Stocks slide amid selling spree

Stocks in Bangladesh slid today due to the selling trend among investors following the Bangladesh Bank's decision to reduce the repo rate by 25 basis points to contain inflation.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 119 points, or 1.48 per cent, to 6,449 at the end of the day.

The central bank raised its benchmark interest rate by 25 basis points to 5.75 per cent on September 29.

The DS30, the index that consists of blue-chip companies, went down 2 per cent to 2,314 while the DSES, the Shariah-complaint index, fell 1.9 per cent to 1,415.

Turnover, an important indicator of the market, rose 21 per cent to Tk 1,417 crore, which was Tk 1,169 crore on the last trading day.

Indo-Bangla Pharmaceuticals topped the gainers' list with a 10 per cent rise. Navana CNG, Monno Ceramic Industries, Aftab Automobiles, and Orion Infusion also rose more than 7 per cent.

Coppertech Industries suffered the highest correction, sliding almost 10 per cent. The Peninsula Chittagong, Bashundhara Paper Mills, Malek Spinning Mills and Unique Hotel and Resorts also declined more than 9 per cent.

The CASPI, the all-share price index of the Chattogram Stock Exchange, fell 282 points, or 1.46 per cent to end at 19,049.

Of the issues on the port city bourse, 21 advanced, 119 declined, and 106 did not show any price movement.