State Bank of Mauritius Ltd., the country’s second-largest lender by market value, headed for its lowest level in almost three weeks on weaker growth forecasts for the Indian Ocean island nation.
The stock retreated 1.2 percent to 81 rupees by 1 p.m. in Port Louis, the weakest since March 28.
“The dull economic outlook confirmed by the recent cut in growth by Statistics Mauritius and the Finance ministry is putting more pressure on the banking stock,” Kishen Nadassen, senior research analyst at the city-based CIM Stockbrokers Ltd., said in a phone interview.
The economy will probably expand at a slower pace than the 4 percent estimated in December, the data agency said March 30, lowering the forecast to 3.6 percent. Mauritius’s Finance Minister Xavier Luc Duval said April 12 the economy will grow this year at about 3.6 percent to 3.7 percent.
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