Dhaka stocks sink amid recession fears

The index of the Dhaka Stock Exchange (DSE) fell sharply today amid fears of an upcoming economic downturn.

The DSEX, the benchmark index of the premier bourse in Bangladesh, nosedived by 87 points, or 1.38 per cent, to 6,216.

Turnover also dropped to Tk 515 crore which was Tk 593 crore on the previous day.

At the securities, only 12 stocks advanced, 358 dropped and 47 remained the same.

ICB Islamic Bank gained the most with a 9.09 per cent rise. Bangladesh Industrial Finance Company, Mithun Knitting, Savar Refractories, and Orion Infusion also advanced significantly.

Meghna Insurance shed mostly that eroded 2 per cent. Sonargaon Textile, Queen South Textiles, Salvo Chemical Industries, and Regent Textiles were among the heavy losers.

Delta Life Insurance became the most traded stock with shares worth Tk 35 crore.

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Stocks continue to drop

Beximco Ltd, Fortune Shoes, Grameenphone and Orion Infusion were also in the list of top traded companies.

Meanwhile, stocks at Chattogram bourse also dropped along the fall of turnover.

The CASPI, the all share price index of the stock exchange, eroded 242 points, or 1.30 per cent, to 18,280.

At the Chittagong Stock Exchange (CSE), 17 stocks up, 260 down and 20 did not move at the end of the trading hour.

Turnover at the CSE stood at Tk 13.61 crore, down from the previous day's Tk 19.5 crore.