions in the Middle East, which have disrupted global energy markets.

Bangladesh, being heavily reliant on imported fuels and liquefied natural gas (LNG), is particularly vulnerable to such shocks. The situation has led to increased volatility in energy supply, higher fuel import costs, and early signs of strain in logistics and energy availability across the country.

The telecom operator said that although the overall business environment remains relatively stable, the combined impact of global uncertainties and a weak macroeconomic backdrop is beginning to affect economic activity and consumer behaviour.

Early indicators point to reduced mobility, slower business operations, and pressure on disposable incomes – factors that could weigh on telecom usage and spending.

Seasonal challenges have also added to the pressure, with severe storms in recent months disrupting operations in several areas and compounding broader economic headwinds.

Despite the challenges, the company said it remains committed to maintaining service continuity and operational resilience, adding that it is closely monitoring the situation and taking necessary measures to safeguard network performance and support customers during this period of uncertainty

The cautious outlook for early 2026 comes after a mixed financial performance in 2025.

Grameenphone reported an 18.53% year-on-year decline in profit after tax to Tk2,958 crore, down from Tk3,631 crore in 2024. The fall was attributed to subdued consumer spending, rising operational costs and cautious business activity.

Earnings per share also decreased to Tk21.90 from Tk26.89 in the previous year.

Revenue for 2025 stood at Tk15,806 crore, slightly lower than Tk15,845 crore recorded in 2024.

Mobile communication services remained the primary revenue driver, contributing Tk15,520 crore, while customer equipment and other segments added Tk54 crore.

Grameenphone's subscriber base continued to expand, reaching 8.39 crore by the end of 2025. Of these, 4.87 crore, or 58.1%, were internet users, underlining the growing importance of data services in the company's business model.

Despite the earnings pressure, the company demonstrated strong cash generation by declaring a 105% final cash dividend for 2025, bringing the total annual payout to 215%, including the interim dividend.

Bangladesh’s annual fossil fuel import bill is projected to soar by $4.8 billion, a 40 percent increase from 2025 levels, due to the Middle East crisis, according to a new analysis by Zero Carbon Analytics (ZCA).

The financial shock of oil, gas, and coal prices will cost the equivalent of 1.1 percent of Bangladesh’s 2024 gross domestic product if current elevated levels hold for a year. The country spends roughly $12 billion annually on energy imports, according to government data.

“This type of crisis is repeating itself, echoing the price shocks caused by Russia’s invasion of Ukraine, causing the costs of Bangladesh’s dependence on fossil fuels and its delayed energy transition to mount,” the ZCA analysts wrote in a March report.

It noted that the Russia-Ukraine conflict had sent Bangladesh into an economic crisis, with GDP levels only recovering in 2025. Asian liquefied natural gas (LNG) rose by 390 percent in the year leading up to Russia’s invasion, followed by a 48 percent increase in the five months after it, resulting in power demand shortfalls and months of power cuts. In October 2022, blackouts left 130 million people without power.

The hefty price tag, driven by the ongoing conflict in the Middle East, threatens to severely drain the country’s foreign exchange reserves, reducing its import cover ratio from 5.7 months to 4.9 months.

“The increased import bill will also weigh on the country’s currency, which could push up inflation and apply greater pressure on the central bank to raise borrowing costs,” wrote the international research group that provides analysis on global energy transition.

The crisis exposes Dhaka’s deep vulnerability to volatile international energy markets, as 46 percent of the country’s total energy supply came from imports in 2023. In the fiscal year 2024-2025, imports accounted for 65 percent of its power needs.

Much of this vital fuel flows through the Strait of Hormuz, where shipping is now severely disrupted. Bangladesh imports around 1.4 million tonnes of crude oil through the strait annually under long-term contracts with Saudi Aramco and Abu Dhabi National Oil Company.

An Aramco cargo of 100,000 tonnes bound for Bangladesh is already delayed in the Gulf because of the war, noted the ZCA report.

Supply pressures are emerging across multiple energy sectors. Confirming the squeeze on refined products, the Bangladesh Petroleum Corporation (BPC) reported in early March: “Around 60,000 tonnes out of the 293,000 tonnes of diesel planned for import in March have been deferred or cancelled.”

Simultaneously, Qatar, which accounts for 75 percent of Bangladesh’s LNG imports, has suspended production and shipments. Deep LNG dependence is driving fiscal distress across the power sector.

Six out of seven LNG cargoes scheduled for April in the import plan of the state-owned Petrobangla -- which is mandated to manage oil, gas and other mineral resources -- are expected to pass through the strait. Delivery of half the remaining cargoes is uncertain, according to reports.

David Hasanat, president of the Bangladesh Independent Power Producers’ Association, highlighted the scale of the generation deficit, noting, “23 percent of Bangladesh’s power plants are inoperable due to gas shortages.”

The acute shortages are fracturing the domestic industry. After the shutdown of four fertiliser factories, the country’s vital garment export sector is also taking a direct hit.

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said, “Power cuts have increased to up to five hours a day since the war began, and diesel supplies are insufficient to run back-up generators.”

Despite these compounding emergencies, Bangladesh’s transition to clean energy remains stalled. The country needs to deploy 760 MW of renewable capacity annually to hit its 2030 targets, yet only 358 MW were in the construction pipeline as of February 2026.

International Energy Agency (IEA) data shows that renewables’ share of the energy mix has stagnated at around 2 percent between 2020 and 2023, with little increase in 2024.

According to the Institute for Energy Economics and Financial Analysis (IEEFA), just 1,446.3 MW of capacity was added between December 2008 and December 2025.

Dhaka, meanwhile, is advancing 41 proposed new LNG power plants at an estimated cost of $50 billion. This would add 35 GW of capacity, tripling current capacity, and would be largely reliant on imported LNG.

“The funds spent absorbing volatile prices are a missed opportunity for Bangladesh to finance renewable energy, which would insulate the country from future crises,” the ZCA report argued.

Policy interventions could provide immediate relief. IEEFA analysis suggests that cutting import duties on solar panels and inverters could unlock crucial rooftop projects.

“A single 1 MW rooftop plant could save around $180,000 in imported fuel costs each year and insulate Bangladesh from a cycle of future fossil fuel price shocks,” the IEEFA said.

Remittance inflow witnessed a year-on-year growth of 7.4%, reaching $2,828 million in the first 23 days of March, according to the latest data from Bangladesh Bank issued today (24 March).

Last year, during the same period, the country's remittance inflow was $2,633 million.

During the period from July to 23 March of the current fiscal year, expatriates sent remittances of $25,281 million, which was $21,123 million during the same period of the previous fiscal year, it added.

India today (24 March) announced the restoration of full benefits for exporters under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, amid the West Asia war's impact on Indian exports through higher shipping costs.

According to a Commerce Ministry statement, the restored rates will match those in effect on 22 February this year, reversing the 50% cut imposed a month ago.

The statement also added that the step is intended to provide timely support to Indian exporters facing increased freight costs and war-related trade risks arising from disruptions in the Gulf and the wider West Asia maritime corridor.

"Recent developments in West Asia have led to challenges in maritime logistics, including changes in routing and transit patterns, and these have had an impact on logistics costs and shipping schedules for export consignments moving to or through the region," the statement said.

It said the decision is aimed at sustaining India's export competitiveness in a challenging global environment.

Stocks opened on a negative note today (24 March) after a five-day Eid holiday, as investor sentiment remained cautious amid macroeconomic concerns.

In early trading up to 10:20am, the benchmark DSEX index fell 59 points to 5,294, while the blue-chip DS30 index dropped 29 points to 2,021.

Market breadth was broadly negative, with 247 issues declining, 48 advancing and 56 remaining unchanged.

Market insiders attributed the downturn to mounting concerns over inflationary pressures. Fears of potential fuel price hikes and supply disruptions, linked to ongoing tensions in the Middle East, have further dampened investor confidence.

Finance and Planning Minister Amir Khasru Mahmud Chowdhury today (22 March) said the ongoing conflict in the Middle East is creating pressure on Bangladesh's economy, urging people to remain patient and cooperative during the challenging period.

"Global instability has pushed up pressure on the fuel market, which is directly affecting import-dependent Bangladesh. We cannot control the impact of the conflict, but the government is making every effort to tackle its effects," he told journalists at his residence in Chattogram's Mehedibag.

The minister noted that finding alternative sources of fuel and maintaining regular supply remain the government's primary challenges. "Managing the situation will be difficult without public cooperation."

He claimed, "Despite the pressure, the government has been able to maintain fuel supply. There was no fuel shortage anywhere during the Eid travel period, and the transport system is functioning normally."

Khasru also said the early payment of wages and allowances to ready-made garment (RMG) workers ahead of Ramadan and Eid helped avoid major labour unrest, calling it a positive sign for the economy.

Referring to ongoing social safety-net programmes, the minister said family cards for low-income people, farmers' cards, loan waivers and allowances for religious figures are continuing.

He urged the public to stay united with patience, restraint and mutual support to deal with the impact of the global crisis.

With a view to ensuring sustainable business and reducing carbon emissions, Paramount Textile, a company listed on the stock exchanges, has decided to install a 9.81MW rooftop solar power plant at its factory in Gazipur.

In this regard, Paramount Textile PLC will enter into a power purchase agreement (PPA) with Paramount Solar Limited, according to a disclosure published on the stock exchanges yesterday.

Paramount Solar is a firm in which 99.99% of the total paid-up capital is held by Paramount Textile.

Under the agreement, Paramount Solar will design, build, operate and manage the rooftop solar project under the OPEX model at a fixed tariff of Tk8.20 per kilowatt-hour, excluding VAT and AIT. The facility will be installed at the company's factory premises in Sreepur, Gazipur.

The solar power generator will supply electricity generated from the project for 20 years from the date the photovoltaic system is commissioned and becomes operational.

The company said its board of directors discussed and approved the decision at a meeting held on Sunday for signing the PPA between Paramount Textile and Paramount Solar.

At the beginning of the agenda, the textile company's Managing Director Shakhawat Hossain informed the board that the management had decided to install the rooftop solar facility at the factory premises to ensure sustainable business operations and reduce carbon emissions.

Paramount Textile reported that its consolidated profit fell 19% year-on-year in the second quarter of the current fiscal year due to a decline in revenue.

During the October-December period, the company posted a consolidated profit of Tk20.77 crore, with earnings per share (EPS) of Tk1.16.

In the same period of the previous fiscal year, the company reported a profit of Tk25.79 crore and EPS of Tk1.44, according to its financial statements.

For the first half of the 2025-26 financial year, profit declined 4.23% year-on-year to Tk42.27 crore, while EPS stood at Tk2.36. In the first half of FY25, the company reported a profit of Tk44.06 crore and EPS of Tk2.46.

In January this year, the company said Paramount Textile PLC and Paramount Holdings Limited, both part of the Paramount Group, planned to invest $268 million – around Tk3,275 crore – in four solar power plants with a combined capacity of 295 megawatts through a joint venture.

The Bangladesh Power Development Board awarded the Notification of Award (NOA) to the joint venture on 29 December last year for the development of the projects under the Public Procurement Rules, 2008.

Agrani Insurance Company has recommended no dividend for shareholders for the year ended 31 December 2025, following a sharp drop in earnings compared with the previous year. In 2024, the company paid shareholders a 6% cash and 6% stock dividend.

Announcing the annual disclosure today (16 March), the company's share closed at Tk21.20 on the Dhaka Stock Exchange. According to a price-sensitive statement, consolidated earnings per share (EPS) fell to Tk0.18 in 2025 from Tk1.45 in 2024, a decline that appears to have influenced the board's decision to withhold dividends.

Despite lower earnings, cash flow performance improved. Consolidated net operating cash flow per share rose to Tk0.96 in 2025 from Tk0.58 in 2024, indicating stronger cash generation from core operations. However, the company's net asset value per share dipped slightly to Tk19.42 from Tk20.10 at year-end 2024.

Agrani Insurance will hold its annual general meeting (AGM) on 14 May 2026, virtually. The record date for shareholder eligibility is 15 April 2026.

Previously, in September 2024, the company withdrew its rights share application submitted in March 2024 due to unavoidable circumstances. In June 2021, the BSEC rejected an earlier rights share offer for failing to submit a Credit Information Bureau report.

In just two months, shares of Bangladesh Industrial Finance Company (BIFC), a non-bank financial institution (NBFI), skyrocketed by over 600%, according to data from the Dhaka Stock Exchange.

Starting from Tk0.9 on 14 January, its share price rose to Tk6.6 on 17 March – the last trading day before the Eid vacation – marking a surge of 633%.

Following the recent surge, BIFC's share price has returned to the level seen nine months ago. Earlier, in mid-last year, the stock was traded in the Tk6-7 range, the data showed.

With a view to reviving the weak and scam-hit NBFIs, the Bangladesh Bank has planned to liquidate nine NBFIs to protect the depositors' interest.

With the initial discussion begun in mid-2025, the weak NBFIs stocks saw continuous sell-offs amid growing investor fears.

That is why the price of BIFC's shares saw a sharp fall amid heavy sell-offs, putting its shares below Tk1 each, the first time in the history of the capital market.

It eventually fell to as low as Tk0.9. Later, after the central bank decided to allow the institution three months to improve its financial condition, the price began to rise.

The stock then recorded gains for nearly 22 consecutive trading days, climbing from Tk0.9 to Tk3.9 each.

After a one-day correction, the share price resumed its upward trend. In the second phase of the rally, it rose to Tk7.2.

Subsequently, the stock corrected again, dropping to Tk5.9. It then rebounded to Tk7.2 before closing at Tk6.6 on 17 March.

Auditor opinion

The auditor of BIFC said it has been experiencing losses for several years, accumulating a total loss of Tk1,425.45 crore as of December 2024.

As of the same date, its total liabilities exceeded its total assets by Tk1,269.68 crore.

These conditions or events indicate that a material uncertainty exists on the company's ability to continue its operation in the foreseeable future unless arrangements are made to increase capital or to improve liquidity position by means of facilitating equity support/long-term loan, the auditor said.

The auditor also said it should maintain a cash reserve ratio at a rate of 1.5% on term or fixed deposits (except from banks and financial institutions), but it could not maintain such provision, noncomplying with the above regulation.

The Bangladesh Securities and Exchange Commission (BSEC) has launched investigations into four capital market intermediaries over allegations of serious irregularities, in a move aimed at protecting investors and ensuring market stability.

Through separate orders, the regulator has initiated formal enquiries into NRBC Bank Securities Limited, Premier Leasing Securities Limited, Green Delta Securities Limited, and LankaBangla Investments Limited, operating as a merchant bank.

Four enquiry committees were formed on 11 March to conduct the investigations.

BSEC director and spokesperson Abul Kalam told TBS that the Commission had identified multiple inconsistencies in the operations of these firms, particularly relating to negative equity, margin lending practices, financial reporting, and corporate governance.

He said such irregularities could increase market risks and harm general investors, prompting the regulator to take action. The Commission will take legal measures after reviewing the enquiry findings, he added.

Separate officials have been assigned to each investigation. The probe into NRBC Bank Securities will be led by Deputy Director Md Rafiqunnabi and Assistant Director Muhammad Sadequr Rahman Bhuiyan.

Additional Director Md Ohidul Islam and Assistant Director Md Maruf Hassan will investigate Premier Leasing Securities, while Additional Director (Legal) Muhammad Ziaur Rahman and Assistant Director Amit Kumar Saha will examine LankaBangla Investments.

Additional Director Umme Salma and Assistant Director Md Motiur Rahman have been tasked with investigating Green Delta Securities.

The commission has directed that all enquiry reports be submitted within 60 working days.

The allegations

One of the key focus areas of the investigations is whether any of the firms declared or facilitated cash dividends despite having negative equity or unrealised losses.

Under market rules, such actions may mislead investors and conceal a company's true financial condition.

In particular, NRBC Bank Securities and LankaBangla Investments will be examined to determine whether they made or supported such dividend decisions.

The BSEC has also raised concerns that some firms may have misreported or concealed negative equity data in regulatory filings. In the case of NRBC Bank Securities, allegations of systematic misreporting and data manipulation are under scrutiny.

Premier Leasing Securities is accused of classifying receivables from clients as assets without maintaining adequate provisioning, potentially understating financial risks in its disclosures.

A common allegation against all four firms is the failure to maintain sufficient provisions against negative equity and unrealised losses within prescribed timelines, raising concerns over their financial stability.

In the case of Green Delta Securities, the Commission will closely examine the methodology used in calculating negative equity. Issues include capitalising prior-year interest into principal, mismatches between principal and interest figures, and the absence of necessary provisions.

Wafi Shafique Menhaz Khan, CEO of Green Delta Securities, said the matter is a routine issue from the regulator.

"We have received the letter and are cooperating with the Bangladesh Securities and Exchange Commission in the investigation," he told The Business Standard. "The violations identified by the Commission regarding negative equity are very minor in nature. The Commission has also conducted a similar enquiry earlier," he added.

The investigations will also examine margin lending practices across the firms, including whether loans exceeded permissible exposure limits and whether margin discipline was bypassed.

There are allegations that cash accounts were converted into margin or negative equity accounts without proper authorisation. In some cases, margin accounts may have been opened without client consent or formal agreements.

The BSEC has further alleged that certain firms conducted transactions involving highly speculative shares through negative equity accounts, as well as illegal block and bulk transactions in violation of regulatory rules.

Such activities – particularly in NRBC Bank Securities and Premier Leasing Securities – will be examined to determine whether they were used to create artificial demand or manipulate share prices.

In LankaBangla's case, it faces additional scrutiny over specific financial reporting issues, including the use of "interest suspense" accounting and whether such figures were properly reflected in its financial statements.

The firm is also accused of failing to recognise around Tk109.73 crore in interest payable to LankaBangla Finance Limited, which may have led to an overstatement of profits and retained earnings.

Iftekhar Alam, CEO of LankaBangla Investments, did not respond to phone calls and messages regarding the matter.

Another key aspect of the investigations will be to assess the role and intent of senior management, including chief executives, managing directors, and board members, in relation to the alleged irregularities.

According to the BSEC, weaknesses in corporate governance may have allowed such practices to persist.

Market insiders said the investigations could play an important role in restoring discipline in the capital market, where concerns over negative equity, margin lending practices, and weak enforcement have persisted.

The move is widely seen as a strong signal from the regulator against non-compliance and governance failures in the market.

Mamun Agro Industries, currently listed on the SME platform on the Dhaka Stock Exchange, has formally sought enlistment on the main board of the bourse, citing compliance with regulatory criteria, including paid-up capital exceeding Tk50 crore and more than three years of trading history.

Confirming the development, Company Secretary Muhammad Imdadul Haque told TBS that the firm had completed all necessary requirements before submitting its application to the bourse recently.

The company's move follows an earlier decision by its management and board in April last year to pursue an upgrade. Subsequently, shareholders approved the plan at an extraordinary general meeting held in mid-June, in line with regulatory provisions.

A DSE official said the exchange would now review the company's application and supporting documents, adding that a final decision on the transfer to the main board would be taken by its board upon completion of the evaluation.

Under the Qualified Investor Offer rules for small-cap firms, companies must apply for main board listing once their paid-up capital reaches at least Tk50 crore and they have been listed on the SME platform for a minimum of three years. Mamun Agro meets these conditions, with its paid-up capital standing at Tk52.50 crore against an authorised capital of Tk100 crore.

Operating in the pharmaceutical and chemical segment, the company manufactures and imports agro-products, including insecticides, fungicides, herbicides, fertilisers, pesticides and seeds for the domestic market. It raised Tk10 crore from the capital market before its SME listing in 2022.

According to its latest financial report up to June 2025, the company's total assets stood at Tk111.17 crore, largely comprising current assets such as trade receivables of Tk28 crore, inventories and advances. Non-current assets amounted to Tk38 crore, including Tk36 crore in property, plant and equipment.

Its current liabilities totalled Tk25.57 crore, of which Tk16.96 crore were short-term loans.

In the 2024-25 fiscal year, Mamun Agro reported a modest rise in revenue to Tk57.35 crore and a profit of Tk6.05 crore. Revenue from seeds increased to Tk26.69 crore from Tk25.04 crore a year earlier, while pesticide sales declined to Tk30.65 crore from Tk31.88 crore.

The company's board recommended a 10% dividend for general shareholders – comprising 5% cash and 5% stock – alongside a 5% bonus share for sponsor-directors for FY25. However, the stock dividend remains subject to approval from the Bangladesh Securities and Exchange Commission.

The company was supposed to pay Tk1.75 crore as a dividend to its general shareholders.

The BSEC allowed the issuance of the stock dividend, but due to the non-holding of the annual general meeting, the dividend has yet to be disbursed.

Firstly, it declared AGM for 31 December last year, later, it fixed AGM for 25 February.

On 25 February, through a disclosure, it postponed the AGM as it had not received permission yet from the High Court for non-compliance of Companies Act, 1994.

The firm said it is in the process of obtaining the necessary court approval and will announce a revised AGM date once clearance is received.

Remittance inflows to Bangladesh reached $2.2 billion in the first two weeks of March 2026, according to data from Bangladesh Bank.

The total includes inflows through state-owned, specialised, private and foreign commercial banks.

State-owned commercial banks brought in $372.49 million, with Agrani Bank leading the group at $164.52 million. Janata Bank followed with $129.92 million, while Sonali Bank contributed $63.08 million.

Specialised banks received $272.88 million, entirely through Bangladesh Krishi Bank.

Private commercial banks accounted for the largest share, bringing in $1.55 billion. Islami Bank Bangladesh topped the list with $395.29 million, followed by BRAC Bank with $228.24 million and Trust Bank with $162.53 million.

Foreign commercial banks contributed the least, with a total of $4.54 million. Standard Chartered Bank led this category, bringing in $3.37 million.

The UN Committee for Development Policy (UN CDP) is preparing a "crisis assessment" report, evaluating Bangladesh's request to delay graduation from the Least Developed Country category by three years, which is expected to be released within March, according to officials from the Economic Relations Division (ERD).

The officials said the committee will examine whether Bangladesh is facing an actual economic or structural crisis. If the CDP finds evidence of such a crisis, it may recommend extending the country's LDC graduation by three years. The recommendation would then be forwarded to the UN Economic and Social Council for consideration.

Proposals of this nature are usually approved through consensus within the economic council. However, if any member state vetoes, the matter could be put to a vote. Officials in the economic relations said the government has already asked the foreign ministry to begin diplomatic outreach and lobbying efforts to secure support from UN member states for the proposed delay.

A CDP delegation may visit Bangladesh in April and they are expected to present the findings of a readiness study conducted earlier at Bangladesh's request. However, officials said the visit will not directly influence the final decision, as the crisis assessment report will be the main factor.

The final decision could come in September during the UN General Assembly session. If the proposal is approved at that stage, Bangladesh will get three more years before formally graduating from the LDC.

For now, policymakers keep an eye on the upcoming assessment report, as its recommendations will determine the next steps.

However, a high-level meeting of the government on LDCs is scheduled to be held on 5 April, with the finance minister in the chair, where the "Crisis Assessment" report will be evaluated.

Under the current schedule, Bangladesh is set to graduate from the LDC group on 24 November this year. The third and final review process ahead of graduation is already underway.

Soon after taking power, on 18 February, the government sent a letter to CDP Chair José Antonio Ocampo seeking a three-year deferral of the graduation until November 24, 2029.

In the letter, Bangladesh noted that although it continues to meet the three graduation criteria – gross national income per capita, the Human Assets Index, and the Economic and Environmental Vulnerability Index — the five-year preparatory period has been severely disrupted by a series of global and domestic shocks.

The government cited the lingering impacts of the COVID-19 pandemic, the Russia-Ukraine war, tensions in the Middle East, tight global financial conditions, and the slow recovery of international trade.

On the domestic front, it highlighted irregularities in the financial sector, the change in government following the July 2024 uprising, and the ongoing pressure of hosting displaced Myanmar nationals.

According to the letter, these shocks have led to macroeconomic instability, slower GDP growth, high inflation, and a decline in both public and private investment. It also pointed to mounting pressure on foreign exchange reserves, reduced imports of capital machinery and raw materials, and slower job creation due to weakened investment.

Against this backdrop, the government said its policy focus had shifted toward short-term stabilisation and crisis management, preventing effective utilisation of the preparatory period.

The letter also raised concerns about post-graduation trade risks, including the potential loss of preferential market access for ready-made garment exports to the European Union and the risk of possible countervailing duties from the United States.

Considering the crisis, Bangladesh has requested a three-year extension to stabilise the economy and complete priority actions under its Smooth Transition Strategy.

Officials added that beyond the issues mentioned in the letter, the ongoing conflict across the Middle East could pose additional risks for Bangladesh. Rising military tensions involving the United States, Israel, and Iran have heightened instability in the region.

A prolonged conflict could fuel inflation and disrupt macroeconomic stability, further strengthening the case for deferring LDC graduation by three years.

Stakeholders warn that extended tensions among the US, Israel, and Iran could exert multidimensional pressure on Bangladesh's economy. There are concerns over rising energy import costs, given the country's heavy reliance on oil and gas imports from the Middle East. Escalating conflict could drive up global energy prices, increasing electricity generation and transportation costs.

Additionally, a large number of Bangladeshi workers are employed in countries such as Saudi Arabia, Qatar, Oman, and the United Arab Emirates. Heightened regional instability could shrink labour markets and create income uncertainty.

There are also fears of increased transportation costs for exports. Rising tensions in the Red Sea or the Strait of Hormuz could push up marine insurance and shipping costs, affecting key export sectors, including ready-made garments. Higher energy and import costs would also increase demand for US dollars, putting further pressure on foreign exchange reserves, experts say.

The Cabinet today (17 March) approved Bangladesh's proposal to join the 'Investment Facilitation for Development Agreement (IFDA)' under the plurilateral Joint Statement Initiative of the World Trade Organization (WTO).

The decision was made at a Cabinet meeting held at the Secretariat, chaired by Prime Minister Tarique Rahman.

Cabinet Secretary Nasimul Ghani told reporters that the agreement aims to facilitate foreign direct investment (FDI) in Bangladesh.

He said the pact does not impose any new obligations regarding market access or investor-state dispute settlement. Instead, it seeks to enhance transparency in investment procedures, simplify registration and approvals, reduce unnecessary multiple applications, and maintain a database of domestic investors.

The government expects that joining the agreement will further boost Bangladesh's international reputation as an attractive destination for foreign investment.

Bangladesh’s energy security is under fresh pressure as war in the Middle East disrupts the flow of liquefied natural gas (LNG), a fuel that has become indispensable to the country’s power sector.

In an effort to maintain supply, the government has confirmed the purchase of seven LNG cargoes from the spot market since the outbreak of the US-Israel war on Iran, at prices more than double those paid just months ago.

Since March 4, state-run Rupantarita Prakritik Gas Co Ltd (RPGCL) has floated three tenders to buy LNG cargoes from the spot market amid ongoing uncertainty over timely shipments from Qatar, as Iran continues to halt nearly all shipping through the Strait of Hormuz.

Qatar is a long-term LNG supplier to Bangladesh. It ships a significant proportion of its exports through the Strait, which accounts for roughly a fifth of global LNG flows.

Bangladesh meets almost 30 percent of its gas demand through imported LNG, while domestic production continues to fall short of the total requirement of about 2,650 million cubic feet per day (mmcfd), according to the energy ministry.

A senior RPGCL official said the country usually receives eight to nine LNG cargoes each month, with five to six passing through the Strait of Hormuz.

The US-Israel war on Iran has disrupted supplies of oil, LNG, fertiliser and sulphur through the shipping channel, driving up prices and sparking a global scramble for energy and crop nutrients.

LNG prices have almost doubled from pre-war levels of around $10-$12 per MMBtu.

On March 2, QatarEnergy suspended LNG production following an Iranian drone attack, placing additional strain on the global market. Qatar supplies around 20 percent of the world’s LNG, according to Al Jazeera.

On March 17, the cabinet committee on government purchase approved the acquisition of two spot LNG cargoes from Aramco Trading Singapore.

The first cargo will cost $20.96 per MMBtu, and the second $20.92 per MMBtu. Shipments are expected to arrive between April 15 and 22.

Last week, the government decided to purchase three more cargoes from South Korean and UK-based companies, at more than double December prices.

These shipments are expected between April 5 and 13. UK-based TotalEnergies Gas & Power Ltd will supply one cargo at $21.58 per MMBtu, while South Korea-based Posco International Corporation will provide two cargoes at $20.76 per MMBtu.

Earlier, state-run Petrobangla secured two emergency LNG cargoes for March deliveries at nearly three times December prices. One cargo was purchased from US-based Gunvor at $28.28 per MMBtu, while a second from Vitol cost $23.08 per MMBtu.

By comparison, LNG purchased in December cost just $9.99 per MMBtu.

Bangladesh’s power sector has transformed rapidly over the past decade. Domestic gas production, long the backbone of electricity generation, has stagnated as major gas fields mature.

To bridge the supply gap, the government began importing LNG in 2018 via floating storage and regasification units (FSRUs) at Moheshkhali. Since then, LNG has become a structurally vital component of the energy mix.

In 2025, Bangladesh spent roughly $3.88 billion to import 109 LNG cargoes, compared with $3.02 billion for 86 cargoes in 2024, reflecting rising demand and higher prices, according to data from Dhaka-based management consulting firm LightCastle Partners.

Qatar remains the country’s dominant supplier. In 2025, QatarEnergy received around $1.2 billion, the largest single supplier payment, for delivering 40 contracted cargoes.

Oman’s OQ Trading supplied a further 16 under long-term agreements, while the remaining 48 cargoes were bought from the spot market, according to LightCastle data.

Because Qatar’s LNG exports originate in the Persian Gulf, most shipments to Bangladesh must transit the Strait of Hormuz.

As a result, the country’s energy supply chain remains structurally vulnerable to disruptions in Gulf shipping routes.