Bangladesh to post 2nd highest GDP growth in South Asia in FY24
Bangladesh will post the second-highest economic growth in South Asia in the current financial year although it will be much lower than its average in recent times and the target set by the government as pressures on the economy linger. According to the World Bank’s Global Economic Prospects report released yesterday, the country’s gross domestic product expansion is forecast to slow to 5.6 percent in 2023-24, unchanged from its October update. The government has decided to revise its GDP growth goal downwards to 6.5 percent for FY24 from the 7.5 percent initially set since the factors that caused the GDP growth to decelerate to 6 percent in 2022-23 such as import restrictions and higher material and energy costs, as well as external and financial pressures, persist.
Olympic Industries’ sales cross Tk 2,500cr
Biscuits and confectionary sales of Olympic Industries have crossed Tk 2,500 crore for the first time in its history, thanks to rising demand for packaged bakery and confectionery items. According to the largest biscuit and confectionary seller of Bangladesh, its total sales revenue rose 20.2 percent year-on-year to Tk 2,579 crore in fiscal year 2022-23. Of the amount, Tk 2,536 crore came from selling biscuits, confectionery, bakery and snack products. This includes exports worth Tk 26 crore. Although its revenue was higher than that in fiscal year 2021-22, the amount of biscuits, confectionery, bakery and snack products sold, however, dropped 8.34 percent to 118,706 tonnes. The company’s profits swelled 29 percent year-on-year to Tk 155.6 crore in fiscal year 2022-23.
Dhaka bourse gains, driven by 12 blue-chip stocks
The Dhaka bourse on Wednesday bounced back after a single-day break, supported by increased participation by optimistic investors. After five consecutive sessions, the Dhaka Stock Exchange (DSE) featured a turnover of more than Tk 5 billion, as many investors demonstrated increased buying appetite on sector specific stocks. The conspicuous sign of improvement was price appreciation of 12 blue-chip stocks, including Square Pharmaceuticals, Heidelberg Cement, LafargeHolcim Bangladesh, and Eastern Bank. Following the stocks’ price increases, the DS30 index also closed marginally higher. The sectors which were on the top of price appreciation included travel & leisure, IT, services & real estate, and mutual funds. Emerald Oil Industries was the day’s number one gainer with a rise of 10 per cent, while Standard Ceramic Industries was the worst loser after declining 2.41 per cent. BD Thai experienced the highest participation from investors and topped the list of the most-traded stocks, with a trade volume of Tk 231 million, followed by Sea Pearl Beach Resort & Spa and Orion Infusion. Of 164 issues traded on the Chittagong Stock Exchange (CSE), 69 advanced, 26 declined and 69 were unchanged.