Introduction

1 Origin of the Report:

Our course instructor Jannatunnesa has authorized us to write this report as a partial fulfillment
of FIN 425 (Investment analysis & management) course requirement.

2 Objective of the study:

2.1 Broad Objective:

To find out the overall performance of Dhaka Stock Exchange (DSE) from 2000 to 2016

2.2 Specific Objective:

To find out the market turnover and sector wise turnover

To find out the market P/E and sector wise P/E
To find out condition of different indexes (DSE 30, DSEX, General index) of DSE
To make a comparison between turnover, P/E, market capitalization and its sectors.

3 Rationale for the study:

In our report, we have tried to show how the performance of Dhaka Stock Exchange is
determined and how different facts (political instability, volatility) effect the performances of
DSE. Although different researchers have shown the efficiency and performance of Dhaka Stock
Exchange by showing the statistical tool, we’ve just shown the performance analysis of DSE
based on different variables such as; P/E, Capitalization, turnover and indexes). Our course
instructor Jannatunnesa has authorized us to write this report and that’s why we’re doing this
report.

4 Research Methodologies:

We’ve have elaborated different kinds of secondary data in our report. We’ve collected the
required data from 2000 to 2016 from several sources like Annual Report, Monthly review, trade
report and trade journal published by DSE, website (http://www.dsebd.org/). After collecting
data, we’ve put data in to excel and use different kinds of formula that is required for calculating
necessary variables (average turnover, market capitalization, P/E etc). We have used different
tables, graphical parts (line, column, bar charts) to reach our goal.

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5 Limitations:

We have tried our best to prepare the report perfectly but following facts have impeded us in
making report:

 The time that was given was not adequate for us to collect data and analyze the research.
 We have not got much data from the secondary sources.
 We have done this project for the first time. So, we don’t have that much knowledge of
doing these types of analysis.

6 Report Review:

In here, we will present the overview of DSE and then we will present the performance of DSE
in different tables and charts and try to analyze those data. We will try to show what we’ve found
after analyzing the data and we’ll try to suggest some facts based on our analysis in the final
chapter.

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 Literature Review

The capital market is the engine of growth for an economy and an important avenue for
channeling funds to investors through mobilizing resources from individuals. A well functioning
capital market plays an important role in mobilizing savings and investments for organizing the
production of goods and services, creating employment opportunities and enhancing economic
development. Capital market in Bangladesh is small in Asia but 3 rd largest in South Asia. There
are two stock exchanges in Bangladesh. Capital market of Bangladesh had faced two major
breakdowns which were occurred in 1996 and 2010. The main reason behind the breakdown was
inexperienced investors and significant growth of securities in a short period time. For this, stock
price deteriorate. Outside this matter it contributes great to the economy of Bangladesh. It is the
proper road for surplus as well as deficit unit to contribute to the growth of the GDP of
Bangladesh. Number of factors affects the share price. Earning announcement is one of them. It
attracts the market investors to invest in that security. Other factor is price-earnings (P/E) ratio.
But there is evidence that stock with high price earnings ratio have low stock market
performance in the short term as well as long term.

Research focused on finding the factors determining the variability of stock prices of Dhaka
stock exchange have separate reasons of macroeconomic factor, inflation rate, exchange rate,
interest rate, money supply and production index. For this kind of reason, share price is being
changing throughout the year. Sometimes it can be predicted sometimes not. A rated company is
better than B rated company as A rated company can pay back to the creditors. (Factors
affecting the stock price variability of Dhaka stock exchange, Dr. Samiul Parvez & Rashida
Akter Tanzia)

Over the passage of time some significant developments took place in DSE. One important
Development in the capital market in January, 2004 was the initiation of electronic settlement
Through the Central Depository System (CDS). In order to prevent market manipulation by the
in house officials of the listed companies, SEC banned the purchasing or selling of shares of a
company by its owners during an interim period (from the date of the financial year closure to
the day of approval of accounts by the company’s board). De-listing of 13 companies in August
2004 by DSE due to their repeated failure in complying with the listing rules was also an
important step towards bringing discipline in the stock exchange. The trading of Bangladesh
Government Treasury Bonds (BGTBs) started in DSE from January 2005. Volatility in the stock
market can have a huge impact on financial sector and entire economy. Investors need to be
cautious to invest in the stock exchange. They should give more importance in several securities
rather than only one security which is portfolio analysis (Markowitz 1952). Efficient share
market is necessary but it is not easy to do it. Transparency is important for the efficient share
market. (The Impulsive Stock Market of Bangladesh, Saif hossain)

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 Overview of Dhaka Stock Exchange

The necessity of establishing a stock exchange in the then east Pakistan was first decided by the
government when, early in 1952.it was learnt that the Calcutta stock exchange had prohibited the
transactions in Pakistani shares and securities. The provincial industrial advisory council soon
thereafter set up an organizing committee for the formation of a stock exchange in East Pakistan.
A decisive step was taken the second meeting of the organizing committee held on the 13th
March, 1953. The 8 promoters incorporated the formation as the East Pakistan Stock Exchange
Association Ltd. on April 28, 1954 (28.04.1954). As public limited company the name was
revised to East Pakistan Stock Exchange Ltd on June 23, 1962 (23.06.1962). Again on
14.05.1964 the name of East Pakistan Stock Exchange Limited was changed to "Dhaka Stock
Exchange Ltd."

Dhaka Stock Exchange (DSE) is formed and managed under Company Act 1994, Security and
Exchange Commission Act 1993, Security and Exchange Commission Regulation 1994, and
Security Exchange (Inside Trading) regulation 1994. The issued capital of this company is Tk.
500,000 which is divided up to 250 shares each pricing Tk. 2000. No individual or firm can buy
more than one share. According to stock market rule only members can participate in the floor
and can buy shares for himself or his clients. At present it has 230 members. Market
capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and
$27.4 billion in Dec 9, 2009.

Vision:
To be the leading exchange in the region and a key driver of economic growth with state-of-art
technology and world class service to ensure highest level of confidence among stakeholders.

Mission:

 Proactive approach to keep pace with continuous technological advancement, and

providing highest standard of service through efficiency improvement and introduction of
new products.

 Contributing to country's economic growth through creation of wealth, facilitating access

to capital and penetrating untapped market.

 Superior corporate governance to enhance confidence of investors, regulators, issuers and

intermediaries.

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Objective:

Dhaka Stock Exchange shall endeavor to achieve the following objectives within 2020:

 Commercial:

 Achieve a sustainable average daily turnover of BDT 25 billion.

 Ensure steady domestic and offshore institutional investments of at least three
fourth of the total investments in the market.
 Attract more foreign investments to attain a steady level of at least 30% of the
total market capitalization.
 Double the total number of listed securities (other than Government Bills and
Bonds).
 Increase depth and liquidity of bond market, including bringing in the
Government Securities under trading net.
 Increase breadth by listing new products, i.e. Index futures, ETF, Sukkuk and
derivatives.

 Knowledge Development:

 Enhance knowledge of general investors to ensure an aware and educated investor

base.

 Governance:

 Ensure effective separation of regulatory function from commercial operation.

 Enhance corporate governance and ensure investors' protection.

 Technology:

 Deploy State-of-Art technology through continuous but prudent and effective

investment.

 Human Resources Development:

 Ensure continuous learning for employees through effective training.

 Ensure optimum organizational structure.

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Functions of DSE

 Listing of Companies (As per Listing Regulations).

 Providing the screen based automated trading of listed Securities.
 Settlement of trading (As per Settlement of Transaction Regulations).
 Gifting of share / granting approval to the transaction/transfer of share outside the trading
system of the exchange (As per Listing Regulations 47).
 Market Administration & Control.
 Market Surveillance.
 Publication of Monthly Review.
 Monitoring the activities of listed companies (As per Listing Regulations).
 Investor’s grievance Cell (Disposal of complaint by laws 1997).
 Investors Protection Fund (As per investor protection fund Regulations 1999).
 Announcement of Price sensitive or other information about listed companies through
online.

6|Page
 Performance Analysis

Market Turnover

18000 5

16000
4
14000 377.27%

12000 3

10000
198.22% 2
8000 171.95%

114.62%
106.89%
6000 1

4000 25.88% 24.45% 31.59%

0.00%2.29% 13.53% 0
-18.33% -4.99% -15.15%
2000 -45.06% -36.57%
-59.62%
0 -1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Value of Turnover( in ml.) Growth Rate

Turnover is the volume or value of shares traded on a stock exchange during a day, month, or
year. This graph shows the overall turnover performance for Dhaka Stock exchange from 2000
to 2016. Here we can see that the highest market turnover in 2010 that is 16449.609 tk (in ml)
and lowest market turnover in 2003 that is 66.972 tk (in ml). The value of turnover was
decreased from 2010 to 2011 that is 16449.61 Tk (in ml) to 6642.98 TK. (in ml).

The highest positive growth rate 377.27% observed in 2007 & negative growth rate observed
-59.62% in 2011. The reason behind the higher negative growth rate may be the capital market
crush.

From 2011 to 2015 market faced fluctuations in turnover growth rate. Growth rate was negative
from 2011 to 2013 but later it was increased in 2014 as positive. Higher value of securities or
stable working days are the factor we are assuming for this kind of increasing in 2014.The
market faced again negative turnover in 2015 . But in 2016 the value of turnover again increased.

7|Page
Industry wide Turnover

Industry based Market Turnover

Corporate Bond 26.6
Miscellaneous 4898.4
Travel & Leisure 1885.5
Telecommunication 1832.3
Insurance 2909.0
Ceramic 1248.7
Tannery 1483.5
IT 2539.8
Cement 4633.6
Service & Real estate 3706.9
Paper & Printing 290.5
Pharmaceuticals 15683.4
Textile 12518.4
Jute 132.6
Fuel & Power 10415.5
Food & Allied 6465.9
Engineering 21946.3
Mutual Fund 1289.5
Financial Institutions 6632.5
Banks 9309.9

0.0 5000.0 10000.0 15000.0 20000.0 25000.0

Here the graph represents industry wise average market turnover from 2014 to 2016.

Here we can observe the higher turnover from Banks, Financial Institutions, Engineering, Food
& Allied, Fuel& Power , Textile, Pharmaceutical industries than Market turnover .Mutual fund ,
Jute , Paper and Printing , Service & Real estate, Cement, IT, Tannery, Ceramic, Insurance,
Telecommunications, Travel & leisure, Miscellaneous, Corporate Bond were giving lower value
than market turnover.

From 2014 to 2015 banking sector turnover decreased from 6683.62 tk (in ml) to 6203.35tk (in
ml) the reason behind the decrease of turnover in 2015 may be the lower value of securities
traded. But again in 2016 this sector increased value than market average turnover.

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The turnover of financial institutions was decreased from 2014 to 2015 that is 4397.73 to
3530.76. . But it increased very highly in 2016 that is 11968.94. Stable working days may be the
reason behind this case.

The turnover of mutual fund was 746.19 tk (in ml) lower than market average in 2014. From
2015 to 2016 it was in increasing position but lower than market average.

We got the highest turnover from engineering industries. The value of stocks of engineering
sector was the increased enormously against its trading units. The highest turnover was noticed
in 2016 that is 38637.82 tk (in ml) & lowest turnover was noticed in 2014 that is 7397.36 tk (in
ml)

The turnover of food & allied was higher than market average from 2014 to 2016. The highest
turnover was recorded in 2016 that is 11355.97 tk (in ml).

The turnover of Fuel & Power industry was recorded higher from 2014 to 2016 .In 2014 it was
recorded 7558.14 tk (in ml) & 2106 it was recorded higher than previous year was 13372.3 tk
(in ml).

The turnover of Jute industry was recorded lower from 2014 to 2016 all the year. The lowest
turnover was recorded in 2014 that is 86.72 tk (in ml).

The turnover of textile industry was recorded higher from 2014 to 2016. The highest turnover
was recorded in 2016 that is 23057.26 tk (in ml).

The Turnover of Pharmaceuticals was higher than Market Average Turnover. In 2014 it was
recorded as 9146.36 tk (in ml) & the highest recorded in 2016 as 21137.08 tk (in ml).

The turnover of Paper & printing was recorded lower all the year from 2014 to 2016 .The
lowest it was recorded in 2016 that is 253.4 tk (in ml).May be the lower value of securities traded
is the reason.

The turnover of Service & Real estate was lower in 2014 than market average that is 2548.64 tk
(in ml). But it was increased against market average in 2015 to 2016.

The turnover of cement industry was recorded lower than market average in 2014 that is 2117.19
tk (in ml). It again increased from 2014 turnover but little bit decreased from market average in
2015. In 2015 it was recorded 4068.51 tk(in ml).In 2016 the same thing happened again. The
turnover of 2016 is little bit lower than market average.

The turnover of IT was recorded lower than market average all the year. But it was in rapid
increasing mood from 2015 to 2016 that is 573.26tk (in ml) to 5397.58tk (in ml).

The turnover of tannery was lower from market average in 2014 to 2016 all the year. In 2014 it
was recorded as482.35tk (in ml) & in 2016 it was recorded as 2705.6tk (in ml).

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The turnover of ceramic industry was lower than market average in all the year 2014 to 2016. In
2014 it was recorded as 689.1tk (in ml) & in 2016 it was recorded as 2253.51tk (in ml).

The turnover of insurance was recorded lower in 2014 that is 1343.95tk (in ml) .In 2015 & 2016
it was also recorded lower but that was moderate. Those values are 3656.79tk (in ml) in 2015 &
3726.28tk (in ml) in 2016.

The turnover of telecommunication was recorded lower than market average in 2014 to 2016. In
2016 it was recorded 2005.55tk (in ml) which was higher than previous year.

The turnover of leisure & travel was recorded lower than market average turnover. In 2014 it
was recorded 683.35tk (in ml) & in 2016 it was recorded 3897.01tk (in ml).

The turnover of Miscellaneous was recorded lower in 2014 than market turnover that is 2330.44
but in 2014 it was recorded higher that is 4829.47tk(in ml) is higher than market turnover. Again
in 2016 it was recorded higher that is 7535.26 tk (in ml) but lower than market turnover.

The turnover of corporate bond was recorded all the time lower than market turnover. In 2014 it
was recorded 5.67 which are very lower. In2015 it was recorded 63.66tk (in ml) which is higher
than 2014 & 2016. In 2016 it was recorded 10.45 tk (in ml).

Market Capitalization

Market Capitalization
3,500,000,000,000.00 1.4

3,000,000,000,000.00 120.26% 1.2

107.31% 106.01%
1
2,500,000,000,000.00
77.63% 0.8
2,000,000,000,000.00
0.6
54.28%
1,500,000,000,000.00
38.58% 0.4
1,000,000,000,000.00 22.73%
17.36% 0.2
12.39%
6.29%
500,000,000,000.00 0.00% 1.51%5.36% 1.93% 0.06% 1.03%
0
-12.06%
0.00 -0.2
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Market capitalization (value) Growth Rate

10 | P a g e
Market Capitalization is the market value of a company’s outstanding shares. It is calculated by
multiplying a company’s share outstanding by the current market price of one share. The above
graph indicates the market capitalization of DSE from 2000 to 2016. DSE experience a huge
growth in 2003 to 2004 and it was increased by 107.31%. The market capitalization again
decreased in 2005 and 2006. In 2007 it again increased and in 2010 it shows the highest growth
120.26%. From 2009 to 2010 it was increased by 1,552,569.59 Million. DSE experienced lowest
market capitalization in 2012 that was -12.06%. These increase and decrease happen because of
market instability and share price. So, it can be concluded that the market capitalization of DSE
is not stable.

Industry wide Market Capitalization

Industry wide Market Capitalization

450000.00
400000.00
350000.00
300000.00
250000.00
200000.00
150000.00
100000.00
50000.00
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Market capitalization is calculated through multiplying the stock price with the total no. of shares
outstanding. The change of market capitalization depends on the changes of stock price and no.
of shares outstanding.
Banks, financial institutions, engineering, fuel & power, pharmaceuticals, cement,
telecommunication sectors had higher capitalization which was higher than market
capitalization. It means the price of stock and number of share outstanding of these sectors were
higher during 2014-2016 (December).

Mutual fund, food & allied, fuel & power, jute, textile, paper & printing, service & real estate,
IT, tannery, ceramic, insurance, travel & leisure, miscellaneous, corporate bond sectors had
lower capitalization which were lower than market capitalization that means the price of stock
and no. of shares these sectors were lower during 2014-2016 (December).

11 | P a g e
Bank’s average capitalization was higher than the market capitalization. In 2016 the market
capitalization was higher (484068.34 tk. In million) which indicated that both price of stock and
no. of shares outstanding were higher in 2016.In 2015market capitalization was lower
(410958.58 tk. In million).

Financial institution’s average capitalization was higher than the market capitalization. In 2014
the market capitalization was higher (179603.73 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2014.In 2016market capitalization was lower
(160990.32 tk. In million).

Mutual fund’s average capitalization was lower than market capitalization. In 2016 the market
capitalization was higher (35078.88 tk. In million) which indicated that both price of stock and
no. of shares outstanding were higher in 2016.In 2014 market capitalization was lower (30334.05
tk. In millions)

Engineering sector’s average capitalization was higher than the market capitalization. In 2016
the market capitalization was higher (179115.21 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2016.In 2014 market capitalization was lower
(114978.64 tk. In million).

Food & allied sector’s average capitalization was higher than the market capitalization. In 2015
the market capitalization was higher (243854.42 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2015.In 2014 market capitalization was lower
(212777.17 tk. In million).

Fuel & power sector’s average capitalization was higher than the market capitalization. In 2016
the market capitalization was higher (360271.24 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2016.In 2014 market capitalization was lower
(329377.13 tk. In million).

Jute sector’s average capitalization was lower than market capitalization. In 2016 the market
capitalization was higher (983.99 tk in million) which indicated that both price of stock and
number of shares outstanding were higher in 2016. In 2015 market capitalization was lower
(860.6 tk. In millions)

Textile sector’s average capitalization was lower than market capitalization. In 2016 the market
capitalization was higher (104911.51 tk in million) which indicated that both price of stock and
no. of shares outstanding were higher in 2016. In 2015market capitalization was lower (85278.24
tk. In millions)

12 | P a g e
Pharmaceuticals sector’s average capitalization was higher than the market capitalization. In
2016 the market capitalization was higher (433712.47 tk. In million) which indicated that both
price of stock and no. of shares outstanding were higher in 2016.In 2014 market capitalization
was lower (336250.53 tk. In millions).

Paper & printing sector’s average capitalization was lower than market capitalization. In 2014
the market capitalization was higher (2199.09 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2014.In 2016market capitalization was lower
(1621.08 tk. In millions)

Service & Real estate sector’s average capitalization was lower than market capitalization. In
2014 the market capitalization was higher (22992.45 tk. In million) which indicated that both
price of stock and no. of shares outstanding were higher in 2014.In 2015market capitalization
was lower (20772.79 tk. In millions)

Cement sector’s average capitalization was higher than the market capitalization. In 2014 the
market capitalization was higher (199166.36 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2014.In 2015market capitalization was lower
(146878.28 tk. In millions).

IT sector’s average capitalization was lower than market capitalization. In 2016 the market
capitalization was higher (11793.82 tk. In million) which indicated that both price of stock and
no. of shares outstanding were higher in 2016.In 2015market capitalization was lower (5103.91
tk. In millions)

Tannery sector’s average capitalization was lower than market capitalization. In 2016 the
market capitalization was higher (26895.48 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2016.In 2014 market capitalization was lower
(23618.76 tk. In millions)

Ceramic sector’s average capitalization was lower than market capitalization. In 2015 the
market capitalization was higher (26644.39 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2015.In 2014 market capitalization was lower
(23894.12 tk. In millions)

Insurance sector’s average capitalization was lower than market capitalization. In 2014 the
market capitalization was higher (97970.58 tk. In million) which indicated that both price of
stock and no. of shares outstanding were higher in 2014.In 2015market capitalization was lower
(80774.58 tk. In millions)

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Telecommunications sector’s average capitalization was higher than the market capitalization.
In 2014 the market capitalization was higher (506168.55 tk. In million) which indicated that both
price of stock and no. of shares outstanding were higher in 2014.In 2015market capitalization
was lower (359452.19 tk. In millions).

Travel & leisure’s average capitalization was lower than market capitalization. In 2014 the
market capitalization was higher (28515tk. In million) which indicated that both price of stock
and no. of shares outstanding were higher in 2014.In 2015market capitalization was lower
(22338.5 tk. In millions)
Miscellaneous average capitalization was lower than market capitalization. In 2016 the market
capitalization was higher (97927.37 tk. In million) which indicated that both price of stock and
no. of shares outstanding were higher in 2016.In 2014 market capitalization was lower (69333.65
tk. In millions)

Corporate Bond’s average capitalization was lower than market capitalization. In 2014 the
market capitalization was higher (6341.94 tk. In million) which indicated that both price of stock
and no. of shares outstanding were higher in 2014.In 2016market capitalization was lower
(5895.58 tk. In millions)

DSE General Index:

DSE General Index

7000 1.4

6000 115.38% 1.2

1
5000
0.8
4000 64.63% 0.6
47.55%
3000 0.4
27.58% 30.50%
0.2
2000 -0.25%
0.00% -0.44% 3.80% 0
-12.19% -7.17%
1000 -0.2
-24.19%
0 -0.4
1 2 3 4 5 6 7 8 9 10 11 2012

General Index (Average) Change %

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DSE general index track the execution of all companies recorded in the Dhaka Stock Exchange.
DSE general index starts its journey from 2001. From its journey, it started to decrease in 2002 it
decrease to -.25 and in 2003 it was decrease to -.44% because the investors were not interested to
invest in that index. Gradually the investor increase their investment in DSE general index and in
2004 it shows a huge increase from the previous years. It increased by 64.63% from 814.07 to
1340.23. The highest growth in the general index was 115.38% in 2010 which in the value
6463.43. From 2009 to 2010 it was increased by 3462.48. The reason is that financial institutions
and banks invested more in capital market. Although in 2010 its growth increased but in 2011
and 2012 it experienced a fall in general index respectively -7.17% and -24.19% because of huge
market downfall.

Moreover the DSE general index is not stable, it fluctuating over the years. The general index
was fluctuating from 2003 to 2009.

DSE Shariah Index

DSE Shariah Indexes

DSEX DSES
4694.29 4607.08 4559.14
3996.02

1,059.80 1,102.81

1 2 118.85 3 4
2013 2014 2015 2016

DSE Sariah index was designed and developed by S&P Dow Jones Indices Methodology, a
global leader in providing investable and benchmark indices for financial markets, on January
19. DSE's aim was to meet the requirements of the Islamic fund investors. Companies engaged in
advertising and media, news or sports channel, newspaper, alcohol, cloning, tobacco, gambling
and trading of gold and silver are not included in the shariah index.

This graph shows two index such as DSE sariah index (DSES Index) and DSE Broad index
(DSEX index). DSE shariah index was introduced on January 20, 2014 which serves as a sariah

15 | P a g e
compliant broad market benchmark in Bangladesh capital market. Basically DSE broad index
reflect 97% of the total market capitalization.

In 2013 DSE broad index was higher. This reason is that market capitalization was better during
that period. In 2014 DSEX was higher than DSES index. The reason is that DSE broad index
shows the maximum market capitalization as a benchmark index, on the other hand DSE
shariah index was the lowest index. The reason is that it was first introduced on that period
(2014). In 2015 DSEX index was higher than DSES index. The main fact is that DSE broad
index shows the maximum market capitalization as a benchmark index as well as DSE sariah
index far lower than DSE broad index. In 2016 same thing happened DSEX and again well
higher than DSES index.

Price -Earnings Ratio

The price-earnings ratio (P/E ratio) is the ratio for valuation of a company that measures its
current share price relative to its per-share earnings. The price-earnings ratio is also sometimes
known as the price multiple or the earnings multiple. It is used to evaluate between the
companies which has higher profitability. From that we can find that which company is
profitable. Investors always use this indicator and take decision to invest on securities. In
addition to helping to determine which industries and sectors are overpriced or underpriced, a
person can use the P/E ratio to compare the prices of companies in the same economy.

45.00 Market P/E

42.29
40.00
38.69
35.00

30.00 29.14 29.87 28.77

25.00 24.78
22.02 18.47
20.00 18.86
15.00 15.31
12.32
10.00

5.00

0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

From the above graph, we get the information about the market price to earnings ratio from
2006-2016. It is fluctuating and changing every year. It is being increasing from 2006-2010 with
highest market P/E in 2010 42.29. After that year, it faced downfall from 2011-2012 with

16 | P a g e
minimum P/E ratio 18.47 in 2012. After 2012, it started to increase but in 2016 again market P/E
fall down. From this, we found out that the market is very much volatile.

Industry wide Market P/E

Industry Wide P/E ratio (Average)

60.00
54.33 52.34
50.00
40.00
30.1227.9632.19
30.0022.89 27.93
24.56 21.0421.1622.07 21.6721.33
26.85
20.00 16.51
12.57 18.90 17.81
10.00 11.19
0.00

From the above graph, we can find the each industry P/E ratio taking average from 2006-2016.
There are 19 business industry enlisted in DSE. Here, higher P/E ratio is the jute industry with
54.33 which means investors are paying higher to get 1BDT EPS. Lower P/E is the mutual fund
with 11.19 which means investors pay less to get 1BDT EPS. Industry which has less P/E ratio
causes less demand for its share. Such industries are, Bank, mutual fund, fuel and power,
tannery, engineering.

Pharmaceuticals Industry: from 2006 to 2010, P/E ratio of this sector was increasing. But in
2011-2013 because of market downfall. In 2014-2015, P/E ratio increased and again falls in 2016
with P/E ratio 14.83.

Cement industry: from 2006-2008, it was decreasing but in 2009-2010, it increased with
highest P/E ratio 43.45 in 2010. Then it face downward trend to 2011-2013. Again increased in
2014-2015 but decreased in 2016 with 26.54.

Bank: From 2006-2010, P/E ratio was increasing but in 2009 it fell. Again increased in 2010 but
for market crush in 2011 P/E ratio decreased and still with less P/E ratio.

17 | P a g e
Mutual Fund: in 2010, the P/E ratio was higher with 25.27 but it faced downward trend so the
P/E ratio in this industry is not up to the mark.

Textile: From 2006-2010, it faced upward trend with highest P/E 46.23 in 2010. But after that, it
was decreasing from 2011-2016 with 9.53 in 2016.

Engineering: this industry was increasing from 2006-2010 with highest P/E 50.44 in 2010. But
from that 2011-2016 it was decreasing with 12.72 P/E ratio in 2016.

Insurance: from 2006-2010, it was increasing but from 2011-2016 it was decreasing with 13.06
P/E ratio in 2016.

Financial Institution: in 2010, it had higher P/E ratio 42.74. but from that it faced downward
pressure from 2011-2016 with P/E ratio 17.05 in 2016.

Food and Allied: from 2006-2008, it was increasing but in 2009, it fell. Again increase in 2010
with 21.8 P/E ratio. It fell from 2011-2012 but increased from 201-2015. It fell down in 2016
with 28.01 P/E ratio.

Fuel and Power: From 2006 to 2007 it was increasing but fell down from 2008-2009. Again
increased in 2010 with 26.21 P/E ratio. After that It was in decreasing trend from 2011-2016.

Jute: this industry has the highest P/E ratio in 2016 184.62 and it was upward from 2012. As
market fall on 2012. The lowest P/E ratio of this industry was in 2007 with 6.46.

Paper and Printing: this industry was increasing from 2006-2011 with highest P/E 85.37 in
2011. It was increasing in 2013-2014 but again fell in 2015. In 2016 it increased to 29.22.

Service and Real estate: it was increasing from 2006-2010 with highest P/E 50.91 in 2010. It
faced downward from 2011-2013. It started to increase in 2014-2015 but fell down in 2016 with
29.17 P/E ratio.

IT: in this industry, P/E ratio was increasing from 2006-2010 with highest P/E 63.8 in 2009. It
fell down from 2011-2015 and started to increase in 2016 with 29.58 P/E ratio.

Tannery: in this industry, P/E ratio fluctuated most of the year. But from 2012-2016 it is in the
upward trend with 24.23 P/E in 2016.

Ceramic: from 2006-2010 it was in the increasing mode but from 2011-2013 it was in
downward trend. In 2015, it has the highest P/E with 222.71. but 2016, it was decreased to 19.58.

Telecommunication: in 2010, it has the highest P/E 67.83. but after that it was decreasing from
2011-2013. In 2014 it increased to 26.7 but again fell and in 2016 it became 20.29.

Travel and Leisure: in 2011, it had 41.81 P/E and highest one. After that it was decreasing from
2012-2015. It increased in 2016 with 18.07.

18 | P a g e
Miscellaneous: P/E of this industry increased from 2006-2009. It faced downfall from 2010-
2012 with the lowest P/E in 2012 6.33. It was increased from 2013-2015 but fell to 27.81 in
2016.

Number of Working Days

Working Days
287 286
300 277 267 267 258
244 244 235 238 238 238 244
250 228 237 237

200 158
150

100

50

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Working Days

This graph represents the working days of trading in between of 2000-2016. Sunday to Thursday
is the working days of Dhaka Stock Exchange. Turnover, Capitalization, P/E and also Index are
directly affected by these working days.
The highest working days was recorded 287 days in 2002. It indicates higher trading period on
year 2002. Less political instability, less holiday is the main reason behind this year.
On the other hand, the lowest working day was 158 in 2016. It indicates lower trading period in
this year .It greatly affected the Turnover, Capitalization, P/E and Index. The reason behind the
lowest working days may be for high political instability, more holidays in this year.

19 | P a g e
Top 10 performing securities of DSE based on Market capitalization
From 2011 to 2016, In securities of Grameenphone Ltd hold the leading position in the list. The
securities of square pharmaceuticals Ltd. ICB and Beximco Ltd. had maintained their existence
in the list during 2011 to 2016.

In 2011, the highest performing security was the Grameenphone’s security which was 8.66% and
the lowest was Prime Bank Ltd. securities which were 1.36%. The second and third position was
hold by the securities of Titas Gas Trans & Dist. (2.50%) and square pharmaceuticals (2.46%)
respectively.

In 2012, the top performing securities was the Grameenphone Ltd. securities which was 9.60%
as like as in 2011, The second position was hold by the securities of Titas Gas Trans & Dist.
(2.62%) & ICB hold third position (2.58%) respectively. NBL was in the last position (1.27%)

In 2013, we can again saw that the top performing securities was the Grameenphone Ltd.
securities which were (11.01%) and the lowest was the Delta life insurance Ltd. security which
was (1.07%). The second and third position was hold by the securities of BATBC (3.90%) &
square pharmaceuticals Ltd. (3.72%) respectively.

In 2014, the highest performing security was the Grameen phone Ltd. securities which %market
capitalization were 16.16% and the lowest % of market capitalization was the Marico
Bangladesh Ltd. which was 1.17%. The second and third position was hold by the securities of
BATBC (5.26%) & square pharmaceuticals Ltd. (4.74%) respectively % of market capitalization

In 2015, the highest % of market capitalization securities was Grameen phone Ltd. Which was
(10.63%) and second and third position hold by BATBC (5.51%) and Square pharma Ltd.
(4.92%). In 2015 last position was grabbed by Marico Bangladesh Ltd. (1.40%)

In 2016, Grameenphone hold the highest % of market capitalization. Which % of market capital
was (11.82%). As well as square pharmaceuticals move into second position they hold (5.26%)
of market capital. British American tobacco Bangladesh grabbed third position in the % of
market capitalization which was 4.59%. the lowest performing securities in 2016 was Titas Gas
Trans & Dist (1.51%)

20 | P a g e
Number Of securities traded

Number of Security Trade (In Million)

165.98

108.92106.48
96.59
91.13

69.71 72.24

32.66
19.43
11.95
3.43 4.15 4.54 2.14 2.55 3.42 3.65
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

This index shows that the number of securities traded in the market over a period of time.
Average daily trading volume is considered here as trading activity relates to the liquidity of a
security, when average daily trading volume is high, the stock can be easily traded and has high
liquidity; if trading volume isn't very high, the security will tend to be less expensive because
people are not as willing to buy it. As a result, average daily trading volume can have an effect
on the price of the security. In this graph, the number of securities traded from 2000 to 2016 has
been illustrated. From this graph, we can easily find that the numbers of securities were
fluctuated from 2002 to 2008. The lowest number of securities traded at 2003 which was
2142479.566. The highest number of securities traded at 2016 which was 165977530.6. As these
two years show the extreme situations of trading volume of securities we can get a better idea
about the price of these years as well.

21 | P a g e
Findings
From the above performance analysis, we have come up some findings. They are-

 From the above performance analysis, stock market is very much fluctuated.
 Political clashes or instability affect the performance of the stock market.
 Many companies are giving false information so investors do not know the actual
information about the company.
 Monitoring system is not strong for DSE so that many companies give fake information.
 Transparent and reliable information are not available.

Recommendation
To become an efficient stock market, there are some recommendations for DSE. They are-

 They should become more focused on the rules and regulations so that enlisted company
cannot do any unethical activity and give proper information to the investors.
 They should use a proper media where investor can have the market information and take
the right investment decision.
 Skilled and well-trained employee should be hired so that they can handle any situation
effectively.
 DSE should take actions for the brokers who abstain from the breaching of the contract
 DSE should become automated so that the information is transparent and reliable.

22 | P a g e
Conclusion
The Dhaka Stock Exchange is a non-profit making public company. It works for the betterment
of the country's economy. It is a small stock market in Asia but it is 3 rd in South Asia. Here
investors come to buy and sell their shares. But the overall performance of DSE is not up to the
mark. Due to various reasons the stock market crash in 2010-2011, which affect immensely to
the investors. For this reason, protective measures need to be taken by them. They should build a
proper stock market where transparent and reliable information are available. Enlisted companies
give right information about the prospect of the company. Fully automated stock market will
make it easy for transaction among the investors. By this, DSE can become efficient form of
stock market.

23 | P a g e
References
 http://www.dsebd.org/
 http://www.lankabd.com/
 Dr. Parvez. S. and Rashida A. “Factors Affecting the Stock Price Variability of
Dhaka Stock Exchange (DSE)”
 Hossain. Saif “ The Impulsive Stock Market of Bangladesh and the Great
Recession”
 Bekaert, G. and C. R. Harvey (1995), “Emerging Equity Market Volatility,”
NBER Working Paper No.5307, Cambridge, Massachusetts: National Bureau of
Economic Research.

24 | P a g e
Appendix
1. Market turnover

Market Turnover
Year Value of Turnover( in ml.) Growth Rate Value of Turnover
2000 145.9045551 145904555.1
2001 149.2516343 2.29% 149251634.3
2002 121.8968346 -18.33% 121896834.6
2003 66.97243402 -45.06% 66972434.02
2004 199.7256373 198.22% 199725637.3
2005 251.4094533 25.88% 251409453.3
2006 285.4347172 13.53% 285434717.2
2007 1362.308314 377.27% 1362308314
2008 2818.416981 106.89% 2818416981
2009 6048.773305 114.62% 6048773305
2010 16449.60968 171.95% 16449609677
2011 6642.977228 -59.62% 6642977228
2012 4213.459475 -36.57% 4213459475
2013 4003.117981 -4.99% 4003117981
2014 4981.687302 24.45% 4981687302
2015 4227.043595 -15.15% 4227043595
2016 5562.297972 31.59% 5562297972

2. Industry Wide Market Turnover

Industry wide Turnover

Overall
Sectors
2014 (Tk. In ml.) 2015 (Tk. In ml.) 2016( (Tk. In ml.) Average
Banks 6683.62 6203.35 15042.86 9309.9
Financial Institutions 4397.73 3530.76 11968.94 6632.5
Mutual Fund 746.19 1074.55 2047.75 1289.5
Engineering 7397.36 19803.6 38637.82 21946.3
Food & Allied 3444.8 4597.01 11355.97 6465.9
Fuel & Power 7558.14 10316.16 13372.3 10415.5
Jute 86.72 187.17 124.03 132.6
Textile 6641.66 7856.16 23057.26 12518.4

25 | P a g e
Pharmaceuticals 9146.36 16766.62 21137.08 15683.4
Paper & Printing 319.67 298.28 253.4 290.5
Service & Real
estate 2548.64 3013.77 5558.19 3706.9
Cement 2117.19 4068.51 7715.21 4633.6
IT 1648.55 573.26 5397.58 2539.8
Tannery 482.35 1262.68 2705.6 1483.5
Ceramic 689.1 803.61 2253.51 1248.7
Insurance 1343.95 3656.79 3726.28 2909.0
Telecommunication
1861.1 1630.26 2005.55 1832.3
Travel & Leisure 683.35 1076.28 3897.01 1885.5
Miscellaneous 2330.44 4829.47 7535.26 4898.4
Corporate Bond 5.67 63.66 10.45 26.6
Market Turnover 3006.6295 4580.5975 8890.1025  

3. Market Capitalization

Market Capitalization
Year Market capitalization (value) Market capitalization (in ml.) Growth Rate
200
0 54,50,21,32,032.86 54,502.13  
200
1 63,96,62,66,676.40 63,966.27 17.36%
200
2 64,93,17,14,478.27 64,931.71 1.51%
200
3 68,41,36,42,914.37 68,413.64 5.36%
200
4 1,41,82,85,99,503.83 1,41,828.60 107.31%
200
5 2,18,81,31,80,166.75 2,18,813.18 54.28%
200
6 2,45,91,99,50,013.79 2,45,919.95 12.39%
200
7 5,06,60,99,35,474.08 5,06,609.94 106.01%
200
8 8,99,87,09,50,172.97 8,99,870.95 77.63%
200
9 12,47,06,23,45,211.15 12,47,062.35 38.58%
201
0 27,46,72,27,99,536.24 27,46,722.80 120.26%
201
1 27,99,63,19,35,768.82 27,99,631.94 1.93%

26 | P a g e
 201
2 24,61,98,54,29,762.12 24,61,985.43 -12.06%
201
3 24,63,53,81,40,137.03 24,63,538.14 0.06%
201
4 30,23,45,38,56,366.58 30,23,453.86 22.73%
201
5 32,13,58,99,83,818.36 32,13,589.98 6.29%
201
6 32,46,75,33,21,953.33 32,46,753.32 1.03%

4. Industry wide market capitalization

Sector Wise Capitalization

2014 (Tk. in 2015 (Tk. in 2016 (Tk. in overall
Sectors ml.) ml.) ml.) average
Banks 413755.49 410958.58 484068.34 436260.80
Financial Institutions 179603.73 150763.49 160990.32 163785.85
Mutual
Fund 30334.05 30419.76 35078.88 31944.23
Engineering 114978.64 160682.7 179115.21 151592.18
Food & Allied 212777.17 243854.42 234073.85 230235.15
Fuel & Power 329377.13 334266.9 360271.24 341305.09
Jute 879.57 860.6 983.99 908.05
Textile 90468.97 85278.24 104911.51 93552.91
Pharmaceuticals 336250.53 414565.94 433712.47 394842.98
Paper & Printing 2199.09 1852.49 1621.08 1890.89
Service & Real estate 22992.45 20772.79 22663.65 22142.96
Cement 199166.36 146878.28 156993.9 167679.51
IT 5823.21 5103.91 11793.82 7573.65
Tannery 23618.76 24466.84 26895.48 24993.69
Ceramic 23894.12 26644.39 25726.84 25421.78
Insurance 97970.58 80774.58 84553.15 87766.10
Telecommunication 506168.55 359452.19 403178.03 422932.92
Travel & Leisure 28515 22338.5 25040.57 25298.02
Miscellaneous 69333.65 81865.24 97927.37 83042.09
Corporate Bond 6341.94 5994 5895.58 6077.17
Market capitalization 134722.45 130389.692 142774.764

27 | P a g e
5. DSE General Index
General Index
Year General Index (Average) Change %
200
819.67
1  
200
817.64
2 -0.25%
200
814.07
3 -0.44%
200
1340.23
4 64.63%
200
1709.86
5 27.58%
200
1501.39
6 -12.19%
200
2215.37
7 47.55%
200
2891.04
8 30.50%
200
3000.95
9 3.80%
201
6463.43
0 115.38%
201
5999.75
1 -7.17%
201
4548.16
2 -24.19%

6. DSE Shariah Index

28 | P a g e
 DSEX
Mont
h
ende 201 201 201 201
d 3 4 5 6

Janu 4,13 4,75 4,72 4,54

ary 6.31 3.17 4.05 0.89

Febru 3,97 4,74 4,62 4,51

ary 3.28 9.87 4.95 1.97

Marc 3,59 4,49 4,53 4,35

h 0.05 1.98 0.48 7.54

3,43 4,56 4,04 4,19

April 8.90 6.86 7.29 5.70

3,87 4,43 4,58 4,41

May 8.07 0.48 6.95 9.39

4,10 4,48 4,58 4,50

June 4.65 0.52 3.11 7.58

3,94 4,42 4,79 4,52

July 0.81 7.16 2.31 5.35

Augu 4,12 4,54 4,76 4,52

st 7.48 9.52 8.67 6.58

Septe 3,93 5,07 4,85 4,69

mber 7.68 4.31 2.08 5.19

Octo 3,96 5,17 4,56 4,59

ber 7.73 3.23 4.49 2.18

Nove 4,23 4,76 4,58 4,80

mber 0.73 9.43 1.00 1.24

Dece 4,26 4,86 4,62 5,03

mber 6.55 4.96 9.64 6.05

Avera 3,96 4,69 4,60 4,55

ge 6.02 4.29 7.08 9.14

29 | P a g e
 DSES
Month
ended 2014 2015 2016

1,115.7 1,095.2
January 974.27 0 7

1,130.9 1,099.7
February 1,002.41 2 8

1,103.1 1,052.1
March 975.96 3 4

1,025.1
April 1,018.20 992.54 5

1,112.7 1,091.8
May 992.82 9 7

1,122.0 1,104.5
June 1,019.34 3 3

1,189.8 1,109.1
July 1,004.66 6 0

1,176.4 1,097.4
August 1,057.37 9 8

Septemb 1,180.8 1,125.8

er 1,195.53 9 6

1,092.3 1,100.0
October 1,220.04 0 4

Novembe 1,102.4 1,140.5

r 1,106.77 5 9

Decembe 1,107.1 1,191.8

r 1,150.22 2 7

1,118.8 1,102.8
Average 1,059.80 5 1

30 | P a g e
 7. P/E Ratio

Industry 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
Pharmaceuticals 11.01 16.518 26.26 27.49 32.76 27.52 20.13 20.45 27.38 27.49 14.83 22.89
Cement 17.45 15.363 12.21 23.48 43.46 25.63 22.86 20.43 30.03 32.7 26.54 24.56
Bank 14 19.333 20.14 13.6 17.58 12.05 8.678 8.738 8.789 7.248 8.14 12.57
Mutual Fund         25.27 9.784 8.052 10.69 8.453 6.567 9.53 11.19
Textile 10.01 13.14 14.26 22.94 46.23 28.32 17.98 16.2 14.49 11.64 12.72 18.90
Engineering 14.34 24.35 36.08 36.66 50.44 34.82 20.61 19.76 23.16 24.06 23.00 27.93
Insurance 12.87 12.03 23.52 26.05 44.69 31.35 22.37 19.21 15.52 10.75 13.06 21.04
Financial Institutions         42.74 22.07 15.19 16.72 17.72 16.62 17.05 21.16
Food and allied 12.88 18.81 19.88 16.09 21.8 17.73 17.7 23.55 34 32.3 28.01 22.07
Fuel and Power 19.23 29.11 22.59 17.77 26.21 17.77 13.14 12.33 13.63 13.01 11.11 17.81
Jute 10.29 6.46 14.43 27.92 50.91 38.23 22.47 27.85 59.18 155.2 #### 54.33
Paper and Printing 7.08 6.07 8.7 27.15 40.56 85.37 27.31 35.9 45.15 18.83 29.22 30.12
Service and Real
estate 10.9 9.51 18.16 42.52 56.23 32.07 21.55 21.51 29.41 36.55 29.17 27.96
IT 10.33 13.49 28.57 63.8 61.74 47.54 32.33 22.97 21.79 21.91 29.58 32.19
Tannery 8.66 11.47 18.99 14.61 18.84 16.5 12.58 13.47 19.43 22.85 24.23 16.51
Ceramic 15.35 19.17 41.14 47.4 88.65 47.31 24.7 23.52 26.23 222.7 19.58 52.34
Telecommunication         67.83 19.46 15.74 14.3 26.7 23.63 20.29 26.85
Travel and Leisure           41.81 21.22 18.64 16.45 13.82 18.07 21.67
Miscellaneous 10.4 14.89 25.41 29.65 25.31 12.26 6.33 12.03 33.39 37.16 27.81 21.33
Market P/E 12.32 15.31 22.02 29.14 42.29 29.87 18.47 18.86 24.78 38.69 28.77  

31 | P a g e
8. Number of Working Days
Year Working Days
2000 277
2001 267
2002 287
2003 286
2004 267
2005 258
2006 228
2007 237
2008 237
2009 244
2010 244
2011 235
2012 238
2013 238
2014 238
2015 244
2016 158

9. Top 10 market securities

32 | P a g e
 % of Market Capitalization 2011
10.00% 8.66%
8.00%
6.00%
4.00% 2.50% 2.46% 2.25% 2.15% 2.14%
2.00% 1.58% 1.52% 1.47% 1.36%
0.00%

.
.

ls
B
st.

C
Ltd
Ltd

Ltd

Ltd
td

Ltd

TB
IC

ee
Di

kL

St

BA
ne

BD
als

k
co
&

an
an

RM
xim
ho

tic
ns

eB
lB

an
eu
np

ra

BS
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na

im
iB
ac
sT
ee

tio

Pr
am
m
am

Ga

Na
ar

Isl
Gr

as

Ph
Tit

re
ua
Sq

%of Market Capitalization 2012

12.00%
8.00%
4.00% 9.60%
2.62% 2.58% 2.54% 2.17% 2.05% 1.55% 1.51% 1.41% 1.27%
0.00%
. st. B . . C t ts k L
e Ltd Di IC
s Ltd Ltd A TB m
en sor an NB
n & al D B e e B
ho ns tic kB aC
R e
p a u an m l& r im
ee
n Tr ac
e
iB r te P
as Su o
am G ar m
Isl
am
ge eh
Gr as Ph fa
r
iq
u
Tit re La Un
qua
S

%of Market Capitalization 2013

12.00% 11.01%
10.00%
8.00%
6.00% 3.90% 3.72%
4.00% 2.96% 2.50% 2.06% 1.58% 1.11% 1.08% 1.07%
2.00%
0.00%
. C . st. B . t . . e
Ltd TB Ltd Di IC Ltd en Ltd Ltd anc
ne BA la s & BD em n k nk r
ho tic ns aC Ba Ba su
p eu a ank m li e e In
ee
n ac Tr iB r a
r im if
m m as m e Su Pub P taL
a r G a l
Gr ha as Isl fa
rg De
r eP Tit La
ua
Sq

33 | P a g e
 %of Market Capitalization 2014
16.16%
16.00%
12.00%
8.00% 5.26% 4.74% 4.72%
4.00% 2.88% 2.61% 1.44% 1.25% 1.19% 1.17%
0.00%
. . t st. . .
Ltd TB
C
Ltd en IC
B
Di Ltd nk
s
tr ies LTD
la s m a
ne BA e
s&
ta iB du
s
es
h
ho c aC na m
np euti m r an Re
Isla c In
lad
ee ac ur T pi ng
m rm eS Gas yl m Ba
a a g
Gr h ar as O ico
r eP Laf Tit M
ar
ua
Sq

%of Market Capitalization 2015

12.00% 10.63%
10.00%
8.00%
6.00% 5.51% 4.92%
4.00% 2.70% 2.11% 2.03% 1.58% 1.54% 1.46% 1.40%
2.00%
0.00%
. C . t . s . D.
Ltd TB Ltd en IC
B
Ltd tio
n
trie Dist LT
e BA als em ta r a s h
ho
n
tic aC na ne nd
u
n s& des
np eu rm Re Ge c I r a gla
ee ac Su er pi sT an
m r m e w y m G a B
Gr
a
Ph
a
fa
rg d
Po Ol as ico
r e La ite Tit M
ar
ua Un
Sq

34 | P a g e
 %of Market Capitalization 2016
11.82%
12.00%
8.00% 5.26% 4.59%
4.00% 2.94% 2.04% 2.04% 1.90% 1.66% 1.58% 1.51%
0.00%
.

st.
t

ies

on
h
Ltd

Ltd

Ltd
Ltd
en

IC
es

Di
ati
str
em
lad
ne

ta
als

&
er
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na
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ng
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ns
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np

ra
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ic

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ur
ac

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ba

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rg

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in
fa

Tit
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ite
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ica

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er
ua

er

rg
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Am

Bu
sh
iti
Br

10. Number of security traded

Year volume In Million
2000 3426694.848 3.43
2001 4148745.386 4.15
2002 4540736.689 4.54
2003 2142479.566 2.14
2004 2553323.768 2.55
2005 3421734.012 3.42
2006 3652216.224 3.65
2007 11946137.66 11.95
2008 19431978.29 19.43
2009 32656699.32 32.66
2010 69710407.13 69.71
2011 72235625.5 72.24
2012 91128901.21 91.13
2013 96590445.16 96.59

35 | P a g e
2014 108924194 108.92
2015 106476437.1 106.48
2016 165977530.6 165.98

36 | P a g e