The taka weakened sharply against the US dollar yesterday (8 March), snapping six months of exchange rate stability as demand for greenbacks rose to meet growing energy import bills amid the Middle East war.

In the inter-bank market, the dollar rose by as high as Tk0.25 in a single day to trade between Tk122.50 and Tk122.55 yesterday, compared with Tk122.30 on the last working day on Thursday, according to banking sources.

The sudden rise in the dollar price has raised concerns about further inflationary pressure. Consumer inflation already climbed over 9% in February, the highest level in the past 10 months.

Although the Bangladesh Bank had verbally instructed banks to keep the remittance exchange rate at a maximum of Tk122.45, most banks did not maintain the limit, according to industry insiders.

Energy crisis averted for now as more oil, gas on the way

Bankers say exchange houses had already raised remittance rates, forcing banks to buy more dollars from the market to meet growing energy import bills for the Bangladesh Petroleum Corporation as global oil prices increased following the outbreak of the war.

In addition, remittance inflows from the Gulf countries have slowed since last week due to the ongoing war, further tightening the dollar supply in the market, several bankers said, wishing not to be named.

The Bangladesh Bank is likely to step in to sell dollars to retain rates if banks come up with demand, said a senior executive of the regulator.

He noted that the central bank has already stopped purchasing dollars from banks as a precautionary measure as the foreign exchange market shows signs of stress.

Despite yesterday's rise in the dollar price, no banks approached the regulator to buy dollars, he added.

During the current 2025-26 fiscal year, the central bank purchased about $5.4 billion from the market to prevent excessive appreciation of the taka amid weak import demand caused by sluggish business activity.

Meanwhile, the Reserve Bank of India has also intervened in the market by selling dollars to stem losses in the Indian rupee, which recorded its steepest decline in more than a month, closing above Rs91.47 per dollar in the first week of March, according to media reports.

Recently, the Bangladesh Bank held discussions with economists to assess the potential impact of the war. Experts advised the central bank to allow some exchange rate adjustment in order to protect foreign exchange reserves.

According to the latest data, the country's foreign exchange reserves stood at $30.76 billion on 5 March, calculated under the methodology of the International Monetary Fund, which is sufficient to cover more than four months of import payments.

Mobile financial services (MFS) are increasingly becoming a major channel for remittances sent by millions of Bangladeshis working abroad.

Remitters sent Tk 20,236 crore through MFS, excluding Nagad, in 2025, almost double the amount -- Tk 10,786 crore -- they sent home a year ago.

Bangladesh Bank (BB) data shows that MFS accounted for a small but growing portion of remittances transferred by Bangladeshis abroad. Roughly 90 percent of them work in the Middle East, especially in Saudi Arabia.

This situation would have been inconceivable seven years ago. In 2019, migrant workers sent $18.3 billion or more than Tk 150,000 crore in remittances, out of which only Tk 315 crore came through MFS. Since then, remittances sent through MFS have grown 64 times, thanks to efforts by MFS providers, mainly bKash.

The country’s largest MFS provider has been a pioneer in delivering remittances to the doorsteps of migrant workers’ families. In 2025, these workers sent home $33 billion, or over Tk 400,000 crore, in remittances.

bKash alone handled Tk 20,000 crore in remittances last year. While the growth was substantial, the amount of remittance sent using MFS was only 5 percent of the total.

Industry stakeholders said MFS operators do not directly collect remittances from Bangladeshi migrants working abroad. Migrant workers themselves decide whether they want to send money to MFS accounts or take the more traditional route of sending remittances through bank accounts.

MFS is gaining popularity fast as it is more convenient and offers instant delivery to remote, rural areas. Another perk is that money can be sent to multiple MFS accounts instead of just one bank account, so remitters can transfer funds to a number of people without any hassle.

In the case of MFS, the ticket size is small. When one has to send a large amount of money, bank accounts are preferred. Additionally, there is a 2.5 percent government incentive on remittances. If a migrant worker sends Tk 1,000 as remittance, the recipient will receive Tk 1,025.

Promotional campaigns by MFS providers in Bangladesh’s migrant belts abroad have supported the growth.

Ali Ahmmed, chief commercial officer of bKash, said that currently, expatriates can send remittances directly to their loved ones’ bKash accounts through 135 international money transfer operators (MTOs) from over 170 countries, which get settled at 27 commercial banks in Bangladesh.

“This commitment to delivery has made bKash a preferred platform, resulting in the highest inward remittance flows among MFS channels in 2025,” he said.

“This momentum has also inspired more global money transfer companies to collaborate with us, offering exclusive Eid incentives for expatriates to further encourage the use of formal banking channels.”

A total of 41 lakh bKash accounts received these remittances, almost double that of the previous year.

While the BB data does not account for remittances sent through Nagad, Muhammad Zahidul Islam, head of Media and Communication of the platform, said they witnessed “tremendous growth” recently.

“Overall, remittance growth at Nagad exceeded 28 percent last year compared to the previous year, and the numbers continue to rise steadily,” he said.

Nagad has modernised the remittance receiving process, Islam noted, which enabled Bangladeshi expatriates to send their hard-earned money to their loved ones from anywhere in the world.

“Through our campaigns, we are also actively promoting remittances via legal channels, and these initiatives are delivering positive results, as reflected in the growing figures,” he added.

A senior BB official said policy support by the central bank -- allowing banks to transfer remittances through MFS providers -- gave the main boost.

“This way, money is sent to the end user. Almost everyone has MFS accounts,” he said.

Despite the surge in remittance transfers through MFS channels, these transactions accounted for only one percent of total transactions -- Tk 18.73 lakh crore -- in 2025.

BB, in its latest monthly review, said MFS has significantly expanded financial inclusion in Bangladesh by providing accessible, secure, and convenient digital financial services to millions of people, especially in rural and underserved areas.

The Bangladesh Securities and Exchange Commission (BSEC) did not approve the proposal for FCS Holdings Ltd to acquire the shares of Yeakin Polymer held by the company's sponsor directors because the required No Objection Certificates (NOCs) for defaulted loans were not provided.

According to BSEC sources, the application was rejected because the applicants failed to submit the required No Objection Certificates (NOCs) from the relevant banks and financial institutions regarding the company's defaulted loans. Yeakin Polymer currently has outstanding loans of around Tk52 crore with banks and financial institutions.

Sources said FCS Holdings had sought approval from the commission to acquire a significant number of shares from the sponsor-directors of Yeakin Polymer. Under the plan, the share transfer would have enabled FCS Holdings to become a major shareholder in the company.

However, during the review process, the regulator found that Yeakin Polymer has defaulted loans with Islami Bank Bangladesh and Industrial and Infrastructure Development Finance Company Ltd (IIDFC). In such cases, obtaining consent from the lending institutions is mandatory before any transfer of sponsor-directors' shares can proceed.

The applicants failed to collect and submit the necessary NOCs from the lenders to the commission. As a result, the BSEC cancelled the application.

However, the commission has not completely closed the matter. Instead, it has instructed FCS Holdings to submit a fresh application along with NOCs related to the rescheduling of the company's bank loans.

This means that if the concerned banks and financial institutions agree to reschedule the loans or provide consent regarding the liabilities and issue the necessary NOCs, FCS Holdings may reapply to the commission seeking approval to acquire the shares.

Mohammad Harunor Rashid, managing director of Yeakin Polymer stated that they have already obtained No Objection Certificates (NOCs) from financial institutions- IIDFC for loans totaling Tk9 crore. However, the NOC from Islami Bank, which involves a loan of Tk43 crore, has not yet been received, though they expect to get it soon. The bank is currently assessing how it will recover its loan.

He also mentioned that the Bangladesh Securities and Exchange Commission (BSEC) has not directly rejected their application. Instead, BSEC has asked them to submit a new application along with the required NOCs. Once they receive the remaining NOC, they will submit the application promptly.
Infograph: TBS
Infograph: TBS

According to regulatory sources, FCS Holdings and three sponsor-directors of Yeakin Polymer jointly applied to the commission last September seeking approval to transfer 1,58,52,993 shares, representing about 21.50% of the company's total shares, to FCS Holdings.

The shares were to be transferred from Yeakin Polymer's chairman Chakladar Rezaunul Alam, director Kapita Packaging Solutions Ltd, and director Didarul Alam.

During the review process, the securities regulator asked the applicants to submit NOCs from the lenders due to the company's outstanding loans and financial obligations with multiple institutions.

However, the applicants were unable to provide the required approvals within the stipulated timeframe, prompting the commission to cancel the proposal and instruct them to submit a fresh application with the necessary lender approvals if they wish to proceed.

BSEC Officials familiar with the matter said that regulatory approval for such transfers is subject to ensuring that the interests of lenders and other stakeholders are protected, particularly when the shares involved are linked to outstanding liabilities.

Under the proposed arrangement, FCS Holdings planned to acquire the shares without making any direct cash payment to the selling sponsors. Instead, the company intended to assume responsibility for settling certain financial obligations of Yeakin Polymer, including bank loans and outstanding supplier payments.

Sources said the plan was part of a broader strategy to restructure the finances and management of the struggling polymer manufacturer.

If approved, the transaction would have allowed FCS Holdings to become a major shareholder and potentially play a key role in reviving the company's operations. The plan also included restructuring the board of directors, with representatives of FCS Holdings expected to join the board after the share transfer. However, the lack of lender consent halted the process.

Market analysts note that when shares are pledged against bank loans or linked to corporate liabilities, obtaining lender approval is essential. Without such consent, regulators generally do not allow ownership changes to proceed. Yeakin Polymer, a publicly listed company, has been facing business and financial challenges in recent years.

The company raised Tk20 crore from the capital market through an initial public offering (IPO) in 2016 to expand its operations. However, its performance declined after government policies encouraged the use of environmentally friendly jute sacks instead of polymer bags for agricultural packaging, reducing demand for the company's core products.

Since listing, Yeakin Polymer has struggled to maintain profitability and declared only a 1% cash dividend once after its IPO, reflecting weak financial performance.

Due to prolonged operational challenges and failure to meet certain listing requirements, the company has also been placed in the Z category on the stock exchanges.

The proposed takeover by FCS Holdings initially drew attention from investors who hoped the change in ownership could revive operations and improve the company's financial condition.

But with the commission cancelling the proposal due to incomplete documentation, the future of the planned takeover remains uncertain.

Rising food and service costs are eroding household purchasing power, particularly for lower-income groups whose consumption baskets are more heavily weighted toward essentials, according to the latest monthly economic update by the General Economics Division (GED).

The report released yesterday said the divergence between wage growth and price inflation widened further in January 2026.

While general inflation rose to 8.58 percent, wage growth remained stagnant at 8.08 percent, following 8.07 percent in December.

Since September 2025, inflation has consistently outpaced wages: inflation moved from 8.36 percent in September to 8.17 percent in October, 8.29 percent in November, 8.49 percent in December, and 8.58 percent in January.

In contrast, wage growth hovered narrowly between 8.01 percent and 8.08 percent over the same period.

“This sustained gap signals pressure on real incomes,” said the report, adding, “The persistence of this mismatch suggests that nominal wage adjustments are failing to keep pace with inflationary dynamics.”

“This identifies a need for coordinated wage and price management, as inflationary pressures continue to undermine real income stability,” added the report by GED under the planning ministry.

Food inflation rose to 8.29 percent in January from 7.71 percent in December, the report said, while non-food inflation moderated to 8.81 percent from 9.13 percent over the same period, narrowing the inflation differential between the two components.

“The recent trend indicates continued pressure from food prices within the overall inflation framework.”

Food remains the largest contributor to overall inflation and accounted for 43.06 percent in January, up 3 percentage points from December.

Housing and utilities contributed 15.05 percent, while miscellaneous goods and services accounted for 9.31 percent.

“The increase in food’s contribution suggests a greater concentration of inflationary pressure within essential consumption items.”

The report said notable increases were recorded in clothing and footwear, housing and utilities, and food.

It, however, said the internal composition warrants closer examination, citing that the contribution from rice to inflation decreased, but contributions from other food components continue to sustain overall food inflation.

“Despite a good harvest, higher vegetable prices are largely attributed to increased transportation costs and unhealthy profit motives among wholesale and middlemen traders. This highlights the need for improved supply chain management of food items, particularly rice, vegetables, and fish, to contain inflationary pressures more effectively.”

“Closer examination of item-wise prices at the market level remains essential for targeted policy action.”

The GED report also highlighted lower-than-targeted revenue collection by the National Board of Revenue and weak implementation of the government’s Annual Development Programme (ADP), suggesting urgent reform in planning, procurement, and fund release.

“Policymakers now face a trade-off: emergency fast-tracking with higher fiduciary risks versus focusing on fewer priority projects for quality outcomes. Without systemic reforms in planning, procurement, and fund release, fiscal year 2025-26 is poised to record the lowest ADP implementation rate, undermining infrastructure delivery and development goals.”

The GED also flagged risks from the high reliance on the apparel sector for exports.

At the same time, the very low share of capital machinery in total imports suggests limited investment-driven expansion, indicating that the recent rise in import payments is primarily consumption- or input-driven rather than linked to capacity-building.

“Taken together, the combination of strong apparel exports and weak capital machinery imports underscores the need for policies that promote investment in productive capacity and diversification, which are critical for sustaining external stability and supporting medium-term structural transformation.”

The GED report said the new government should give priority to attracting investment, generating employment, and reining in inflation to build a solid foundation for the economy.

“Restoring confidence among both local and foreign investors, further boosting foreign exchange reserves, and ensuring exchange rate stability will remain essential to strengthening overall economic stability.”

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.

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.

Bangladesh has moved quickly to avert potential fuel and gas shortages triggered by the Middle East war, securing critical imports from alternative markets to keep national energy demand met throughout March.

Officials said the government finalised imports of 2.80 lakh tonnes of refined diesel from Malaysia, Singapore and other sources, ensuring supply for the rest of the month.

Two LNG shipments from Singapore have also been secured as contingency, while Bloomberg reported that an LNG cargo from Qatar is en route to Bangladesh, easing fears of disruption.

Concerns had mounted that the conflict involving Iran, the United States and Israel could destabilise global energy supply chains, particularly through the Strait of Hormuz, a vital route for Bangladesh's crude oil imports from Saudi Arabia and the UAE.

Iran has since clarified that it will not obstruct vessels from other nations, except those of the US and Israel, allowing Bangladesh's shipments to continue.

'No reason for panic'

Energy and Power Minister Iqbal Hasan Mahmud Tuku told reporters after meeting Prime Minister Tarique Rahman that reserves remain sufficient. "Two more oil tankers will arrive on 9 March. There is no reason for panic," he said, urging consumers not to queue overnight at petrol pumps.

Simultaneously, international news agency Bloomberg has reported that an LNG cargo from Qatar is currently en route to Bangladesh, a development that is expected to alleviate fears of a gas shortage.

Officials said Bangladesh had 1,15,473 tonnes of diesel in stock as of 4 March, enough to meet demand for about nine days.

Monir Hossain Chowdhury, joint secretary (operations) at the Energy and Mineral Resources Division, told TBS that a significant portion of the diesel is already en route to Bangladesh, while the rest is being loaded and will arrive shortly.

"Therefore, the amount of diesel required for March has already been confirmed. There should be no shortage if consumers refrain from panic buying," he said.

Bangladesh's monthly diesel demand is 3.80 lakh tonnes, he said, adding, "We now have over 1 lakh tonnes of diesel in stock. Besides, 2.80 lakh tonnes of refined diesel imports have been finalised."

Monir further said, "A significant portion of this is being imported from Malaysia and Singapore. Some of this fuel is already en route to Bangladesh, while further shipments are currently being loaded and are expected to arrive shortly."

He said that there is an existing agreement to import 1.80 lakh tonnes of diesel from India each month, and that supply is currently arriving on a regular basis.

"However, due to the storage capacity at Parbatipur being limited to 5,000 tonnes, it is not possible to increase imports from the neighbouring country at this time, even if desired."

Monir said, "We have agreements with various countries for the import of an additional 1 lakh tonnes of diesel. None of those countries have yet indicated that they would be unable to meet the supply.

"Even if they fail to deliver, we have alternative suppliers available, and we will be able to procure imports from these backup sources if the need arises."

Supply at pumps

However, transport operators in Dhaka reported that petrol pumps are supplying diesel in limited quantities due to increased demand.

Some long-distance bus and truck operators said they were receiving less fuel than required, forcing them to reduce the number of trips.

Monir Hossain Chowdhury said, "As long as no one buys excess diesel, there is no reason for a shortage at the pumps."

No crisis for other fuels

Stocks of other fuels also remain adequate. As of 4 March, the country currently has 28,152 tonnes of octane, sufficient for around 15 days, and 17,364 tonnes of petrol, enough for roughly eight days, officials said.

Although Bangladesh mainly produces octane domestically, a small portion is imported to supplement supply. Officials said around 40,000 tonnes of petrol and octane are expected to arrive later this month to stabilise supply further.

Furnace oil reserves currently stand at 66,192 tonnes, enough to meet power plants' demand for approximately 59 days, suggesting that electricity generation is unlikely to be disrupted.

Officials also confirmed that the jet fuel supply remains stable. Bangladesh had 41,084 tonnes of jet fuel in stock as of 4 March, sufficient for 36 days, while another 20,000 tonnes are expected to arrive between 22 and 25 March.

The number of flights departing from Bangladesh to the Middle East has significantly decreased, which in turn has reduced the demand for jet fuel. Consequently, there is no anticipated shortage of jet fuel.

Kamrul Islam, GM (PR) of US-Bangla Airlines, told TBS, "So far, we have not yet seen the impact of the war on jet fuel. However, we are concerned that if the war continues in this manner, the issues of a potential jet fuel shortage or price hikes could emerge."

Gas scare managed

To conserve the potential gas, the government has temporarily halted gas supply to all but one fertiliser factory, while sufficient fertiliser stocks remain available.

So far, there have been no major reports of gas shortages affecting households, industries or filling stations.

The Bloomberg on Friday (6 March) reported that Qatar appears to have loaded its first liquefied natural gas cargoes after the widening conflict in the Middle East forced it to halt fuel production and declare an unprecedented force majeure to buyers.

The vessel Al Ghashamiya loaded this week at the nation's Ras Laffan export terminal and is now waiting in the Persian Gulf, and a second tanker, the Lebrethah, departed from the terminal Friday, according to Bloomberg.

The Lebrethah is signalling Bangladesh as its next destination, with an estimated arrival on 14 March, but the trip still depends on navigation in the crucial Strait of Hormuz, which is effectively closed for commercial ships in the wake of the Iran war.

Four LNG, two LPG vessels head to Chattogram

Four vessels carrying about 2.47 lakh tonnes of LNG and two ships transporting nearly 35,000 tonnes of liquefied petroleum gas (LPG) are heading to Chattogram Port after crossing the Strait of Hormuz before tensions escalated in the Middle East, easing concerns over any immediate gas supply disruption when the country is going through a panic of fuel shortage.

4 LNG, 2 LPG vessels that crossed Strait of Hormuz before Middle East conflict now headed to Ctg

Altogether, 15 vessels carrying LNG, LPG and cement raw materials are now arriving at Chattogram.

Of them, 12 have already reached the port while three more are expected within this week. The ships are carrying nearly 7.50 lakh tonnes of cargo in total.

Two LNG carriers have already arrived at Chattogram carrying about 1.26 lakh tonnes of LNG from Qatar.

Two more vessels are scheduled to reach the port's outer anchorage tomorrow and Wednesday, respectively.

Together, the four ships are bringing roughly 2.47 lakh tonnes of LNG to Bangladesh.

An LPG carrier was scheduled to arrive at Chattogram yesterday carrying 22,172 tonnes of LPG from Sohar Port in Oman.

Another vessel, carrying 19,316 tonnes of LPG from the same port, had already reached the port before the war.

The two ships together are delivering nearly 35,000 tonnes of LPG for Meghna Fresh LPG, a concern of Meghna Group of Industries.

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.

A comprehensive policy is in the making to strengthen internal resource mobilisation through a broader framework for non-tax revenue collection and management and plugging systemic holes, officials said.

Titled 'Policy for Non-Tax Revenue (NTR) and Other Tax Revenue Collection and Proper Management 2026,' the draft policy proposes a series of reforms aimed at reducing reliance on foreign loans and grants by diversifying revenue sources.

The proposed framework places strong emphasis on environmental taxation, digital revenue systems, and stricter financial discipline for state-owned enterprises (SOEs), according to officials familiar with the move.

The initiative is part of a wider effort to improve the country's fiscal capacity and enhance transparency in public revenue collection.

As part of a shift toward environmentally aligned fiscal measures, the policy proposes the introduction of several "green" levies or fees.

A carbon tax is planned for large polluting entities, initially targeting industries emitting more than 25,000 tonnes of carbon dioxide (CO?) annually, says a source concerned.

The draft also proposes pollution-related fees covering waste management, plastic use, and broader environmental contamination.

In addition, private vehicles that are not environmentally friendly could face higher carbon-emission charges, the source adds.

The policy also proposes the introduction of Electronic Road Pricing (ERP) systems in metropolitan areas and major highways to manage traffic congestion and raise additional revenue.

Under the proposed system, vehicles would be charged automatically through electronic transponders when passing designated ERP gates.

Charges could vary depending on traffic conditions, with higher fees during peak hours intended to discourage congestion and encourage the use of public transport.

To strengthen transparency and prevent revenue leakage, the draft policy emphasises a transition to a fully digitised revenue-collection system.

The officials say the policy proposes the creation of a centralised integrated database that will allow real-time monitoring of revenue collection across ministries and agencies.

All government payments will also be required to use automated challan systems developed by the government.

The policy further requires strict adherence to the Treasury Single Account (TSA) system so that all collected revenues are deposited directly into the government treasury.

Under the proposed rules, government offices would not be allowed to hold revenue in private bank accounts without prior approval from the authorities.

The policy also proposes stronger financial discipline for state-owned enterprises.

The SOEs would be required to deposit at least 30 per cent of their net profit after tax into the government treasury as mandatory dividends.

The government agencies receiving loans from the state would also be required to follow strict repayment schedules.

Failure to comply could result in the imposition of penalty interest, the officials say.

The policy outlines changes to the management of government-owned or khas land, aiming to move away from the traditional model of perpetual ownership.

Instead, the government plans to promote long-term leasing arrangements to improve utilisation of public land.

The draft also proposes establishing a land- bank system to manage unused government land and facilitate its use through public-private partnership (PPP) arrangements.

To implement the policy, the government plans to establish two key oversight bodies.

A high-level task force, chaired by the finance secretary, would review and approve revenue-related fee structures across ministries.

Meanwhile, fee revision committees would evaluate government service fees every three years using a full-cost -analysis approach.

By formalising the collection of fees, fines, dividends and environmental levies, the government expects to create additional fiscal space for development spending.

"Successful implementation of this policy will directly increase the revenue-GDP ratio, a vital indicator of economic self-sufficiency," the draft document notes.Economic emergency law

If approved, the policy will provide a structured framework for managing non-tax revenue sources and strengthening public financial management across government institutions, the senior official added.

Upon the effective date of the draft policy, the 'Non-Tax Revenue and Non-NBR Tax Revenue Management Guidelines 2024' will be deemed to be repealed.

Turmoil in the Middle East has sent investors scrambling for safety once more, reigniting a debate over which assets truly offer protection in times of stress.

The choice is complicated, as traditional refuges behave unpredictably. Gold has swung sharply and the dollar - which has ​been out of favour in the past year - has bounced back.

Here is a look at how some of the favourites stack up:

Greenback passes a test

The dollar has arguably performed ‌the best among safe havens this week.

The dollar index, which tracks the US currency against six others, is up 1.5%. The dollar has even gained against the Swiss franc and yen, which both typically outperform at times of market stress.

That is particularly notable as the dollar weakened when stocks fell following last April's tariff turmoil, raising question marks about its safe-haven status.

It is short-term dollar cash that is in demand, not other dollar assets, flow data shows.

Of course, the US is a net ​energy exporter, so a crisis like this that sends benchmark Brent crude oil above $80 a barrel should help.

"The dollar has some safe-haven characteristics, but it is context specific," said Morgan Stanley ​head of FX strategy James Lord.

And that will not always be the case, he said, because US policy uncertainty has eroded the currency's safe-haven characteristics.

No safety ⁠in sovereigns

Government bonds have struggled to attract the kind of safe-haven flows typically seen during geopolitical shocks, with investors trading them primarily on the inflation outlook rather than on their defensive qualities.

Fiscal considerations, such ​as Germany's relaxation of its debt brake, to broader worries about heavier government borrowing have also outweighed the haven appeal.

Yields on Germany's 10-year Bunds, the euro zone benchmark, have jumped 14 basis points so far this ​week.

"Germany is a flight-to-quality kind of investment, but you don't really want to be playing around at the long end of the bull market if they're raising more debt," Bryn Jones, head of fixed income for Rathbones, said.

Gold's safe-haven street cred is solid

Gold's safe-haven credibility is strong, judging by its 240% surge so far this decade.

Yes, it is proving volatile too, falling sharply on Tuesday. Analysts reckon that was partly because investors sold top-performing assets to make up for losses elsewhere, ​as concern about the Middle East conflict whacked market sentiment.

But this should not detract from gold's safe-haven status, which remains intact, given worries about inflation, geopolitics and high debt, they add.

State Street said gold ​remained under-owned in portfolio terms, with gold exchange-traded fund allocations still under 1% of global fund assets, below the 5-10% range it cites as a strategic allocation range.

"As a base case, $6,000 is more likely than $4,000 this year, and ‌we're just ⁠above $5,000," said Aakash Doshi, head of gold strategy at State Street Investment Management. "That's a clear point to make."

Classic FX refuges put to the test

The Swiss franc and the Japanese yen, long regarded as currency havens, have slipped 1.2% and 0.8% so far this week.

"The one that looks relatively attractive from a valuation perspective is still probably the Japanese yen. It stands out to me as one that can provide protection in this environment," said Justin Onuekwusi, chief investment officer at St James's Place.

But political uncertainty has added a layer of risk to the outlook for the yen after reports that Japanese Prime Minister Sanae Takaichi ​has voiced reservations about further rate hikes.

Meanwhile, analysts ​caution that the franc's upside may be constrained, ⁠given the Swiss National Bank's warning that it stands ready to step in to curb excessive strength.

"Elevated SNB intervention risks would likely diminish its haven attributes during the current shock," Goldman Sachs strategist Teresa Alves said.

Defensive stocks are not helping

Stocks often perform poorly at times of market stress, though some so-called defensive sectors, ​for example, utilities or consumer staples, typically see smaller declines.

But that has not happened this time.

The S&P utilities and consumer staples sectors are down 1% ​and 2.8%, respectively, this week, ⁠while the S&P 500 is flat. In Europe, utilities are down 3% and consumer staples are down 4.5% compared to a 3% fall for the STOXX 600.

This is partly because they had already been doing well. One big investment theme, until the war began at least, was buying "hard assets" like infrastructure and industrials.

More broadly, defensive value stocks have been outperforming growth stocks, and some have done very well.

"When you're investing in the classically defensive ⁠sectors at the ​level of current interest rates, you have to be much more disciplined about relative prices," said James Bristow, portfolio manager ​at Templeton Global Investments.

"I own shares in Pepsi, for example, ... [it] isn't the highest quality company, but the starting point was very low ... that's a different margin of safety from if you're buying shares in, say, Nestle."

Asia stocks fell on Friday (6 March) and were headed for their sharpest weekly drop in six years, ​while oil prices were poised for their biggest jump in four years in a turbulent week for global markets as the conflict in the Middle East ‌showed few signs of easing.

Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated.

They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists.

Yields on US Treasuries have shot up some 18 basis points ​this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months.

"The range of plausible outcomes [of ​the war] has expanded to include both the possibility of an exceptionally constructive resolution and a highly destructive one," said Daleep Singh, ⁠chief global economist at PGIM Fixed Income.

"Markets are being asked to price a much fatter set of tails with very little reliable information about the likelihood of each, ​or the path in between."

The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low ​as $69 just about a week ago. US crude shot up to a 20-month high earlier this week.

Both are set to clock a rise of more than 15% for the week, their largest since February 2022.

"The most market-relevant risk lies in severe escalation or direct infrastructure damage across key Gulf producers, which would likely produce sustained upward pressure on oil, feed into higher headline inflation, tighten global ​liquidity and materially raise recession risks," said Klay Group's senior investment team.

High-flying stocks tumble

MSCI's broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set ​to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020.

Japan's Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea's Kospi was also ⁠headed for its largest weekly fall in six years with a 10.5% slide.

The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere.

"When the dollar rallies and US yields rise, funding conditions are tightening, which will often exacerbate broader moves, particularly if there's leverage involved," said Ben Bennett, head of Asia investment strategy at L&G Asset Management.

US stock futures were steady in Asia on Friday, while EUROSTOXX 50 futures rose 0.6% ​and DAX futures added 0.5%.

Dollar is king

The ​dollar has emerged as one of ⁠the few winners this week in volatile sessions that have dragged stocks, bonds and, at times, even safe-haven precious metals lower.

The rally in the dollar hit pause on Friday, but it was still on track for a 1.4% weekly gain, bolstered by safe-haven demand and ​reduced US rate-easing expectations.

The euro, which remains vulnerable to a spike in energy prices, was set to fall 1.7% for ​the week, while sterling ⁠was similarly headed for a 0.95% weekly drop.

Investors are now pricing in about 40 basis points worth of easing from the Federal Reserve this year, down from 56 bps a week ago, while odds for a rate cut from the Bank of England this month have fallen to 23% from a near certainty just last week.

The European Central Bank is seen ⁠hiking rates ​by year-end.

The shifting rate expectations have, in turn, pushed up global bond yields, and in Asia on ​Friday, the yield on the benchmark 10-year US Treasury was steady at 4.1421%, having risen some 18 bps this week.

The two-year yield has jumped 20 bps for the week.

Elsewhere, spot gold was steady at $5,078.88 an ounce, ​though it was headed for a 3.7% weekly fall as rising yields and a stronger dollar eclipsed the yellow metal's safe-haven appeal.

Despite a steep fall in the benchmark indices last week amid Middle East tensions, several Z-category stocks – commonly considered junk shares – dominated the gainers' chart on the Dhaka Stock Exchange (DSE).

Premier Leasing emerged as the top gainer of the week, surging 44.44% to close at Tk2.60. Fareast Finance, FAS Finance and Peoples Leasing each rose 41.18% to Tk2.40, while International Leasing advanced 37.50% to Tk2.20.

Other notable gainers included Familytex, which climbed 31.82% to Tk2.90, Tung Hai Knitting rose 30.77% to Tk3.40, and Nurani Dyeing gained 29.63% to Tk3.50. Generation Next increased 25% to Tk3.50, while Appollo Ispat advanced 24.14% to close the week at Tk3.60.

However, all the companies that led the weekly gainers' chart are currently loss-making, according to market data. Several of them are also facing severe operational challenges.

Market information from the Dhaka bourse shows that Familytex, Tung Hai Knitting, Nurani Dyeing, Generation Next and Appollo Ispat are currently out of operation.

A number of the top gainers are non-bank financial institutions (NBFIs), many of which are struggling with weak financial conditions and potential liquidation risks.

Market insiders said investors largely targeted low-priced stocks during the week, regardless of their financial performance or operational status. They added that speculation surrounding the future of troubled NBFIs has also fuelled interest in these shares.

Earlier, the central bank had initiated steps to liquidate several weak and loss-making NBFIs. However, following the change in government, investors appear to be betting that these institutions may avoid liquidation. Driven by such expectations, many traders have been buying these stocks in hopes of booking short-term gains.