Professional Documents
Culture Documents
The theoretical foundation part of the report gives an overview of Dhaka Stock Exchange. It
focuses upon the history of DSE, mission of DSE, Vision of DSE, formation, legal control of
DSE, membership, management, listing rule at DSE, objectives and functions of DSE,
forecasting financial market, and types of market at DSE. The study also concentrates upon the
different functions performed by DSE including surveillance activities.
The analysis part of the report basically evaluates the performance of Dhaka Stock Exchange
through different performance measurement indicators such as listed issues, issued capital, IPO
offering, DSE turnover, market capitalization, DSE index etc. and in the last portion of the report
problems and limitations of DSE is presented and some suggestions are addressed.
14 Methodology
The data is collected from discussion with my project instructor, reading of related books,
publications, articles, different report magazines and documents collected from Internet,
and information from DSE library. To perform the study after identifying and collecting
the data from different sources, they will be classified, analyzed, interpreted and
presented in a systematic manner. The analysis will be presented theoretically,
analytically, mathematically, and graphically.
newspaper articles or business channels for your investing or trading decisions, one is asking
for a painful experience in the markets.
Whether you are a first time investor, a seasoned pro, an "in and out" day trader or a long term
investor at Dhaka stock exchange, StockBangladesh.com will provide you with the necessary
information you need for maximum profits and success in today's dynamic markets.
The goal of DSE is to help traders and investors of Bangladesh share market to achieve aboveaverage returns from the markets by providing them with profitable trading signals and at the
same time protect their trading capital from large drawdown with sound money management
principles.
The methods used to analyze securities and make investment decisions fail into two very broad
categories: fundamental analysis and technical analysis. Fundamental analysis involves
analyzing the characteristics of a company in order to estimate its value. Technical analysis
takes a completely different approach; it doesn't care one bit about the "value" of a company or
a commodity. Technicians (sometimes called chartists) are only interested in the price
movements in the market.
Despite all the fancy and exotic tools it employs, technical analysis really just studies supply
and demand in a market in an attempt to determine what direction, or trend, will continue in the
future. In other words, technical analysis attempts to understand the emotions in the market by
studying the market itself, as opposed to its components. If you understand the benefits and
limitations of technical analysis, it can give you a new set of tools or skills that will enable you
to be a better trader or investor.
2.6 Membership
The DSE has 250 members who are the shareholders of the Exchange. The members are licensed
by the Securities and Exchange Commission (SEC) for conducting trading as Stock Dealer or
Broker. All Brokerage house have been corporatized in 2006.
2.7 Management of DSE
The DSE Board comprises of 25 members. Among them 12 are elected through direct election
from the 238 shareholders of DSE and 12 are selected from different trade bodies and relevant
organizations. And the CEO of the Exchange is the 25th Director of the Board. According to the
Articles of Association rules & regulations and bye-laws:
The control and management of the affairs of the Exchange shall be vested in a Board of
Directors consisting of the following 24 (twenty-four) Directors, namely:
with the provisions of these Articles and the Election Rules made there under.
One Director to be nominated by the Ministry of Finance (Finance Division) not below
of Joint Secretary;
One Director to be nominated by the Ministry of Commerce not below the rank and
Joint Secretary;
President of Supreme Court Bar Association, ex-officio;
President of Banks/Insurance Association, ex-officio;
Head of the Department Finance/ Economics, Dhaka University, ex-officio.
The nominated under sub-Article I (b) and 1(c) shall hold office for a period of one year
but shall be eligible for re-nomination.
The Directors elected under sub-Article 1 (a) shall elect from amongst themselves one President,
one Senior Vice President and one Vice President, who shall be President, Senior Vice President
and Vice President respectively of the Board of Directors of the Exchange. The President, Senior
Vice President and Vice President shall be required to submit weekly statement to the
Commission showing in details their transactions in shares and securities of the listed companies
during the period of their holding office in the Board of Directors of the Exchange.
DSE Offices:
DSE Head Office:
Dhaka Stock Exchange Ltd.
Stock Exchange Building
9/F Motijheel C/A
Dhaka-1000
Phone: +88-02-9564601, 7175703-11
Fax: +88-02-9564727, +88-02-9569755
Address:
Address:
Shafi Bhaban
RN Tower
Chowhatta
Sylhet
Chittagong-4100
Phone: +88-031-2514100
Phone: +88-0821-727880
Fax:
Fax: +88-0821-727880
+88-031-2514100
application for listing, as the Council or the Exchange may require from time to time. All
routine particulars may be called for by the Secretary.
Every company intending to enlist its securities to DSE by issuing its securities through
IPO is required to appoint Issue Manager to proceed with the listing process of the
company in the Exchange.
The Issue Manager prepares the draft prospectus of the company as per Public Issue
II.
Rules of SEC and submit the same to the SEC and the Exchange(s) for necessary
III.
approval.
The Issuer is also required to make agreement with the Underwriter(s) and Bankers to the
IV.
V.
VI.
VII.
SEC's consideration
After proper scrutiny, SEC gives it consent for floating IPO as per Public Issue Rule
Having consent from SEC, the Issuer is required to file application to the Exchange for
VIII.
IX.
X.
Mature companies are allowed for direct listing. But the following key conditions must be
fulfilled to be eligible for direct listing
Shall have minimum paid up capital of Tk. 100 (one hundred) million
Shall have no accumulated loss
Shall be in commercial operation for at least immediate last five years
Shall have profit in three years out of the immediate last five completed accounting /
future including its uncalled capital and to purchase, redeem and pay off and such
securities.
i) To invest any moneys of the Exchange not for the time being required such investment
(other than shares or stock in the Exchange) as may be thought proper and to hold, sell or
otherwise deal with such investments.
j) To subscribe for or guarantee money for any National, charitable, benevolent general or
useful object.
k) To enter into any arrangements and to take all necessary and proper steps with
Government or with other authorities National, legal municipal or otherwise of any place
in which the Exchange or its members may have interest and to promote or assist the
promotion whether directly or indirectly of any legislation which may appear to be in the
interest of the Exchange and to oppose and resist whether directly or indirectly any
legislation which may seem disadvantageous to the Exchange or its members.
l) To undertake and execute any trust the undertaking of which may seem to the Exchange
desirable and either gratuitously or otherwise and to do all such other things as are
incidental conducive to the attainment of the above object subject.
Dispute resolution: DSE has an arbitration system to resolve disputes or claims against
information.
By managing default risk by taking necessary actions timely.
Market Abuse is a broad term which includes abnormal price/volume movement, artificial
transactions, false or misleading impressions, insider trading, etc. In order to detect aberrant
behavior or movement, it is necessary to know the normal market behavior. The surveillance
department carries out investigation, if necessary, based on the preliminary examination/analysis
and suitable actions are taken against members involved based on the investigation.
Surveillance activities at the Exchange are divided broadly into two major segments --
I. Price Monitoring
Price monitoring is manly related to the price movement/ abnormal fluctuation in prices or
volumes etc. The functioning of the Price Monitoring is broadly divided into following activities:
a) On line Surveillance: One of the most important tools of the Surveillance is the On-line
Real Time Surveillance system with main objectives of detecting potential market abuses
at a nascent stage to reduce the ability of the market participants to unduly influence the
price and volumes of the scrips traded at the Exchange, to improve the risk management
system and strengthen the self-regulatory mechanism at the Exchange. The system
provides facility to access trades and orders of members.
based
on
preliminary
d) Surveillance Actions:
Warning to Members: The department may issue verbal/ written warning to member/s
when a market irregularity in the scrip is suspected.
Imposition of penalty/ suspension: The department, through the CEO, imposes
penalty or suspend the member/s who are involved in market irregularities, based on
the input/evidence available from investigation report.
e) Rumor verification
Public
Market
Dhaka
Stock
Exchan
ge
Odd Lot
Market
Spot
Market
Block
market
A. Public Market: In this market instruments are traded in normal volume. Only trading of
market lot share is done here through automatic matching.
B. Spot Market: Instruments are traded in normal volumes under corporate action if any.
Spot transactions are done here through automatic matching which must be settled within
24 hours.
C. Odd lot Market: Odd lots of all Instruments are trade in this market. Odd lot scripts are
traded here based on pick and fill basis.
D. Block Market: Instruments are traded in bulk volume. It is a place where bulk quantities
of shares are traded through pick and fill basis.
Recently Dhaka Stock Exchange introduced OTC market for the junk shares traded in DSE.
All transactions in public market of a day, after netting, are settled and cleared through the DSE
Clearing House due on 3rd and 7th working day respectively, calculated from date of trading.
Members shall be allowed to carry out transaction of foreign buyers and/or seller involving a
custodian bank to be settled directly between the members through the custodian bank within the
fifth day subsequent to the trading day.
Corporation
Direct Listing
Orders
Brokers
Investor (2)
Investment Banker
Investor (1)
Lottery
Floor Brokers
SEC
Proposal
Application
Advertisement
Auction
Book Building
Dealers
Fixed Price
Specialist
'A' Category Companies: Companies which are regular in holding the Annual General
Meetings and have declared dividend at the rate of 10 percent or more in a calendar year.
(Mutual Funds, Debentures & Bond are being traded in this Category).
`B' Category Companies: Companies which are regular in holding the Annual General
Meetings but have failed to declare dividend at least at the rate of 10 percent in a calendar
year.
`G' Category Companies: Greenfield Companies.
'N' Category Companies: All newly listed companies except Greenfield companies will
be placed in this category and their settlement system would be like B-category
companies.
`Z' Category Companies: Companies which have failed to hold the Annual General
Meetings or failed to declare any dividend or which are not in operation continuously for
more than six months or whose accumulated loss after adjustment of revenue reserve, if
any, is negative and exceeded its paid up capital.
Globally the developments in information & communication technologies (ICT) have created a
new instance in the securities market operations. Stock Exchanges all over the world have
realized the potentiality of ICT and inclined to the electronic trading systems. It was understood
by DSE that technology would ensure transparency, timeliness and satisfaction in customer
service. Considering those DSE introduced Automated Trading System on 10th August 1998.In
other words, the trading floor moved right into the member's office premises where an investor
started to place buy/sell orders.
Considering market growth the Automated Trading System was upgraded two times. The
recently Upgraded Trading System was started from 21st December, 2008.
Hardware
DSE Automated Trading System (HP NonStop S7806) is running on fault tolerant, high
available, scalable and maintainable Mainframe Server. Previously DSE established the
TANDEM NonStop K204 System on September 1998 and on August 2005 it was replaced with
highly scaleable HP NonStop S7802.
DSE upgraded the Trading System again on 21st December, 2008. The existing HP NonStop
S7806 Server is highly fault tolerant to the fact that no single component failure will halt the
system. Its constituent parts are hot swappable, and upward compatible; components can be
added or removed while the system is running and any compatible new upgraded will work with
the system.
All disk drives are mirrored so, if any of the disk crashes the exact copy of the data is available at
online. Moreover the connecting path for every disk whether it is primary or mirror is also
redundant. In every case, minimum two peripheral devices exist. All the components are working
active - active load balancing procedure. To ensure better power quality we have ensured high
end UPS's with long durable backup capability, two instant backup generations and other
electrical devices.
Network (LAN / WAN)
All the Member (238 members) Server Applications (MSA) are connected with NonStop HP SSeries Server through either DSE LAN or WAN connectivity. Each member has one or more
Trader Work Station (TWS). The TWSs are being connected to the Trading Server via respective
MSA through LAN and WAN connection.
DSE outsourced MetroNet Ltd., DNS Ltd. , X-Net Ltd., Dhaka Com Ltd., Ranks ITT, Link-3,
Royal Green Online Ltd. etc Network Service Providers (NSP under WAN Expansion Project).
Now a days members can establish a main office or branch offices to their remote location and
can trade smoothly by using different media ADSL, Optical fiber and Radio Link from Dhaka
and other important cities such as Gazipur, Narayanganj, Comilla, Hobiganj, Chittagong, Sylhet,
Khulna, Barisal, Rajshahi, and Bogra at the same time.
Three DSE branch offices located at Chittagong, Sylhet and Khulna are connected via BTTB's
DDN link. We also used another connectivity for redundancy for the DDN link. We have a plan
to reach the DSE branches in same way.
The application, which runs in DSE for trading, is called TESA (The Electronic Securities
Architecture). TESA has two parts: MSA (Member's Server Application) & TWS (Trader
workstation). MSA is the "Gateway" between the traders and the Stock Exchange, which
manages all the transactions and database operations between the traders and the Trading Engine.
TWS is the Front-end Application closer to investors, where they can submit Buy/Sell orders for
their desired securities.
TESA (The Electronics Securities Architecture) is the Trading software (Based on HP proprietary
0/S & DBMS). It has developed in view of Distributed Database system. In the client site it is
being using SQL as local Database Trading Software is MSA & TWS. In STSD (Signal trader
Single Database) system both MSA & TWS are running on a Windows 2k Professional /XP
Professional workstation and for MTSD (Multiple trader Single Database), MSA install in a
Windows 2k Server & the TWSs are in different Windows 2k Professional AP Professional
workstation-using members in house LAN.
TESA Architecture
TESA software is built for the global securities markets. It uses fault tolerant computers,
intelligent workstations and client / server design techniques. This provides co-operative
processing, high message integrity, continuous operation and fully automatic recovery. This cooperative mechanism enables very high speed processing which is essential for today's electronic
markets.
TESA's Application Programmatic Interface (API) is the gateway to the TESA system from the
outside world. All external devices connect through the API. The API provides the translation
between external devices and internal processes. This means that a new process does not need to
be written to support each new device, only the API needs to be modified.
Solution Benefits
The TESA application suite derives significant advantages from being implemented on the HP
NonStop platform. The HP NonStop customers have benefited from these advantages.
Fault Tolerance: One of the most important automation requirements for any stock exchange
system is continuous system availability. With most systems Fault Tolerance is created at the
Collecting company Information: All information supplied by the listed companies are
maintained in the TESA database.
Generating Market Statistics: TESA generates market indices on a real time basis. It generates
other statistical information such as Price.
Broker Support
Research and Enquiry: this module provides brokers access to the local Broker Support and
TESA databases for enquiries and research purposes.
Public Order Book
Broker Order Book
The multi-windows environment allows users to simultaneously view orders, market and trades.
Broker Support offers Stock Exchange members two configurations; standalone and multi-user.
Both configurations maintain a database consisting of information generated by the TESA Server
and the local system.
Year
Listed Issue
% of Change
2008
412
2009
415
0.73
2010
445
7.23
2011
501
12.58
2012
515
2.79
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
12.58
12.00
10.00
8.00
% of Change
6.00
7.23
% of Change
4.00
2.79
2.00
0.73
0.00
2008
2009
2010
2011
2012
Year
Listed Issue
600
500
412
400
445
415
501
515
2011
2012
2009
2010
Year
Listed Issue
Growth pattern of DSE listed securities is reflected from the chart. From 2004 to 2010 every year
listed securities has increased in DSE. In 2004 number of listed securities was 256 and in 2010 it
was 445. The growth was highest 17.71% in 2008 and lowest 0.73% in 2009. The average
growth rate of listed securities of DSE from 2004 to 2010 is 8.38%. So the number of listed
company is in a growing stage. Each year the number is increasing than previous year.
4. 3 Market Capitalization
Market capitalization is defined as a measurement of the size of a business enterprise value.
Market capitalization is equal to the share price in secondary market multiplied by the number of
shares outstanding for company XYZ. Capitalization is the therefore the company's worthiness in
public opinion. Capitalization cannot give the actual value of a company but rather a market
estimate of a company's value, based on public perceived future prospects, economic and
monetary conditions - and the general public is always wrong.
Year
Market Capitalization
% of Change
753955
2007
1043799
38.44
2008
1903228
82.34
2009
3508006
84.32
2010
2616731
-25.41
2011
2403556
-8.15
2012
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of market capitalization from 2007 to 2012 is shown below by a line chart
82.34
84.32
60.00
% of Change
40.00
38.44
20.00
0.00
2007
-20.00
% of Change
2008
2009
2010
2011
-8.15
2012
-25.41
-40.00
Year
Market Capitalization
4000000
3508006
3500000
3000000
2616731
2500000
Tk In mn
1903228
Market Capitalization
2000000
1500000
753955
1000000
2403556
1043799
500000
0
2007
2008
2009
2010
2011
2012
Year
Growth pattern of market capitalization has shown in this chart. During 2004 to 2010 every year
DSE market capitalization has increased from the previous year. But market capitalization has
exceptionally increased in 2007. amount was Tk. 753955 million and growth was 133.16% in
2007. And in 2008 it133.16% by a huge amount. Growth rate decreased to 40.53% from
133.1694). It is also reflected from the table that market capitalization of different year has
fluctuate at a larger percentage.
Year
Total Turnover in
Volume
% of Change
2831
2007
4605
62.66
2008
7973
73.14
2009
16975
112.91
2010
16967
-0.05
2011
21689
27.83
2012
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of Total turnover in volume from 2007 to 2012 is shown below by a line chart
120.00
100.00
80.00
62.66
60.00
% of Change
73.14
% of Change
40.00
27.83
20.00
-0.05
0.00
2007
-20.00
2008
2009
2010
2011
2012
Year
21689
20000
16975
16967
15000
Volume
10000
2831
5000
0
2007
4605
2008
2009
2010
2011
2012
Year
This chart shows the total turnover in volume in DSE. From this table it is reflected that total
turnover in volume has increased 2005 from the previous year the amount was 880.809mn from
684.08mn. The growth rate of turnover in volume of DSE has increased to 28.76% in 2005 and
the value decreased in 2006. Again the value has exceptionally increased in 2007, amount was
Tk. 2831.23 million and growth was 0.01%. The total turnover in volume was highest in 2010
and the value was 16974.52mn and growth rate was 113.03% and lowest in -5.46% 2006. The
average growth rate of total turnover in volume of DSE is 73.154.
The total value of stock sold in a year divided by the average value of goods held in stock. This
checks that cash is not tied up in stock for too long, losing its value over time.
Year
% of Change
2007
322867
2008
667965
106.89
2009
1475301
120.87
2010
4009913
171.80
2011
1560912
-61.07
2012
1001085
-35.87
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of Total turnover in value from 2007 to 2012 is shown below by a line
chart
150.00
100.00
106.89
% og Change
120.87
% of Change
50.00
0.00
2007
2008
2009
2010
-50.00
2011
2012
-35.87
-61.07
-100.00
Year
4009913
4000000
3500000
3000000
2500000
Turnover Value
2000000
1000000
322867
500000
0
2007
1560912
1475301
1500000
1001085
667965
2008
2009
2010
2011
2012
Year
Table 5 shows the DSE total turnover in value. From the above table of the DSE total turnover in
value, we can see that in 2010 the total turnover in value (Tk. 4009912.67mn) was highest and in
2004 it was lowest (Tk. 37032mn). During 2004 to 2010 every year DSE total turnover in value
has increased from previous year. The growth rate of turnover in value of DSE has increased in
2005 and decreased in 2006 from 75.16% to 0.33%. Again the value exceptionally increased to
396.11% in 2007 and also decreased in 2008. After 2008 to 2010 the value increases at a
increasing rate.
% of Change
2008
(Tk. Millions)
2818
2009
6046
114.55
2010
16434
171.82
2011
6642
-59.58
2012
4206
-36.68
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of Daily average turnover value from 2008 to 2012 is shown below by a line chart
171.82
150.00
114.55
100.00
% of Change
% of Change
50.00
0.00
2008
2009
-50.00
2010
-59.58
-36.68
2011
2012
-100.00
Year
Tk In mn
18000
16000
14000
12000
10000
8000
6000
2818
4000
2000
0
2008
16434
6642
4206
2009
2010
2011
2012
Year
Table shows the Daily average turnover value. From the above table, we can see that in 2010
daily average turnover value (Tk.16434.07mn) was highest and in 2004 it was lowest (Tk.
199.60mn). During 2004 to 2010 every year DSE daily average turnover value has increased
from previous year. The growth rate of daily average turnover value of DSE has increased in
2005 and decreased in 2006 from 25.96% to 15.35%. Again the value exceptionally increased to
369.76% in 2007 and also decreased in 2008. After 2008 to 2010 the value increases at a
increasing rate.
Year
% of Change
2008
Volume (million)
19
2009
32
68.42
2010
70
118.75
2011
72
2.86
2012
91
26.39
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of Daily Average Turnover in Volume from 2008 to 2012 is shown below
by a line chart
118.75
100.00
80.00
68.42
% of Change
60.00
% of Change
40.00
26.39
20.00
0.00
2008
2.86
2009
2010
Year
2011
2012
91
80
70
72
60
Trade Volume In mn
40
19
20
0
2008
2009
2010
2011
2012
Year
This chart shows the daily avg. trade volume of DSE. From this table it is reflected that daily
avg. trade volume has increased in every year from 2004 to 2010. The growth rate of daily avg.
trade volume of DSE has increased to 34.12% in 2005 and the rate decreased to 8.90% in 2006.
Again the value has exceptionally increased in 2007, value was 11.95 million and growth was
227.39%. Daily avg. trade volume was highest in 2010 and the value was 69.60 and lowest was
2.55 in 2004. The average growth rate of daily avg. trade volume of DSE is 74.30%.
4.7 Initial Public Offering
An initial public offering (IPO) referred to simply as an "offering" or "flotation," is when a
company (called the issuer) issues common stock or shares to the public for the first time. They
are often issued by smaller, younger companies seeking capital to expand, but can also be done
by large privately-owned companies looking to become publicly traded. In an IPO the issuer may
obtain the assistance of an underwriting firm, which helps it determine what type of security to
issue (common or preferred), best offering price and time to bring it to market.
No. of IPO
% of Change
2007
14
2008
12
-14.29
2009
18
50.00
2010
18
0.00
2011
14
-22.22
2012
17
21.43
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
Issuing IPO from 2007 to 2012 is shown below by a pie chart
No. of IPO
From this pie chart it is observed that height number of IPO offered in 2010 and lowest number
of IPO offered in 2004. From the table we can say that the growth rate of IPO has been
fluctuated during 2004-2010. IPO has exceptionally increased in year 2005 by 366.67% and
decreased in 2006 and 2008. There was a 100% increase in 2007. And in 2009 and 2010 the
growth rate is below the average growth rate of IPO.
% of Change
2007
2535.96
2008
2309.35
-8.94
2009
3747.53
62.28
2010
6877.66
83.53
2011
4383.94
-36.26
2012
3577.21
-18.40
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of DSI (all shares) index from 2007 to 2012 is shown below by a line chart
% of Change of DSI
100.00
83.53
80.00
62.28
60.00
40.00
% of Change
% of Change
20.00
-8.94
0.00
2007
-20.00
2008
2009
2010
-36.26
-18.40
2011
2012
-40.00
-60.00
Year
7000
6000
5000
DSI
4000
2535.96
3000
4383.94
3747.53
DS I (All S hare Price Index) Year Ended
3577.21
2309.35
2000
1000
0
2007
2008
2009
2010
2011
2012
Year
The above table and graph shows the movement of price of DSI Index from year 2005 to 2010.
In 2005, the year end index was 1275.05. We can see from the above graph the growth rate ups
and down there are no consistencies in the growth rate of DSI Index. In year 2010 the year end
index price was 6877.66, the highest and lowest price were 1275.05 in 2005. The height growth
rate was 91.92% in 2007 and the growth rate went to a negative value (-8.94%) only in 2008.
B. DSE General Index:
DSE general index with a base-index of 817.62 points started on November 27, 2001. It includes
A, B, G and N group shares. But the index excludes companies of Z-category and is calculated
on the basis of price movement of individual stocks. The entire market capitalization excluding
the Z-category is taken into consideration in deriving the general index.
Table: DSE General Index
Year
% of Change
2007
3017.21
2008
2795.34
-7.35
2009
4535.53
62.25
2010
8290.41
82.79
2011
5257.61
-36.58
2012
4219.31
-19.75
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of DSE general index from 2007 to 2012 is shown below by a line chart
% Change of DGEN
100.00
80.00
82.79
62.25
60.00
40.00
% of Change
% of Change
20.00
-7.35
0.00
2007
-20.00
2008
2009
2010
-36.58
-40.00
-60.00
Year
2011
-19.75
2012
8290.41
8000
7000
6000
5257.61
5000
DGEN
4000
3017.21
3000
4535.53
4219.31
2000
1000
0
2007
2008
2009
2010
2011
2012
Year
The year end index price of DSE General Index (DGEN) was highest in year 2010 which is
8290.41. On that year the highest index price was 8290.41 which was much higher than the
previous 6 years. The lowest price of the index on 2004 was 1031.72. The growth rate was
minimum in 2006 and the amount was -5.80% and it increases to 87.46% in the year 2007 which
was the maximum growth rate.
C. DS20
DSE-20 index was introduced on January 01, 2001. The Index comprises leading 20 shares with
a base index of 1000. The criteria taken into account in formulating the index were market
capitalization, free float shares in public hands, minimum payment of 10 percent dividend for the
last three consecutive years and 95 percent trading day's liquidity in terms of trading during the
last six months. Subjective criteria such as good corporate governance, regular holding of annual
general meeting and sectored representation were the other key factors for becoming eligible for
inclusion in the Index.
% of Change
2007
2485.87
2008
2328.71
-6.32
2009
2613.49
12.23
2010
5204.98
99.16
2011
3910.33
-24.87
2012
3472.56
-11.20
Source: Compiled from different issues if monthly review, Dhaka Stock Exchange
% of change of DS20 (Year ended) from 2007 to 2012 is shown below by a line chart
% of Change of DSE- 20
120.00
99.16
100.00
80.00
60.00
% of Change
% of Change
40.00
20.00
-6.32
0.00
2007
-20.00
12.23
2008
2009
-11.20
2011
2010
-24.87
-40.00
Year
5204.98
5000
3910.33
4000
2485.87
DSE- 20 3000
3472.56
2613.49
DS E- 20 Index
(DS 20) Closing DS 20
2328.71
2000
1000
0
2007
2008
2009
2010
Year
2011
2012
2012
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
48.77
16.33
33.59
26.16
16.46
36.37
29.16
25.24
37.78
31.13
10.50
43.69
24.88
8.68
32.11
Banks
60
50
48.77
40
Dividend/PE/EPS
43.69
30
33.59
Dividend
36.37
20
26.16
16.33
10
16.46
0
2008
P/E
2009
37.78
31.13EPS
29.16
25.24
32.11
24.88
2010
10.5
8.68
2011
2012
Year
Financial Institutions
Particulars
Dividend
P/E
EPS
Year
2008
2009
2010
2011
2011
28.26
25.26
29.78
25.30
32.45
29.75
39.35
47.27
58.72
46.69
12.15
72.6
20.11
15.19
39.12
Financial Institutions
80
72.6
70
58.72
60
50
40
Dividend/PE/EPS Dividend
29.78
28.26
25.26
30
32.45
29.75
25.30
P/E
47.27
39.35
20
46.69
EPS
39.12
12.15
20.11
15.19
2011
2012
10
0
2008
2009
2010
Year
Insurance
Particulars
Dividend
P/E
EPS
Year
2008
2009
2010
2011
2012
16.57
21.81
24.37
19.60
31.39
27.00
19.30
64.64
21.85
23.72
20.37
30.50
19.21
22.25
19.75
Insurance
70
64.64
60
50
40
Dividend/PE/EPS Dividend
30
24.37
21.81
16.57
20
31.39
27.00
19.60
21.85
19.30
30.50
EPS
23.72
20.37
22.25
19.75
19.21
2010
2011
2012
P/E
10
0
2008
2009
Year
Mutual Funds
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
39.53
20.37
30.10
32.76
29.06
30.12
33.79
17.53
22.98
55.78
6.24
21.37
46.60
12.42
11.36
Mutual Funds
60
55.78
46.6
50
Diviend/PE/EPS
39.53
40
30.1
30Dividend
20.37
20
32.76
30.12
29.06
33.79
P/E
22.98
17.53
EPS
21.37
12.42
11.36
6.24
10
0
2008
2009
2010
2011
2012
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
7.19
16.93
56.45
17.13
17.29
123.20
37.77
27.30
124.63
39.19
16.41
134.83
39.19
16.41
134.83
124.63
123.20
P/E
17.29
17.13
2009
134.83
119.11
EPS
37.77
27.3
39.19
16.41
39.25
20.99
2010
2011
2012
Year
Pharmaceuticals
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
32.07
30.96
70.12
40.68
27.64
89.40
101.45
34.12
67.54
49.10
22.52
65.88
50.60
18.67
55.63
Pharmaceuticals
120
100
101.45
89.40
80
70.12
60
Dividend/PE/EPS Dividend
32.07
40
30.96
67.54
40.68
27.64
65.88
49.1EPS
P/E
34.12
22.52
18.67
2011
2012
20
0
2008
55.63
50.6
2009
2010
Year
Textile
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
8.17
13.85
15.35
8.81
32.93
21.06
17.00
52.44
18.72
14.70
22.66
23.31
16.52
17.50
21.39
Textile
60
52.44
50
40
30
Dividend/PE/EPSDividend
32.93
21.06
20
15.35
13.85
8.17
10
8.81
0
2008
2009
P/E
18.72
17
2010
EPS
23.31
22.66
14.7
21.39
17.5
16.52
2011
2012
Year
Engineering
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
20.00
30.24
25.39
20.65
36.50
39.97
27.83
50.10
41.17
53.24
26.40
39.83
19.61
19.08
35.32
Engineering
60.00
50.00
40.00
30.24
25.39
30.00
Dividend/PE/EPS Dividend
20
20.00
50.10
39.97
36.50
20.65
P/E
53.24
41.17
39.83
27.83
26.40
EPS
35.32
19.61
19.08
10.00
0.00
2008
2009
2010
Year
2011
2012
Ceramics
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
5.00
47.80
18.60
13.75
39.97
18.55
10.00
106.86
12.85
19.00
30.20
20.70
13.00
20.62
20.62
Ceramics
120.00
106.86
100.00
80.00
60.00
Dividend/PE/EPSDividend
47.8
P/E
EPS
39.97
40.00
18.6
20.00
5
0.00
2008
18.55
13.75
12.85
10
2009
2010
30.2
20.7
19
2011
20.62
13
2012
Year
Tannery
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
49.57
16.43
108.81
55.20
15.39
167.16
72.50
20.66
170.62
66.00
15.60
181.93
68.40
11.74
195.28
Tannery
250
200
150
108.81
Dividend/PE/EPSDividend
100
49.57
50
16.43
170.62
167.16
181.93
P/E
195.28
EPS
72.50
66.00
68.40
15.39
20.66
15.6
11.74
2009
2010
2011
2012
55.20
0
2008
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
3.83
9.36
17.75
12.50
27.59
19.92
5.00
126.93
5.23
5.00
42.23
9.64
5.00
29.85
6.40
126.93
120
100
80
Dividend
Dividend/PE/EPS
60
40
17.75
20
9.36
3.83
0
2008
P/E
EPS
42.23
27.59
19.92
12.50
2009
29.85
5.23
5.00
9.64
5.00
6.4
5.00
2010
2011
2012
Year
Jute
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
10.00
12.15
39.19
11.67
27.23
45.67
25.00
55.66
43.12
13.33
32.64
52.82
10.00
23.62
39.24
Jute
60.00
55.66
50.00
45.67
43.12
39.19
40.00
39.24
32.64
27.23
30.00
Dividend/PE/EPSDividend
52.82
20.00
12.15
10
10.00
11.67
0.00
2008
2009
25
P/E
EPS
13.33
2010
2011
23.62
10
2012
Year
Cement
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
9.69
10.26
74.68
8.29
56.90
11.79
41.00
33.44
30.90
28.00
21.60
67.63
27.50
21.81
56.13
Cement
80
74.68
67.63
70
56.90
60
50
56.13
41
P/E 33.44
30.9
40
Dividend/PE/EPS Dividend
30
20
10.26
9.69
10
11.79
8.29
0
2008
2009
EPS
2010
28
21.60
27.5
21.81
2011
2012
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
28.00
22.66
20.80
18.33
45.65
21.60
22.50
43.93
35.68
25.25
25.82
24.80
20.25
18.28
19.17
45.65
43.93
40.00
30.0028
22.66
20.80
Dividend/PE/EPS Dividend
20.00
35.68
21.60
18.33
P/E
22.5
25.82
25.25
24.80
EPS
2010
2011
20.25
19.17
18.28
10.00
0.00
2008
2009
Year
2012
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
12.50
22.66
20.80
18.33
45.65
21.60
22.50
43.93
35.68
25.25
25.82
24.80
20.25
18.28
19.17
45.65
43.93
35.68
21.60
18.33
2009
22.5
25.82
25.25
24.80
EPS
2010
2011
P/E
20.25
19.17
18.28
2012
Year
IT
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
12.50
46.52
10.35
9.90
60.71
9.04
11.10
64.91
6.97
9.00
38.93
7.19
11.67
22.92
10.24
IT
70.00
64.91
60.71
60.00
46.52
50.00
38.93
40.00
Dividend
Dividend/PE/EPS
30.00
P/E
EPS
22.92
20.00
12.50
10.35
10.00
9.90
9.04
11.10
6.97
9.00
7.19
0.00
2008
2009
2010
2011
11.67
10.24
2012
Year
Telecommunication
Year
Particular
s
2008
Dividend
P/E
EPS
2009
2010
2011
2012
84.85
22.10
60.00
20.35
110.85
120.00
20.62
79.28
117.50
12.19
132.64
Telecommunication
140
120
132.64
120
110.85
100
84.85
80
60
Dividend/PE/EPSDividend
60
117.5
79.28
P/E
EPS
40
22.10
20
20.35
20.62
0
2008
2009
2010
Year
12.19
2011
2012
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
22.50
22.50
5.00
65.45
5.03
10.00
23.07
9.72
21.67
25.36
22.09
Dividend
Dividend/PE/EPS
30.00
22.50
23.07
22.50
20.00
5.03
10.00
9.72
0.00
2008
2009
P/E
EPS
25.36
22.09
5.00
2010
21.67
10.00
2011
2012
Year
Miscellaneous
Year
Particular
s
Dividend
P/E
EPS
2008
2009
2010
2011
2012
27.50
34.43
61.61
31.27
28.85
125.60
40.67
19.54
167.99
37.22
8.02
149.01
36.11
5.84
130.20
Miscellaneous
167.99
180.00
149.01
160.00
140.00
130.20
125.60
120.00
100.00
Dividend
Dividend/PE/EPS
80.00
P/E
61.61
60.00
34.43
40.00
27.5
EPS
40.67
31.27
28.85
19.54
20.00
0.00
2008
2009
2010
37.22
36.11
8.02
5.84
2011
2012
Year
Market P/E
Year
Particulars
Market P/E
2008
2009
2010
2011
2012
18.42
25.65
29.16
13.68
12.07
Market P/E
40
30
18.42
Market P/E 20
25.65
29.16
Market P/E
13.68
12.07
2011
2012
10
0
2008
2009
2010
Year
Overall Market
Particulars
Dividend
P/E
EPS
Year
2008
2009
2010
2011
2012
21.57
18.42
37.12
23.32
25.65
40.21
35.58
29.16
46.50
37.35
13.68
49.50
30.57
12.07
41.05
Overall Market
60
50
37.12
40
30
Dividend/PE/EPS Dividend
21.57
18.42
20
46.5
40.21
35.58
25.65
23.32
P/E
29.16
49.5
37.35
41.05
30.57
EPS
13.68
12.07
2011
2012
10
0
2008
2009
2010
Year