Household budgets are facing another squeeze. Barely two weeks after transport fuel prices rose, the cost of cooking gas has jumped, with the price of a 12kg LPG cylinder rising by Tk 252 to Tk 1,837 yesterday.
Meanwhile, many households are already paying much more than the regulated rate amid a supply crunch.
The new price took effect at 6:00pm, but finding a cylinder at the official rate has become increasingly difficult. Of 10 retailers contacted by The Daily Star in the capital, eight said they had not received any cylinders since September 20-22.

The two retailers who had cylinders said they had only one brand each. One was selling a 12kg Jamuna cylinder for Tk 1,900, while another was asking Tk 2,250 for a United Aygaz cylinder.

That means consumers could be paying up to Tk 413 more than the newly fixed price.

Reduced supply drives up LPG cylinder prices

Reduced supply drives up LPG cylinder prices
The situation was similar even before yesterday’s hike. On September 30, The Daily Star found 12kg cylinders being sold for Tk 2,000-2,200 when the regulated price was Tk 1,585.

On September 21, transport fuel prices were raised by Tk 20 a litre across the board, adding another burden on households already facing higher everyday expenses.

The latest LPG hike comes just three months after the price fell by Tk 357 to Tk 1,528 in July, the lowest since the supply crunch began on the international market. Since then, the official price has increased by Tk 309.

The Bangladesh Energy Regulatory Commission (BERC) attributed yesterday’s increase to higher international prices of propane and butane, the two main components of LPG, as well as higher shipping costs.

The average import cost of propane and butane has risen to $712 per tonne from $593 in July. Shipping costs, including premiums, have also increased to $250 per tonne from $160, according to BERC.

LPG supply in the local market has reportedly fallen since mid-September, with retailers saying importers and wholesalers have reduced supplies.

The shortage is particularly significant for households, which account for around 80 percent of Bangladesh’s LPG consumption. Restaurants and tea stalls also rely heavily on LPG cylinders.

Despite the reported shortage, Bangladesh imported 1.58 lakh tonnes of LPG last month, almost unchanged from 1.57 lakh tonnes in August.

BERC Chairman Jalal Ahmed said the import figures did not indicate a supply problem at the import level.

Industry sources, however, said some operators had reduced market releases while waiting for BERC to raise the regulated price, creating an artificial shortage.

The shortage and price gap have already affected consumption.

When LPG reached Tk 1,940 in May, one distributor told The Daily Star that his daily sales had fallen from around 60 cylinders to 35.

Industry estimates put monthly demand at around 1.3 lakh tonnes, down from about 1.5 lakh tonnes earlier, with some households switching to induction and infrared cookers.

BERC reviews LPG prices in the first week of every month based on global prices and import-related costs.

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Before the latest global price pressures, the regulated price stood at Tk 1,306 per 12kg cylinder in January. It rose by Tk 387 and Tk 212 in April and May respectively as international LPG prices increased.

Prof M Shamsul Alam, energy adviser to the Consumers Association of Bangladesh, said BERC never properly examines shipping costs and simply accepts businesses’ proposals.

“If international LPG prices and shipping costs increase, there is no question that prices may have to rise. The question is: by how much, and how will that increase be determined?” he said.

Shamsul said the law requires prices to be set after a public hearing, which BERC has ignored. The regulator has also failed to enforce its own orders and ensure competition among importers, he added.

“With the latest adjustment, BERC has again shown it is protecting unscrupulous businesses and keeping LPG licence holders beyond accountability,” he said.

Opposition Jamaat-e-Islami Secretary General Mia Golam Porwar yesterday condemned the price hike, calling for its immediate withdrawal.

Alleging that syndicates were controlling the market, he said, “Money will end up in the pockets of ministers, leaders, their sons and daughters, relatives, friends and associates.

“Prices will be raised here, mega projects will be awarded there -- all kinds of arrangements are being made to generate income.”

The Dhaka Stock Exchange (DSE) has approved the transfer of a 30.01% stake in Dominage Steel Building Systems Limited outside the regular trading system, paving the way for a change in ownership, management and operational control by Akij Resources Limited and two individual investors.

According to a disclosure published on the premier bourse, the exchange approved the off-market transaction following a Bangladesh Securities and Exchange Commission (BSEC) directive issued on 27 August and subsequent instructions on 28 September.

Under the arrangement, 3.078 crore shares held by the company's sponsor-directors will be transferred to the incoming investors as a "Matched Transaction" in demat form at the closing price on 30 September 2026. The entire transaction was completed today (4 October).

Akij Resources acquired the largest portion, taking 1.20 crore shares (11.74%) each from Sponsor-Director and Chairman Muhammad Shamsul Islam and Sponsor-Director and Managing Director Mohammad Rafiqul Islam. Director Sujit Saha transferred 24.31 lakh shares (2.37%) to Akij Resources.

Director Abul Kalam Bhuyan and Director Rakibul Islam each transferred 80,055 shares (0.08%) to Akij Resources. They also transferred 20.52 lakh shares (2%) each to Sheikh Jashim Uddin and Faria Hossain, respectively.

The regulator allowed the off-market transfer under CDBL Bye-Laws as a special case, as the incoming investors will acquire the entire shareholding of the outgoing sponsor-directors and take charge of operating the steel structure manufacturer.

To maintain market stability, the regulator has also imposed a lock-in period on the transferred shares.

The Dominage Steel board initially approved the proposed share sale in April, after which the company sought regulatory clearance. The takeover comes as the company faces severe operational and financial distress.

During July-December of FY26, the company reported a 54% year-on-year decline in revenue to Tk5.75 crore and a net loss of Tk0.94 crore, with a loss per share of Tk0.09.

The company also came under regulatory scrutiny after a DSE inspection team found its main factory in Narsingdi shut during an unannounced visit in late 2025.

The entry of Akij Resources and the resulting management change is expected to help reactivate the manufacturing facility and restore shareholder value.

Stock market participation remains low in Bangladesh, with around 17 lakh beneficiary owner (BO) accounts against a population of nearly 18 crore, representing less than 1 percent.

However, the number of BO accounts does not reflect the actual number of investors, as many maintain multiple accounts to hold shares, mutual funds, bonds and other securities in electronic form.

Industry insiders estimate that the actual number of people investing in the stock market is no more than 2 lakh. If so, participation could be below 0.1 percent.

The low number of BO accounts in a country with more than 19 crore bank accounts reflects people’s limited appetite for stocks, mutual funds and bonds.

A comparison with neighbouring Asian countries highlights how far Bangladesh lags behind. Around 6 percent of India’s population participates in the stock market, while the figure is as high as 26 percent in Nepal. However, India’s 6 percent represents more than 10 times Nepal’s 26 percent in absolute numbers.

In developed countries, the proportion of people participating in securities markets is much higher. Why, then, is appetite for the stock market so low in Bangladesh?

It would be inaccurate to suggest that people are inherently reluctant to invest in stocks. In 2010, people rushed to the stock market, pushing the number of BO accounts above 33 lakh. However, the figure began to decline following the infamous market crash that year.

Profitability has always been a key driver of stock market participation. However, Bangladesh’s market lacks reliable investment opportunities, with investors losing their hard-earned money to fraudulent brokerage firms, fund managers and companies whose financial statements are riddled with irregularities.

Even financially strong firms remain conservative in paying cash dividends despite holding hundreds of crores of taka in bank deposits.

Consequently, investors have struggled to improve their financial positions, even by investing in fundamentally sound stocks.

With only 10 to 15 entities generating good returns, prices rose mainly for low-paid-up-capital companies, attracting investors to junk stocks and providing market manipulators with opportunities to profit.

Market manipulators received paltry punishments despite the severity of their wrongdoing. More concerningly, investors often found little protection from the Bangladesh Securities and Exchange Commission (BSEC).

The regulator extended the tenure of closed-end mutual funds by 10 years, delaying investors’ access to their money. It also allowed listed mutual funds to issue bonus shares and approved several companies’ fundraising plans, adding to market liabilities.

Sikder Insurance, for instance, invested around 72 percent of its life fund in junk stocks before launching its IPO (initial public offering). Such regulatory decisions further eroded investor confidence, leaving little incentive to participate in the stock market.

The Dhaka Stock Exchange (DSE) has recently started returning funds embezzled by a couple of brokerage firms to investors. While this is praiseworthy, it remains a modest remedy for years of mistreatment.

Following the fall of the Awami League government in 2024, the Bangladesh Securities and Exchange Commission (BSEC) was reconstituted and began pursuing reforms across various areas. This is encouraging.

BSEC Chairman Masud Khan has outlined his vision for the market and made several commitments. Delivering on them by simplifying the listing process, digitising procedures and protecting investors’ interests could encourage more people to invest.

The market needs a sound equity market alongside a vibrant bond market, with other products introduced gradually. The regulator must also prevent defaults by bond issuers from undermining the bond market.

Attracting well-performing companies, curbing secondary-market manipulation and preventing intermediaries from embezzling investors’ funds should be key priorities. Above all, the regulator must consistently protect investors.

Dictating index movements or turnover is not the regulator’s role. Instead, it should focus on sound policymaking, good governance and accountability.

Delivering on these commitments would be the best gift for investors as Bangladesh prepares to celebrate World Investor Week.

Poor project planning, arbitrary cuts to initial cost estimates and delays by consultants are among the key reasons government projects in Bangladesh run over budget and fail to deliver value for money, speakers said today.

They made the remarks at a session, titled “Why Projects Fail” at the three-day international conference “Bay of Bengal Conversation 2026”, organised by the Centre for Governance Studies at Pan Pacific Sonargaon Dhaka.

Ghulam Mohammed Alomgir, founder and chairman of Max Group, said a feasibility study and initial design should form the basis of a development project proposal (DPP), accurately reflecting around 90 percent of the eventual project cost.

“But unfortunately, bureaucrats who have no idea about engineering or what is written in the DPP bluntly ask them to reduce the cost by 15 percent or 20 percent,” he said.

Such cuts, despite engineers’ and employers’ concerns, can create implementation problems, leading to revisions and higher costs, he added.

Delays by consultants are another major problem, particularly in internationally financed projects, where consultants are often paid on a man-month basis.

Some consultants deliberately delay projects to increase their contract value, Alomgir said.

Fahmida Khatun, distinguished fellow at the Centre for Policy Dialogue, said Bangladesh’s limited fiscal space was constraining resource allocation and efficient project implementation.

“The real issue is not finance only. There are several problems which reduce the effectiveness of projects,” she said.

The government faces competing spending demands for infrastructure, health, education and social protection, she added.

Fahmida also warned that Bangladesh’s LDC graduation would make external financing harder to access, forcing the country to borrow increasingly on commercial terms, with higher interest rates and shorter repayment and grace periods.

Sovereign credit ratings will become increasingly important for accessing international markets, she said.

Shamim Z Basunia, emeritus professor of civil engineering at the University of Asia Pacific, stressed the importance of independent technical scrutiny of large infrastructure projects.

Design and cost decisions need rigorous expert review because mistakes at the planning stage can have long-term consequences, he said.

Shamim recently headed a government committee reviewing proposed cost increases for MRT Line-1 and MRT Line-5, both of which are being implemented with JICA funding.

“There was a big hue and cry that the prices of these projects would increase tremendously,” he said, adding that he had submitted the committee’s report to the government within five weeks.

Tanvir Mahmud, senior governance specialist at UNDP Bangladesh, moderated the session.

Shareholders of Sea Pearl Beach Resort & Spa Limited have approved a reduced 0.50% cash dividend for general investors at the company's long-delayed 16th Annual General Meeting (AGM), half the 1% payout previously recommended by its board of directors.

According to a company filing with the Dhaka Stock Exchange (DSE) today (4 October) the dividend was revised at the AGM held on 12 September 2026.

The AGM was convened following a High Court verdict passed on 21 June, which allowed the luxury hospitality company to hold the meeting through a hybrid platform combining physical attendance and virtual participation.

The meeting resolved a months-long delay for the company's fiscal year 2024–25 corporate disclosures. The AGM was originally scheduled for 28 December 2025, with a record date of 27 November 2025, but was abruptly postponed due to unavoidable circumstances.

Following the receipt of the certified court judgment in early August, the company's board met on 20 August to finalise the rescheduled meeting timeline.

Under the approved proposal, the payout exclusively covers general public shareholders, excluding the company's sponsors and directors. The dividend cut reflects ongoing financial strain at the Cox's Bazar-based resort operator, which had reported significant operational headwinds for the year ended 30 June 2025.

According to financial disclosures, Sea Pearl posted a net loss for FY25, reporting a negative earnings per share (EPS) of Tk2.46, compared to a positive EPS of Tk2.32 in the previous fiscal year. Net Asset Value (NAV) per share dropped to Tk15.28 from Tk18.49, while net operating cash flow per share (NOCFPS) fell to Tk2.44 from Tk9.38 in FY24.

The company's performance remained under pressure through the fiscal year FY26 as well. For the July 2025–March 2026 period, Sea Pearl reported a nine-month loss per share of Tk1.63, though slightly narrowed from Tk1.85 in the corresponding prior-year period.

Third-quarter (January–March 2026) losses stood at Tk0.48 per share. As of March 31, 2026, the company's NAV per share slid further to Tk13.66, down from Tk15.28 reported at the end of June 2025.

Market observers note that while the court-backed completion of the AGM clears regulatory backlogs, the hotel operator faces a challenging path toward profitability amid declining cash flows and persistent quarterly losses.

Bangladesh's overseas employment market remained under severe pressure in September, with the number of workers receiving country clearance falling nearly 29% year-on-year, despite a modest recovery from the previous month.

A total of 70,304 workers received country clearance for overseas employment in September, down from 99,024 in the same month last year, according to data from the Bureau of Manpower, Employment and Training (BMET).

The figure represents a decline of 28,720 workers, or 29%, year-on-year.

However, overseas employment increased 11.7% month-on-month in September. The number of workers receiving clearance rose by 7,380 from 62,924 in August.

The overseas employment market has been under pressure due to the closure or restriction of several labour markets, including Malaysia, Oman and Bahrain, while the UAE has not been fully recruiting less-skilled Bangladeshi workers.
The situation was further complicated by the Iran war and attacks in Saudi Arabia, which disrupted labour-market activities and contributed to uncertainty in the Middle East, according to labour recruiters.

Bangladesh sent 5,69,979 workers abroad during the first nine months of 2026, compared with 8,38,892 in the same period of 2025 – a decline of 2,68,913 workers, or around 32%, according to government data.

Saudi Arabia nevertheless remained the largest destination for Bangladeshi workers in September, with 32,915 workers receiving country clearance, up from 29,135 in August.

Singapore followed with 8,306 workers, compared with 6,944 in August. In addition, 6,282 workers received clearance for Qatar, and 5,015 for Maldives. Kuwait and the UAE accounted for 4,538 and 4,442 workers, respectively.

There was also a notable rise in employment clearances for some European destinations. Portugal received 1,249 Bangladeshi workers in September, up from 695 in August, while Italy received 1,097, compared with 828 in August.

Former Bangladesh Association of International Recruiting Agencies (Baira) joint secretary Tipu Sultan said the Middle East conflict was one of the reasons behind the decline in overseas employment this year.

"But the main problem is that we could not diversify our labour market amid shrinking job opportunities in the Gulf and Malaysia," he told The Business Standard.

He said some potential destinations remain inaccessible to most private recruiting agencies.

"Markets such as Brunei and Jordan are solely controlled by government agency BOESL, while Singapore is handled by a limited number of agencies," he said.

"If the private sector cannot work, you cannot create opportunities for jobs. BOESL does not have that capacity," Tipu said, adding that all labour markets should be opened to eligible recruiting agencies rather than being controlled by any syndicate.

State Minister for Expatriates' Welfare and Overseas Employment Md Nurul Haque Nur said the government has set a target of creating overseas employment opportunities for one crore working-age people over the next five years as part of a special five-year plan.

"The current annual deployment of 8 to 10 lakh workers will be gradually increased," he said.

The government is also identifying labour demand in different countries and taking initiatives to train workers in the languages and technical skills required by destination countries, he added.

The state minister said the government has already started working to reopen closed labour markets and has sent memorandums of understanding proposals to several countries.

"Although a crisis has emerged around the Middle East, we hope the overseas labour market will recover soon," he said.

Meanwhile, Bangladesh received $2.77 billion in inward remittances in September, the lowest monthly inflow in 11 months, according to Bangladesh Bank data.

The previous lowest monthly inflow was $2.56 billion in October 2025.

Despite the monthly slowdown, remittance inflows during the first quarter of the current fiscal year remained significantly higher than a year earlier. Bangladesh received $8.59 billion between 1 July and 30 September, up 13.3% from $7.59 billion during the same period of the previous fiscal year.

September's remittance inflow was also 3% higher than the same month a year earlier, but fell from $2.97 billion in August.

Bankers said they were uncertain about the precise reason behind the slowdown. Some pointed to the ongoing conflicts in the Middle East as a possible factor, particularly amid frequent reports of Houthi attacks against Saudi Arabia during the final half of September.

They also raised concerns that a revival of the informal hundi market could be contributing to the decline.

The Insurance Development and Regulatory Authority (IDRA) has overseen the disbursement of Tk 26.37 crore in insurance claims to 7,641 policyholders in the third phase of a payout initiative aimed at rebuilding public trust in the insurance sector and protecting policyholders’ rights.
The payments were handed over to claimants yesterday at IDRA’s office in Motijheel, according to a press release from the authority’s public relations department.

Claims were settled directly at IDRA’s office in the first two phases as well, reflecting the regulator’s priority of settling valid claims and protecting customers’ interests, the release said.

The authority arranged funds from various sources, including the insurers’ assets and government securities, to settle long-pending claims.

In the first phase, Tk 14.51 crore was paid to 2,549 policyholders of BAIRA Life Insurance, Fareast Islami Life Insurance, Golden Life Insurance, Homeland Life Insurance, Padma Islami Life Insurance, Progressive Life Insurance and Sunflower Life Insurance.

In the second phase, Tk 23.03 crore was paid to 5,868 policyholders of Padma Islami Life Insurance, Homeland Life Insurance, Fareast Islami Life Insurance, Sunflower Life Insurance and Sunlife Insurance.

Although banks and non-bank financial institutions (NBFIs) operate under the same central bank, well-managed finance companies face tighter restrictions on deposits, lending and loan restructuring, while banks have steadily expanded into areas previously served by non-banks, top NBFI executives said yesterday.
They said the problem is no longer simply weak NBFIs or poor governance. Rather, regulations introduced in response to troubled finance companies are now making it harder for well-managed institutions to compete and expand.
Regulation should clearly distinguish between weak institutions and well-governed, financially sound NBFIs. Applying the same restrictions to both can prevent good institutions from growing.
Mominul Islam Chairman, Dhaka Stock Exchange
Managing directors, CEOs and industry experts from the NBFI sector made the comments during a discussion titled “Challenges and Prospects of NBFIs” at the sixth episode of “Business and Beyond”, organised by The Daily Star at its office.
The country has 35 NBFIs, holding Tk 52,356 crore in deposits and Tk 78,114 crore in outstanding loans and advances. The sector is now facing a crisis after several finance companies failed. The central bank is liquidating four, while 16 others are in distress.

Image
Some NBFIs are still performing well because of their strong corporate governance. IPDC, IDLC, DBH and United Finance have strong sponsors and shareholders behind them.
Rizwan Dawood Shams MD, IPDC Finance
“The crisis is partly caused by regulatory lapses and failures by auditors and rating agencies to fulfil their roles,” said Mominul Islam, chairman of the Dhaka Stock Exchange (DSE) and a former managing director and CEO of IPDC Finance, where he served for more than a decade.

Amid the financial crisis in the NBFI sector, the government and the regulator have not provided liquidity support to troubled finance companies to help them repay depositors, unlike the support provided to shariah-based banks.

Image

Banks and finance companies are supposed to complement each other, but a competitive environment has been created. Some things have changed, but broader issues remain.
Kanti Kumar Saha CEO, Alliance Finance
This has dented public confidence in non-banks, as depositors have seen troubled banks receive support while people who had money with failed finance companies continue to wait for repayment.

Citing the Finance Company Act 2023, Mominul said, “Rules have been framed in a way that NBFIs do not have wings to fly.”

Image
The regulatory relaxation during Covid delayed recognition of bad loans. When it was withdrawn, defaults surfaced, and the relaxation eventually came back as a boomerang.
Asif Saad Bin Shams AMD and chief risk officer, IDLC Finance
He said the Finance Company Act had been framed largely around failed institutions rather than creating room for stronger companies to expand.

“There was a time when the governance structure and regulatory oversight needed in the sector were absent,” the DSE chairman said. “But later, regulation and regulatory oversight became so restrictive that NBFIs no longer have the ability to grow.”

“Now the NBFI sector makes the news mostly for the wrong reasons,” he said.

Mominul said stronger enforcement, rather than more stringent rules, is needed to address problems in the sector. “What we see is that the sector is overly regulated, which is why good firms cannot function properly,” he said.

The discussants said rules on deposit collection, lending and loan rescheduling have made finance companies competitors of banks, even though they are supposed to play complementary roles.

The disparity is particularly visible in retail and long-term lending, where banks have expanded their loan limits while NBFIs remain restricted.

Mominul said a major weakness is the sector’s limited access to long-term funding. Overreliance on banks has prevented NBFIs, housing finance and the capital market from flourishing, he said.

In India, bonds are a major source of funds for finance companies, with regulatory conditions defining capital, credit ratings and borrowing limits, he said. Bond issuance can take about two months there, whereas a Bangladeshi NBFI can take up to two years because of multiple approval requirements.

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As a result, bonds account for less than 1 per cent of NBFIs’ funding in Bangladesh, Mominul said.

He added that regulators should focus on setting clear rules and enforcing them rather than becoming involved in routine operational decisions.

“If the regulator is involved at every operational level, where is the responsibility for compliance?” he asked.

He also called for greater accountability from auditors and credit-rating agencies, saying repeated failures among institutions audited or rated by the same firms should not be treated as isolated incidents.

“Enforcement should be the main focus, not more regulation,” he added.

In his speech, Kanti Kumar Saha, chief executive officer of Alliance Finance PLC, a Bangladesh-Sri Lankan joint venture, advocated for a level playing field so that non-banks can play complementary roles with banks.

Rizwan Dawood Shams, managing director of IPDC Finance, said NBFIs have been left with only part of the services that banks can offer.

Describing deposits as the raw material for business, Rizwan said finance companies cannot operate current and savings accounts (CASA), while banks can mobilise cheaper CASA deposits. NBFIs also cannot take certain government and mutual-fund deposits and have to rely heavily on relatively expensive term deposits.

He said depositors placing funds with an NBFI also generally cannot withdraw them before three months without prior approval from the Bangladesh Bank.

“That naturally makes our cost of funds higher,” Rizwan said. “Our cost of funds will decline if we are given the opportunity to collect deposits of government agencies and mutual funds.”

The funding disadvantage also makes it difficult for NBFIs to compete with banks in products such as home and auto loans. Banks now also offer home loans for longer terms, further limiting the scope for finance companies.

Rizwan said the issue is not about giving NBFIs preferential treatment.

“We are not asking for anything extra. We are urging for alignment of policies with banks where we operate at a similar level,” he said.

Asif Saad Bin Shams, additional managing director and chief risk officer of IDLC Finance, said non-performing loans at non-banks have risen to around 37 percent, with the deterioration reflecting both economic weakness and decisions taken by the authorities to tackle pandemic fallout.

Relaxations that allowed borrowers to remain labelled as regular despite missed instalments delayed recognition of bad loans, he said. When those relaxations were withdrawn, many accounts became classified as non-performing from 2023 onwards.

“The regulatory relaxation eventually came back as a boomerang,” said Asif.

He said weak economic activity has since compounded the problem, affecting corporate, SME and retail borrowers.

The discussants said depositors, at the same time, continue to perceive bank deposits as safer because of the support extended to troubled banks, while depositors of failed finance companies have not received comparable protection.

They said the issue is therefore not only about regulation but also about how the market perceives the two types of institutions. The difference is also evident when troubled borrowers seek to restructure their loans.

Kanti said that under a recent special guideline, banks can reschedule or restructure loans for up to 15 years, whereas finance companies remain subject to an eight-year maximum.

He said finance companies were originally established to provide long-term financing because banks themselves faced maturity mismatches in funding such loans. Over time, however, banks moved into many of the same businesses, helped by their access to low-cost deposits.

Finance companies now face a different funding structure while competing for many of the same customers, Kanti said.

The sector’s liquidity difficulties have also been aggravated by the underdeveloped bond market and banks’ reluctance to provide long-term funding to finance companies, he added.

Instead of relying only on foreign loans from the International Monetary Fund (IMF), Finance Minister Amir Khosru Mahmud Chowdhury has stressed a strategy to shift toward raising capital directly through global and domestic markets with bonds, equities, and market-driven financial architecture.

He said this on Sunday at the inaugural ceremony of the World Investor Week 2026 arranged by the Bangladesh Securities and Exchange Commission (BSEC) at Krishibid Institution in the capital.

"We cannot depend on the IMF. Relying on the IMF... relying on the IMF, forget it!" the minister said as the chief guest of the programme.

He said the country's financial architecture was changing and urged the stakeholders to go for a trillion dollar economy by 2034.

Khosru spoke about his cancellation of the IMF programme, saying, "You surely saw it, right? Earlier, I cancelled the IMF programme. Your (IMF) condition is not acceptable to us."

He said the money that the IMF would give was not enough to reach a trillion dollars.

"I need 50 billion dollars every year. All of you together will give 10 billion dollars - I do not have time for that anymore," he said.

In June 2026, the government suspended the previous IMF programme as some of the conditions of the lender were no longer considered suitable for Bangladesh's current circumstances.

In his speech, the minister said they were getting a good response to the call to raise money from the local and foreign markets through bonds and equities.

He also expressed optimism that within a year, the face of the Bangladesh capital market would change.

Khosru said confidence in Bangladesh's capital market had started to improve among international investors, particularly following the government's recent engagement with Wall Street institutions during the prime minister's visit to the US.

Representatives of major global financial institutions had demonstrated a strong understanding of Bangladesh's capital market and were closely following recent developments, he said.

"They have confidence in the leadership, they have confidence in the deregulation that this government has announced, they have confidence in the clarity that is coming to this market, and they have confidence in the professionalism this market is showing right now," he said.

Many of the global institutions could become partners in Bangladesh's capital market, while a number of them were expected to visit Dhaka, he stated.

Bangladesh was also preparing to tap international capital markets, including through a proposed dollar bond issue in New York, he said.

"We have to take the plunge. We have to send the message to Wall Street," he said.

The recent engagement with global investors demonstrated that Bangladesh could no longer afford to remain isolated from international capital markets, Khosru said.

The ultimate goal was to build a credible, transparent, and professionally managed capital market capable of mobilising long-term domestic and foreign investment, while reducing the country's excessive dependence on bank financing, the minister added.

He stressed the need to reduce the cost of funds through a stronger capital market.

The minister stated the government wanted businesses to raise funds through the market rather than relying heavily on banks at high interest rates.

He further said the government could not continue financing commercial activities with taxpayers' money.

"Find your money in the market, and make money to repay the government. The government cannot run enterprises and behave like a cheque writer," the minister added.

Finance Minister Amir Khosru Mahmud Chowdhury has said the government will not accept unacceptable conditions under the IMF programme and will instead raise funds from Bangladesh's own capital market as it seeks to finance the country's development.

"I have cancelled the IMF programme. You know that, you are seeing it. Their conditions are not acceptable to us. I want to raise my money from the market," he said.

The finance minister was speaking at the opening of World Investor Week 2026, jointly organised by the Bangladesh Securities and Exchange Commission and the International Organization of Securities Commissions at the Krishibid Institution auditorium in Dhaka today (4 October).

'No time to depend on development partners'

Khosru said Bangladesh could not continue depending on the IMF, World Bank, Asian Development Bank and other development partners to meet its financing needs.

He said the government wants to build stronger links with global financial centres such as New York and Hong Kong to create opportunities for Bangladesh to raise funds directly from international markets.

The country could raise money through instruments such as dollar bonds, panda bonds, samurai bonds, local-currency bonds and Bangladesh-focused international equity funds, he said.

"We want to create opportunities to raise money from the international market. We have to connect ourselves with the international financial centres," he said.

Khosru said the government has set a target of building a $1 trillion economy by 2034 and would need substantially greater access to financing to achieve it.

"I need $50 billion a year. Even if everyone gives $10 billion each, it won't be enough. I have no time. We have to raise money from our own market," he said.

Capital market needs a major overhaul

The finance minister said strengthening the capital market and developing a deeper bond market would be crucial to meeting the country's financing requirements.

He said Bangladesh needs to introduce new financial products, including securitisation, to enable both the government and private sector to raise funds more efficiently.

Khosru said the country had already developed infrastructure for the capital market, including automation and central depository facilities, but the market had failed to develop because it lacked a comprehensive policy framework and coordination among relevant institutions.

He said Bangladesh Bank, the National Board of Revenue, insurance companies, stock exchanges, brokers and other market participants need to work as part of an integrated ecosystem.

"The capital market has no depth. We need to create the environment, bring good companies, ensure good governance and develop self-regulation," he said, stressing the need to restore credibility and investor confidence.

He said difficult and painful decisions may be necessary to rescue and strengthen the market.

Expects changes within a year

Khosru said he expected the country's stock market to undergo significant changes within the next year, provided there was no unexpected disruption.

He said international investors are showing interest in Bangladesh despite concerns about the relatively small size of the market.

Referring to recent meetings with investors on Wall Street, he said he had initially been concerned about Bangladesh's market being too small to attract major international investors.

He said the response from investors had nevertheless surprised him, claiming that they are familiar with the Bangladesh market and had confidence in the country's leadership and future prospects.

Govt should not fund commercial enterprises

The finance minister also said the government should not use taxpayers' money to finance commercial enterprises.

Referring to the aviation sector, he said commercial enterprises such as airlines should raise funds from the market rather than depend on government financing.

He also stressed the need to reduce the cost of funds so that Bangladeshi businesses can remain competitive in international markets.

Khosru said the government's broader objective is to develop a financial system capable of mobilising domestic savings and attracting international capital, reducing dependence on external development financing.

Bangladesh's illicit capital outflows reached a seven-year high of US$1.33 billion in 2022, with the associated tax loss estimated at around $410 million, according to an analysis of data compiled by the UK-based Tax Justice Network (TJN).

The data show that Bangladesh recorded a total of around $4.21 billion in estimated illicit financial outflows between 2016 and 2022, with the destinations increasingly comprising a mix of traditional offshore financial centres and major international financial hubs.

Overall, estimated illicit outflows increased more than sixfold between 2016 and 2022.

The tax loss is calculated separately from the illicit financial outflow.

It is estimated by applying Bangladesh's corporate income tax rate to the corporate component of illicit financial flows and its personal income tax rate to a standard interest rate applied to the offshore wealth component.

A review of the TJN data of illicit financial flows (IFF) by the Financial Express shows that several jurisdictions repeatedly featured among the top destinations for Bangladesh's illicit capital outflows, including the British Virgin Islands, Cayman Islands, Hong Kong, Singapore, Switzerland, the Netherlands, Ireland and Luxembourg.

These jurisdictions have also featured prominently in international assessments of financial secrecy and corporate tax-haven activity.

Professor Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD), said the countries appearing in the data should not necessarily be considered the ultimate destinations of the funds.

"Many of those countries are used as transit points for capital outflows to shift money to other countries," he said.

Countries with flexible tax and investment regimes and strict confidentiality of banking information can become favourable destinations or intermediaries for cross-border capital movements, he added.

Dr Mustafiz also noted that the TJN estimates differ from those of Global Financial Integrity (GFI), which has focused on illicit financial flows associated with trade misinvoicing, including under- and over-invoicing.

On March 2026, a GFI finding says Bangladesh lost an estimated $68.3 billion through trade-related illicit financial flows between 2013 and 2022 (averaging about $6.8 billion annually).

The TJN methodology covers several forms of illicit financial activity. In the case of multinational companies, it estimates profits shifted to low-tax jurisdictions by comparing reported profits with the profits that would normally be expected based on a country's economic activity.

The TJN also estimates offshore wealth, covering wealth belonging to residents that is held abroad but not properly reported. Its calculations examine unusually large cross-border bank deposits and investments against what would normally be expected from the economic relationships between countries.

Because these figures are estimates based on statistical methodologies, they may vary depending on the methodology and year used, the TJN says.

Sharp rise after 2020

Bangladesh's estimated illicit financial outflows stood at $115 million in 2016, and $197 million in 2017 before rising to $584 million in 2018 and $605 million in 2019.

The outflow declined to $327 million in 2020, coinciding with the Covid-19 pandemic, but surged to $1.05 billion in 2021 and further to $1.33 billion in 2022, the highest level recorded during the seven-year period.

The 2022 figure was around 27 per cent higher than in 2021 and more than four times the 2020 level.

Shift towards financial hubs

The destination pattern indicates that Bangladesh's illicit capital movements have been routed through a combination of traditional offshore centres and mainstream international financial and corporate hubs.

Hong Kong featured among the top 10 destinations in all seven years from 2016 to 2022, while the Cayman Islands also appeared in the top 10 throughout the period.

The British Virgin Islands featured in six of the seven years and ranked first in 2022, followed by Hong Kong and the Cayman Islands.

The Cayman Islands ranked first in 2016, 2017 and 2021, while Hong Kong topped the list in 2018, 2019 and 2020.

Singapore was another recurring destination, while the Netherlands, Ireland, Switzerland, Luxembourg and the United Kingdom repeatedly appeared among the leading jurisdictions.

The composition of the top 10, however, changed from year to year. Jersey and Bermuda featured prominently in 2021, while Mauritius, Denmark and Chile entered the top 10 in 2022. Portugal appeared in 2018, while Spain featured in 2016-17.

The changing composition suggests that illicit capital movements may increasingly be routed through a combination of traditional offshore centres, financial hubs, corporate holding jurisdictions and financial intermediaries, rather than being concentrated in a single group of offshore destinations.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury said the days of running the country on money provided by the World Bank, International Monetary Fund (IMF) and Asian Development Bank are over.

The government is changing the public finance architecture of Bangladesh, the minister said at the inaugural ceremony of World Investor Week at the Krishibid Institution in Dhaka today.

The Bangladesh Securities and Exchange Commission (BSEC) has organised the weeklong event, which will continue until October 12.

“We have already cancelled the IMF programme. We are going to the market to raise money. We are going to float dollar bonds in New York, and we will go for Panda bonds, Samurai bonds and local currency bonds. Bangladesh's financial architecture is changing,” the minister said.

The money that donor agencies provide will not be enough to take Bangladesh to a trillion-dollar economy, he said.

“I need $50 billion every year; you all together provide $10 billion, and I don't have time for that anymore,” Khosru said.

“If we go to buy airplanes, why should the Bangladesh government have to pay so much money?”

Referring to Biman Bangladesh's latest move to buy airplanes, he said, “It (Biman) is an enterprise. It has to go to the market and borrow. Why should the Bangladesh government provide the funds? Do you want money provided by the government to run your enterprise? It's not going to happen anymore.”

He said the stock exchanges and intermediaries had all failed over the previous decade, and their failure was so massive that the capital market had fallen into the same ditch as the economy.

“Now the government is lifting the economy and the capital market back up from the ditch.”

At the event, the minister said the Bangladesh capital market had never received proper attention in the past.

After independence, when former president Ziaur Rahman opened the Dhaka Stock Exchange and provided the opportunity to open mutual funds, it was a far-reaching idea, but that did not continue later, he said.

Subsequently, the support required for the capital market, ranging from policy support to other measures, did not come holistically, he said, adding that many things were done on a piecemeal basis.

As a result, the capital market never really took off and grew as it should have. Instead, both the government and the private sector became overly dependent on banks, and that too at high interest rates, the minister said.

“Every regulatory body was functioning like an island, working in their respective spaces, but they never coordinated. That was another weakness of our capital market. Now, all regulators are sitting together every month,” he said.

“The market is a shallow market with no depth. So, we have to create that depth, and to do so, we must create the proper environment. No good company will list in ‘a casino’. Those that are good companies, believe in good governance and practise self-regulation will not be part of ‘a casino’.”

At the event, Insurance Development and Regulatory Authority (IDRA) Chairman Mir Nadia Nivin said increasing the penetration of life insurance companies would be beneficial to the market.

“The insurers can provide long-term institutional capital to the bond market, equity market and infrastructure financing. And that is the scale of what is missing,” she said.

At the event, BSEC Chairman Masud Khan outlined the commission’s recent activities to restore investor confidence.

Tanvir Shahriar Ghani, special assistant to the prime minister on investment and capital market affairs, attended as the guest of honour.

Nazma Mobarek, secretary of the Financial Institutions Division of the Ministry of Finance, and Tanwir Habib Rahman and Hossain Sadat, commissioners of the BSEC, also spoke.

AkijBashir Group has become the first Bangladeshi company to join RE100, the global corporate renewable electricity initiative led by Climate Group.

According to a press release issued today (4 September), the group is reinforcing its transition toward 100% renewable electricity across its operations, placing renewable energy at the core of its long-term strategy for responsible industrial growth.

Sk Bashir Uddin, managing director of the group, said, "Joining RE100 is more than a renewable energy commitment for AkijBashir Group; it is a step towards transforming how we power our business and build sustainable growth."

"As the first company from Bangladesh to join this global initiative, we are proud to take a pioneering step towards 100% renewable electricity. We believe the future of business must be built on both growth and responsibility," he said.

"Through this commitment, we aim to contribute to Bangladesh's transition towards a cleaner and more resilient energy future, while inspiring other businesses and industries to accelerate their journey towards renewable energy. Together, we can create lasting value for our business, our people, and Bangladesh," he added.

What RE100 means for AkijBashir Group

RE100 is the world's leading corporate renewable electricity initiative, bringing together more than 400 businesses globally that have committed to using 100% renewable electricity by 2050 at the latest.

Members report progress annually, while renewable electricity claims are reviewed against RE100's technical criteria. The initiative also provides access to peer learning, renewable-energy expertise, policy engagement and international best practice.

For AkijBashir Group, RE100 provides a globally recognised framework to make its renewable-energy journey more structured, measurable and transparent.

It can help the group strengthen accountability around renewable electricity sourcing, benchmark progress against international practice and reinforce credibility with global customers and partners.

Foreign investors’ participation in Bangladesh’s capital market is increasing amid reform initiatives and efforts to simplify investment procedures, with their total transactions rising 37.6 percent in the first eight months of this year compared to the same period last year.

The total value of foreign investors’ transactions from January to August this year reached Tk 3,701.29 crore, compared to Tk 2,687.39 crore during the corresponding period in 2025, according to data from the Dhaka Stock Exchange (DSE).

The transactions increased by around Tk 1,013.90 crore year-on-year. Moreover, the volume of foreign transactions during the first eight months of 2026 reached nearly 94 percent of the total transactions recorded throughout 2025.

Market insiders attribute the rise in foreign participation to a range of reform initiatives, including preparations to upgrade Bangladesh’s capital market from frontier market status to emerging market status, engagement with international index providers, simplification of procedures for foreign investors and efforts to shorten the settlement cycle.

DSE Managing Director Nuzhat Anwar told BSS on Saturday that the increase in foreign transactions was not attributable to any single initiative by the DSE.

“Preparations to upgrade the market from frontier to emerging market status, engagement with organisations such as MSCI, simplification of Bangladesh Bank’s rules relating to Non-resident Investors’ Taka Accounts (NITAs), and the initiative to introduce a T+1 settlement system have collectively sent positive signals to foreign investors,” she said.

She said a procedural complication concerning NITAs, which are used by foreign portfolio investors to invest in Bangladesh, had recently been eased by Bangladesh Bank.

Previously, the accounting of funds through NITA accounts had to be handled separately for individual transactions. Following the DSE’s communication with the relevant authorities, Bangladesh Bank simplified the procedure.

Under the revised arrangement, foreign investors can complete the necessary accounting when repatriating funds from Bangladesh instead of undertaking separate calculations for every transaction. The change is expected to make the investment process more convenient for foreign investors.

The proposed transition to a T+1 settlement system has also sent a positive signal to international investors, Anwar said.

She added that the DSE was working to ensure professional market management, transparency and accountability while maintaining regular communication with foreign investors. The combined impact of these initiatives is contributing to increased foreign participation, she noted.

DSE data show that foreign transactions fluctuated considerably during the first eight months of 2026, although the overall volume remained significantly higher than that of the corresponding period last year.

Foreign transactions stood at Tk 377.24 crore in January and rose to Tk 663.28 crore in February. The figure subsequently declined to Tk 272.04 crore in March and Tk 175.16 crore in April.

Transactions surged in May to Tk 831.70 crore, the highest monthly figure recorded during the first eight months of this year.

Foreign transactions amounted to Tk 540.17 crore in June and Tk 523.15 crore in July before declining to Tk 318.57 crore in August.

In comparison, foreign investors’ transactions totalled Tk 2,687.39 crore during the first eight months of 2025.

Monthly transactions that year stood at Tk 181.81 crore in January, Tk 264.14 crore in February and Tk 171.96 crore in March.

The volume increased to Tk 426.94 crore in April and peaked at Tk 506.74 crore in May. Transactions then declined to Tk 285.31 crore in June before rising to Tk 491.44 crore in July and falling to Tk 371.56 crore in August.

For the whole of 2025, foreign investors’ total transactions amounted to Tk 3,920.42 crore.

Against that backdrop, the Tk 3,701.29 crore recorded in the first eight months of 2026 indicates that foreign transactions have already reached nearly 94 percent of last year’s full-year total.

Consumers are growing worried over the latest LPG price hike as shortages persist across the country, with 12-kg cylinders being sold for Tk2,200 to Tk2,500 in areas where gas is available, far above the newly announced official price of Tk1,837.

Bangladesh Energy Regulatory Commission (BERC) on Sunday announced a fresh hike in Liquefied Petroleum Gas (LPG) prices at the consumer level, raising the rate of a 12-kilogram cylinder by Tk252 to Tk1,837.

However, field reports indicate that consumers across the country are already trapped in a chaotic retail market where 12-kg cylinders are selling for between Tk2,200 and Tk2,600—up to Tk1,000 above government-fixed benchmarks—while many retail outlets have run completely out of stock.

While state-owned LP Gas Limited (LPGL) maintains a price of Tk777 for its 12.5-kg cylinder, its negligible market share leaves over 98 percent of the country's bottled gas consumers entirely dependent on private distributors.

High-level meetings and govt crackdown

The price hike comes just a day after Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood Tuku and Commerce Minister Khandaker Abdul Muktadir held an urgent meeting with LPG importers at Secretariat on Saturday to address the deteriorating market situation.

12kg LPG cylinder price rises by Tk252 to Tk1,837
The high-level intervention follows the Energy Minister's September 30 directive to Deputy Commissioners (DCs) to investigate whether an artificial crisis is being engineered by market syndicates and to take strict legal action against price gougers.

Pipeline gas deficit fueling LPG demand

Industry insiders and energy experts attribute the unprecedented supply strain to a severe shortfall in national pipeline natural gas.

According to Petrobangla, against a nationwide demand of nearly 4,000 million cubic feet per day (MMCFD), current domestic extraction and LNG regasification deliver only around 2,600 MMCFD.

The resulting power cuts and pipeline gas shortages have forced thousands of households, commercial eateries, and small industries to shift to bottled LPG, creating a demand surge that existing private distribution networks are struggling to meet.

Global shipping & freight surge

Compounding local issues, private importers cite mounting international headwinds.

For September, Saudi Aramco raised its Contract Price (Saudi CP) to $625 per tonne for propane and $660 per tonne for butane.

More critically, global LPG availability has tightened due to Middle East geopolitical conflicts, driving ocean freight rates to record highs.

Importers said while BERC calculated retail prices using a freight benchmark of $160 per tonne, actual international shipping costs have surged to $400 per tonne, forcing several private operators to curtail import volumes to prevent heavy financial losses.

Blame game over import data

The market crisis has also triggered internal friction within the LPG sector.

Official reports indicate that LPG imports dropped from nearly 160,000 tonnes in August to around 120,000 tonnes in September.

However, a group of LPG operators submitted a formal letter to the Energy Division on October 1 claiming import volumes remained steady.

They alleged that certain major importers deliberately delayed offloading and releasing imported LPG cargoes to generate artificial market pressure and inflate prices, demanding an independent inquiry into the bottleneck.

With winter approaching—a season that traditionally sees a seasonal uptick in global heating fuel demand—consumers and industry stakeholders warn that without strict market monitoring and streamlined import support, Bangladesh's LPG market could face even deeper instability in the coming months.

Experts denounce BERC's 'regulatory failure'

Denouncing the price hike, Consumers Association of Bangladesh (CAB) Energy Adviser Prof. M. Shamsul Alam termed BERC's decision a "validation of illegal market manipulation."

He said the raising official prices while failing to enforce retail compliance only shields dishonest syndicates without ensuring gas availability for ordinary citizens.

Energy expert and former BUET professor Dr. Ijaz Hossain highlighted the policy oversight behind the crisis, emphasising that shifting the nation's energy demand from depleted domestic pipeline gas to imported LPG without expanding state-owned buffer stocks or establishing a price stabilisation fund leaves consumers at the mercy of private cartels and volatile global freight markets.

Biman Bangladesh Airlines is set to sign a multibillion-dollar agreement with European aircraft manufacturer Airbus on Wednesday to acquire 10 new aircraft – days after signing a deal for ​11 additional Boeing jets – as the government pushes ahead with plans to expand the national carrier's ​fleet, according to sources familiar with the development.

The signing ceremony is scheduled to take place at a city hotel on Wednesday evening and is expected to mark a major step in Biman's fleet expansion and modernisation plans, the sources told The Business Standard today (4 OCtober).

Biman and Airbus have reached a consensus on several outstanding issues following a series of negotiations, leaving no major matters unresolved between the two sides, they said.

The proposed package comprises four Airbus A350-900 widebody aircraft and six A321neo narrowbody jets, which are intended to support Biman's future long-haul and regional network expansion.

Civil Aviation and Tourism Minister M Rashiduzzaman Millat had earlier confirmed that Bangladesh would acquire 10 Airbus aircraft and said an agreement was expected to be signed in October.

"Yes, we are buying 10 Airbus aircraft. Inshallah, the agreement will be signed in October," the minister recently told journalists at the Secretariat.

The upcoming signing with Airbus would mark the conclusion of months of evaluation and negotiations over Biman's Airbus procurement, coming shortly after the national flag carrier expanded its Boeing acquisition programme to 25 aircraft.

The Airbus deal, together with two Boeing agreements, would take Biman's planned new-aircraft pipeline to 35 aircraft, including 19 widebody and 16 narrowbody jets.

The latest Airbus package is expected to be worth more than $2 billion, according to sources.

Boeing fleet expansion

Biman's latest Boeing agreement was signed in New York on 23 September under a "Right to Purchase Additional Aircraft" provision included in the 14-aircraft purchase agreement signed on 30 April.

The supplementary agreement covers five Boeing 787-10 Dreamliner widebody aircraft and six Boeing 737-8 MAX narrowbody aircraft. The 11 aircraft will cost about $2.7 billion, based on the same pricing agreed under the April contract, Civil Aviation and Tourism Minister M Rashiduzzaman Millat said during a question-and-answer session with journalists.

The 30 April agreement covered the purchase of 14 Boeing aircraft worth $3.7 billion.

Together, the two Boeing agreements cover 25 aircraft, 15 widebody jets, comprising two 787-9s and 13 787-10s, and 10 737-8 MAX narrowbody aircraft.

Under the contracts, the first Boeing aircraft is scheduled for delivery in November 2031, with the final aircraft expected to be delivered by 2035.

However, Biman has requested Boeing to deliver at least one aircraft earlier, possibly in 2027 or 2028, the minister said.

With the planned Airbus purchase, Biman is set to undertake one of the largest fleet expansion programmes in its history, with the 35 new aircraft expected to significantly increase its capacity for both long-haul and regional operations.

Dhaka stocks opened the week on a downbeat note for a second consecutive session as risk aversion gripped investors, pushing benchmark indices sharply down on both bourses amid caution over ongoing fiscal year-end earnings disclosures and broader economic headwinds.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) surrendered 48 points, or 0.89%, to settle at 5,482 points. The blue-chip DS30 index followed suit, slipping 18 points, or 0.87%, to close at 2,085 points.

Market capitalisation on the premier bourse witnessed a significant contraction of Tk7,700 crore, while daily trading turnover plunged by 25% to Tk542 crore.

Market breadth deteriorated heavily across the floor, with 291 issues declining against 66 advancing, while 28 scrips remained unchanged.

In its daily review, EBL Securities noted that trading commenced on a dismal note as persistent selling pressure dominated from the opening bell. Although the market briefly recovered after the initial plunge, sustained selling pressure kept most scrips in negative territory throughout the session.

Brokerage firms attributed the weakness to two key factors.

Sheltech Brokerage Limited said in its daily commentary that investor sentiment was weighed down by caution over the fiscal year-end earnings and dividend announcements of June year-end companies, alongside growing concerns about a recessionary macroeconomic outlook. Unrelenting sell-offs dragged the benchmark index to an intraday low of 5,482 points, where it closed.

Market analysts observe that near-term market direction will depend largely on upcoming earnings disclosures, regulatory measures by the Bangladesh Securities and Exchange Commission (BSEC) to improve liquidity, and developments in regional economic stability.

Major banking and pharmaceutical stocks led the market decline, with BRAC Bank, Beximco Pharmaceuticals, National Bank, Islami Bank and Pubali Bank weighing heavily on the index.

Sector-wise, losses were broad-based. Ceramics posted the steepest decline at 2.3%, followed by IT at 2.1% and Mutual Funds at 1.9%. Jute bucked the trend, gaining 3.5%, while Non-Bank Financial Institutions rose 2.3% and Paper edged up 0.3%.

Despite the broader market contraction, trading remained concentrated in a few sectors. Textiles accounted for the largest share of turnover at 28.1%, followed by general insurance at 14.9% and pharmaceuticals at 10.3%.

The day's most actively traded stocks included Saiham Textile, Paramount Textile, Malek Spinning, Dominage Steel, and Sonali Life Insurance.

In the individual price charts, Investment Corporation of Bangladesh (ICB) led the gainers' list with a 9.92% surge, followed by Bangladesh Lamps with 8.72%, Sonar Bangla Insurance with 7.67%, Sonali Life Insurance with 7.16%, and Nurani Dyeing gaining 7.14%.

On the losing side, Saif Powertec registered the highest drop of 9.21%, followed by Information Services Network at 8.52%, Bangladesh Industrial Finance Company (BIFC) at 6.06%, National Bank at 5.88%, and Peoples Leasing declining by 5.55%.

A similar bearish trend played out on the port city bourse. The Chittagong Stock Exchange (CSE) ended significantly lower, with its CSCX index falling 96 points to close at 9,004, while the broader CASPI index plummeted 171 points to settle at 14,660.

South Asian countries need stronger regional partnerships in energy, trade and investment to cushion the impact of geopolitical tensions and disruptions to global supply chains, experts and business leaders said yesterday (4 October).

They said the US-China trade war, Israel-Iran conflict, Russia-Ukraine war and weakened capacity of the World Trade Organization (WTO) have pushed global trade to a critical juncture, making regional cooperation increasingly important.

The disruptions have also exposed South Asian countries to energy supply risks and higher import costs, they said.

"We can build a regional power hub involving Bangladesh, India, Nepal and Bhutan so that we can face global disruptions in trade," said Dibya Mani Rajbhandari, a former member of parliament of Nepal.

He was speaking at a roundtable titled "Rewiring Global Trade", held on the sidelines of the three-day Bay of Bengal Conversation 2026, organised by the Centre for Governance Studies (CGS) at Pan Pacific Sonargaon Hotel in Dhaka.

Rajbhandari also called for greater cooperation among South Asian countries in trade and investment to mitigate the impact of geopolitical tensions.

The session was moderated by Suthikorn Kingkaew, adviser to the KBU Research Institute of Thailand.

Calls to revive regional cooperation

Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA), called for reviving the activities of the South Asian Association for Regional Cooperation (SAARC) to strengthen regional cooperation in trade, investment and energy.

"Trade in the SAARC region should be a win-win situation so that all countries can benefit equally," he said, adding that a lack of warm relations among member states has constrained the region's potential.

Anwar-ul Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries, said Bangladesh has an opportunity to expand trade following the signing of a trade agreement with the United States.

However, he warned that Bangladesh could struggle to fully benefit from the agreement if the US imposes restrictions on the use of Chinese-imported inputs.

"Bangladesh should sign trade agreements with different major trading partners," he said.

Diversification requires greater capacity

Nicolas Weeks, ambassador of Sweden to Bangladesh, said Bangladesh has significant potential in renewable energy, while Sweden and the European Union can contribute technology to support the country's transition.

He also stressed the need to diversify Bangladesh's export base beyond the garment sector.

"The EU can very much be a part of the journey that Bangladesh goes towards diversification of export," he said, stressing the importance of reducing excessive dependence on a single sector.

Weeks said around 44% of Bangladesh's exports go to the European Union, with Sweden accounting for a significant share indirectly through garment companies such as H&M and IKEA.

Smruti S Pattanaik, research fellow at India's Manohar Parrikar Institute for Defence Studies and Analysis, said industrial diversification could not happen overnight.

South Asian countries need to build domestic and regional capacity in strategic industries such as magnets and batteries, she said, noting that China had developed its capacity in these sectors over many years.

Nikolaos Margaropoulos, president of the World Federation of Consuls (FICAC), said the challenge was often not finding opportunities but connecting the right people and building confidence among them.

Technology now provides businesses with extensive information about markets, but stronger networks are needed to turn those opportunities into actual trade and investment, he said.

Imran Karim, chairman of Confidence Power & Energy, Bangladesh, and Sriparna Pathak, professor at O.P. Jindal Global University in India, also spoke at the discussion.

Bangladesh's stock market showed relative resilience in September, with the benchmark DSEX posting the shallowest monthly decline among major regional equity markets, according to Sheltech Brokerage Ltd's monthly market overview.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 47 points, or 0.85%, month-on-month (MoM), to close at 5,550 at the end of September.

In contrast, major regional indices declined between 2.27% and 6.57% during the month.

Indonesia's IDX Composite recorded the steepest decline among the markets reviewed, falling 6.57%, followed by India's S&P BSE Sensex, which dropped 5.82%.

Malaysia's FTSE Bursa Malaysia KLCI fell 4.33%, while Pakistan's KSE 100 declined 3.96% and Vietnam's VN-Index dropped 3.47%.

Sri Lanka's ASPI and Thailand's SET Index declined 2.46% and 2.27%, respectively, during the month.

The comparatively smaller decline in Bangladesh, however, came amid weak trading activity and broad-based selling pressure, suggesting that the market's resilience was relative rather than a sign of strong buying momentum.

A monthly market overview is a periodic assessment of a stock market's performance during a particular month, covering benchmark-index movements, trading activity, market breadth, sectoral performance, major market-moving events and, in some cases, developments in the money market. Such reports help investors assess the direction and underlying strength of the market over a defined period, according to the Sheltech Brokerage.

According to Sheltech Brokerage, average daily turnover on the DSE fell 25.67% MoM to Tk651 crore in September, while market breadth weakened to 0.56, indicating that declining stocks significantly outnumbered advancing issues. Of the traded securities, 238 declined, 134 advanced and 17 remained unchanged. The market capitalisation also fell by around Tk7,200 crore during the month.

The brokerage attributed the market's performance to several domestic and external factors, including an energy-supply crisis, renewed geopolitical tensions, higher fuel prices and Bangladesh Bank's decision to keep its policy rate unchanged.

The market initially witnessed strong buying interest amid optimism over proposed market-development initiatives by the Bangladesh Securities and Exchange Commission (BSEC). The momentum, however, weakened as concerns over energy supplies intensified following the renewed conflict in the Middle East.

The DSEX subsequently fell below the 5,529.40–5,563.60 support zone, according to the brokerage.

Buying interest returned around mid-month after the BSEC held discussions with leading brokerage firms on the prolonged market downturn. Sentiment received further support from Moody's revision of Bangladesh's economic outlook from negative to stable, along with an improvement in domestic gas supplies.

These developments helped the DSEX move towards the 5,600 level before renewed selling pressure emerged towards the end of the month.

The late-month weakness was driven partly by the government's fuel price hike and Bangladesh Bank's decision to keep the policy rate unchanged, despite market expectations of further monetary easing.

Investors also remained cautious ahead of earnings and dividend announcements from companies with June year-end financial reporting.

Blue-chip stocks showed greater stability than the broader market. The DS30 index, which tracks 30 leading companies on the DSE, declined only 0.23% during the month to 2,108.

Sectoral performance, however, remained largely negative. Ceramics was the weakest-performing sector, falling 4.97% during the month, followed by engineering, down 3.46%, and non-bank financial institutions, which declined 3.28%.

Insurance and mutual funds were among the exceptions, posting gains of 4.87% and 11.79%, respectively, according to the report.

Trading activity remained concentrated in a handful of sectors. Textile stocks accounted for 26.03% of total turnover, followed by insurance at 17.53% and pharmaceuticals and chemicals at 11.61%.

Selective mutual fund and insurance stocks also dominated the monthly gainers. Bangladesh National Insurance gained 62.49%, while First Prime Finance Mutual Fund and ICB AMCL Second Mutual Fund advanced 58.85% and 38.89%, respectively.

On the other hand, BD Thai Food, Sharp Industries and Saif Powertec were among the major decliners, falling 20.82%, 19.67% and 17.20%, respectively.

Sharp Industries, Saiham Textile, Envoy Textiles, IPDC Finance and Malek Spinning were among the most actively traded stocks during the month.

The money market also showed mixed trends in September, with government security yields moving in different directions across maturities.

Yields on short- to medium-term government securities declined sharply during the month. T-bill yields fell by 50–57 basis points, while yields on five-year and 10-year Treasury bonds declined by 77 basis points and 81 basis points, respectively.

In contrast, yields on 15-year and 20-year Treasury bonds increased by 24 basis points each, resulting in a significant steepening of the yield curve at the longer end.

The spread between the 20-year and 91-day securities widened from 19 basis points in August to 97 basis points in September, highlighting the divergent movement in short- and long-term borrowing costs.

The Bangladesh Securities and Exchange Commission (BSEC) has directed the Dhaka Stock Exchange (DSE) to complete the transfer of 30.78 lakh shares of Dominage Steel Building Systems Limited to the new owners within seven days.

The shares are currently held by the company's sponsors/directors and are subject to restrictions during the prohibitory period.

In a letter issued to the DSE on 28 September, the BSEC said the transfer could proceed despite the restriction because the transferees would acquire the entire shareholding of the transferors and take charge of operating the company.

The commission also said the transferred shares would remain under lock-in and the transfer would not affect the interests of general shareholders.

The DSE has therefore been directed to complete the transfer within seven days. All other conditions imposed in the BSEC's earlier letter dated 27 August 2026 will remain unchanged.

The DSE had sought BSEC's guidance before processing the transfer because of the relevant provisions of the Bangladesh Securities and Exchange Commission (Beneficiary Business Prohibition) Rules, 2022.

The rules are intended to prevent related persons from gaining an advantage by using internal or confidential information. They impose restrictions on share transactions by sponsors, directors and other related persons during specified periods and under specified circumstances.

As the Dominage Steel shares held by the sponsors and directors were covered by such restrictions, the DSE sought clarification from BSEC on whether and how the proposed transfer could be processed.

In response to the DSE's 15 September letter, BSEC said that although the transferors are restricted from transferring shares during the prohibitory period, this particular transaction could proceed.

The commission considered that the new owners would acquire the entire shareholding covered by the transfer, assume responsibility for operating the company, and keep the transferred shares under lock-in. As a result, the interests of general shareholders would not be affected.

Earlier, on 27 August, the BSEC conditionally approved the proposed transfer of 3.078 crore shares, equivalent to around 30% of Dominage Steel, to Akij Resources Limited, Sheikh Jasim Uddin and Faria Hossain.

The shares are to be transferred from the company's sponsor-directors to the new investors.

The proposed transaction will be executed through an off-market negotiated transaction under CDBL Bye-Laws 11.6 through a matched transaction.

The company's board had approved the proposed sale of the sponsor-directors' shares at a meeting on 25 April. The company subsequently applied to the BSEC for approval of the transfer.

The latest BSEC decision clears the way for the transfer of the sponsor-directors' entire shareholding covered by the proposal.

The commission specifically noted that the new investors would acquire the full shareholding of the transferors and take charge of operating the company.

This means the transaction involves not only a change in share ownership but also a potential change in the company's management and control.

The transferred shares will remain under lock-in, as required by the regulator.

Dominage Steel has been facing financial and operational challenges for some time.

During July-December of FY2025-26, the company's revenue fell 54% year-on-year to Tk5.75 crore. It incurred a net loss of Tk0.94 crore during the period, resulting in a loss per share of Tk0.09.

The company has also faced scrutiny over its operational activities. During a DSE inspection in late 2025, its factory in Narsingdi was found closed.

The company, however, said its Savar unit remained operational. It also explained that its engineering and construction business is largely project-based, meaning continuous production is not required at all of its facilities.

The BSEC's latest instruction has moved the proposed ownership change closer to completion.

The DSE must now complete the transfer within seven days, while the conditions set out in the regulator's 27 August approval will remain in force.

Once the transfer is completed, the new investors will take over the shares covered by the transaction and assume responsibility for operating the company.

The effectiveness of the ownership change will ultimately depend on how the new owners address Dominage Steel's financial and operational challenges and whether they can restore the company's business performance.