Professional Documents
Culture Documents
ABSTRACT
I. INTRODUCTION
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order to reach the target growth rate of more than 6%, the
country needs sweeping economic reforms, particularly to boost
investment above its current level. The economy of Bangladesh is
still characterized by a very low domestic savings rate and a
huge trade deficit. Savings as a percentage of GDP remain low at
less than 8%. The government and development agencies monitoring
Bangladesh, led by the World Bank, regard the lack of investment
as the country's most important economic problem. The World Bank
estimates a ratio of 18-20% is necessary to lift Bangladesh into
a higher level of economic activity. Without a substantial
amount of foreign investment, domestic private investment will be
inadequate to achieve this objective. Consequently external
assistance continues to play an important role in providing
budgetary and balance of payments support.
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V. MARKET ORGANIZATION
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CONSTITUTION OF COMMISSION
OBJECTIVES
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FUNCTIONS
MAKING OF REGULATION
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ISSUANCE OF GUIDELINES
The Commission also clarified one year lock-in policy with regard
to foreign placement or allotment of IPO or right shares.
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(1) estimates of the share's future cash flows (the dividend and
the capital gain or loss);
(2) the discount rate used to translate these future cash flows
into a present value; and
(3) the amount of risk involved in achieving the expected rate of
return.
1. ECONOMIC ANALYSIS
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2. INDUSTRY ANALYSIS:
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3. FUNDAMENTAL ANALYSIS
Financial Statements
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fundamental analysis:
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series) are used, the company's ratios are compared and studied
from one year to the next. Industry standards, in contrast,
involve a comparison of a particular company's ratios to the
performance of other companies (cross-section) in the same line
of business. For it's only from a thorough understanding of a
company's past performance that an investor can be in a position
to forecast its future with some degree of accuracy.
(i) Liquidity;
(ii) Activity;
(iii) Leverage;
(iv) Profitability; and
(v) Market measures.
i. Liquidity:
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v. Market Ratios:
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END NOTES
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5. See, for example, The World Bank Economic Review, January 1995.
11. For more discussion on SEC, see the section on regulatory framework.
13. If any delay occurred in complying with the laws; any funds
were misapplied; there were any inadequate or non-disclosure; or
there were any unusual fluctuations in stock prices without known
reasons, these had to be accounted for to the Commission. In case
any defaults occurred wilfully and deliberately, penalty was
imposed by the Commission on the defaulters. For further
discussion, see Securities and Exchange Commission, Annual Report
1994 through 1996.
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16. The fact is, a company's reported earnings may have little
resemblance to the company's cash flow.
17. The oldest FII was the Smith New Court Far East, a British
Company based in Hong Kong.
REFERENCES
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Park, K.K.H., and Van Agtmael, A.W., eds. The World Emerging
Stock markets, Chicago: Probus. 1993.
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Wai, U.T. and Patrick, H.T., Stock and Bonds Issues and Capital
Market in Less Developed Countries, IMF Staff papers, (1973).
World Bank, World Debt Tables and World Development Report, Various issues.
World Bank, The World Bank Economic Review, January 1995: Issues
on Stock Market.
==============================================================================
TABLES
==============================================================================
TABLE 1
SELECTED ECONOMIC INDICATORS
(1980-1995)
==============================================================================
Year GDP EXC. Intest. Export Import Trade Inf.
($b) rate rate (%) mill.$ mill.$ balance rate (%)
base 1990 mill.$
------------------------------------------------------------------------------
1980 32.3 15.5 10.50 739.2 -2352.8 -1559.6 13.41
1981 29.7 18.0 10.50 790.5 -2434.8 -1644.3 16.15
1982 24.3 22.2 10.50 768.4 -2221.1 -1452.7 12.52
1983 22.6 24.6 10.50 723.9 -1930.7 -1206.8 9.40
1984 22.9 25.4 10.50 931.7 -2340.0 -1408.3 10.54
1985 21.5 28.0 11.25 999.5 -2286.4 -1281.9 10.69
1986 20.7 30.4 10.75 880.0 -2300.7 -1420.7 11.0
1987 21.2 31.0 10.75 1076.9 -2445.6 -1368.7 5.00
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TABLE 1.A
MAJOR MACRO ECONOMIC INDICATORS
(1980-1995)
==============================================================================
Year GDP Inflation Interest Trade Interest
($b) rates (%) rates (%) balance liquidity
base 1990 million $ million $
------------------------------------------------------------------------------
1980 32.3 13.41 10.50 -1559.6 229.2
1981 29.7 16.15 10.50 -1644.3 138.3
1982 24.3 12.52 10.50 -1452.7 173.5
1983 22.6 9.40 10.50 -1206.8 487.1
1984 22.9 10.54 10.50 -1408.3 367.7
1985 21.5 10.69 11.25 -1281.9 298.8
1986 20.7 11.00 10.75 -1420.7 371.4
1987 21.2 5.00 10.75 -1368.7 758.1
1988 21.3 9.30 10.75 -1443.4 961.9
1989 21.4 10.00 10.75 -1995.3 469.0
1990 21.3 8.07 9.75 -1587.0 602.9
1991 20.8 7.22 9.25 -1385.8 1206.9
1992 20.4 4.28 8.50 -1255.9 1783.2
1993 20.9 -0.03 6.00 -1112.6 2387.9
1994 21.6 3.61 5.50 -1416.1 3102.6
1995 22.43 5.78 6.00 -2324.1 2180.1
------------------------------------------------------------------------------
Source: IMF CD-ROM (April 1997)
TABLE 1.B
MEDIUM TERM GROWTH SCENARIOS: KEY INDICATORS
(Percent of GDP, Fiscal Year)
==============================================================================
Accelerated Reforms
Actual: 93 94 95 96 97 98 99 00 89-90 94-98 99-03
Avg. Avg. Avg.
SCENARIO
------------------------------------------------------------------------------
GDP 4.5 4.8 5.2 5.7 6.3 6.7 7.0 7.3 4.2 5.7 7.4
Growth Rate
Gross Fixed 12.7 13.8 15.4 17 18.1 18.7 19.2 19.3 12.3 16.6 19.3
Investment
Private 7.0 7.6 8.5 9.8 10.5 10.8 11.1 11.1 6.2 9.4 11.1
Public 5.7 6.2 6.9 7.2 7.6 7.9 8.1 8.2 5.8 7.2 8.2
National 10.5 12.0 12.9 13.9 14.3 14.4 14.4 14.5 7.8 13.5 14.6
Saving
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Private 7.5 9.0 9.4 10.1 10.4 14.4 10.2 10.3 6.2 9.9 10.4
Public 3.0 3.0 3.5 3.8 3.9 4.0 4.2 4.2 1.6 3.6 4.2
Government 11.7 12.1 12.4 12.6 12.8 13.0 13.3 13.7 10.3 12.6 13.9
Budget Revenue
Expenditure -17.1 -17.1 -17.7 -17.9 -18.3 -18.6 -18.9 -19.2 -16.6 -17.9 -19.5
Overall -5.4 -5.0 -5.3 -5.3 -5.5 -5.6 -5.6 -5.5 -6.3 -5.3 -5.6
deficit
------------------------------------------------------------------------------
Source: The World Bank, 1994
TABLE 2
STOCK MARKET TRENDS (END OF MAY 1996)
==============================================================================
Total Number of June 1994 May 1996 % change
------------------------------------------------------------------------------
Securities (SEC) 161 201 24.85
Shares, MF,
Certificates, DB 224,294,000 364,066,923 38.39
of all listed SEC
Share of listed
Companies (SLC) 222,946,899 362,007,819 62.37
Certificates of
all MF (CLMF) 950,000 1,250,000 31.58
Debenture (DB) 397,104 809,104 103.75
Issued Capital of
all COM (IKCO) 231,690,491 482,014,366 108.04
Issued Capital of
all MF (IKMF) 2,375,000 3,125,000 31.58
Issued Capital of
all DB (IKDB) 23,463,500 55,274,160 135.58
Market Capitalization
of all SEC (MKLS) 922,126,107 1,475,799,633 60.24
Market Capitalization
of all COM (MKCO) 850,151,295 1,470,896,833 73.02
Market Capitalization
of all MF (MKMF) 46,575,000 11,717,863 -74.84
Market Capitalization
of all DB (MKDB) 25,399,812 53,184,969 109.39
------------------------------------------------------------------------------
Source: SEC 1996, Annual Report.
SEC=Securities, COM=Companies, MF=Mutual Fund, DB=Debentures,
SLC=Share of Listed Companies, CLMF=Certificates of all Mutual Fund,
IKLE=Issued Capital of all Listed Securities, IKCO=Issued Capital
of all Companies, IKMF=Issued Capital of all Mutual Fund,
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TABLE 2.A
STOCK MARKET SITUATION (Tk 40=US $1)
HIGHLIGHTS AS OF 30 JUNE 1994
==============================================================================
------------------------------------------------------------------------------
Source: Securities and Exchange Commision, Annual Report
July 1993 - June 1994.
TABLE 2.B
STOCK MARKET SITUATION (MAY 1996)
(Tk 40=US $1)
------------------------------------------------------------------------------
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TABLE 2.C
STOCK MARKET HIGHLIGHTS
==============================================================================
Indicators As on As on Growth
30 June 30 June Rate (%)
1995 1994
------------------------------------------------------------------------------
Total No. of Listed Securities 188 156 20.51%
Total No. of Listed Companies 173 144 20.14%
Total No. of Mutual Funds 6 6 --
Total No. of Debentures 9 6 50.00%
Total No. of Tradable Securities 325.5 214.4 51.82%
Total Issued Capital of all Listed Securities 457.9 231.7 97.62%
Total Market Capitalization 1249.95 817.88 52.83%
Total Turnover of Securities 25.9 11.6 123.28%
Total Amount Traded 116.52 61.07 90.79%
All Share Price Index (Point) 776.88 659.83 17.74%
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - June 1994.
TABLE 3
AVERAGE TURNOVER (% CHANGE)
==============================================================================
1992 1993 1994 1995
% increase % increase % increase % increase
in amount in amount in amount in amount
traded traded traded traded
------------------------------------------------------------------------------
Daily Ave. 52.90 520.28 100.76 84.36
Weekly Ave. 54.59 505.26 90.79 55.20
Monthly Ave. 54.59 505.26 90.79 55.19
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - April 1996.
TABLE 3.A
AVERAGE TURNOVER
==============================================================================
July 1992 - June 1993 July 1993 - June 1994
No. of SEC Amount Increase No. of SEC Amount Increase
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TABLE 3.B
AVERAGE TURNOVER
==============================================================================
No. of SEC Amount Increase No. of SEC Amount Increase
traded in amount traded in amount
in ($) traded (%) in ($) traded (%)
------------------------------------------------------------------------------
Daily Ave. 96817 17391048 100.76 189777 32062162 84.36
Weekly Ave. 498982 89630783 90.79 823403 139111159 55.20
Monthly Ave. 2162254 388400062 90.79 3567805 602768653 55.19
------------------------------------------------------------------------------
Source: Monthly Review, Dhaka Stock Exchange Ltd., April 1996.
TABLE 4
STOCK MARKET GROWTH RATE
==============================================================================
Total Growth As on As on As on Growth
No. of Rate (%) 30 June 30 June 30 June Rate (%)
1996-95 1996 1995 1994 1995-94
------------------------------------------------------------------------------
LSC 6.91% 201 188 156 20.51%
LCOM 5.78% 183 173 144 20.14%
MF 16.67% 7 6 6 0.0%
DB 22.22% 11 9 6 50.00%
TSEC 11.86% 364.1 325.5 214.4 51.82%
ICSEC 18.02% 540.4 457.9 231.7 97.62%
MK 18.07% 1475.8 1249.95 817.88 52.83%
Turnover of SEC ------ ------ 25.9 11.6 123.28%
Total Amount Traded ------ ------ 116.52 61.07 90.79%
All Share Price ------ ------ 776.88 659.83 17.74%
Index (Point)
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - June 1994.
TABLE 5
STOCK MARKET TREND (1985 - May 1996)
==============================================================================
Year Ended No. of No. of Market Turnover Total
30 June Listed SEC Capitalization Million Amount
SEC ---------------- Mill.
Mill. (%) dollar
dollar change
------------------------------------------------------------------------------
1985 69 80.7 --- 35.1% --- ---
1986 78 88.9 85.91 12.7% 0.7 0.86
1987 92 105.3 316.77 121.3% 1.9 3.81
1988 111 123.1 339.17 6.6% 1.1 3.02
1989 116 149.1 338.99 13.2% 1.7 3.86
1990 134 161.1 287.15 -25.2% 2.7 4.70
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TABLE 5.A
GROWTH PATTERN OF LISTED COMPANIES AND ALL SHARE PRICE INDEX 1985 - 1994
==============================================================================
YEAR NO. OF NO. OF PAID-UP MARKET ALL
ENDED COM. SHARE CAPITAL CAPITALIZATION SHARE
30 JUNE (Mi.) ------------------|-------------------- PRICE
mil. % change| mil. % change
n.c.u | n.c.u.
------------------------------------------------------------------------------
1985 69 80.7 2017.5 30.4 3048.1 35.1 154.8
1986 78 88.9 2098.5 4.0 3436.5 12.7 244.4
1987 92 105.3 3149.7 18.7 12670.9 121.3 512.0
1988 111 123.1 3663.7 16.3 135668 6.6 533.6
1989 116 149.7 4539.2 23.9 15359.5 13.2 498.2
1990 134 161.1 5361.1 18.1 11485.9 -25.2 349.1
1991 138 167.2 5486.6 4.2 10397.3 -9.48 296.2
1992 149 172.3 6020.3 7.86 12399.1 18.29 369.5
1993 153 195.1 8201.7 36.23 18098.7 47.15 391.8
1994 153 238.3 11354.8 38.44 40636.8 124.53 849.8
1995 188 -- -- -- -- -- --
1996 201 -- -- -- -- -- --
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - June 1994.
TABLE 6.A
SECURITIES MARKET TREND (FY 1993 - 1995)
==============================================================================
Month No. of Amount No. of Amount No. of Amount
Share & in Taka Share & in Taka Share & in Taka
Debentures Debentures Debentures
------------------------------------------------------------------------------
Jul. 269754 27582885 818699 169587522 3557128 589343023
Aug. 335075 26936657 1607636 466327528 2670551 504621301
Sep. 426445 37011400 1371166 268020995 5052167 684306991
Oct. 703133 58107981 3434641 575394862 6001296 970146339
Nov. 1291616 151269417 2848496 449683833 3675175 708179169
Dec. 827121 118383402 1567122 335340574 3069473 527875926
Jan. 1469455 525536023 1083032 213782157 4148472 646198069
Feb. 1239429 189475922 1599854 342417024 1739353 261949283
Mar. 1889346 531614949 1854819 350520921 959913 159400436
Apr. 1405396 356116835 2118364 373710549 4804523 975665988
May 1009473 232632049 2065075 391074908 -- --
Jun. 694594 188205737 5578138 724939866 -- --
------------------------------------------------------------------------------
Source: Monthly Review, Dhaka Stock Exchange Ltd., April 1996.
TABLE 6.B
STOCK MARKET OPERATIONAL STATISTICS (JULY 1994 - JUNE 1995)
==============================================================================
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TABLE 7.A
TOP TEN GAINERS
==============================================================================
Company Price (+ %) Turnover ('000Tk)
------------------------------------------------------------------------------
Bengal Food 9.71 11.19
Savar Refractories 8.21 22.35
Quasem Dry Cells 8.18 59.81
Stylecraft 7.91 7.50
Apex Weaving 6.52 5,770.41
Gemini Sea Food 4.65 36.18
Beximco Synthetics 3.23 31.24
Phoenix Insurance 2.02 236.18
Bengal Carbide 1.96 126.33
Central Insurance 1.74 3.12
------------------------------------------------------------------------------
Source: Business Independent, May 31, 1996.
TABLE 7.B
KEY INDICATORS, MAY 30, 1996
TOP TEN TURNOVER LEADERS
==============================================================================
Company Volume (Shares) Value ('000Tk)
------------------------------------------------------------------------------
Apex Weaving 52650 5,770
Orion Infusions 49700 5,325
Chittagong Cement 2605 4,515
BD. Dying & Finis. 23040 3,521
Mita Textile Mills 50100 3,507
Singer Bangladesh 335 2,656
BOC (BD) Ltd. 5650 1,082
Bangladesh Lamps 340 1,010
IDLC Ltd. 420 855
Lexco Limited 700 696
------------------------------------------------------------------------------
Source: Business Independent, May 31, 1996.
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TABLE 7.C
TOP TEN BY MARKET CAP.
==============================================================================
Company Mkt Cap. (M. Tk) Contribution to Tot. M Cap.%
------------------------------------------------------------------------------
BTC 5720 9.56
Singer Bangladesh 3904 6.52
BOC (BD) Ltd. 2428 4.06
Chittagong Cement 2236 3.74
Shinepukur Holdings 1890 3.16
Beximco Pharma 1555 2.60
IDLC Ltd. 1528 2.55
Square Pharma 1460 2.44
Glaxo Bangladesh 1446 2.42
Padma Textile Mills 1298 2.17
------------------------------------------------------------------------------
Source: Business Independent, May 31, 1996.
TABLE 7.D
KEY STATISTICS FOR THE STOCK MARKET--APRIL 1996
10 MOST ACTIVELY TRADED ISSUES
==============================================================================
1995 - 1996
Rank Name of the Issues Monthly % Change -------------------
Turnover on Month Year High Year Low
in Taka Taka Taka
------------------------------------------------------------------------------
1 Beximco Pharmaceuticals Ltd. 101339485.00 2.17 73.00 45.00
2 Singer Bangladesh Ltd. 91377615.00 22.72 9100.00 4540.00
3 Bangladesh Lamps 80758927.00 0.99 4550.00 2500.00
4 Chittagong Cement Mills Ltd. 79881175.00 84.52 1800.00 475.00
5 Meghna Cement Mill Ltd. 41087314.50 33.05 360.00 160.00
6 Agricultural Marketing Co. 39995349.00 -- 430.00 240.00
7 Reckitt and Colman (BD) Ltd. 34685626.00 -1.20 230.00 155.00
8 National Polymer. 34517700.00 15.93 760.00 262.00
9 Eastern Housing Ltd. 28868260.00 -2.74 160.00 90.00
10 BOC Bangladesh Ltd. 26630460.00 0.12 250.00 160.00
------------------------------------------------------------------------------
Total (A) Tk. 559,141,912
Market Total (B) Tk. 969,158,244
(A/B) Ratio 57.69%
------------------------------------------------------------------------------
Source: Monthly Review, Dhaka Stock Exchange Ltd., April 1996.
TABLE 7.E
TOP TEN LOSERS
==============================================================================
Company Price (%) Turnover ('000Tk)
------------------------------------------------------------------------------
Dandy Dyeing Ltd. -7.61 19.40
Shandhani Life Ins -7.22 9.00
Mita Textile Mills -6.67 3,507.23
Singer Bangladesh -6.38 2,655.51
Karim Pipe -5.78 79.20
National Tubes -4.99 210.35
Rupan Oil -4.94 32.96
Chittagong Cement -4.49 4,515.01
Orion Infusions -4.24 5,324.81
BCIL -4.14 20.13
------------------------------------------------------------------------------
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TABLE 7.F
TURNOVER SUMMARY
==============================================================================
By Category By Sector
------------------------------------------------------------------------------
Category-A 63.80% Banks 3.07% Textile 35.98%
Category-B 6.50% Investment 0.41% Phrma. & Chem. 16.57%
Category-C 4.00% Engineering 13.26% Paper & Printing 0.55%
Category-D 25.16% Food & Allied 4.62% Service 0.60%
Debenture 0.54% Fuel & Powe 3.47% Miscellaneous 18.71%
Jute 0.00% Insurance 2.75%
------------------------------------------------------------------------------
Source: Business Independent, May 31, 1996.
TABLE 7.G
DSE, MAY 30--AT A GLANCE
==============================================================================
All Share Price Index 864.86779
Issues Gained 23
------------------------------------------------------------------------------
Source: Business Indepent, May 31, 1996.
TABLE 7.H
CHITTAGONG STOCK EXCHANGE
MAY 30, 1996
==============================================================================
Turnover: Tk. 299,735.00 CSE Index: 395.81 Market Cap: Tk. 33.09b
------------------------------------------------------------------------------
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Issues Unchanged 0
Issues Gained 2
------------------------------------------------------------------------------
Source: Business Independent, May 31, 1996.
TABLE 7.I
FIVE MOST ADVENCED ISSUES
==============================================================================
1995 - 1996
Rank Name of the Issues Monthly % Change Year Year
Turnover on Month High Low
in Taka in Taka in Taka
------------------------------------------------------------------------------
1 Chittagong Cement Mills Ltd. 79881175.00 84.52 1800.00 475.00
2 Metalex Corporation 210910.00 50.00 165.00 64.00
3 National Tubes 4195740.00 47.82 510.00 132.00
4 Eagle Box & Carton 103350.00 40.00 42.00 24.00
5 Aman Sea Food 1261715.00 39.98 3200.00 950.00
------------------------------------------------------------------------------
Source: Monthly Review, Dhaka Stock Exchange Ltd., April 1996.
TABLE 7.J
5 MOST DECLINED ISSUES
==============================================================================
1995 - 1996
Rank Name of the Issues Monthly % Change Year Year
Turnover on Month High Low
in Taka in Taka in Taka
1 Sajib Garments 978075.00 -24.29 90.00 45.00
2 Purabi Gen. Insurance 168075.00 -15.27 175.00 114.00
3 Apex Weaving & Finish 15556876.00 -15.06 200.00 90.00
4 Petro Synthetics Products 300.00 -14.29 15.00 5.00
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TABLE 7.K
MAGNITUDE OF PRICE FALL OF SELECTED STOCKS
(NOVEMBER '94 to MAY '95)
==============================================================================
Name of the company Price in Tk. Price in Tk % of change over
as on 30.11.94 as on 30.05.95 previous price
------------------------------------------------------------------------------
Aftab Automobiles 288.33 257.33 (-) 10.75
Azia Pipe 770.00 602.41 (-) 21.76
Bangladesh Autocars 144.70 107.38 (-) 25.79
Beximaco Fisheries 291.73 176.73 (-) 39.39
Bengal Biscuit 237.20 158.00 (-) 33.39
Meghna Shrim 228.42 144.90 (-) 36.56
BOC (Bangladesh) Ltd. 204.79 152.10 (-) 25.73
Apex Spinning Ltd. 453.91 275.00 (-) 39.42
Beximco Knitting 239.36 150.55 (-) 37.10
Mithun Corporation 169.50 123.00 (-) 27.43
A.C.I. 165.44 108.00 (-) 34.72
Kohinoor Chemical 188.53 177.10 (-) 6.06
Beximco Infusion 634.62 461.50 (-) 27.28
Bata Shoe 262.39 151.56 (-) 42.42
Orion Infusion 145.87 102.93 (-) 29.44
Chittagong Cement 597.27 410.00 (-) 31.42
Apex Footwear 570.00 465.00 (-) 18.42
Bangladesh Thai Aluminium 124.70 129.77 (-) 04.07
Dynamic Textile 135.69 85.00 (-) 37.36
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - June 1994.
TABLE 8.A
FOREIGN PORTFOLIO INVESTMENT
==============================================================================
Sl No Indicators 1994-95 1993-94 Increase/Decrease
Amount %
------------------------------------------------------------------------------
01. Gross portfolio capital inflow 3094.4 3196.6 -2.56 -0.08
02. Gross portfolio investment 2982.7 3101.8 -2.98 -0.10
03. Gross proceed of securities sold 1334.2 965.1 +9.23 +0.96
04. Capital gains 406.1 454.6 -1.21 -0.27
05. Dividends 92.7 17.6 +1.88 +10.67
06. Gross portfolio capital outflow 1388.9 918.4 +11.76 +1.28
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report
July 1993 - June 1994.
TABLE 8.B
FOREIGN INVESTMENT IN BANGLADESH PRIMARY SECURITIES MARKET
(JULY 1993 - JUNE 1994)
Tk 40 = US $1
==============================================================================
No. Issuer
1. Beximco Synthetics Ltd. 0.33 0.19 55.55
2. Apex Spinning & Knitting Mills Ltd. 0.09 0.04 42.85
3. Beximco Fisheries Ltd. 0.20 0.12 59.70
4. Beximco Knitting Ltd. 0.25 0.10 40.00
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TABLE 8.C
FOREIGN INVESTMENT IN IPO
(JANUARY - AUGUST 1994)
==============================================================================
1. Dynamic Textile 17.92 13.62 76.85
2. Beximco Fisher 8.04 4.80 59.70
3. Apex Spinning 3.50 1.50 42.85
4. Beximco Synthetic 13.50 7.50 55.55
5. Bengal Biscuits 3.50 1.00 33.33
6. Beximco Knitting 10.00 4.00 40.00
7. Northern Jute 0.85 0.51 60.00
8. Mala Chemical 10.00 6.00 60.00
9. Estern Housing 30.00 16.00 53.00
10. Mita Textile 9.00 4.00 44.00
------------------------------------------------------------------------------
TABLE 8.D
FOREIGN PORTFOLIO INVESTMENT
==============================================================================
Particulars (Taka Crore) 1993 1994
------------------------------------------------------------------------------
Securities purchased by the Foreign investers (Value) 48.88 492.03
Sale proceeds Securities sold by the foreign Investors 15.44 152.51
Sale proceeds remitted by the Foreign Investors 14.46 147.54
------------------------------------------------------------------------------
Source: SEC
TABLE 9.A
BANGLADESH
(CURRENCY MOUNTS IN MILLIONS)
==============================================================================
1983 1984 1985 1986 1987
------------------------------------------------------------------------------
A. No. of Listed Co. 43 56 69 78 85
Dhaka Stock Exchange
B. Market Capitalization
1) In taka 1,211 2,256 3,493 5,731 12,635
2) In U.S. dollars 48 87 113 186 405
C. Trading Value
1) In taka -- 10 32 48 178
2) In U.S. dollars -- 0.4 1.1 1.6 5.8
3) Turnover ratio -- 0.6 1.1 1.0 1.9
D. Local Index
1) DSE All Share Price
Index (1985=100) -- -- -- 244.4 512.3
2) Change in index (%) -- -- -- 144.4 109.6
3) P/E ratio -- -- -- 6.80 21
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E. Economic Data
1) GDP (US$) 11717 13801 14482 15313 17394
2) Change in consumer
price index (%) 9.4 10.5 10.7 11.0 9.5
3) Exchange rates
(end of period) 25.0000 26.0000 31.0000 30.7999 31.2000
4) Exchange rates
(average of period) 24.6149 25.3539 27.9949 30.4069 30.9500
------------------------------------------------------------------------------
Source: IFC, 1993.
TABLE 9.B
BANGLADESH
(CURRENCY MONTHS IN MILLIONS)
==============================================================================
1988 1989 1990 1991 1992
------------------------------------------------------------------------------
A. No. of Listed Co.
Dhaka Stock Exchange 101 116 134 138 145
B. Market Capitalization
1) In taka 13,557 15,351 11,486 10,397 12,299
2) In U.S. dollars 430 476 321 269 315
C. Trading Value
1) In taka 130 174 195 116 438
2) In U.S. dollars 4.1 5.4 5.6 3.2 11.2
3) Turnover ratio 1.0 1.2 1.5 1.1 3.9
D. Local Index
1) DSE All Share Price
Index (1985=100) 533.6 467.8 350.8 296.3 369.6
2) Change in index (%) 4.2 -12.3 -25.01 -15.54 24.74
3) P/E ratio 8 23.9 13.7 9.5 10.6
4) P/BV ratio 2 1.1 1.1 0.9 1.5
5) Dividend yield (%) 7 4.4 7.3 7.7 6.6
E. Economic Data
1) GDP (US$) 18,732 20,153 22,579 21,921 --
2) Change in consumer
price index (%) 9.3 10.0 8.1 7.2 --
3) Exchange rates
(end of period) 31.5091 32.2700 35.7900 38.5800 39.0000
4) Exchange rates
(average of period) 31.7300 32.2700 34.5670 36.5962 38.9510
------------------------------------------------------------------------------
Source: IFC, 1993.
TABLE 9.C
KEY INDICATORS OF EMERGING ASIAN STOCK MARKETS 1994
==============================================================================
Country Market Turnover % Change P/E Div. Market
Capita. Ratio in Index capita.
in mill. as a % of
US$ GDP
------------------------------------------------------------------------------
Bangl. 1.05 14.3 115.8 10.1 5.7 4.07
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TABLE 9.D
CAPITAL MARKET FEATURES IN SOUTH ASIAN COUNTRIES
==============================================================================
Characteristics Bangladesh India Pakistan Sri Lanka
------------------------------------------------------------------------------
Socio-Economic GDP (in US$ million) 116 1002 261 47
Per Capital GNP (in US$) 220 310 440 550
Savings % of GDP 8% 19% 12% 13%
Securities Market No. of Listed Securities 166 3134 644 195
Market Capitalization (in US$ billion) 0.98 71.8 7.6 1.8
Average Daily Trade 0.33 87.3 6.6 2.0
Market Capitalization as a % of GDP 1% 7% 3% 4%
------------------------------------------------------------------------------
Source: Securities and Exchange Commission, Annual Report, 1994.
TABLE 9.E
==============================================================================
Country Access Repatriation Tax Rates for U.S. Investors
Foreign -------------- ----------------------------
Investors Income Capital Interest Dividends Capital Gains
------------------------------------------------------------------------------
Argentina Free Free Free 20 20 0
Bangladesh RFE SR SR -- -- --
Brazil Free Free Free 15 15 15
Chile RFE Free SR 35 35 35
China SCS SR SR 10 10 0
Colombia Free Free Free 7 20 0
Costa Rica RFE SR SR -- -- --
India AIO SR SR 10 10 10
Indonesia RFE SR SR 20 20 20
Korea SCS Free Free 25 25 25
------------------------------------------------------------------------------
TABLE 10.A
MAJOR MACRO ECONOMIC INDICATORS OF EMERGING MARKETS
(MAY 1995 - MAY 1996)
==============================================================================
Country % Change Consumer Latest 12 mo. Foreign
on year Prices Trade Balance Reserves
Earlier GDP $BN. $BN 1995
------------------------------------------------------------------------------
Bangladesh (1994) +3.24 +5.31 -14.33 31.0
China +10.2 +9.7 +7.2 59.4
Hong Kong +3.0 +6.9 -19.0 49.3
India +4.7 +9.8 -3.5 20.9
Indonesia +8.1 +7.5 +5.2 12.3
Malaysia +8.3 +3.6 -3.28 24.9
Philippines +4.7 +10.4 -7.5 5.6
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TABLE 10.B
==============================================================================
Country Currency Int. Rates Stock % Change % Change
units Short-term Market Dec '95 Dec '95
per $ 1995 % p.a. June 12th in n.c.u. in US$
------------------------------------------------------------------------------
Bangladesh 40.28 6.0 -- -- --
China 8.30 na 790.8 +37.5 +37.5
Hong Kong 7.74 5.56 10,959.0 +8.8 +8.7
India 31.4 12.40 3,939.2 +26.6 +28.0
Indonesia 2,226 15.63 596.1 +16.0 +13.9
Malaysia 2.44 7.56 1,123.5 +12.9 +15.1
Philippines 25.7 11.44 3,249.2 +25.2 +25.2
Singapore 1.39 2.75 2,289.2 +1.0 +1.3
South Korea 764 13.70 873.3 -1.1 -3.7
Taiwan 25.8 5.50 6,301.8 +22.2 +20.3
Thailand 24.6 11.00 1,243.8 -2.9 -3.6
------------------------------------------------------------------------------
Source: The Economists: June 15-21, 1996
TABLE 11
FOREIGN INVESTMENT IN IPO
(JANUARY - AUGUST 1994)
==============================================================================
Issued By Public Issue Foreign % of Foreign
(1 crore = 10 m) Participation Participation
(1 crore = 10m)
------------------------------------------------------------------------------
1. Dynamic Textile 179.2 136.2 76.85
2. Beximco Fisher 80.4 48.0 59.70
3. Apex Spinning 35.0 15.0 42.85
4. Beximco Synthetic 135.0 75.0 55.55
5. Bengal Biscuits 35.0 10.0 33.33
6. Beximco Knitting 100.0 40.0 40.00
7. Northern Jute 8.5 5.1 60.00
8. Mala Chemical 100.0 60.0 60.00
9. Estern Housing 300.0 160.0 53.00
10. Mita Textile 90.00 40.0 44.00
------------------------------------------------------------------------------
Source: SEC and DSE, Annual Report, 1996.
CHART 1
SECURITIES AND EXCHANGE COMMISSION
ORGANIZATIONAL AND FUNCTIONAL CHART
==============================================================================
CHAIRMAN
|
|
1-Overall Policy Issues
2-Co-ordination and Supervision
3-Liaison with Government
4-Public & External Relations
|
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|
-----------------------------------------------------------------
| | | |
| | | |
Member Member 1 Member 2 Member
(Nominated) | | (Nominated)
| |
| |
Registration Capital Supervision & Monitoring Regulations
Issue Corporate Audit Corporate Legal R&D; Ed. & Training
Administation & Finance |
| |
| |
------------------------ -------------------------------------
| | | | | |
| | | | | |
Executive Executive | Execututiv | Executive
Director Director Corp. Director Legal Director
Admin. & Corporate Acct. Supervision Counsel R&D Ed.
Finance Finance & Monitoring | & Training
| | | | |
| ----------- | ----------- -----------
| | | | | | | |
| | | | | | | |
Director Director Director Director Director Director Director Director
Admin. Regis. Capital Super. Corp. Regul. R&D Ed. &
& Fin. Issue & Monit. Legal Training
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