Stocks in Bangladesh plunged, driving the Dhaka Stock Exchange’s (DSE) benchmark index, DSEX, to a three-year low of 5,431 points. The decline of 86 points, or 1.56%, was fueled by a selling spree from large investors due to high interest rates, currency devaluation, and the reinstatement of a capital gains tax for individual investors. The shariah-based DSES Index dropped by 1.69% to 1,191 points, while the blue-chip DS30 index fell by 1.29% to 1,948 points. Market analysts cite concerns over Bangladesh’s macroeconomic outlook and potential foreign exchange reserve crises as reasons for the sell-off, despite the country’s $18.4 billion in reserves. Large, especially foreign, investors are offloading shares even at a loss, reflecting their pessimism about the economic future.
Source for more details:
