BRAC EPL INVESMENTS LIMITED

DAILY MARKET REVIEW

5-Dec-13
Stocks slumped for the second consecutive day amid political uncertainty. The benchmark general index, DSEX behaved erratically throughout the whole session, and finally ended in the red. Turnover declined from that of the previous day. Major sectors posted decline except Pharmaceuticals. Fuel & Power was the worst loser today. It was followed by NBFI, Telecommunication and Bank.

Commentary
Benchmark index DSEX declined by 0.39 percent or 16.83 points to settle at 4277.39 points. Turnover declined by 4.75% to stand at BDT 441.7 Crore. A total of 125 issues advanced while 127 declined and 29 remained unchanged. Major sectors declined except Pharma : Bank(-0.22%), NBFI(1.13%), Telecommunication(-0.49%), Pharmaceutical(0.08%) and Power(-1.26%). DELTALIFE topped the turnover chart with turnover value of BDT 33.47 crore. PHARMAID topped the gainer chart with 9.95% price hike. JAMUNAOIL topped the loser chart with 10.63% price loss.
5000 1200 1000 800 600
400

Index and Turnover at a Glance

I N 4000 D E 3500 X
3000

4500

2500 2000

200 0

T U R N O V E R

Positive
BATBC PTL ARGONDENIM MERCANBANK EHL

Impact on DSE General Index

7/18/13 7/23/13 7/28/13 7/31/13 8/5/13 8/14/13 8/20/13 8/25/13 8/29/13 9/3/13 9/8/13 9/11/13 9/16/13 9/19/13 9/24/13 9/29/13 10/2/13 10/7/13 10/10/13 10/22/13 10/27/13 10/30/13 11/4/13 11/7/13 11/12/13 11/17/13 11/20/13 11/25/13 11/28/13 12/3/13 Turnover DSEX

Turnover is presented in BDT crore Impact on DSEX Negative

0.03 0.10 0.06 0.02 0.08 JAMUNAOIL ICB PUBALIBANK LAFSURCEML SUMITPOWER

Impact on DGEX
-0.11 -0.01 -0.02 -0.02 -0.02

Impact is measured in terms of approx. change of Points DSE % change

DSEX Total Turnover 4,277.39 441.70 BDT Cr. 265,877.79 BDT Cr. 125 127 32 USD 77.75 GBP 127.17 56.81 USD ml. 34,196.50 USD ml. -0.39% -4.75% -0.19% CSCX 50.56 BDT Cr. 204,251.35 BDT Cr. 220 65 140 CAD 73.07

CSE % change
Change in Index (%) 6.50 USD ml. 26,270.27 USD ml. -14.14% -0.41%

Market Comparisons

Total Mkt. Cap Issues Advanced Issues Declined Issues Unchanged

Exchange Rates

EURO 105.29 WTI Crude Futures $97.45

CHN 12.77 GOLD Spot USD/t oz $1,232.52

World Market

Commodity Futures S&P 500 -0.13% Jul Aug 1201.15 1178.65 1201.15 1101.79

Remittance Flow
(Amounts in USD mil)

World Indexes Year 2012-13 2011-12

NIKKEI 500 -1.50%

HANG SENG -0.07%

BSE Sensex 30 1.12% Total 7399.77 6068.30

Sep Oct Nov Dec 1178.83 1453.69 1102.15 1285.30 855.44 1039.48 908.79 1147.22

Industry
Bank Cement Ceramics Engineering Food & Allied Product Insurance IT Jute Miscellaneous Mutual Funds NBFI Paper & Printing Pharmaceuticals & Chemicals Power & Energy Service & Real Estate Tannery Telecommunication Textile Travel & Leisure Market

Trade Volume (Crore)

Today 31.6 10.4 3.0 41.4 20.2 48.5 4.9 1.1 10.9 5.7 9.7 0.3 42.8 38.1 11.3 5.3 7.7 123.5 7.8 Yesterday 39.5

% of Market Turnover
Today Yesterday 7.4% 8.7%

% in Turnover
-20.1%

Sector wise Trade Summary

(Amounts in BDT Crore)

T U R N O V E R

-8.4% 11.4 2.5% 2.5% -80.8% 15.7 0.7% 3.5% -16.8% 49.7 9.8% 10.9% -20.0% 25.2 4.8% 5.6% 0.9% 48.0 11.4% 10.6% 10.0% 4.5 1.2% 1.0% 60.1% 0.7 0.3% 0.2% 10.3% 9.9 2.6% 2.2% -23.6% 7.5 1.4% 1.7% -23.2% 12.6 2.3% 2.8% 30.2% 0.2 0.1% 0.1% -5.7% 45.4 10.1% 10.0% 5.4% 36.2 9.0% 8.0% 106.5% 5.5 2.7% 1.2% -54.2% 11.5 1.2% 2.5% -60.2% 19.4 1.8% 4.3% 19.7% 103.2 29.1% 22.7% -5.3% 8.2 1.8% 1.8% -6.6% 424.2 454.4 NOTE: % in Turnover= percentage change in turnover from last day, NM=Not Meaningful, NT= Not Traded

Industry
Bank Cement Ceramics Engineering Food & Allied Product Insurance IT Jute Miscellaneous Mutual Funds NBFI Paper & Printing Pharmaceuticals & Chemicals Power & Energy Service & Real Estate Tannery Telecommunication Textile Travel & Leisure Market

Market Capitalization (Crore)

Today 42,212 9,298 2,168 10,484 13,768 10,628 485 61 4,615 3,432 14,621 62 23,189 27,275 1,030 1,691 30,474 8,836 3,408 207,737 Yesterday 42,304 9,436 2,185 10,534 13,499 10,693 488 58 4,650 3,450 14,788 57 23,172 27,622 1,011 1,692 30,626 8,730 3,443 208,437

% of Total MC
Today Yesterday 20.3% 20.3% 4.5% 4.5% 1.0% 1.0% 5.0% 5.1% 6.6% 6.5% 5.1% 5.1% 0.2% 0.2% 0.0% 0.0% 2.2% 1.7% 7.0% 0.0% 11.2% 13.1% 0.5% 0.8% 14.7% 4.3% 1.6% 2.2% 1.7% 7.1% 0.0% 11.1% 13.3% 0.5% 0.8% 14.7% 4.2% 1.7%

% in MC
-0.2% -1.5% -0.7% -0.5% 2.0% -0.6% -0.5% 4.7% -0.8% -0.5% -1.1% 9.4% 0.1% -1.3% 1.9% -0.1% -0.5% 1.2% -1.0% -0.3%

Sector wise Market Capitalization Summary

(Amounts in BDT Crore)

Change in Index (%)

NOTE: MC= Market Capitalization, NM=Not Meaningful, NT= Not Traded

Ticker
DELTALIFE PTL GENNEXT ARGONDENIM JAMUNAOIL RNSPIN TALLUSPIN BDBUILDING EHL BENGALWTL

CT
33.5 31.0 15.6 14.5 12.2 12.2 10.1 9.6 9.5 8.2

YT
32.0 17.9 19.1 14.1 NT 12.9 4.6 8.1 2.8 8.0

AT
15.9 20.8 22.8 8.1 10.9 16.9 6.9 8.7 3.2 11.4

% in Turnover
4.5% 73.0% -18.4% 2.6% NM -4.8% 118.8% 18.5% 245.6% 3.1%

CT/AT
2.1 1.5 0.7 1.8 1.1 0.7 1.5 1.1 2.9 0.7

CP
289.4 63.1 33.4 80.6 210.2 35.9 38.2 71.6 57.3 61.9

YCP
288.4 57.5
33.4

% Price
0.3% 9.7% 0.0% 6.1% -10.6% -1.6% 4.1% 1.0% 7.5% -0.6%

Top Ten Turnover

(Amounts in BDT Crore)

76.0 235.2 36.5 36.7 70.9 53.3 62.3

NOTE: CT= Today's Turnover in crore, YT= Yesterday's Turnover in Crore, AT=Last 20 day's Turnover Average, CP= Current Price, YCP= Yesterday Closing Price,% P= Percentage change in price, NM=Not Meaningful, NT=Not Traded

Ticker
PHARMAID PTL

CP
181.30 63.10

YCP
164.90 57.50

AP
162.32 52.27

%P
9.9% 9.7%

% in Price from AP
11.70% 20.72%

Top Ten Gainers

17.86% HAKKANIPUL 32.60 29.80 27.66 9.4% 14.48% HRTEX 43.10 39.40 37.65 9.4% 25.26% BDAUTOCA 35.80 32.90 28.58 8.8% -0.52% RAHIMTEXT 250.60 231.30 251.90 8.3% 7.35% EHL 57.30 53.30 53.38 7.5% 14.12% ARGONDENIM 80.60 76.00 70.63 6.1% 19.32% ANWARGALV 29.30 27.70 24.56 5.8% 9.08% SONALIANSH 149.70 141.60 137.24 5.7% NOTE: CP= Closing Price, ,YCP=Yesterday Closing Price, AP=Average Price of last 20 day, % P = percentage change in price,NM=Not Meaningful

Ticker

CP

YP

AP

%P

% in Price from AP

Top Ten Losers

-10.70% JAMUNAOIL 210.20 235.20 235.38 -10.6% -1.05% ARAMIT 342.80 358.00 346.43 -4.2% 3.08% PRIMELIFE 100.10 104.20 97.11 -3.9% -2.87% PEOPLESINS 34.90 36.30 35.93 -3.9% 11.25% FUWANGCER 21.50 22.30 19.33 -3.6% 18.10% FINEFOODS 21.70 22.50 18.38 -3.6% 7.19% GPHISPAT 56.00 57.80 52.25 -3.1% -0.23% PREMIERCEM 101.70 104.90 101.93 -3.1% 2.01% FAREASTLIF 100.20 103.30 98.23 -3.0% -5.22% CONTININS 29.40 30.30 31.02 -3.0% NOTE: CP= Closing Price, ,YCP=Yesterday Closing Price, AP=Average Price of last 20 day, % in P = percentage change in price,NM=Not Meaningful

Ticker

CT
0.16 39.22 0.74 9.81 27.62 39.45 6.41

AT
0.03 7.26 0.15 2.69 7.61 12.57 2.08

ATI-1
5.54 5.41 4.88 3.64 3.63 3.14 3.08

Closing Price
60.50 181.30 16.70 149.70 152.10 61.80 141.00

% in Price
6.33% 9.95% 9.15% 5.72% 5.70% 0.16% 3.30%

Abnormal Trade Indicator

Compared to Historical Average Trade
( Amounts in BDT Crore)

SAVAREFR PHARMAID SAMATALETH SONALIANSH GQBALLPEN NPOLYMAR BDLAMPS

7.50% EHL 95.47 32.45 2.94 57.30 4.40% MITHUNKNIT 29.25 10.06 2.91 83.00 9.40% HAKKANIPUL 3.11 1.08 2.89 32.60 NOTE: CT: Today's Turnover in crore, AT: Average historical turnover ATI-1 = Today's turnover times compared to historical average turnover

Ticker

CT

YT

ATI-2

Closing Price

% in Price

Abnormal Trade Indicator

Compared to Yesterday's Trade
( Amounts in BDT Crore)

-2.50% 0.12 0.01 14.63 15.60 0.00% AIBL1STIMF 0.35 0.00 10.84 7.00 5.70% GQBALLPEN 27.62 2.67 10.36 152.10 2.69% BATBC 11.27 1.24 9.07 1,701.80 9.15% SAMATALETH 0.74 0.09 8.01 16.70 -0.34% ASIAPACINS 3.24 0.45 7.23 29.70 4.43% BDTHAI 26.59 4.53 5.87 28.30 -2.56% PRAGATIINS 0.46 0.08 5.57 57.00 8.34% RAHIMTEXT 1.96 0.36 5.45 250.60 NOTE: CT: Today's Turnover in crore, YT: Yerterday's turnover ATI-2 = Today's turnover times compared to yerterday's turnover ; NM: Not Meaningfull KAY&QUE

IMPORTANT DSE NEWS:

PTL The Board of Directors has recommended 12% stock dividend for the year ended on June 30, 2013. Date of AGM: 30.12.2013, Time: 9:30 AM, Venue: Spectra Convention Center, House # 19, Road # 7, Gulshan-1, Dhaka-1212. Record date: 12.12.2013. The Company has also reported net profit after tax of Tk. 180.35 million, EPS of Tk. 3.27, NAV per share of Tk. 20.06 and NOCFPS of Tk. 4.79 for the year ended on June 30, 2013. SONALIANSH The Board of Directors has recommended 10% cash dividend for only public shareholders comes to Tk. 1,336,040.00 for the year ended on June 30, 2013. Date of AGM: 24.12.2013, Time: 11:00 AM, Venue: Institution of Diploma Engineers, Bangladesh (Muktijodda Sritee Milonayoton), 160/A, Kakrail, Dhaka-1000. Record date: 12.12.2013. The Company has also reported net profit of Tk. 7.19 million, EPS of Tk. 2.65, NAV per share of Tk. 226.00 and NOCFPS of Tk. (24.23) for the year ended on June 30, 2013 as against Tk. 13.81 million, Tk. 5.09, Tk. 224.00 and Tk. 1.63 respectively for the year ended on June 30, 2012.

SOME NEWS PAPER HEADLINES:

Interest rate spread drops to below 5.0% in October The interest rate spread in the country's banking sector came down to below 5.0% in October because of lower credit demand prompted by the ongoing political uncertainty. The weighted average spread between lending and deposit rates offered by the commercial banks came down to 4.95% in October 2013 from 5.01% in the previous month. In 2013, the spread fell to 4.99% for the first time in April last from 5.06% in the previous month. But it was 5.13% in June after one month's interval, the BB data showed. Earlier on January 22 last year, the central bank asked the commercial banks to keep interest rate spread at less than 5.0%, barring operations relating to credit cards and small and medium enterprises (SMEs). FDI Inflow up 27.0% in 2012 Bangladeshs inward foreign direct investment rose 27.0% year-on-year in 2012 but the outward investment decreased 15.0%. The global lender yesterday released FDI data of 88 countries of which inward FDI to Bangladesh rose by USD 1.7 billion to USD 8.1 billion in 2012, compared to the previous year. Top five investors have so far invested USD 3.7 billion in Bangladesh: the UK USD 886.0 million, Australia USD 877.0 million, the USA USD 702.0 million, South Korea USD 728.0 million and the Netherlands USD 516.0 million. Outward FDI fell by USD 16.0 million to USD 90.0 million in 2012 from the previous year. In Bangladeshs outward investments, the UK topped the list of destinations with USD26 million, followed by the UAE USD 21.0 million, India USD 12.0 million, Sri Lanka USD 9.0 million and Nepal USD 6.0 million. The central banks FDI survey report considers three components: FDI-equity capital, re-investment earning and intra-company loans. DSE revenue earnings up by 78.0% The month-on-month government's revenue earnings from the Dhaka Stock Exchange (DSE) marked 78.0% rise in November as the trading volume was on the rise in the month of November. The government bagged tax worth BDT 144.2 million in November, 2013 which was BDT 81.1 million in October, 2013, registering 78.0% increase. The government earned the amount on brokerage commission and share sales by sponsordirectors and placement holders. Among the total earnings of BDT 144.2 million in November, the fifth month of the current fiscal year, the government earned BDT 109.2 million on brokerage commission and BDT 35.0 million on share sales by sponsor-directors and placement holders. Bangladesh Bank detects BDT 1.6 billion loan scam in Mercantile Bank Chittagong branches Mercantile Bank disbursed BDT 1.6 billion to Chittagong-based three little-known companies violating the banking rules and regulations and the bank is now struggling to recover the loans, an investigation by Bangladesh Bank (BB) found. The bank might not be able to recover the loans as it had no control and monitoring on the three companies. The three little-known companies are Mismac Ship Braking Industry, Regent Corporation and Titas Agro Industry. According to the report of BB inspection carried out in June-July this year, Agrabad and Madam Bibir Hut branches of the Mercantile Bank disbursed the six-month loans for opening of letters of credit and 3-month time loan between 2011 and 2012. The report said the bank opened three LCs (by granting six-month loan) worth BDT 1.4 billion in May and June of 2012 by taking 10.0% margin from Mismac. Government in hurry to settle dispute with 4 telcos The SIM replacement tax review committee is under huge pressure from the government to submit its (committee) report on the BDT 31.0-billion SIM replacement tax claimed by the National Board of Revenue from four mobile phone operators within a week though the committee is yet to finish its task. The NBR has been demanding the amount in tax from Grameenphone, Robi, Banglalink and Airtel since early 2012 claiming that the operators had dodged the taxes through selling old SIMs to new clients. The mobile companies, however, denied the allegation saying that they did not sell any SIM to new client but replaced the old SIMs for the original customers. The government has been looking for a solution to the dispute with the mobile operators Grameenphone, Robi, Banglalink and Airtel before its tenure expires in next January.

SL

TICKER

Year End

Dividend (%)/Ratio of Right Issue

12%B 10%C

Date of AGM/EGM or Subscription Period

Tuesday, December 30, 2014 Tuesday, December 24, 2013

Record Date

FORTHCOMING RECORD DATES 1 PTL 2 SONALIANSH

6.00 6.00

Thursday, December 12, 2013 Thursday, December 12, 2013

Note: C= Cash Dividend; B=Bonus Dividend; R=Right; NA=Not Applicable

BRAC EPL INVESTMENTS LIMITED RESEARCH TEAM

Debabrata Kumar Sarker Fatema Akter Merry Ashakur Rahman Khan deb@bracepl.com fatema.akter@bracepl.com ashakur.rahman@bracepl.com

Disclaimer:

This report has been prepared by BRAC EPL Investments Limited (BEIL) and is provided for information purposes only. It is not, under any circumstances, to be used or considered as an offer to sell, or a solicitation of any offer to buy. Reasonable care has been taken to ensure that the information is not untrue and misleading. BEIL provides no absolute assurance as to the accuracy or completeness of such information. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice.

BRANCH LOCATION & CONTACT NUMBERS

Corporate Head Office House 18, Road 123 Gulshan Dhaka 1212. Phone: +880 (2) 8829241, 8829253, 8829268

Registered Office WW Tower, (Level-9) 68 Motijheel C/A, Dhaka-1000 Phone: +88 02 9514721- 07 Fax: +88 02 9553306-07

Gulshan Branch 121/B Gulshan Avenue, Dhaka-1212 Phone: + 88 02 8819426-7 Fax: +88 02 8819426-7

Motijheel Branch DSE Annex Building (9th Floor) 9/E Motijheel C/A, Dhaka- 1000 Phone: +88 02 956 1070, 956 1232, 956 4959, 956 9302, 956 7086 Fax: + 88 02 956 4991, 956 2254

Sylhet Branch Firoz Centre (2nd Floor) 891/KA, Chowhatta, Sylhet. Phone: +0821 2831684, 2831675 2831690, 2831774 Extensions: 115,117, 120 Mobile: +8801730703946 Fax: +0821 2831763

Chittagong Branch Ayub Trade Centre (8th Floor) 1296/B Sheikh Mujib Road Agrabad Commercial Area Chittagong, Bangladesh. Phone: +88 031 2512908-12 Fax: + 88 031 2512917