The Bangladesh Securities and Exchange Commission is preparing to use its statutory powers to push government-owned companies, multinational corporations and large private enterprises to list on the stock market, aiming to deepen market liquidity and reduce the economy's heavy reliance on bank financing.

Speaking at the IDLC Capital Markets Conclave 2026, organised by IDLC Investments Limited at a hotel in Dhaka today (10 October), BSEC Chairman Masud Khan said the securities regulator had clear legal authority to require any company or class of companies to go public.

He said the commission preferred voluntary participation but would closely monitor compliance and exercise its enforcement powers where necessary.

Several private sector representatives attended the event.

Directly addressing the widespread reluctance among large private conglomerates to go public, the BSEC chief warned that the current regulatory stance leaves no room for avoidance.

Masud said the commission is undertaking structural reforms to streamline the initial public offering (IPO) process and address longstanding barriers to market entry.

The BSEC has restructured pre-submission verification procedures, placing direct accountability on statutory auditors to reduce delays in processing applications, he said.

The commission has also revised its valuation approach, moving away from institutional consensus requirements and traditional dividend discount models towards a price-discovery mechanism based on Dutch auction principles, according to Masud.

He argued that large companies could benefit from listing by gaining access to long-term capital and strengthening their prospects for expansion and succession planning. He cited multinational manufacturers such as Honda, Toyota, BMW and Mercedes-Benz, as well as regional business groups such as Tata and Lafarge, as examples of enterprises that evolved from family-run businesses into major corporations.

He also said greater reliance on transparent banking transactions and stricter tax oversight is making opaque financial practices increasingly difficult to sustain.

In parallel, market authorities are advancing reforms to activate the corporate bond market by shifting corporate debt instruments directly to the main board instead of the underutilised Alternative Trading Board. With approximately Tk3,500 crore in corporate bonds approved under strict main-board listing parameters, regulatory leaders project a vibrant debt market in the coming months.

Concurrently, efforts are underway to reactivate Central Counterparty Bangladesh Limited to modernise settlement operations and pave the way for sophisticated instruments such as derivatives and short-selling.

Welcoming guests to the conclave, Jamal Uddin, CEO of IDLC Finance and chairman of IDLC Investments, underscored the strategic imperative of bringing established enterprises into the market to build an effective alternative for long-term corporate financing.

He highlighted that while the banking sector remains an indispensable foundation for the economy, over-reliance on bank credit creates severe financing pressures that a robust equity market could alleviate.

Echoing these views, Kazi Mahmood Sattar, chairman of IDLC Finance, stressed that the historical over-dependence on bank credit has revealed severe structural limitations, particularly as non-performing loans in the banking sector have escalated past 20%.

He argued that expanding equity and bond markets is essential to relieve pressure on commercial banks during economic downturns, urging corporate entities and the government to utilise capital market instruments for large-scale long-term funding.

Detailed analytical perspectives were presented by Nazneen Ahmed, executive director at the Centre for Policy Dialogue, who stressed that restoring retail investor confidence hinges entirely on market transparency, strong governance, and the entry of reputable, high-performing enterprises.

She noted that general investors often retreat from equity markets due to unexplainable index volatility, making strict regulatory oversight and balanced financing structures essential for job creation and sustainable economic expansion.

Highlighting the practical hurdles faced by expanding businesses, Mesbah Uddin Ahmed, managing director at IDLC Investments, outlined four core challenges confronting scaled enterprises: excessive debt dependency, complex asset valuation and liquidity bottlenecks, difficult family-to-corporate leadership transitions, and high founder dependency.

He explained that listing on the capital market resolves these operational barriers by providing permanent equity, separating ownership from professional management, and instilling high standards of accountability.

Analysing historical market dynamics, Dhaka Stock Exchange Chairman Mominul Islam remarked that the capital market remained disconnected from mainstream economic planning for decades due to past mismanagement and systemic inefficiencies.

He pointed out that while leading institutions like Renata, ACI, Square, and Uttara Bank listed during earlier market phases, the rapid expansion of private sector banking in the 1990s made bank credit overly accessible, reducing the incentive for quality firms to list. "This shortage of quality scrips created space for weaker companies and market manipulation, driving institutional capital away," Mominul added.

Addressing broader macroeconomic realities, Imam Abu Sayed, executive director (research) at the Bangladesh Bank, observed that while global institutions forecast GDP growth around 4%, the country holds an underlying potential exceeding 7%.

With manufacturing accounting for nearly 25% of the economy, he noted that industrial growth has shown signs of saturation, requiring enhanced professional competence and international-standard licensing in financial deal-making. He added that inflation, currently around 9.5%, remains tightly linked to international market volatility in capital machinery and raw material imports.

Representing the real sector, MA Rahim, vice chairman of DBL Group, shared practical insights on corporate restructuring, highlighting his conglomerate's experience in managing generational succession of second-generation family members returning from abroad.

Rahim urged regulators to fast-track approval timelines, eliminate double taxation burdens, and evaluate expanding companies on independent performance merits rather than rigid sector-wide averages.

The benchmark index of the Dhaka Stock Exchange (DSE) slipped below the 5,500-mark this week as investors continued selling amid persistent domestic economic headwinds and concerns over weak corporate earnings.

Market operators said investors remained cautious in the ongoing earnings season, while lingering economic challenges kept them on the defensive and clouded prospects for a sustainable near-term recovery.

The latest fuel-price hike has emerged as a fresh concern for the stock market, with higher transport, production and distribution costs threatening to squeeze corporate profit margins.

"The market was already under pressure, while the latest fuel-price hike has emerged as a major concern because of its potential impact on corporate earnings," said a stockbroker.

Higher fuel costs could slow earnings growth for many listed companies in the coming quarters, he said.

The concern was compounded by Bangladesh Bank's decision to keep its policy rate unchanged at 9.5 per cent, reinforcing expectations that borrowing costs will remain elevated for some time.

A prolonged tight monetary policy could keep corporate financing costs high and limit the scope for an investment-led recovery. It could also make fixed-income instruments more attractive to risk-averse investors than equities.

"Most investors are adopting a wait-and-see approach in the absence of strong positive triggers, while persistent domestic economic challenges continue to weigh on risk appetite," said the stockbroker.

Another leading broker said investors were not seeing enough positive catalysts to take fresh positions aggressively. They were instead reassessing their portfolios and shifting towards stocks with relatively stronger fundamentals or those that had undergone significant corrections, he added.

The market started the week on a downbeat note as investors remained concerned about weaker earnings from June-closing companies and reshuffled their equity exposure accordingly.

Selling pressure intensified in the following sessions, triggering broad-based declines as investors remained sceptical about the prospects of a sustainable near-term recovery.

The market, however, staged a modest rebound in the final two sessions as bargain hunters picked up recently corrected stocks at relatively attractive prices. The recovery was not strong enough to recoup the earlier losses, leaving the broader market subdued.

Of the five trading sessions, the first three closed lower, while the final two edged higher.

The benchmark DSEX index lost 56 points, or 1.01 per cent, over the week to close at 5,475. It has shed 102 points over the past two consecutive weeks.

The DS30 index, comprising blue-chip shares, however, rose just 2 points to 2,105, while the Shariah-based DSES index lost 13 points to 1,087.

EBL Securities, in its weekly market analysis, said the market extended its losing streak as selling pressure intensified during the week, triggering broad-based declines amid scepticism over the prospects of a sustainable near-term recovery.

The market staged a modest rebound towards the end of the week as opportunistic bargain hunters accumulated recently corrected scrips, although the recovery remained insufficient to recoup the losses accumulated earlier in the week, it said.

Selective large-cap stocks, including Islami Bank, United Commercial Bank, Beximco Pharma, Walton Hi-Tech Industries and Square Pharma, together contributed more than 19 points to the weekly decline in the DSEX.

Trading activity also weakened during the week. Total turnover on the DSE stood at Tk 37.82 billion, compared with Tk 35.30 billion in the previous week, while average daily turnover declined more than 21 per cent to Tk 5.56 billion from Tk 7.06 billion in the week before.

The textile sector dominated turnover, accounting for 29.5 per cent of total trading activity. General insurance followed with 10.9 per cent, while pharmaceuticals accounted for 10.5 per cent.

Market breadth remained firmly negative, with 290 issues declining against 81 advancing, while 14 remained unchanged.

Most sectors closed in the red. Among the major sectors, mutual funds recorded the steepest decline of 6.4 per cent following recent sharp gains. Pharmaceuticals, non-bank financial institutions, engineering and banking sectors also declined.

Saiham Textile emerged as the week's most-traded stock, with shares worth Tk 1.30 billion changing hands. Paramount Textile, Evince Textile, BRAC Bank and IPDC Finance followed in turnover.

The Chittagong Stock Exchange (CSE) also ended the week lower. Its All Share Price Index (CASPI) shed 171 points to close at 14,660, while the Selective Categories Index (CSCX) lost 83 points to 9,017.

Bangladesh is set to conduct feasibility study on the long-stalled Teesta river-management project on its own to avoid any external meddling and get a better way of managing the cross-border water basin, officials said.

Since the proposed Teesta project is a geopolitically sensitive one, the Bangladesh government wants to conduct the feasibility study with its own funds for finding out viability and justification for the water-management project, they added.

"There some geopolitical issues involved in the Teesta river-management project. This time, the government itself wants to go for the feasibility," a senior official of the Ministry of Water Resources told The Financial Express.

Bangladesh Water Development Board (BWDB) has recently undertaken a Tk 233.40-million project for feasibility study and sent to the Planning Commission (PC) for approval.

"We have undertaken the feasibility-study project before going to develop the water-management system and river-restoration programme in the Teesta basin," said a senior BWDB official.

The proposed project for development of the river waters will cover five northern districts--Nilphamari, Lalmonirhat, Rangpur, Kurigram and Gaibandha.

Bangladesh has a stretch of 120-km water flow out of the total 315 kilometres in the Bangladesh-India cross-border Teesta River. The river originated in Sikkim, India.

The project is among the most closely watched infrastructure initiatives in the country, and it has drawn interest from major regional and global powers.

The past interim government last year sent a Preliminary Development Project Proposal (PDPP) to Chinese seeking necessary funds for the 1st phase of the "Teesta River Comprehensive Management and Restoration Project (TRCMRP)".

The government wanted to start project works in January next and complete the first phase within four years. It ultimately didn't proceed and the current BNP-led government now prepared the feasibility-study project for a better start-off.

Meanwhile, during Prime Minister Tarique Rahman's visit to China in June last, the two countries advanced cooperation on the Teesta project, including a new feasibility-study effort.

Besides, nearly a decade ago in September 2016, a memorandum of understanding (MoU) was signed between BWDB and China's state-owned Power Construction Corporation (Power China). But that project didn't advance either due to "shifting geopolitical circumstances".

Water resources ministry officials have said the fresh study would be crucial to taking the plan toward implementation, and that it would determine the precise locations and scope of the proposed works.

They stress that this is not the end of the planning stage. Environmental-impact assessment, final design, government approval, financing and field-level implementation would have to be done after the feasibility study.

According to the feasibility-study project proposal, the BWDB would conduct the study between October 2026 and March 2028.

Under the component-1 of the study project, the Board will analyse river erosion, flood, sedimentation and water-scarcity problem, and will develop "adaptive, integrated and sustainable plan".

In the componenent-2, the water development board will develop high-quality and scaled physical model representing the Teesta River focusing area under realistic hydrodynamics and sediment-transport condition, and prepare detailed data-sheet to support calibration, validation and performance evaluation of the models.

The Teesta originates in the Himalayas, flows through Sikkim and West Bengal and enters northern Bangladesh before falling into the Jamuna River.

Bangladesh's section of the river supports irrigation, agriculture, fisheries and the livelihoods of communities in the Rangpur region.

The proposed TRCMRP aims to manage the river as a basin-wide infrastructure and restoration project, with several objectives like reducing riverbank erosion and monsoon flooding, dredging sediment and improving river-channel management, storing and managing water to help address dry-season shortages.

Also, the project aims to reclaim land for agriculture and other economic activities; improve embankments, transport links and river access, restore the river ecosystem, and support communities along its banks.

The Teesta plan comes as the government commits heavily to water infrastructure. It recently approved the first phase of the Padma Barrage project, worth over Tk 330 billion.

Bangladesh and India have negotiated a proposed interim water-sharing agreement for years. A draft was finalised in 2011, but it was not signed. India's federal and state-level political considerations, including the position of West Bengal, have been major obstacles to reaching agreement.

In their September 2022 joint statement, the two countries reiterated the need to work towards a Teesta water-sharing agreement. India's official position has also referred to reaching an equitable agreement acceptable to all stakeholders.

The central issue is seasonal water availability. Bangladesh needs sufficient dry-season flow for irrigation and livelihoods, while farmers and water users in India's West Bengal also depend on the river.

The bearish trend in Bangladesh's stock market continued last week, with average daily turnover on the Dhaka Stock Exchange (DSE) falling 21% and its benchmark index declining 1.01% over five trading sessions.

The DSEX lost 56.07 points, closing at 5,475.58 points. Average daily turnover fell to Tk556 crore, while market capitalisation declined 0.25% to Tk6.84 lakh crore.

The market began the week unfavourably, as the DSEX experienced declines for three consecutive sessions before managing a recovery in the final two days. However, the late-week gains were insufficient to offset the earlier losses.

The index fell 0.89% on Sunday, 0.68% on Monday and 0.37% on Tuesday before gaining 0.72% on Wednesday and 0.21% on Thursday.

The blue-chip DS30 index edged up 2.13 points, or 0.10%, to 2,105.68 points. The Shariah-based DSES index fell 13.28 points, or 1.21%, to 1,086.97 points, while the large-cap CDSET index advanced 5.22 points, or 0.47%, to 1,108.48 points.

Market breadth remained heavily negative. Of the 385 stocks traded on the DSE, 290 declined, 81 advanced and 14 remained unchanged, meaning roughly three-fourths of the traded stocks ended the week lower.

Islami Bank Bangladesh, United Commercial Bank, Beximco Pharmaceuticals, Walton Hi-Tech Industries and Square Pharmaceuticals were among the major contributors to the DSEX's decline.

Mutual funds recorded the steepest sectoral fall, dropping 6.60% over the week. General insurance stocks declined 5.16%, non-bank financial institutions (NBFIs) fell 0.78% and life insurance stocks lost 0.33%. Bank stocks bucked the trend, edging up 0.04%.

Among large-cap non-financial sectors, pharmaceuticals recorded the biggest decline, falling 1.05%. Food and allied stocks slipped 0.19%, while engineering stocks lost 0.05%. Telecommunication stocks gained 0.27%, and fuel and power advanced 0.15%.

Textile stocks accounted for 32% of total DSE turnover, making the sector the largest contributor to trading activity. Pharmaceuticals accounted for 9.8%, followed by general insurance at 9.5%. Saiham Textile, Paramount Textile and Evince Textile were the most actively traded stocks during the week.

Apex Foods led the gainers, with its share price rising 26.66%, followed by Bangladesh Lamps at 17.10% and Aziz Pipes at 12.96%. Phoenix Finance First Mutual Fund was the worst performer, plunging 22.73%. Silva Pharmaceuticals fell 16.80%, while MBL First Mutual Fund declined 16.67%.

The Chittagong Stock Exchange (CSE) also recorded losses. Its All Share Price Index (CASPI) fell 1.15% to 14,661 points, while the Selective Categories' Index (CSCX) declined 0.92% to 9,017 points.

Despite the weekly setback, the DSE's major indices remained in positive territory year to date. The DSEX gained 12.54%, the DS30 rose 13.60%, the DSES advanced 8.62% and the CDSET increased 10.32%.

In its weekly market review, EBL Securities said the ailing capital market had extended its recovery for a second consecutive session, offering some respite from the recent downturn as bargain hunters returned to accumulate beaten-down stocks at increasingly attractive prices.

The market remained volatile, with trading reflecting active participation from both buyers and sellers. Stronger buying helped the market close in positive territory, although broader investor sentiment remained subdued amid expectations of lacklustre corporate earnings, the review said.

Bangladesh is set to seek US$1.0 billion in budget support from Japan during Prime Minister Tarique Rahman's tour later this month.

Officials have said the total sum will be sought in two instalments--$500 million in the current fiscal year and as much in the next year.

The prime minister is expected to undertake a 4-day Japan tour on October 26 for talks aimed at advancing bilateral cooperation, particularly in fields of trade, investment and economy.

The country received some $3.11 billion in budget support from the development partners in the fiscal year 2025-26 to tackle the economic shocks stemming from the prolonged conflicts in the Middle East.

Bulk of the money went for financing higher import costs of fuel oils, liquefied natural gas (LNG) and food items in particular.

Most of the amount came from the World Bank, the Asian Development Bank (ADB), Japan International Cooperation Agency (JICA) and the Asian Infrastructure Investment Bank (AIIB).

In FY 2024-25, Bangladesh had received some $3.0 billion in budget -support credits from the development partners.

However, according to Finance Division officials, the country is yet to receive any budget-support credit during the last three months of the current fiscal year.

Final negotiation is now set to begin to secure some $100 million from the OPEC Fund for International Development (OFID) as budget support that the government sought from the agency last year to cushion shocks from energy crisis. In FY'25, Bangladesh got $110 million from OFIDF as budget support.

According to officials concerned, presently no discussion is ongoing with the Japan International Cooperation Agency or JICA for any budget-support credit. In the last fiscal year, Bangladesh got $316 million from JICA and $414 million in FY'25.

Thus, the budget credit will be sought from JICA to manage higher spending for sourcing fuel oils and liquefied natural gas as their prices mounted due to conflict in the Middle East.

At present, initial discussion is going on with the Asian Development Bank to secure a number of budget-support credits but those may not be finalised before next March, officials say.

Bangladesh's economy began facing severe crisis since early 2022 when Russia invaded Ukraine that caused huge disturbance to the global economy, pushing up inflation significantly across the world.

The price hike of key commodities globally and fall of remittance inflows and export earnings had lowered the foreign-exchange reserves, forcing the government to take severe austerity measures.

To tackle the crises the government was forced to seek financial support from the International Monetary Fund (IMF) to support its dwindling economy. Subsequently, the IMF in January 2023 approved $4.7-billion loan for Bangladesh.

The Middle East conflicts early this year further pushed up fuel-oil and LNG prices following production and transportation disruptions, making the government spend millions as subsidy.

The subsidy spending is growing over the years, raising the operating expenditure of the government. So the government is looking for higher budget-support funds, to tackle the energy-price shock.

Dr Zahid Hussain, a former lead economist at the World Bank's Dhaka office, earlier told The Financial Express getting budget-support credit from development partners in many aspects depends on government's comfort position with the IMF.

"We need to cut budgetary spending as much as possible to face the crisis," he said, adding that containing spending will help lower import and thus the requirement of foreign currency will lessen.

He has suggested maintaining exchange-rate flexibility and ensuring that no gap remains between domestic and international energy prices.

Solar power can reduce Bangladesh's dependence on imported fuels, save valuable foreign currency and strengthen the country's energy independence, Finance and Planning Minister Amir Khosru Mahmud Chowdhury has said.

He was speaking as chief guest at the unveiling of the Walton Solar Ecosystem at Walton Corporate Office in Dhaka today (10 October).

"Solar power is an environmentally friendly source of electricity. What Walton is doing with solar technology is something that is expected to expand across Bangladesh. Over the next one or two years, the country is expected to generate a substantial amount of electricity from solar energy. This will help meet people's electricity needs at lower costs," the minister said.

"Solar energy can be used not only for lighting but also to operate refrigerators, air conditioners, washing machines, ovens and a wide range of other electronic appliances. We hope people across the country will increasingly adopt solar energy solutions," he added.

After the inauguration, the minister toured an exhibition of solar panels, cables, energy storage inverters and batteries, hybrid refrigerators, air conditioners and smart televisions, as well as solar-powered washing machines, cookers, ovens, BLDC fans and LED lights.

The solar ecosystem combines solar generation, energy storage, supply to the national grid and the operation of household appliances. Walton has set up rooftop and floating solar projects at its factories with a combined capacity of 32 megawatts (MW), which the company says matches the electricity demand of a large district town.

Most of the power is used in Walton's own manufacturing, which helps cut energy costs. The company also supplies about 1,150 megawatt-hours (MWh) of solar electricity to the national grid annually through net metering.

Officials said Walton's hybrid air conditioners, refrigerators and smart televisions can run directly on solar power in sufficient sunlight, without battery storage. When solar output falls short, the system automatically draws the difference from the national grid.

Walton Hi-Tech Industries PLC Chairman S M Shamsul Alam said the initiative would help customers reduce electricity bills, expand renewable energy use and lower carbon emissions.

Vice-Chairman SM Ashraful Alam said it would create new business opportunities and strengthen the company's financial position, creating long-term value for capital market investors.

Managing Director SM Mahbubul Alam said Walton's ambition goes beyond "Made in Bangladesh". "We want to innovate and develop advanced technologies in Bangladesh and demonstrate the country's technological capabilities in the global market," he said.

Directors SM Rezaul Alam, SM Monjurul Alam Ovee and Tahmina Afrose Tanna were also present.

Bangladesh's overall economic activity slipped into slight contraction in September as manufacturing, construction and services weakened, pushing the country's Purchasing Managers' Index (PMI) down 1.3 points month on month to 48.6, while agriculture remained resilient.

The decline reflected persistent weakness in manufacturing and a return to contraction in construction, while services remained marginally in contraction. Agriculture continued to expand.

The Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, and Policy Exchange Bangladesh (PEB) released the Bangladesh PMI report on Thursday.

The PMI is a pioneering initiative aimed at providing timely and accurate insights into the country's economic health to help businesses, investors and policymakers make informed decisions.

It was developed by MCCI and Policy Exchange, with support from the UK Government and technical support from the Singapore Institute of Purchasing & Materials Management (SIPMM).

Dr M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, said, "The September PMI shows that Bangladesh's economic dynamism remains under pressure, as weakness in manufacturing, construction and services weighed on overall performance."

"Agriculture's continued expansion provides resilience, while slightly positive expectations across all sectors offer a basis for recovery. Strengthening domestic and export demand, ensuring reliable energy supply, easing financing constraints and containing cost pressures will be important to restore momentum," he added.

The agriculture sector recorded its 13th consecutive month of expansion, although the index declined by 1.3 points to 55.2.

New orders, new export orders, output, stocks of input purchases and finished goods, and imports continued to contract at a faster rate.

Employment reverted to marginal expansion, while input prices continued to rise. Order backlogs recorded a strong contraction, while supplier delivery times recorded slower expansion, it said.

The manufacturing sector declined by 2.6 points to 44.8, recording contraction.

The construction sector returned to contraction after expanding in August, declining by 3.8 points to 48.5. New business and construction activity contracted, while employment remained unchanged. Input costs continued to expand strongly, but at a slightly slower rate. Order backlogs reverted to expansion.

The services sector recorded a second consecutive month of marginal contraction, declining by 0.2 points to 49.0. New business and business activity reverted to contraction, while employment experienced slower contraction. Input costs expanded strongly, while order backlogs remained in contraction.

Respondent feedback for September reflected a cautious and mixed outlook for future business conditions.

Some firms expected activity to improve in the coming months, supported by confirmed orders, reliable buyers and the prospect of stronger seasonal demand during the approaching winter and peak business season.

However, many respondents remained concerned about repeated fuel and oil price increases, rising input and operating costs, weak consumer purchasing power, electricity and gas shortages, and limited access to bank financing.

Several firms also noted that prevailing economic uncertainty made it difficult to plan ahead, with some anticipating further deterioration if fuel prices and other cost pressures continue to rise. Overall, the feedback indicates that business confidence remains cautious. Future prospects will depend largely on stronger domestic demand, reliable energy supply, improved access to finance and a reduction in cost pressures.

Looking ahead, the Future Business Index indicates expansion across all four sectors, reflecting cautious optimism about business conditions.

Chattogram Custom House's revenue collection rose nearly 11% year-on-year in the first quarter of the current fiscal year, but the customs station still fell Tk9,949 crore short of its revenue target as September imports and assessable values declined.

The customs house collected Tk22,083 crore in July-September of FY27, up from Tk19,902 crore a year earlier, according to data from the Asycuda World system. However, the collection was 31% below the quarterly target of Tk32,032 crore.

The shortfall came as total import volume through the customs house declined 4.1% year-on-year in September, while the assessable value of imports fell 2.98%.

Sharif Al Amin, assistant commissioner and spokesperson for Chattogram Customs House, said revenue collection largely depends on import volume. However, the quarter's growth came largely from imports of goods with higher import duties.

"Despite the decline in import volume in September, revenue grew substantially in the first quarter as imports of high-value goods increased," he said.

On the gap against the target, Al Amin said the customs house remained behind its target in the first quarter but expected to recover the shortfall in the coming months.

Import volume and value fall in September

In September, customs handled 90.84 lakh tonnes of imports, down from 94.73 lakh tonnes a year earlier, while the assessable value fell to Tk48,642 crore from Tk50,136 crore.

The decline was concentrated in major duty categories. Imports under the 0% duty category fell by 1.44 lakh tonnes, while their assessable value dropped 9.26% to Tk21,694 crore.

The 15% and 25% duty categories also recorded lower import values, with assessable values declining by Tk513 crore and Tk695 crore respectively.

The 5% duty category presents a more striking picture. Import volume rose 1.24%, but its assessable value plunged 35.53% to Tk4,174 crore.

This suggests that the composition of imports within the category or international commodity prices had a significant effect on the customs valuation.

The 10% category showed an opposite trend. Its import volume declined marginally by 5,963 tonnes, but the assessable value increased by Tk469 crore, or 9.90%, to Tk5211 crore.

25% duty slab remains biggest revenue source

Chattogram Customs collected Tk7,581 crore in September, up 8.31% year-on-year from Tk7,000 crore. But the collection was 27.90%, below the Tk10,502 crore monthly target.

The 25% duty category remained the largest source of revenue for Chattogram Customs in September, but collections from the slab fell 21% year-on-year to Tk2,033 crore.

The decline in the highest-duty category was particularly significant because of its large contribution to total customs revenue.

Revenue from the 5% and 15% duty categories also declined, falling 28.32% to Tk873.40 crore and 21.85% to Tk590 crore, respectively. Collections from the 1% category plunged 79.76% to Tk48.50 crore.

The declines were partly offset by stronger collections from other slabs. Revenue from the 3% category surged 241%, while collections from the 10% and 0% categories rose 8.72% to Tk1,336 crore and 9.39% to Tk804 crore, respectively.

Quarterly trade activity expands

The broader first-quarter picture was stronger, with total import volume rising 3.63% to 2.50 crore tonnes and assessable value increasing 9.26% to Tk1,46,801.56 crore.

The increase in trade activity helped drive 10.96% growth in customs revenue, although performance varied across duty categories.

The 0% category remained the largest by import volume, rising 10% to 1.13 crore tonnes, while its assessable value increased 8% to Tk66,271 crore.

The 3% category recorded the sharpest expansion, with import volume more than tripling and assessable value surging 394% to Tk6,672 crore.

In contrast, import volume under the 1% category fell 60%, while the 5% category saw a 1.64% decline in volume and a 26% drop in assessable value.

A new International Monetary Fund (IMF) lending programme for Bangladesh is set to be bound by strings like introducing excise duty on fuel and establishing credible estimates of banks' undercapitalisation.

Officials have said preliminary discussions between the IMF and the Bangladesh government have identified several new conditions for the proposed US$4.5-billion loan programme spanning three years.

A delegation led by Finance Minister Amir Khosru Mahmud Chowdhury will attend the seven-day IMF-World Bank annual meetings beginning Monday in Bangkok, the capital of Thailand, when a decisive discussion is likely to take place on the sidelines.

The proposed conditionalities were recently shared with the Ministry of Finance, following several virtual meetings based on the IMF staff's visit in July, its January Article IV staff report and discussions during the spring meetings.

Detailed discussions on the new loan programme will be held with IMF representatives in Bangkok. Senior officials from the Finance Division, Financial Institutions Division, Bangladesh Bank and the National Board of Revenue (NBR) will join the meetings.

Officials familiar with the developments and involved in the process of reviewing observations from the last scoping missions in July said the IMF was serious about conducting a system-wide assessment of banks and preparing bank-specific resolution plans.

The multilateral lender has asked Bangladesh not to rely primarily on the recovery of non-performing loans (NPLs) as a source of funding for bank resolution.

It has also sought clarification on the scope and modalities of fiscal support and burden-sharing, subsidy reductions, and the phased withdrawal of all tax exemptions.

Bangladesh needs to provide a realistic, time-bound implementation plan for the reforms recommended by the IMF, the officials said.

A major emphasis under the proposed credit programme is on conducting a time-bound Asset Quality Review (AQR) of banks, they added.

The IMF has sought AQR findings as the primary basis for determining recapitalisation needs and bank-resolution costs.

Its staff has requested Bangladesh to complete a comprehensive triage of all banks and share the results with the Fund.

The IMF has proposed classifying banks into three categories based on their viability: viable banks without solvency concerns, viable but undercapitalised banks, and non-viable or insolvent banks.

For all weak and non-viable banks, the IMF has sought bank-specific resolution strategies based on the least-cost principle. These would determine the appropriate allocation of losses, recapitalisation needs, fiscal -support requirements and implementation timelines for each bank.

It has also sought a detailed assessment of merged banks, including how they will restore capital adequacy, absorb losses and ultimately eliminate their reliance on central-bank support.

On fiscal measures, the IMF's recent technical assistance (TA) recommendations include overhauling the existing tax system to broaden the tax base, modernising excise duties on tobacco and introducing excise duty on fuel.

Similar to the previous loan programme, which the present government decided not to continue, the IMF has recommended repealing statutory regulatory orders (SROs) providing tax and VAT exemptions, market-based exchange rate, increasing tax-to-GDP ratio and introducing a standard 15-percent VAT rate.

The IMF has also reiterated the need to continue the automatic fuel-pricing mechanism, cut fertiliser subsidies and reduce excessive reliance on withholding taxes for revenue mobilisation.

Earlier, on January 30, 2023, the IMF approved a $4.7-billion loan arrangement for Bangladesh. The then Awami League government had sought the assistance through a letter sent in July 2022.

Of the seven instalments under that arrangement, $3.64 billion had been disbursed in five instalments. During the interim government, the size of the loan programme was increased by $800 million to $5.5 billion in June 2025.

However, the current government was not interested in continuing with the programme because of changing economic challenges and stringent conditions. It informed the IMF of its position during the IMF-World Bank spring meetings in April this year.

On June 3, the government formally sent a letter seeking a new loan programme. The IMF subsequently welcomed the move in a press release.

Zahid Hussain, former lead economist at the World Bank's Dhaka office, told the FE that the government had not continued the automatic fuel-pricing mechanism and other reform measures recommended by the IMF.

He thinks the conditionalities under the new programme would remain largely similar, focusing on revenue mobilisation and banking-sector reforms.

*Regarding energy subsidies, Bangladesh might be able to convince the IMF to consider the country's current circumstances," he said, adding that banking-sector reform would be the main point of discussion.

He has noted that the AQR process had made little progress and should be conducted by reputed audit firms.

Under the previous lending package, Bangladesh was supposed to receive the full $5.5 billion in instalments by 2027. The IMF had also set deadlines for completing specific reforms as conditions for releasing the instalments. However, many of the reforms missed completion timelines.

Bangladesh Bank (BB) has instructed banks and financial institutions to expedite the disbursement of the Tk 50 billion (Tk 5,000 crore) refinancing funds for cottage, micro, small, and medium enterprises (CMSMEs) and meet their full distribution targets by November.

The directive was issued during a meeting between top executives of participating banks and financial institutions and a Bangladesh Bank Deputy Governor at the central bank headquarters on Thursday (October 8). Managing directors and chief executives from 34 banks and five non-bank financial institutions (NBFIs) attended the session.

Briefing reporters after the meeting, Association of Bankers, Bangladesh (ABB) Chairman and City Bank Managing Director Mashrur Arefin said the refinancing scheme was introduced to provide low-interest working capital loans to CMSME entrepreneurs.

“Following the signing of agreements with banks on September 10, loan disbursements commenced, with approximately Tk 4.5 billion (Tk 450 crore) released in the first two weeks,” Arefin said. “The central bank has now urged all participating institutions to complete the full disbursement of the Tk 50 billion (Tk 5,000 crore) fund by November to ensure marginal entrepreneurs receive timely, low-cost capital.”

Broader Campaign Urged for ‘Uddyog’ Project

The meeting also reviewed the progress of Bangladesh Bank’s pilot initiative, the ‘Uddyog’ project, designed to foster youth entrepreneurship across selected districts in various divisions.

Acknowledging that the project has yet to yield the expected response, the ABB Chairman emphasised that banks have been instructed to intensify promotional campaigns at the district, upazila, and union levels.

Under the ‘Uddyog’ scheme, young entrepreneurs—specifically those aged 21 or below—are eligible to receive up to Tk 10 lakh from banks’ Corporate Social Responsibility (CSR) funds alongside an additional Tk 10 lakh in commercial loans.

Banks Deny Non-Cooperation on Closed-Factory Package

Addressing allegations that banks are hesitating to disburse funds under the government’s Tk 600 billion (Tk 60,000 crore) package aimed at restarting closed and semi-closed industrial units, Arefin clarified that banks are fully committed to the initiative.

“There is no question of non-cooperation from the banks,” he asserted. “However, while extending fresh credit to distressed units, banks must carefully evaluate risk parameters to prevent these loans from turning into new non-performing loans (NPLs).”

Thailand is preparing to host the IMF-World Bank Annual Meetings in Bangkok from Oct 12 to 18, with more than 15,000 participants from 191 countries expected for discussions on the global economy.

The gathering will bring together central bank governors, economic policymakers and business leaders, prompting authorities to tighten security and introduce measures to ease traffic in the capital.

Government offices in Bangkok will work from home on Oct 12, 14 and 15 to reduce congestion. Oct 13 is an existing public holiday, while Oct 16 has been declared a special holiday for government offices and banks, with private companies and state enterprises asked to consider suitable arrangements.

Security has been tightened at the meeting venue in central Bangkok and at 21 official hotels, authorities said.

Around 500 Tourist Police officers will help secure the venue, hotels hosting delegates and tourist attractions, using undercover deployments, patrols, drones and motorcade escorts, Tourist Police Bureau Commissioner Phongsiam Meekhanthong said. The arrangements are being coordinated with around 39 embassies.

Visiting leaders include Swiss President Guy Parmelin, whose trip will be the first official visit to Thailand by a Swiss president in 22 years, and Singapore President Tharman Shanmugaratnam, the Thai Foreign Ministry said.

Participants’ spending could generate between 1.05 billion and 2.25 billion baht for the Thai economy, the Finance Ministry said. More than 320 electric vehicles will be used to transport participants and help reduce carbon emissions.

However, weather could pose a challenge during the meetings. Heavy to very heavy rain is forecast for Bangkok and surrounding provinces on Oct 10 and 11, potentially causing localised flooding, the Bangkok Metropolitan Administration warned.

Parts of the capital flooded two weeks ago after 320mm (12.6 inches) of rain fell over three days.

The Bangladesh Securities and Exchange Commission (BSEC) is set to double the minimum turnover or asset threshold for private companies seeking direct listing on the capital market to Tk1,000 crore, tightening eligibility rules to prevent market misuse.

Speaking at events marking World Investors Week, BSEC Chairman Masud Khan revealed that following public feedback on the draft regulation, the commission decided to raise the threshold from the previously proposed Tk500 crore. The finalised regulations are expected to be approved within this week.

Explaining the rationale behind the tougher entry barriers, the regulatory chief noted that Bangladesh's past experience with direct listing highlighted significant vulnerabilities that require safeguards. By establishing a higher financial bar, the regulator aims to ensure that only financially robust and institutionalised private enterprises utilise the shortcut to the main board.

While private sector firms will face the elevated Tk1,000 crore requirement, state-owned enterprises, multinational corporations, banks, non-bank financial institutions, and insurance companies will operate under tailored framework criteria. Telecommunications and ICT infrastructure providers licensed by the BTRC with a minimum paid-up capital of Tk300 crore will also qualify.

Earlier, on 5 October, the finance ministry lifted a 16-year restriction on direct listings, revoking a 2010 circular that prohibited private, state-owned and foreign enterprises from using the route, following formal recommendations from the BSEC.

Under the proposed "Bangladesh Securities and Exchange Commission (Direct Listing of Securities by Stock Exchange) Rules, 2026," eligible companies will be allowed to join the main board by offloading 10% to 20% of existing shares on the secondary market, bypassing the traditional initial public offering (IPO) process and capital raise.

Direct listing was initially introduced in 2006, paving the way for state-owned energy giants like Desco, Power Grid, Jamuna Oil, and Titas Gas, alongside private entities such as ACI Formulations and Navana CNG, to tap the stock market.

However, aggressive price discovery and trading volatility – most notably surrounding Navana CNG in 2009 – prompted regulators to shut down the pathway in 2010. Fresh controversies resurfaced in 2020 during Best Holdings' attempt to seek direct listing on the Dhaka Stock Exchange.

By raising the eligibility bar for private firms, BSEC aims to prevent the recurrence of trading anomalies while offering large, top-tier corporate names a streamlined avenue to go public.

Ocean Aid Services Ltd (OASL) is positioning itself as a bridge between international financiers and Bangladesh's priority energy projects, targeting ventures worth above $50 million under an engineering, procurement, construction and finance (EPC+F) model.

OASL is a Chattogram-based maritime, logistics, and industrial services company that connects international clients and financiers with local operations.

AHM Manzoor Alam, managing director of the company, said they will arrange financing for bankable projects by connecting them with qualified foreign investors and financing groups, but will not invest in the projects themselves.

"We see energy security and the clean-energy transition as complementary priorities," he said, adding that Bangladesh needs long-term capital, technology and project expertise to meet its growing infrastructure demand.

Under OASL's financing criteria, international financiers prefer projects worth more than $50 million, with a two-to-three-year implementation period and an import component.

Manzoor said no project should be treated as a committed investment until it is formally confirmed, adding that specific projects will be settled through official discussions with the relevant ministry, agency, or state entity.

OASL's immediate goal is to open official dialogue with ministries, agencies and state bodies to identify priority projects, followed by feasibility validation, term sheets and financing structures at the appropriate stage.

For EPC+F projects, government support will include naming a sponsoring ministry or state entity, confirming project priority, validating documentation and coordinating with agencies. Where the financing structure requires it, support will also include a sovereign loan arrangement through the finance ministry.

Manzoor said local participation is central to the proposed model.

"International partners will bring technology, engineering expertise, equipment, project management and finance, while OASL will handle local coordination and stakeholder engagement," the managing director said, adding that such projects could create jobs during construction and operation.

The extent of the benefits, Manzoor added, will depend on each project's size, structure and commercial performance.

He pointed to Bangladesh's additional electricity requirements towards 2030 and the relatively small share of renewables in the current mix as creating scope for renewable generation, grid upgrades and storage.

Following a record year in 2025, the value of global trade flows continues to rise, the United Nations said Friday.
The UN Trade and Development (UNCTAD) agency said global trade in goods and services was expected to grow by around four percent in 2026, though this chiefly reflects an increase in prices rather than volumes.

UNCTAD said that in 2025, trade increased by 4.7 percent to reached a record high of $35 trillion.

While trade between China and the United States has declined by more than 20 percent since 2024, East Asia has expanded its trade with both China and North America, UNCTAD said, highlighting a shifting landscape.

The agency also forecasts global growth of 2.6 percent this year, down from 2.9 percent in 2025.

Trade is being driven primarily by products related to artificial intelligence.
Over the 2020-2025 period, developed economies captured approximately 70 percent of the value of foreign investment projects announced in strategic, high-value-added sectors -- notably in semiconductors, energy transition technologies and AI infrastructure.

Within high-value-added sectors, developing economies lead only in critical minerals and strategic materials, in which they account for 60 percent of new foreign direct investment.

UNCTAD said the energy shocks resulting from the conflict in the Middle East had particularly affected import-dependent developing economies, as well as the poorest households.

It also highlighted that development assistance -- a vital source of funding for least developed countries and small island developing states -- is projected to fall by nearly seven percent in 2026, marking its third consecutive annual decline.

General insurer Central Insurance Company's earnings per share (EPS) rose 46% year-on-year to Tk0.76 in July-September 2026, up from Tk0.52 in the same period a year earlier.

The insurer's EPS for January-September 2026 also increased to Tk1.79 from Tk1.45 in the corresponding period of 2025, according to a disclosure filed with the Dhaka Stock Exchange (DSE) today (8 October).

Following the disclosure, the company's share price rose 2.87% to close at Tk43 on the DSE.

Central Insurance's net operating cash flow per share (NOCFPS) jumped to Tk3.37 in the first nine months of 2026 from Tk0.93 in the same period last year. Its net asset value (NAV) per share stood at Tk51.43 on 30 September 2026, up from Tk50.69 on 31 December 2025.

For the year ended on 31 December 2025, the insurer paid a 12% cash dividend to shareholders. It reported EPS of Tk1.87, NAV per share of Tk50.69 and NOCFPS of Tk1.64 for the year, compared with Tk1.85, Tk50.17 and Tk1.50, respectively, in 2024.

Despite the improvement in earnings and cash generation, the company's latest performance comes against a backdrop of unresolved issues raised by its external auditor in the audit report for 2025.

The auditor found a discrepancy between premium collection and VAT returns. Premium collection stood at Tk60.06 crore, while VAT returns showed Tk54.10 crore, resulting in an unexplained difference of around Tk5.96 crore.

The auditor said the company had not provided satisfactory reconciliation for the difference and, consequently, it could not determine whether premium income and related balances were free from material misstatement.

The audit report also raised concerns over unreconciled and unconfirmed balances involving other insurance companies. Amount due from other persons or bodies carrying on insurance business stood at Tk32.59 crore, while the amount due to such entities was Tk10.80 crore. The auditor said these balances remained unreconciled and unconfirmed by third parties, limiting its ability to verify their completeness, existence and accuracy.

The auditor further pointed out that Central Insurance has a subsidiary, Central Insurance Investment Limited, but did not prepare consolidated financial statements.

Another issue flagged in the audit report concerns the company's investment in Central Insurance Investment Limited. The insurer recorded an investment of Tk10 crore in the subsidiary without relevant approval from the Insurance Development and Regulatory Authority (IDRA), according to the auditor.

Self-regulation and strong supervision by associations can help protect investors from scams committed by brokers and asset management companies.

Market intermediaries can self-regulate through their associations by formulating and enforcing their own guidelines, as they do in many countries. The associations may have committees to keep watch on the operations of their members.

But self-regulation should not be limited to encouraging best practices. Any misconduct and violation of the guidelines must be followed by strict action, including the cancellation of membership, experts said.

Talking to the FE, the chief of the Bangladesh Securities and Exchange Commission (BSEC) also stressed the need for self-regulation, which he said would be effective if associations played a role in protecting the interests of investors rather than those of association members.

Referring to India, Arif Khan, vice chairman of Shanta Asset Management, explained how an association can discipline its members.

The Association of Mutual Funds in India, which is registered with the Securities and Exchange Board of India, encourages mutual fund companies to handle complaints through a standard procedure and provide clarity about how unresolved complaints can be escalated. It also promotes cooperation among all the parties involved in resolving investor problems.

Bangladesh also has an association of asset managers. However, the Association of Asset Management Companies and Mutual Funds of Bangladesh is almost non-functional.

A majority of the asset managers have refrained from joining the association because power is heavily concentrated in those with larger shares of assets under management. The structure of the association is framed in such a way that one vote is counted for each mutual fund. So, wealthy asset managers are the decision-makers, heightening the risk of their malpractices being overlooked.

This is the backdrop against which AMCs wanted to form another association, but the commerce ministry ruled it out.

BSEC Chairman Masud Khan said the regulator would appeal to the commerce ministry to facilitate the formation of a "vibrant" association by asset managers.

Many fund managers, however, said scams mostly took place in the management of closed-end funds. The number of such funds is gradually declining, and the regulator has already stopped approving closed-end funds.

Now, open-ended funds are the majority, and there is little scope for embezzling money from them, as unitholders can liquidate their holdings at any time based on the net asset value. Of the total assets worth Tk 130 billion under management, Tk 93.3 billion was under the schemes of open-ended funds as of June this year.

Moreover, officials of the securities regulator said the role of custodians has been expanded in the existing rules for mutual funds (MFs).

The association of stockbrokers appears to be as ineffective as that of the AMCs.

Despite the presence of the DSE Brokers Association (DBA) of Bangladesh, brokers, including Tamha Securities and Moshihor Securities, embezzled huge amounts of investors' money.

FINRA ( Financial Industry Regulatory Authority), a primary regulatory body, regulates brokerage firms in the US. It is funded by brokers, as the DBA is, but its main purpose is to protect investors and promote fair and honest practices in the securities industry.

FINRA has cancelled the memberships of brokerage firms for unlawful or unethical conduct, including fraud and misuse of customer assets.

In 2023, it expelled SW Financial for misleading customers about compensation on pre-IPO securities, excessive trading in customer accounts and failure to supervise its representatives.

A BSEC official, who preferred anonymity, said primary surveillance is mainly conducted by the associations of brokers and AMCs in other countries.

"Unfortunately, DBA fights only for the interest of its members, for example, to broaden the scope of conducting trades with higher free limits."

On the role of the DBA against malpractices by its members, DBA President Saiful Islam said they had no power to take any punitive measure against any member.

Besides, even if a broker's licence is scrapped, it will be able to continue operations without hindrance until its licence is repealed by the regulator. But a broker's membership is withheld after the suspension of its licence by the regulator, Mr Islam said.

Meanwhile, investors get some compensation from the Investor Protection Fund if their brokers deceive them and siphon off their money and securities.

The Fund, created in August 2000, is small in size and so cannot provide full compensation. Brokers are required to contribute Tk 5,000 each quarterly against a turnover of Tk 5 billion. The regulator has also made a provision under which 25 per cent of the interest realised from deposits in the Consolidated Customer's Account (CCA) is transferred to the Fund.

The rules also do not provide for full compensation. Scam victims can get only up to Tk 0.5 million from the Fund.

The Bangladesh Securities and Exchange Commission (BSEC) plans to expedite initial public offerings (IPOs), attract institutional investors and bring more large companies to the stock market, its Chairman Masud Khan said on Saturday.

Speaking at the IDLC Capital Market Conclave at a city hotel, he said retail investors account for nearly 90 per cent of market participants in Bangladesh, highlighting the need to boost institutional participation.

The commission is working to bring pension funds, gratuity funds and life insurance companies into the capital market. It is also seeking to expand open-ended mutual funds and simplify their distribution process.

Mr Khan said the regulator was reforming the IPO approval process, which has historically taken 18 to 24 months. The proposed reforms include greater accountability for statutory auditors, simplified valuation requirements and the introduction of a Dutch auction system for public offerings.

The BSEC has raised the eligibility threshold for direct listings from Tk 5 billion to Tk 10 billion in annual turnover or total asset value. It has also approved around Tk 3.5 billion worth of high-grade asset-backed corporate bonds and directed that corporate bonds be traded on the main board.

The regulator is also working to revive Central Counterparty Bangladesh Limited, introduce artificial intelligence-based market surveillance and formulate regulations for derivatives trading and regulated short selling.

Mr Khan said net foreign purchases reached Tk 700 billion in September, stressing that Bangladesh needed to expand its market capitalisation and attract more large companies to the bourse to improve its position in international market indices.

He urged large domestic businesses and multinational companies to list voluntarily, warning that securities laws empower the commission to require certain companies to join the stock market.

Olympic Industries PLC, the country's leading biscuit manufacturer, has recommended a 35% cash dividend, equivalent to Tk3.50 per ordinary share of Tk10 face value, for the financial year ended 30 June 2026.

The dividend recommendation is subject to shareholder approval at the company's Annual General Meeting (AGM), scheduled to be held virtually on 30 November 2026. The record date has been set for 4 November.

Meanwhile, the company's board has approved the acquisition of two parcels of land totaling about 138.08 decimals in Madanpur, Narayanganj, to support future operational expansion.

Olympic Industries will purchase 68.50 decimals of land for Tk1.64 crore and another 69.58 decimals for Tk1.74 crore. The company will also bear the applicable registration fees, VAT, taxes and other administrative charges related to the purchases.

The company posted a net profit of Tk199.93 crore for the financial year ended 30 June 2026, down 0.55% year-on-year, mainly due to higher income tax expenses.

According to price-sensitive information approved by the company's board of directors today (8 October), earnings per share (EPS) edged down to Tk10 in FY26 from the previous year.

The company said the decline in EPS was primarily attributable to higher income tax obligations during the year.

Despite the marginal decline in profit, Olympic Industries recorded 6.59% growth in sales, with revenue rising to Tk2,954.81 crore in FY26.

Operating profit increased to Tk236.05 crore from Tk231.09 crore a year earlier, while profit before tax rose to Tk279.05 crore from Tk268.99 crore.

Olympic Industries' Net Asset Value per share increased to Tk69.35 as of June 2026, up from Tk62.35 a year earlier, while Net Operating Cash Flow per Share improved to Tk11.79 from Tk11.45.

Global exports of thermal coal are currently on track to register a second consecutive annual contraction.

But thanks to thermal coal’s widest price discount to LNG in four years, coal shipments look set for a late-year resurgence.Benchmark Australian thermal coal export prices are currently around 80 percent cheaper than liquefied natural gas for delivery in Asia.

This cements coal’s place as the most affordable power generation fuel in the region.
The fourth quarter of the year is also the traditional high point for coal demand in Asia.

This is when utilities replenish stocks ahead of the winter heating period.

That combination of a growing price advantage over alternate fuels just as the peak demand period kicks in has the potential to propel coal export volumes sharply higher over the final weeks of the year.

For climate trackers hoping to see a permanent decline in coal use, any late-year renaissance in coal flows may be a disappointment.

But for utilities across the world’s most populous region, the economics of generation may trump climate concerns over the near term. This will ensure coal retains its central role in power production mixes across Asia.

Australian export prices of thermal coal from Newcastle are currently trading around $143 per metric ton.

This is equivalent to around $5.40 per million British thermal units, according to LSEG. That compares to the latest quotes for LNG delivered to Asia of around $25.00 per MMBtu.

This means that high-quality thermal coal is roughly $20 per MMBtu cheaper than LNG in key Asian power markets.

With thermal coal prices from Indonesia routinely at least $1 per MMBtu cheaper than Australian coal, power generators have a strong economic incentive.

They are opting for coal over LNG for the upcoming winter heating season.

Power fuel importers are already into the fuel restocking cycle in preparation for a pick-up in heating demand across major markets.

Major coal-consuming markets include China, Japan, and South Korea.

Those three countries imported around 122 million metric tons of coal during the July-through-September quarter, data from Kpler shows.

That is when power demand for cooling peaks in those countries.

However, those same countries imported an average of 143 million tons of thermal coal during the last quarter of the year in 2024 and 2025.

This is when heating demand peaks.

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That means the combined coal imports of China, Japan, and South Korea alone could jump by around 20 million tons during the last quarter of the year.

For major coal exporters such as Indonesia and Australia, those import trends mean the final months of the year are usually the busiest.

Export data for Indonesia show that average shipment volumes during the October-to-December quarter averaged around 137 million tons for the 2023 to 2025 period.

During the third quarter of 2026, Indonesia shipped out just under 107 million tons. This was the lowest tally for that quarter since 2021.

Australia also tends to see export volumes reach their peak during the final quarter. Exports averaged around 55 million tons for the October-to-December period from 2023 through 2025. During the third quarter this year, Australia’s export tally was 52 million tons.

If utilities across East Asia ramp up their coal import orders, Indonesia and Australia will see a significant rise in purchase orders.

Combined fourth-quarter volumes out of Indonesia and Australia averaged around 192.5 million tons from 2023 through 2025, Kpler data shows.

Total exports from those countries were around 159 million tons during the July-to-September quarter of 2026.

Exports could see a nearly 30-million-ton climb during the final quarter of 2026 if previous trends are repeated.

If that seasonal lift materialises, it would mark a notable turnaround for a fuel widely viewed as being in decline.

Yet coal’s enduring advantage is that it competes on price rather than policy.

With LNG prices elevated and power demand entering its strongest seasonal phase, utilities across Asia may conclude that the cheapest source of electricity is also the hardest fuel to replace.

For all the momentum behind the energy transition, this winter’s trade flows could serve as a reminder that cost still shapes fuel choices.

Investors at the Dhaka Stock Exchange (DSE) showed strong buying interest in two Beximco Group-owned listed companies—Beximco Ltd and Shinepukur Ceramics—following the capital market regulator's restructuring of their boards.

Shares of Bangladesh Export Import Company Limited (Beximco) and Shinepukur Ceramics hit their daily upper circuit limits today (8 October), triggering trading halts amid heavy buying demand, DSE data showed. Beximco's share price rose 9.76%, while Shinepukur Ceramics gained 9.63%.

Driven by the share price surge, Beximco's market capitalisation increased by Tk188.65 crore to Tk2,122 crore, while Shinepukur Ceramics gained Tk30.86 crore in market value to reach Tk351.25 crore, according to DSE data.

Fueled by the share price rally, Beximco Ltd added Tk188.65 crore to reach a market capitalisation of Tk2,122 crore today, while Shinepukur Ceramics saw its market value gain Tk30.86 crore to stand at Tk351.25 crore, DSE data shows.

The Bangladesh Securities and Exchange Commission (BSEC) approved the board restructuring of the two Beximco Group-owned firms on Tuesday, excluding the group's vice-chairman, Salman F Rahman.

A day after the restructuring, the commission issued an official press release on Wednesday. Beximco Group had approached the stock market regulator to restructure the boards to resolve operational deadlocks, settle long-standing regulatory issues, and restart full factory operations.

Market insiders noted that the removal of politically exposed leadership following Salman's arrest in August 2024 generated fresh buying interest among investors expecting improved corporate disclosures and normalised business activities.

Following the board restructuring, shares of the two Beximco Group firms hit their daily upper circuit limits in yesterday's trading session, surging by nearly 10% in a single day.

Right from the start of trading, investors showed strong buying interest in Beximco Ltd and Shinepukur Ceramics, quickly wiping out sell orders as both stocks locked at their daily circuit ceilings.

According to DSE data, over two days, Beximco Ltd's share price surged by 14.21% to Tk22.50 each, up from Tk19.70 on 6 October.

Prior to the surge, its shares had been on a downward trend over the previous four consecutive sessions starting 30 September.

Similarly, the share price of Shinepukur Ceramics surged by 14% over two days following 6 October.

Before the price rally, its shares had been on a declining trend since 28 September, falling to Tk20.90 on 6 October.

On Tuesday, at the group's request, the Bangladesh Securities and Exchange Commission (BSEC) now approved a board overhaul for Beximco Ltd. and Shinepukur Ceramics— excluding Vice Chairman Salman F. Rahman— to resolve a years-long deadlock and resume regular operations.

With the exclusion of Salman F. Rahman— former private industry and investment adviser to ousted Prime Minister Sheikh Hasina— three listed Beximco Group firms will operate without him for the first time since their inception, according to group sources.

To resolve long-standing operational deadlocks and resume full activities, Vice Chairman Salman F. Rahman agreed to step down from Beximco's listed boards in September while remaining in custody over multiple criminal charges since August 2024.

Following consultations with the government and regulatory bodies, Beximco Group submitted an application to the BSEC to reconstitute its listed company's boards.

Previously, the commission approved a new nine-member board for Beximco Pharmaceuticals.

Stocks extended recovery

EBL Securities in its daily market commentary said the ailing capital market extended its recovery momentum for a second consecutive session, providing a much-needed respite from the recent downturn as bargain hunters returned to accumulate beaten-down scrips drawn by prices that increasingly offered attractive entry points.

DSEX, the broad index of the DSE, advanced by 11.7 points to settle at 5,476 points compared to 5,464 points in the previous trading session.

The market remained volatile throughout the session, with see-saw trading reflecting active participation from both buyers and sellers. Although stronger buying helped the market close in positive territory, broader investor sentiment remained subdued amid expectations of lacklustre corporate earnings, it said.

However, market turnover decreased by 11.8% to Tk533 crore while most stock prices surged on the last day of the week.

On the sectoral front, the Textile sector accounted for the highest share of turnover at 32%, followed by Pharma at 9.8% and General Insurance at 9.5%.

Sectors mostly posted mixed returns, where Jute, Miscellaneous and Ceramic exerted the most gains on the bourse today, while Life Insurance, Services and Textile posted the most corrections. Of the traded stocks, 171 advanced, 150 scrips declined, and 64 remained unchanged.