Market Status: Closed    Tue 19 Jun 18, 9:15 AM (BST)

1JANATAMF 6.10 0
FIRST JANATA BANK MF 3,606 0.00%
1STPRIMFMF 12.50 0.8
PRIME FINANCE 1ST MF 5,500 6.84%
AAMRANET 78.10 -1.2
AAMRA NETWORKS LIMITED 5,882 -1.51%
AAMRATECH 27.20 -0.3
AAMRA TECHNOLOGIES LTD. 850 -1.09%
ABB1STMF 6.00 0.1
AB BANK 1ST MUTUAL FUND 6,000 1.69%
ABBANK 12.30 -0.3
AB BANK 10,225 -2.38%
ACI 352.10 9.3
ACI 270 2.71%
ACIFORMULA 167.00 0
ACI FORMULATIONS 895 0.00%
ACMELAB 91.50 -1.1
THE ACME LABORATORIES LTD. 1,081 -1.19%
ACTIVEFINE 29.00 -0.1
ACTIVE FINE CHEMICALS 500 -0.34%
ADVENT 35.00 -1.4
ADVENT PHARMA LIMITED 35,933 -3.85%
AGNISYSL 19.00 -0.2
AGNI SYSTEMS 674 -1.04%
AIL 107.30 9.7
ALIF INDUSTRIES LIMITED 36,111 9.94%
ALARABANK 22.50 0
AL-ARAFAH ISLAMI BANK 5,060 0.00%
ALLTEX 9.80 -0.2
ALLTEX IND. 1,100 -2.00%
AMANFEED 53.00 0.7
AMAN FEED LIMITED 3,900 1.34%
AMBEEPHA 571.10 0
AMBEE PHARMA 641 0.00%
AMCL(PRAN) 235.00 10.7
AMCL(PRAN) 600 4.77%
ANLIMAYARN 30.40 -1
ANLIMA YARN 5,850 -3.18%
ANWARGALV 81.40 6
ANWAR GALVANIZING 35,156 7.96%
APEXFOODS 244.00 -3.5
APEX FOOD 547 -1.41%
APEXFOOT 322.50 -1.8
APEX ADELCHI FOOTW. 8 -0.56%
APEXSPINN 165.00 15
APEX SPINNING 3,102 10.00%
APEXTANRY 147.00 6.7
APEX TANNERY 1,139 4.78%
APOLOISPAT 12.30 -0.2
APPOLLO ISPAT COMPLEX LTD 29,150 -1.60%
ARAMITCEM 22.30 0
ARAMIT CEMENT 1,025 0.00%
ARGONDENIM 25.80 -0.1
ARGON DENIMS LIMITED 2,555 -0.39%
AZIZPIPES 180.00 9.1
AZIZ PIPE 3,399 5.32%
BANKASIA 16.00 -0.1
BANK ASIA 3,000 -0.62%
BARKAPOWER 27.80 0.8
BARAKA POWER LIMITED 4,750 2.96%
BAYLEASING 19.30 -0.5
BAY LEASING 332 -2.53%
BBS 28.70 -0.3
BANGLADESH BUILDING SYSTEMS LIMITED 8,400 -1.03%
BBSCABLES 71.60 -0.5
BBS CABLES LTD. 35,134 -0.69%
BDCOM 27.10 0.7
BDCOM ONLINE 6,119 2.65%
BDLAMPS 202.00 12
BD. LAMPS 510 6.32%
BDTHAI 22.80 -0.3
BD. THAI ALLUMINIUM 11,050 -1.30%
BEACONPHAR 18.40 -0.3
BEACON PHARMA 5,146 -1.60%
BENGALWTL 29.30 -0.8
BENGAL WINDSOR THERMOPLASTICS LIMITED 3,440 -2.66%
BERGERPBL 1,450.00 -16.6
BERGER PAINTS 1,729 -1.13%
BEXIMCO 26.40 -0.3
BEXIMCO LIMITED 319,404 -1.12%
BNICL 14.10 -0.3
BANGLADESH NATIONAL INSURANCE COMPANY LIMITED 550 -2.08%
BRACBANK 73.70 -3.3
BRAC BANK 31,180 -4.29%
BSC 40.80 2
B.S.C. 21,005 5.15%
BSCCL 95.70 0.8
BANGLADESH SUBMARINE CABLE CO. LTD. 7,248 0.84%
BSRMLTD 100.40 0
BANGLADESH STEEL RE-ROLLING MILLS LIMITED 24,747 0.00%
BSRMSTEEL 70.00 -1
BSRM STEELS 790 -1.41%
BXPHARMA 95.00 -1.5
BEXIMCO PHARMA 2,278 -1.55%
CAPMIBBLMF 8.70 -0.7
CAPM IBBL ISLAMIC MUTUAL FUND 9,950 -7.45%
CENTRALPHL 15.10 -0.1
CENTRAL PHARMACEUTICALS LIMITED 8,539 -0.66%
CITYBANK 32.40 -0.8
CITY BANK 13,250 -2.41%
CNATEX 6.10 0
C & A TEXTILES LIMITED 4,300 0.00%
CONFIDCEM 154.10 8.9
CONFIDENCE CEMENT 17,472 6.13%
CVOPRL 213.50 5.4
CVO PETROCHEMICAL 4,128 2.59%
DACCADYE 7.00 -0.3
DACCA DYEING 7,350 -4.11%
DAFODILCOM 37.00 0.6
DAFFODIL COMPUTERS 600 1.65%
DELTALIFE 98.10 -2.3
DELTA LIFE INSURAN 350 -2.29%
DELTASPINN 8.20 -0.1
DELTA SPINNERS 5,500 -1.20%
DESCO 42.00 0.2
DHAKA ELECTRIC SUPPLY 1,100 0.48%
DESHBANDHU 14.80 -0.6
DESHBANDHU POLYMER 30,570 -3.90%
DOREENPWR 106.00 3
DOREEN POWER GENERATIONS AND SYSTEMS LIMITED 8,620 2.91%
DSSL 17.90 -0.5
DRAGON SWEATER AND SPINNING LIMITED 21,968 -2.72%
DUTCHBANGL 115.00 2
DUTCH-BANGLA BANK 100 1.77%
ECABLES 207.00 15.2
EASTERN CABLES 320 7.92%
EHL 45.20 0.1
EASTERN HOUSING 1,200 0.22%
EMERALDOIL 12.00 0.1
EMERALD OIL INDUSTRIES LIMITED 78 0.84%
ETL 14.50 -0.5
EVINCE TEXTILES LIMITED 12,861 -3.33%
EXIMBANK 11.50 -0.2
EXPORT IMPORT BANK 24,199 -1.71%
FAMILYTEX 6.00 -0.1
FAMILYTEX(BD) LIMITED 69,645 -1.64%
FARCHEM 16.10 -0.3
FAR CHEMICAL INDUSTRIES LIMITED 10,580 -1.83%
FAREASTFIN 7.40 -0.1
FAREAST FINANCE & INVESTMENT LIMITED 2,000 -1.33%
FAREASTLIF 72.90 5.2
FAREAST ISLAMI LIFE INS. 45 7.68%
FASFIN 10.80 -0.4
FAS FINANCE & INVESTMENT 15,600 -3.57%
FBFIF 5.50 0.2
FIRST BD FIXED INCOME FUND 5,005 3.77%
FEDERALINS 9.00 -0.3
FEDERAL INSURANCE 8,931 -3.23%
FINEFOODS 34.30 -0.5
FINE FOODS 25,923 -1.44%
FIRSTSBANK 11.00 -0.2
FIRST SECURITY ISLAMI BANK 51,109 -1.79%
FORTUNE 27.90 -0.6
FORTUNE SHOES LIMITED 11,949 -2.11%
FUWANGCER 14.80 -0.3
FU-WANG CERAMIC 18,521 -1.99%
FUWANGFOOD 15.50 -0.6
FU-WANG FOODS 38,520 -3.73%
GBBPOWER 14.50 -0.1
GBB POWER LIMITED 18,345 -0.68%
GENNEXT 8.20 -0.2
GENERATION NEXT FASHIONS LIMITED 85,881 -2.38%
GHAIL 36.40 -0.3
GOLDEN HARVEST AGRO INDUSTRIES LIMITED 2,500 -0.82%
GOLDENSON 11.00 0.6
GOLDEN SON 10 5.77%
GP 379.80 3.5
GRAMEENPHONE 9,425 0.93%
GPHISPAT 36.30 -0.5
GPH ISPAT LIMITED 1,000 -1.36%
GQBALLPEN 80.50 3.2
GQ BALL PEN 2,476 4.14%
GRAMEENS2 17.00 1.5
GRAMEEN MF TWO 573 9.68%
GREENDELMF 8.90 0.1
GREEN DELTA MF 4,000 1.14%
GSPFINANCE 16.50 0
GSP FINANCE (BD) LTD 6,208 0.00%
HFL 25.40 -0.8
HAMID FABRICS LIMITED 3,031 -3.05%
HRTEX 38.00 -1
H.R. TEXTILES 13,150 -2.56%
HWAWELLTEX 38.00 0.5
HWA WELL TEXTILES (BD) LIMITED 1,000 1.33%
IBBLPBOND 940.00 6.5
IBBL MUDARABA BOND 20 0.70%
IBNSINA 270.00 6
IBN SINA PHARMA 25 2.27%
ICB 144.30 1.8
I.C.B. 14,050 1.26%
ICB3RDNRB 6.10 0.1
ICB AMCL 3RD NRB MF 7,210 1.67%
IFADAUTOS 108.10 -0.8
IFAD AUTOS LIMITED 1,794 -0.73%
IFIC 12.90 -0.2
IFIC BANK 58,008 -1.53%
IFIC1STMF 5.70 0
IFIC BANK 1ST MF 5,000 0.00%
IFILISLMF1 7.40 0
IFIL ISLAMIC MF-1 4,050 0.00%
ILFSL 14.60 -0.8
INTERNATIONAL LEASING 1,500 -5.19%
IMAMBUTTON 27.90 -0.1
IMAM BUTTON 15 -0.36%
INTECH 17.10 0
INTECH ONLINE 13,045 0.00%
INTRACO 44.00 -1.5
INTRACO REFUELING STATION LIMITED 56,183 -3.30%
IPDC 30.00 1
INDUSTRIAL PROMOTION 1,935 3.45%
ISLAMIBANK 23.60 -0.4
ISLAMI BANK 19,924 -1.67%
ISLAMICFIN 15.00 -0.1
ISLAMIC FINANCE 200 -0.66%
ISNLTD 22.30 2
INFORMATION SERVL NET. 2,360 9.85%
ITC 30.80 0.2
INFORMATION TECHNOLOGY CONSULTANTS LIMITED 6,165 0.65%
JAMUNABANK 15.20 -0.2
JAMUNA BANK 1,850 -1.30%
JAMUNAOIL 181.00 4
JAMUNA OIL 200 2.26%
JMISMDL 219.00 6.3
JMI SYRINGES & MEDICAL DEVICES LTD. 8,112 2.96%
KBPPWBIL 15.10 -0.2
KHAN BROTHERS PP WOVEN BAG INDUSTRIES LIMITED 22,000 -1.31%
KDSALTD 64.70 3.7
KDS ACCESSORIES LIMITED 24,151 6.07%
KEYACOSMET 9.60 -0.1
KEYA COSMETICS 145,550 -1.03%
KOHINOOR 453.00 17.7
KOHINOOR CHEMICAL 5 4.07%
KPCL 71.50 2.7
KHULNA POWER 191,200 3.92%
LANKABAFIN 25.90 -0.3
LANKA BANGLA FINANCE 86,566 -1.15%
LEGACYFOOT 91.20 3.8
LEGACY FOOTWEAR 25,425 4.35%
LHBL 54.30 -0.6
23,495 -1.09%
LIBRAINFU 879.40 61.3
LIBRA INFUSIONS 43 7.49%
MAKSONSPIN 8.70 -0.2
MAKSONS SPINNING 14,400 -2.25%
MALEKSPIN 17.00 0
MALEK SPINNING 500 0.00%
MERCANBANK 17.10 -0.4
MERCANTILE BANK 27,652 -2.29%
MERCINS 24.00 0
MERCANTILE INSURANCE 1 0.00%
METROSPIN 9.40 -0.2
METRO SPINNING 7,000 -2.08%
MICEMENT 77.60 -1.5
M.I. CEMENT 500 -1.90%
MIRACLEIND 47.40 2.3
MIRACLE INDUSTRIES 100,515 5.10%
MITHUNKNIT 20.10 -0.9
MITHUN KNITTING 300 -4.29%
MJLBD 100.00 2
MJL BANGLADESH LIMITED 500 2.04%
MONNOCERA 215.40 19.5
MONNO CERAMIC 4,630 9.95%
NAHEEACP 47.80 -0.7
NAHEE ALUMINUM COMPOSITE PANEL LTD. 19,516 -1.44%
NAVANACNG 70.80 2.1
NAVANA CNG 11,801 3.06%
NBL 9.80 -0.1
NATIONAL BANK 50,165 -1.01%
NCCBANK 14.30 -0.1
NATIONAL CREDIT & COM. BNK 1,600 -0.69%
NFML 12.90 -0.2
NATIONAL FEED MILL LIMITED 12,783 -1.53%
NPOLYMAR 86.00 1.3
NATIONAL POLYMER 3,140 1.53%
NURANI 14.00 -0.3
NURANI DYEING & SWEATER LIMITED 16,200 -2.10%
OAL 14.90 -0.4
OLYMPIC ACCESSORIES LIMITED 24,379 -2.61%
OIMEX 41.20 -0.7
OIMEX ELECTRODE LIMITED 7,826 -1.67%
OLYMPIC 235.00 -7.4
OLYMPIC INDUSTRIES 728 -3.05%
ONEBANKLTD 16.30 -0.3
ONE BANK 10,468 -1.81%
ORIONINFU 53.50 0.2
ORION INFUSION 7,252 0.38%
PADMALIFE 34.30 1.2
PADMA ISLAMI LIFE INSURANCE 648 3.63%
PADMAOIL 230.00 0
PADMA OIL 438 0.00%
PENINSULA 23.80 0
THE PENINSULA CHITTAGONG LIMITED 8,247 0.00%
PEOPLESINS 19.10 0.3
PEOPLES INSURANCE 2,600 1.60%
PF1STMF 6.50 0.1
PHOENIX FINANCE 1ST MF 8,937 1.56%
PHPMF1 6.10 0
PHP FIRST MF 1,991 0.00%
POPULAR1MF 5.70 -0.2
POPULAR LIFE FIRST MF 1,792 -3.39%
PREMIERBAN 11.30 -0.2
PREMIER BANK 28,860 -1.74%
PREMIERLEA 11.00 0
PREMIER LEASING 1,000 0.00%
PRIMETEX 24.70 -0.3
PRIME TEXTILE 4,480 -1.20%
PTL 44.40 -0.1
PARAMOUNT TEXTILE LIMITED 2,014 -0.22%
PUBALIBANK 22.80 -0.2
PUBALI BANK 942 -0.87%
QUASEMIND 63.50 0.5
2,010 0.79%
QUEENSOUTH 51.90 0.4
QUEEN SOUTH TEXTILE MILLS LIMITED 17,745 0.78%
RAHIMAFOOD 166.00 1
RAHIMA FOOD CORP. 870 0.61%
RAKCERAMIC 43.20 -0.5
R.A.K. CERAMICS 4,561 -1.14%
RANFOUNDRY 145.70 12.6
RANGPUR FOUNDRY 18,653 9.47%
RDFOOD 16.10 0
RAGPUR DAIRY & FOOD PRO 3,902 0.00%
RECKITTBEN 1,865.00 58
RECKIT BENCKISER 10 3.21%
REGENTTEX 16.00 0
REGENT TEXTILE MILLS LIMITED 4,010 0.00%
RNSPIN 11.80 0
R. N. SPINNING 26,150 0.00%
RSRMSTEEL 48.50 -0.8
RATANPUR STEEL RE-ROLLING MILLS LIMITED 13,695 -1.62%
RUPALIBANK 39.10 -1
RUPALI BANK 3,336 -2.49%
RUPALILIFE 55.00 -2.6
RUPALI LIFE INSURANCE 5,150 -4.51%
SAFKOSPINN 17.50 -0.4
SAFKO SPINING 50,150 -2.23%
SAIFPOWER 25.00 0.3
SAIF POWERTEC LTD. 59,402 1.21%
SAIHAMCOT 13.40 0
SAIHAM COTTON MILLS LTD. 275 0.00%
SALAMCRST 30.50 -0.4
S ALAM STEELS 1,700 -1.29%
SALVOCHEM 24.80 -0.2
SALVO CHEMICAL 5,600 -0.80%
SAMATALETH 57.80 5.2
SAMATA LEATHER 10 9.89%
SANDHANINS 28.50 0.2
SANDHANI LIFE INS. 600 0.71%
SAPORTL 27.00 -0.2
SUMMIT ALLIANCE PORT 550 -0.74%
SHASHADNIM 61.30 1.3
SHASHA DENIMS LIMITED 2,848 2.17%
SHEPHERD 26.50 -1.8
SHEPHERD INDUSTRIES LIMITED 36,319 -6.36%
SINGERBD 174.50 1.5
SINGER BD 2,258 0.87%
SINOBANGLA 53.70 1
SINOBANGLA INDUSTRIES 9,975 1.90%
SONARGAON 19.50 1
SONARGAON TEXTILE 1,605 5.41%
SOUTHEASTB 16.60 -0.3
SOUTHEAST BANK 22,000 -1.78%
SPCL 87.00 3.6
SHAHJIBAZAR POWER CO. LTD. 9,470 4.32%
SQUARETEXT 50.30 -0.3
SQUARE TEXTILES 451 -0.59%
SQURPHARMA 285.10 -1.2
SQUARE PHARMA 5,045 -0.42%
STANCERAM 121.20 2.2
STANDARD CERAMIC 2,000 1.85%
STANDBANKL 10.90 -0.3
STANDARD BANK 8,600 -2.68%
SUMITPOWER 36.60 1.1
SUMMIT POWER 13,752 3.10%
TITASGAS 38.50 -0.9
TITAS GAS 2,900 -2.28%
TOSRIFA 17.10 -0.3
TOSRIFA INDUSTRIES LIMITED 3,428 -1.72%
TRUSTB1MF 6.40 0.1
TRUST BANK FIRST MF 1,503 1.59%
TRUSTBANK 31.00 -0.1
TRUST BANK 1,663 -0.32%
UCB 17.90 0
U.C.B.L. 56,296 0.00%
UNIONCAP 12.60 -0.4
UNION CAPITAL 5,950 -3.08%
UNIQUEHRL 51.20 0.1
UNIQUE HOTEL & RESORTS LTD. 452 0.20%
UNITEDAIR 3.90 -0.1
UNITED AIRWAYS 17,143 -2.50%
UPGDCL 258.00 10
UNITED POWER GENERATION & DISTRIBUTION COMPANY LIMITED 900 4.03%
USMANIAGL 159.90 14.5
USMANIA GLASS 53,746 9.97%
UTTARABANK 24.30 0.3
UTTARA BANK 3,500 1.25%
WMSHIPYARD 29.00 0
WESTERN MARINE SHIPYARD LIMITED 52,120 0.00%
YPL 16.20 -0.4
YEAKIN POLYMER LIMITED 3,500 -2.41%
ZAHEENSPIN 12.60 0.2
ZAHEEN SPINNING LIMITED 34,600 1.61%
ZAHINTEX 12.20 -0.2
ZAHINTEX INDUSTRIES LIMITED 11,000 -1.61%


Index Methodology

What is stock market index and how does it construct?

A stock market index is a number that indicates the relative level of prices or value of securities in a market on a particular day compared with a base-day figure, which is usually 100 or 1000. There are many different ways of constructing an index. One of the most common methods is illustrated by the following simple example.The values of a market portfolio at the close of trading on Day 1 and Day 2 are recorded below:


Trading days Value of portfolio Index
DAY 1 (base day) Tk 20,000 1000
DAY 2 Tk 21,000 1050

We take Day 1 as the base day. The index on that day will be taken as a standard. The value assigned to the base day index is 1000 in this example. On Day 2 the value of the portfolio has changed from Tk 20,000 to Tk 21,000, a 5% increase. Therefore, the value of the index on Day 2 will change to indicate a corresponding 5% increase in market value. The computation follows the procedure below:

 

                               2's portfolio value
Day 2's index = ------------------------------------------------- * Base Day's (Day 1) index
                               Base Day's (Day 1) portfolio value

                              Tk 21,000
                        = ---------------- * 1000
                              Tk 20,000
                        = 1050

 

Day 2's index is 1050 as compared to the 1000 of day 1. The above illustration only serves as an introduction to how a particular index is constructed. The daily computation of an index is more involved especially when there are changes in market capitalization of constituent stocks, e.g., rights offers, stock dividend etc. The primary objective of constructing market indices is to measure the performance of the market. The indices provide vital information about the current and historical behavior of the market. Stock market indices differ from one to another basically in their sampling and/or weighting methods.

Sampling Method

There are some market indices that are composed of all stocks listed in a market, e.g., the American Stock Market Index and the Hong Kong Stock Exchange All-Ordinaries Index etc.
In general, an index based on a larger percentage of the total number of listed stocks will be more representative than that one based on a smaller percentage. Although an index that consists of all listed stocks can be considered as more representative, a number of stocks may have very few transactions, the quoted price of these stocks may not reflect their true market value. An index may still be highly representative even if it consists of only a relatively small percentage of the total number of stocks. Here, the sample selection process plays an important role.
Most of well-known stock market indices of the major stock markets in developed countries are still considered as highly representative since their constituent stocks comprise a high percentage of total value of the market. For example, the Hang Seng Index (Hong Kong) is composed of 33 constituent stocks comprising approximately 70% of total value. FOX index (Finland) is composed of 25 most traded shares which is correspond to roughly 80% of the total market value and ATX 50 (Australia) comprises 84% of the capitalization and 97% of the turnover of all Australian stocks.

Weighting Method

There are, in general, three different weighting methods, namely, value-weighted, equally-weighted (or un-weighted), and price-weighted.

Value-weighted method may be considered as a most appropriate method than others for both the bourses of the country (DSE & CSE) since the existing indices of the bourses have been calculating under value-weighted method. For a value-weighted index, the weight of each constituent stock is proportional to its market share in terms of capitalization. We can assume that the amount of money invested in each of the constituent stocks is proportional to its percentage of the total value of all constituent stocks. Examples include all major stock market indices of Hong Kong, London and many others.

Computation of Value Weighted Indices and Adjustments for Changes in Market Capitalization

The computation of a value-weighted index is useful to think in terms of evaluating the performance of a portfolio of securities. Some adjustments need to be made due to changes in market capitalization of the portfolio's constituent stocks. The adjustment procedures are discussed in detail below.
To make our computation simple, we need to keep the number of constituent stocks small. Let us assume that the index is composed of only three stocks: A, B and C.

Day 1 (base day)

Market Data of Constituent Stocks on Day 1


Stock Shares Outstanding Closing Price Market Value
A 20 10 200
B 5 8 40
C 10 5 50
Aggregate Market Value (AMV) = 290

The market value of each stock at closing is given by the product of the number of shares outstanding and the closing price. For stock A, for instance, it is 20 shares times Tk.10 which yields Tk.200. The aggregate market value (AMV) of all constituent stocks is the sum of the market value of each stock. The AMV of day 1 is Tk.290. Day 1 will be taken as the base day on which the index is set at 1000

Day 2

Market Data of Constituent Stocks on Day 2


Stock Shares Outstanding Closing Price Market Value
A 20 10 200
B 5 9 45
C 10 5.5 55
Aggregate Market Value (AMV) = 300

As there is no change in capitalization, no adjustment is needed on Day 2. The AMV is equal to Tk.300. The computation of the index on Day 2 follows the procedure below:

  

                          Day 2's AMV
Day 2's index = -------------------- * Day 1's index
                            Day 1's AMV

                             300
                        = ------- * 1000
                             290
                       = 1034.4828

 

It should be clear that the change in the index value shows the relative change in the aggregate market value of the constituent stocks. There is a 3.45% increase in AMV (also in index) on Day 2 relative to Day 1 (the base day).

Adjustment to Changes in Capitalization

Adjustments need to be made from time to time as a result of changes in capitalization of the constituent stocks. They are discussed in detail below:

Day 3 (Ex-Bonus)

Company Aissues 50% bonus shares. Its shares are to be traded ex-bonus at the ratio of "1 for 2", i.e., one share will be given as bonus for every 2 shares held. This issue of shares is going to change the total number of shares outstanding on Day 3. The adjustment is shown below:

 

                                                                                                   20(1+2)
New Total No. of Shares Outstanding of Company A = ------------
                                                                                                        2
                                                                                                 = 30

Market Data of Constituent Stocks on Day 3


Stock Shares Outstanding Closing Price Market Value
A 30 7 210
B 5 8 40
C 10 6 60
Aggregate Market Value (AMV) = 310

Therefore,

                             Day 3's AMV
Day 3's index = ---------------------- * Day 2's index
                             Day 2's AMV
                                310
                        = ----------- * 1034.4828
                               300

                        = 1068.9656

Note that the closing price of Company A on day 3 is Tk. 7/- determined by demand and supply factors in the market against the theoretically adjusted price (to the extent of disclosure) of Tk. 6.67 made on day 2 after closing market / on day 3 before starting market.

If the company issuing bonus share also recommends / declares cash dividend, then the cash dividend (to the extent of disclosure) should also be adjusted in the aforesaid theoretical price.

Day 4 (Ex-Rights)

Stock C has declared 40% rights share at the ratio of "2 for 5" at Tk.1.50 each including a premium of Tk. 0.5 each. The offer expires on Day 4 (i.e. ex-rights). As mentioned earlier, it is useful to treat the constituent stocks as a portfolio held by an investor. In the computation of the index on Day 4, the investor is assumed to exercise the rights. Therefore, the new number of shares outstanding for stock Cis given below:

                                                                                   10(2+5)
New Number of Shares Outstanding for Stock C = ----------
                                                                                        5
                                                                              = 14

 

Market Data of Constituent Stocks on Day 4


Stock Shares Outstanding Closing Price Market Value
A 30 6.5 195
B 5 9.2 46
C 14 4.5 63
Aggregate Market Value (AMV) = 314

Since all rights are exercised, capitalization adjustment needs to be made on day 3 after closing market / on day 4 before starting market. The number of shares outstanding increases by 4. This will cause an increase in capitalization by Tk.6 (= 4*1.50). The adjusted AMV on Day 3 after closing market / on day 4 before starting market in the index computation on Day 4 will be:
310 + 6 = 316
Therefore,

                             Day 4's AMV
Day 4's index =--------------------------------- * Day 3's index
                           Adjusted Day 3's AMV     
                              304
                        = ---------- * 1068.9656
                             316
                        = 1028.3720


                                     1028.3720 - 1068.9656
Percentage change = ------------------------------- * 100%
                                            1068.9656

                                = -3.80%

The index dropped from 1068.9656 to 1028.3720. This can be interpreted as a 3.80% decrease in AMV.

 

Day 5 (Replacement)

Stock B is replaced by stock D, which has a closing price at Tk.11.5 on Day 4 and its number of shares outstanding is 20. Market Data of Constituent Stocks on Day 5


Stock Shares Outstanding Closing Price Market Value
A 30 7 210
D 20 11 220
C 14 5 70
Aggregate Market Value (AMV) = 500

The adjustment on Day 4's AMV in computing Day 5's Index follows a procedure as if the stock replacement had taken place on Day 4. The adjusted AMV on Day 4 is given as:


Stock Shares Outstanding Closing Price Market Value
A 30 6.5 195
D 20 11.5 230
C 14 4.5 63
Aggregate Market Value (AMV) = 488

Therefore,                  Day 5's AMV
Day 5's index = --------------------------------- * Day 4's index
                            Adjusted Day 4's AMV

                          500
                       = ------ * 1028.3720
                         488

                       = 1053.6598

Day 6 (Addition)

Stock Eis added to the index as a constituent stock on Day 6. Stock E has a closing price of Tk.4 and the number of shares outstanding is 40 on Day 5.
Market Data of Constituent Stocks on Day 6

Stock Shares Outstanding Closing Price Market Value
A 30 7.2 216
C 14 4.8 67.2
D 20 12 240
E 40 4.5 180
Aggregate Market Value (AMV) = 703.2

Since the number of stocks has changed, we need to compute the adjusted AMV for Day 5 in computing Day 6's index. Day 5's adjusted AMV will be equal to the original AMV plus the market value of stock E on Day 5. This is equal to Tk.500 + 160 (4*40) = 660.

                                  Day 6's AMV
Day 6's index = ---------------------------------- * Day 5's index
                             Adjusted Day 5's AMV

                           703.2
                         = ------- * 1053.6598
                            660

                        = 1122.6266

Any new issue should not be considered in the computation of index for “x” days from the date of first trade. “x” may be a single digit parameter e.g. x = 1, 2, 3...... days. Here, in DSE and CSE, “x” is equal to 1.

Shares issued under Repeat Public Offer (RPO), conversion, amalgamation, acquisition etc. should be treated as new issue (addition) and adjusted to give effect in the index on the following day of crediting/ issuing of those shares as per the guideline of “Day 6”.

Day 7 (Deletion)

Stock C is deleted from the index's constituent stocks. The new total number of stocks is reduced to 3. Market Data of Constituent Stocks on Day 7

Stock Shares Outstanding Closing Price Market Value
A 30 7 210
D 20 12.3 246
E 40 5 200
Aggregate Market Value (AMV) = 656

The adjusted AMV on Day 6 will be a reduction by the amount of market value of stock C on Day 6. Day 6's adjusted AMV will be equal to Tk 703.2 - 67.2 = 636.

                                Day 7's AMV
Day 7's index = --------------------------------- * Day 6's index
                             Adjusted Day 6's AMV

                           656
                         = ----- * 1122.6266
                          636

                        = 1157.9293

Day 8 (Ex-Dividend)

Cash dividends of Tk .50 per share are declared for stock E and Day 8 is to be ex-dividend. Market Data of Constituent Stocks on Day 7

Stock Shares Outstanding Closing Price Market Value
A 30 7.2 216
D 20 12.3 246
E 40 4.6 184
Aggregate Market Value (AMV) = 646

No adjustment is needed, as there is no change in capitalization.

                              646
Day 8's index = ------- * 1157.9293
                              656

                         = 1140.2779

Note that the price of stock E drops. This is a normal phenomenon as a stock goes ex-dividend. Day 8’s index records a decrease as well.
Note that the closing price of Company E on day 8 is Tk. 4.6 determined by demand and supply factors in the market against the theoretically adjusted price (to the extent of corporate disclosure) of Tk. 4.50 made on day 7 after closing market / on day 8 before starting market.