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1. Introduction to the Report
1.1 Rational of the study
The stock exchange has been perceived by many as the backbone for most contemporary
economies (AL- Shubiri F.N. !"#"$. %oreover an economy &ike 'ang&adesh here a huge
number of peop&e engaged ith the Stock %arket is rea&&y needed to have a c&ear concept
regarding the Stock %arket )ndex. A stock index gives ref&ection performance of stocks hich
are traded in the market. 'ecause an investor can easi&y eva&uate the performance of the stock by
observing stock index hich they are bought and they can easi&y make a decision. An investor
can &ose their investment if an index gives misinformation and they cannot *udge the stock
movement proper&y. So an index must be ca&cu&ated accurate&y for the stock market and bestinterest of investors. %oreover fe days ago e have seen that due to misca&cu&ation of )ndex of
+haka Stock ,xchange the investors ere a&king toard the rong ay hich &eads the
market toard the crash. So peop&e shou&d have some kno&edge regarding the )ndex and some
sectors hich affect the market index a &ot.
A&though there are # categories of companies is trading in the +haka Stock ,xchange e have
chosen bank sector for our research. 'ecause bank have contro& over a &arge part of the
supp&y of money in circu&ation and p&ay an important ro&e in the economic deve&opment of
every nation. %oreover in 'ang&adesh banks are considered as a fundamenta& component of
the financia& system and are a&so active p&ayers in financia& markets. 'esides that banking
sector is containing a huge market capita& in +haka Stock exchange. So e have decided to study
on the banking sector hich shares are trading in +haka Stock ,xchange and ho&ding the highest
number of market capita&iation. /e are going to find out ho much the banking sector is
affecting the +haka Stock ,xchange 0enera& )ndex by preparing a 'ank )ndex.
1.2 Objective of the Study:
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Through this study e are going to find-
1o to make an )ndex
2reparing an 'ank )ndex by considering those bank hich are trading in +haka Stock,xchange.
1o much the banking sector affecting the %arket )ndex.
3ompare the 'ank )ndex ith +haka Stock ,xchange 0enera& )ndex.
1.3 Limitation of the Study
)n this study e cou&d not count the company4s market capita& hen the trade as suspended due to the
record date for A0% ,0% or stock sp&its. /e cou&d not ca&cu&ate the index before !"" because e do
not have enough information about the number of issued share though the rest of the information e have
co&&ected. /e have got a &imited time of to months for this study it is not enough.
2. Literature Revie
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No a days it is e&& estab&ished that economic groth promote by a e&& functioning financia&
system through hich efficient a&&ocation of resources is possib&e and thus the stock markets
have been estab&ished in a&most every part of the or&d. 'ecause 0roth of ne businesses or
an economy ou&d not be possib&e ithout avai&abi&ity of stocks and deve&opment of financia&
markets (1aferand and 1ein !""5$. %oreover the access of private companies to funding
through these financia& markets he&p to improve the efficiency of a&&ocation of resource. So as a
part of the financia& market stock market performs a crucia& ro&e for economic deve&opment as
an intermediary beteen investors and firms (%ukit and Shafiu&&ah !"#!$ and thus stock market
deve&opment p&ays an important ro&e in predicting future economic groth(Levine and 6ervos
#7$.
'ang&adesh has to fu&&-f&edged automated stock exchanges8 +haka Stock ,xchange (+S,$ and
3hittagong Stock ,xchange (3S,$.
)n the &ast decade stock market of 'ang&adesh ent through
many changes and huge ups and dons ere seen. The economic crisis of the or&d in year
!""-## a&so affected the market adverse&y. There are # categories of companies en&isted and
among them 'anking sector containing 9" banks ith :#95;;.: mi&&ion (+ec !"#:$ of market
capita&iation hich is the category ith highest market capita&. 'esides that it has been found
that bank 2&ay an important ro&e in the economy deve&opment of every nation (
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3.1 #rief $istorical #ac%!round of &ha%a Stoc% '(chan!e:
The necessity of estab&ishing a stock exchange in the then ,ast 2akistan as first decided by the
government hen ear&y in #;! it as &earnt that the 3a&cutta Stock ,xchange had prohibited
the transactions in 2akistani shares and securities. The provincia& industria& advisory counci&
soon thereafter set up an organiing committee for the formation of a stock exchange in ,ast
2akistan. A decisive step as taken the second meeting of the organiing committee he&d on the
#9th %arch #;9. )n the cabinet room eden bui&ding under the chairmanship of %r. A.
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as he&d at the chamber on "9.".#;9 hen it as decided to appoint Brr +ignam > 3o.
so&icitors to dra up the memorandum and artic&es of association of the stock exchange based on
the ru&es of stock exchange existing in other countries and taking into account &oca& conditions.
The 7 promoters incorporated the formation as the ,ast 2akistan Stock ,xchange Association
Ltd. on !7.":.#;:. As pub&ic company on !9."C.#C! the name as revised to ,ast 2akistan
Stock ,xchange Ltd. Again on #:.";.#C: the name of ,ast 2akistan Stock ,xchange Limited
as changed to D+haka Stock ,xchange Ltd.D
At the time of incorporation the authoried capita& of the exchange as @S. 9""""" divided into
#;" shares. Bf @S. !""" each and by an extraordinary genera& meeting adopted at the
extraordinary genera& meeting he&d on !!."!.#C: the authoried capita& of the exchange as
increased to T
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&aunched the over-the-counter (BT3$ market-a separate trading f&oor-- to faci&itate trading of the
non-&isted and the de-&isted companies. The shares of companies that have been de-&isted from
the premier bourse i&& be p&aced on the BT3 market in the first phase. )n the next phase shares
of non-performing and non-operationa& companies that i&& be removed from the main board i&&
be traded on the ne BT3 f&oor.
3.2 Some milestone moments of &S':
Bver the passage of time some significant deve&opments took p&ace in +S,. Bne important
deve&opment in the capita& market in anuary !"": as the initiation of e&ectronic sett&ement
through the 3entra& +epository System (3+S$. )n order to prevent market manipu&ation by the
inhouse officia&s of the &isted companies S,3 banned the purchasing or se&&ing of shares of a
company by its oners during an interim period (from the date of the financia& year c&osure to
the day of approva& of accounts by the company4s board$. +e-&isting of #9 companies in August
!"": by +S, due to their repeated fai&ure in comp&ying ith the &isting ru&es as a&so an
important step toards bringing discip&ine in the stock exchange. The trading of 'ang&adesh
0overnment Treasury 'onds ('0T's$ started in +S, from anuary !"";.
3.3 Le!al )ontrol
The +haka Stock ,xchange (+S,$ is registered as a 2ub&ic Limited 3ompany and its activities
are regu&ated by its Artic&es of Association ru&es > regu&ations and bye-&as a&ong ith the
Securities and ,xchange Brdinance - #C 3ompanies Act - #: > Securities > ,xchange
3ommission Act - #9.
3.* +unction of &S'
The ma*or functions are8
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Listing of 3ompanies (As per Listing @egu&ations$.
2roviding the screen based automated trading of &isted Securities.
Sett&ement of trading (As per Sett&ement of Transaction @egu&ations$.
0ifting of share E granting approva& to the transactionEtransfer of share outside the
trading system of the exchange (As per Listing @egu&ations :!$.
%arket Administration > 3ontro&.
%arket Survei&&ance.
2ub&ication of %onth&y @evie.
%onitoring the activities of &isted companies (As per Listing @egu&ations$.
)nvestors grievance 3e&& (+isposa& of comp&aint bye &as #5$.
)nvestors 2rotection Fund (As per investor protection fund @egu&ations #$.
Announcement of 2rice sensitive or other information about &isted companies
through on&ine.
3., -umber of )ompanies enlisted in &S':
There are about 9!: 3ompanies en&isted in +S, and category ise there are # 3ategory of
company en&isted in +S,.
able1:Number of 3ompanies en&isted in +S, (3ategory ise$
SL. -ame of the Industry -umber of )ompanies# 'ank 9"
! 3ement 5
9 3eramics Sector ;
: ,ngineering 9#
; Financia& )nstitutions !9
C Food > A&&ied #7
5 Fue& > 2oer #7
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7 )nsurance :C
)t Sector C
#" ute 9
## %isce&&aneous ##
#! %utua& Fund :#
#9 2aper > 2rinting !#: 2harmaceutica&s > 3hemica&s !5
#; Services > @ea& ,state :
#C Tannery )ndustries ;
#5 Te&ecommunication !
#7 Texti&e :#
# Trave& > Leisure :
otal )ompanies 32*
Source:Bfficia& eb site of +haka Stock ,xchange
3./ 0hat is Inde(
A stock market index is defined by the Ne ork Stock ,xchange as DAny comprehensive
measure of market trends intended for investors ho are concerned ith genera& stock market
price movements.D
)n genera& An index is a eighted average of the market capita&iations of the stocks they
represent hich moves up and don depending on the individua& share prices of the component
parts. )t is a too& used by investorsand financia& managers to describe the market and to compare
the return on specific investments. )nvestors checked the stock )ndex to see the changes in the
market hich he&ps them to take the future decisions. ,ach index has its on ca&cu&ation
methodo&ogy and is usua&&y expressed in terms of a change from a base va&ue. Thus the
percentage change is more important than the actua& numeric va&ue.
3. $istory of Inde(es:
The first GS stock index as created in #7C hen the /a&& Street ourna& pub&ished the +o
ones )ndustria& Average. )t had an initia& va&ue of :".5: and represented #! stocks. The Financia&
Times in London pub&ished the first FTS, &isting in #C! and the apanese Nikkei index as
first pub&ished in #;" by the Nikkei nespaper.
https://en.wikipedia.org/wiki/Investorhttps://en.wikipedia.org/wiki/Portfolio_(finance)https://en.wikipedia.org/wiki/Investorhttps://en.wikipedia.org/wiki/Portfolio_(finance)7/23/2019 Dse Indexing
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3. 4ses of Security56ar%et Inde(es:
H As benchmarks eva&uate the performance of professiona& money managers.
H To create and monitor an index fund.
H To measure market rates of return in economic studies.
H For predicting future market movements by technicians.
H As a substitute for the market portfo&io of risky assets hen ca&cu&ating the systematic
risk of an asset.
3.7 ypes of Inde(:
An index can be c&assified according to the method used to determine its price -
1. 8rice5ei!hted inde(:The price of each component stock is the on&y consideration
hen determining the va&ue of the index. Thus price movement of even a sing&e security
i&& heavi&y inf&uence the va&ue of the index and it ignoring the re&ative sie of the
company as a ho&e.
'(ample:+o ones )ndustria& AverageNS, Arca %a*or %arket )ndexand theNS,
A@3A Tech #"" )ndex.
2. )apitali"ation5ei!hted9also called mar%et5value5ei!hted inde(:1ere factors in
the sie of the company. Thus a re&ative&y sma&& shift in the price of a &arge company i&&
heavi&y inf&uence the va&ue of the index.
'(ample: 1ang Seng )ndex S>2 ;"" )ndex.
3. ';ual5ei!hted Inde(:There a&& components are assigned the same va&ue or eight.
https://en.wikipedia.org/wiki/Price-weightedhttps://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/Capitalization-weighted_indexhttps://en.wikipedia.org/wiki/Hang_Seng_Indexhttps://en.wikipedia.org/wiki/Price-weightedhttps://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/Capitalization-weighted_indexhttps://en.wikipedia.org/wiki/Hang_Seng_Index7/23/2019 Dse Indexing
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'(ample:The Ia&ue Line 3omposite )ndex.
3.1< &ha%a =eneral Inde( 9&='-:
The +haka 0enera& )ndex (+0,N$ as introduced at +S, on November !: !""# ith a base
point of 7#5.C9. Later on in November !"" 0rameenphone (02$ came to the stock market and
+S, genera& index gained more than 5"" points in a sing&e day and that4s hen the f&aed
computation of the index first came to &ight. That is hy +S, decided to stop +0,N and
introduce a ne index ca&&ed +S,J and +S, 9". So +0,N continued for a&most #! years and
+S, stopped to sho +0,N from their officia& eb site from August # !"#9. Bn the c&osing
day the +0,N stood at :9:!.9# points after ups and don in the &ast #! years &ong *ourney.After introduction of 7#5.C9 points the +0,N ent up highest &eve& of 7#7.;# points on
+ecember ; !"#" hen the market as bubb&e.
3.11 &S'> ? &S3< and &S'S:
Bn anuary !7 !"#9 the +haka Stock ,xchange Limited &aunched a ne index the +S, 'road
)ndex (+S,J$ and +S, 9" )ndex (+S9"$ based on free f&oat and S>2 methodo&ogy ith effect
from anuary !7 !"#9. +S,J is the 'enchmark )ndex hich ref&ect around 5K of the tota&
market capita&iation. ,&igib&e stocks must have a f&oat-ad*usted market capita&iation above #""
mi&&ion '+T.
+S9" constructed ith 9" &eading companies hich can be said as investab&e )ndex of the
,xchange. +S9" ref&ects around ;#K of the tota& e=uity market capita&iation. ,&igib&e stocks
must have a f&oat-ad*usted market capita&iation above ;"" mi&&ion '+T as of the reba&ancing
reference date.
The base dates of the +S, 'road )ndex and +S,9" are anuary #5 !""7. The +S, 'road index
has a base va&ue of !;#.# on anuary #5 !""7 hich as the index va&ue of the +0,N on
this date. Bn the other hand the base va&ue of +S,9" )ndex is #""".
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Iery recent&y +haka Stock ,xchange introduced a ne index +S,J Shariah )ndex (+S,S$ on
anuary !" !"#: hich serve as a Shariah 3omp&iant broad market benchmark in 'ang&adesh
3apita& %arket. This index has been made by combining the sector and screening based
companies sorting out from +S, 'road )ndex. The +S,S had been &aunched to inspire the
investors ho anted to invest as per )s&amic Shariah 3omp&iance ru&e and it is hoped that this
index may attract the %idd&e ,ast foreign investors.
*. 6ethodolo!y of the Study
A&though there are many ay to ca&cu&ate the stock index and +o ones )ndustria& Average
(+)A$ is most popu&ar buthere e have used the %arket Ia&ue /eighted method.
3riticism of the +)A8
H Limited to 9" non-random&y se&ected b&ue-chip stocks.
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H +oes not represent a vast ma*ority of stocks.
H The divisor needs to be ad*usted every time one of the companies in the index has
a stock sp&it.
H )ntroduces a donard bias by reducing eighting of fastest groing companies
hose stock sp&its.
/e have co&&ected a&& 'ank4s Trade )nformation from !"" to !"#: from +haka Stock ,xchange
&ibrary. Then e have segregated every Sunday4s c&osing price and No. of share of a&& banks. 'y
using these to information e ca&cu&ated the market capita& of 'ank Sector in every Sunday
(/e have taken %onday4s data hen stock market as c&osed or ho&iday on Sunday$. /e have
considered #""" as a base index to ca&cu&ate stock index on # stanuary !"". Formu&a for index
ca&cu&ation -
Ia&ue)ndex'eginning)ndex t =
bb
tt
QP
QP
/here8
)ndextM index va&ue on day t
2tM ending prices for stocks on day t
tM number of outstanding shares on day t
2bM ending price for stocks on base day
bM number of outstanding shares on base day
/e a&so have taken data of +haka 0enera& )ndex (+0,N$ for the time period of !"" to !"#9
(Gp to u&y as after that it has been c&osed$ and +haka Stock ,xchange )ndex (+S,J$ for the
period of August !"#9 to +ecember !"#:. Later on e made a graph ith those data so that e
can compare it ith the bank )ndex.
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,. @nalysis and Interpretation of &ata
,.1 #an% Inde(
/e have ca&cu&ated the 'ank )ndex by taking consideration of a&& banks hich are traded in
+haka Stock ,xchange and our base )ndex as #""". /e have found that the index has started
ith #""" point on ":-"#-!""# and as the market capita& start to goes don market index a&so
start to goes don unti& the ending of %arch !"". Later on due to entrance of ne stock
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invo&vement of ne investors investing of more money into the Stock market the %arket capita&
goes up as e&& as the )ndex ('ank )ndex$ a&so goes up gradua&&y (graph-#$. From the graph e
can see that from !"" to !"#" the graph ho&d the upard trend and it hit the top &eve& ith the
)ndex point of 9#!! in +ecember !"#". After that the graph shos that )ndex ('ank )ndex$
goes don sharp&y hich e ca&&ed market crashed and gradua&&y again it came to very c&ose of
base &ine hich as #""".
=raph1: #an% Inde(
,.2 &ha%a Stoc% '(chan!e =eneral Inde(
/e a&so have dra the +haka Stock ,xchange 0enera& )ndex (+0,N$ by taking consideration of
every Sunday4s c&osing )ndex va&ue. There e have found that the )ndex started ith !7:;
points in :thanuary !"" and from the beginning it started to dec&ine but &ater on as the days
goes on it a&so started to goes up (0raph-!$. +ue to increasing of investment in stock market the
index fo&&os the upard trend and it hit the top &eve& ith 7# point in +ecember !"#". Later
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on the graph fo&&o the donard trend sharp&y that means the market crashed. At the end it
again come to very near of 9""" hich as in !"".
0raph !8 +haka Stock ,xchange 0enera& )ndex
,.3 &ha%a Stoc% '(chan!e #roadInde(
As after u&y !"#9 +S, stopped to sho the +0,N e have taken data of +S,J up to
+ecember !"#: and made a graph (0raph-9$. From the graph it has been seen that the )ndex
have upard trend but it is =uite stab&e as after crashing the market investors are no =uite
conscious regarding the movement of )ndex.
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0raph9 8 +haka Stock ,xchange 'road )ndex
,.* )omparin! the Inde(
There e have p&otted the ! graph in # (0raph-:$ and try to compare these to )ndex. A&though
the +0,N has been stopped in u&y !"#9 but e continued the 'ank )ndex. From the graph e
can see that the movement of both 'ank )ndex and +0,N is a&most same. The day +0,N hit the
highest &eve& at the same day 'ank )ndex a&so hit the highest &eve&. %oreover &ike +0,N 'ank
)ndex a&so came to near of base &ine again.
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0raph : 8 'ank )ndex and +0,N
,., &escriptive Statistics
Summary statistics of the variab&es is reported in tab&e ! here the mean standard deviation
skeness kurtosis minimum and maximum va&ues of study variab&es are given. From the tab&e
e can see that the standard error is !;.:9 hich is =uite sma&& and acceptab&e. 1ere the most
important thing is 3orre&ation of 'ank )ndex ith +0,N and +S,J. 3orre&ation of 'ank )ndex
ith +0,N is ".9 hich is high&y positive as it is very c&ose to #. 'ut 3orre&ation of 'ank
)ndex ith +S,J is ".;5 hich is a&so positive but moderate&y.
Tab&e !8 +escriptive Statistics
%ean #::5."7
Standard ,rror !;.:9
%edian #9".:"
%ode ONEA
Standard +eviation ::.#9
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Samp&e Iariance !"#5#.C;
Column 1 Column 2
3o&umn # #
3o&umn ! ".;555799! #
/. +indin!s of the Study
Bne of the ob*ective of this paper as compare the 'ank )ndex ith the +haka Stock ,xchange
)ndex so e different graph and Statistica& ana&ysis as e&&. From the graph e have seen that
'ank )ndex and +0,N &ooks &ike a&most same but not the +S,J. From !"" to !"#9 the
minimum point of +0,N is !:!5 and maximum is 7#. Bn the other hand the minimum point
of 'ank )ndex is ;: and maximum is 9#!!. 'ank )ndex and +0,N hit the highest &eve& at the
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same day and at the same ay both the index shos the market crash. At the end of !"#! again
a&& index came to their base &ine. /e have found c&earer picture from the +escriptive statistics.
There e have found that 3orre&ation of 'ank )ndex ith +0,N is ".9 but corre&ation of 'ank
)ndex ith +S,J is ".;5. /hich means no a days 'anking sector is not affecting the Stock
%arket )ndex that it as before.
0hy ban% is not affectin! the Inde( that much
A&though from the beginning it has been seen that +haka 0enera& )ndex is ref&ecting the 'ank
)ndex but after !"#! it is not ref&ecting that much that it as before. That means 'anking sector
is not p&aying that much active&y &ike past. The reason behind is 'ank stock4s performance or the
dividend po&icy of 'anks. From the &iterature of %asum (!"#:$ it has been found that +ividend
2o&icy has significant positive effect on stock prices as dividend po&icy is a ma*or financing
decision that invo&ves ith the payment to shareho&ders in return of their investments. /e can
a&so give some rea& &ife examp&e- There as a time hen a&& banks gave huge divided &ike
Nationa& 'ank Ltd. dec&ared ;K stock dividend but no it gives #" K cash dividend. Like this
a&& banks performance is going don and as a resu&t investors are not that much interested tobank security. 'ut sti&& there are fe banks those are =uite strong and en&isted in +S9" but the
overa&& scenario of 'anking sector is not that much good. After the market crash the &ots of
investors have &ost their 7"K to "K of their investment and as a resu&t they cou&d not pay their
&oan and the bank4s nonperforming &oan a&so increase and the bank4s performance decrease
hich affect on their stock price. /e got the reason of being the bank4s stock price &oer from
the &iterature as e&&- +ocking and
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. )onclusion:
)ndex is an important sca&e to measure the performance stocks. An index ca&cu&ated by the tota&
market capita& so the every information of issuing shares of stocks and the ad*usting prices of the
stocks must be accurate. )f the data is not accurate thus the index does not provide an actua&
signa& of the stocks. 'esides that )n the stock market 'anking sector is having a vast market
capita& so it p&ays an important ro&e to the movement of %arket )ndex. So government shou&d
keep a keen eye on the performance of these banks and to &ook after hether the banks are rea&&y
maintaining their ru&es and regu&ations or not. 'ecause banking business has been shaped as
g&oba& business and the rest other business great&y depends on the strength of banking business
performance. A&though after crashing the Stock %arket in !"#" the tota& ,conomy of 'ang&adesh
as shaken and the 'anking sector4s performance as e&& but no the market is trying to recapture
its stab&e condition by emp&oying different po&icies. )nvestors a&so shou&d have the kno&edge regarding
the stock market and it4s )ndex to take the correct decision and not to &ose their money.
. Reference
#. AL- Shubiri F. N. (!"#"$ Ana&ysis the +eterminants of %arket Stock 2rice %ovements8 An
,mpirica& Study of ordanian 3ommercia& 'anks.International Journal of Business andManagement. ;(#"$ 2. #95-#:5
!. 3hodhury A. @. (#:$ Statistica& 2roperties of +ai&y @eturn from the +haka Stock
,xchange.Bangladesh Development Studies. Io&. JJ)).
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9. +hanabhakyam %. >
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7. @ppendi(
&'+I-IIO- of +ree5+loat 6ethodolo!y:
A method by hich the market capita&iation of an indexQs under&ying companies is ca&cu&ated.
Free-f&oat methodo&ogy market capita&iation is ca&cu&ated by taking the e=uityQs price and
mu&tip&ying it by the number of shares readi&y avai&ab&e in the market. )nstead of using a&& of theshares outstanding &ike the fu&&-market capita&iation method the free-f&oat method exc&udes
&ocked-in shares such as those he&d by promoters and governments.
3a&cu&ated as8
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The free-f&oat method is seen as a better ay of ca&cu&ating market capita&iation because it
provides a more accurate ref&ection of market movements. /hen using a free-f&oat methodo&ogy
the resu&ting market capita&iation is sma&&er than hat ou&d resu&t from a fu&&-marketcapita&iation method.
)ate!ories of )ompanies6ar%et )apitali"ation
9%. in mnA of otal )ap
+inancial Sector
'anks :#95;;.: #;.9
Financia& )nstitutions #5C"9.59 C.C7
)nsurance 55".;7 9.C:
%utua& Funds 9"99:."; #.#9
6anufacturin!
Food > A&&ied 2roduct !#!555.#5 5.!
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2harmaceutica&s 99C!;".;9 #!.;#
Texti&e ":C7.5 9.95
,ngineering ##:57.C: :.!7
3eramic !97:.#! ".7
Tannery !9C#7.5C ".77
2aper > 2rinting !#." "."7
ute 75.;5 "."9
3ement ##CC.9C 5.:#
Service B 6iscellaneous
Fue& > 2oer 9!955.#9 #!.!;
Service > @ea&estate !!!.:; ".7C
)T-Sector ;7!9.!# ".!!Te&ecommunication ;"C#C7.;; #7.79
Trave& and Leisure !7;#;."" #."C
%isce&&aneous C999.C; !.;7
Tota& 2?/?1