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Stocks slide as WB forecasts slow GDP growth for BD

Published : Friday, 9 October, 2020 at 12:00 AM  Count : 260

Indices on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) declined on Thursday as the dominant small investors sold shares a report of the World Bank (WB) posted slow growth outlook of the country.
The WB on Thursday forecast that the GDP (Gross Domestic Product) of Bangladesh will decrease to 1.6 per cent in the fiscal year (FY) 2020-21 due to the lingering Covid-19 pandemic.
DSEX, the prime index of the DSE declined by 17.49 points, or 0.35 per cent, to 4,916 while DS30 index, comprising blue chips, dropped 8.29 points to 1,669 and Shariah index eroded 3.13 points to 1,108 at the close of the trading..
Turnover on the DSE plunged to Tk 7.93 billion, down 10.70 per cent from the previous session's turnover of Tk 8.88 billion.
Losers took a big lead over gainers as out of 355 issues traded, 202 ended lower, 106 closed higher while 47 issues remained unchanged on the DSE trading floor.
A total number of 173,049 trades were executed in the day's trading session with a trading volume of 368.22 million shares and mutual fund units.
The insurance sector dominated the turnover chart with Northern Islami Insurance topping the list with shares worth Tk 225 million changing hands, closely followed by Continental Insurance, Islami Insurance Bangladesh, Beximco and Beximco Pharma.
Bangladesh General Insurance Company was the day's best performer, posting a gain of 9.96 per cent while Walton Hi-Tech was the worst for the second straight session, losing 7.50 per cent.
The CSE with its All Shares Price Index (CASPI) dropped 83 points to close at 14,029 and the Selective Categories Index  (CSCX) lost 51 points to close at 8,423.
Of the issues traded, 156 declined, 79 advanced and 40 remained unchanged on the CSE. The port city bourse traded 11.17 million shares and mutual fund units with a turnover value of more than Tk 209 million.













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