Professional Documents
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PROJECT REPORT
of current scenario of stock markets in Bangladesh: From investors perspective
Analysis ON
SUPERVISED BY:
UMME AKLIMA ALAM Lecturer USB Department University Of Liberal Arts Bangladesh
SUBMITTED By:
AMZADUR RAHAMAN ID: 091011110 Course code: BUS 499 USB Department University Of Liberal Arts Bangladesh
USB DEPARTMENT UNIVERSITY OF LIBERAL ARTS BANGLADESH Date of Submission: 29 August 2012
Certificate of Supervisor
It is certified that Amadur Rahaman BBA final year summer 2012, here is ID Number 091011110, he completed his project under my supervision.
Signature
Date: Umme Aklima Alam Lecture of USB Dept.
Abstract
The history of share market in Bangladesh is very old. It started more than fifty years ago. After many obstacles and problems Dhaka Stock Exchange has come to a position where it is now .The market has almost 3 million investors as per as the BO account number. But it is a matter of great surprise that there has never been a survey on the investors .Now for the first time DSE has done it. People are still not properly educated about the capital market and thats why they listen to the rumors and take many decision while invest .In this project we tried to come up with different profiles of the investors to understand them better and to educate them in a more specialized manner. One important thing that this survey shows that many young people is involved to this market. DSE has to work for them and work with them. This survey also gives us an overview of the problems that people are facing .This report also focuses on the system of trading and current market condition. It also looks into DSE as an organization and evaluation its performance.
Letter of Transmittal
29 August 2012 Umme Aklima Alam Lecturer of USB Department University Of Liberal Arts Bangladesh. 4/A Dhanmondi ,Dhaka 1209. Subject: Submission of Project Report Maam, It is my pleasure to submit my project report on the topic of Analysis of current scenario of stock markets in Bangladesh: From investors perspective as a requirement of BBA. In this report,I gave an overall idea about the history of Dhaka Stock Exchange, importance of Dhaka Stock Exchange in the economy of Bangladesh, the recent trade of capital market and investors attitude towards capital market. Finally I gave some recommendations based on my analysis. I feel obliged to express my gratitude to you for your cordial cooperation and to giving me an opportunity to study such an important topic. This academic endeavor helped me to blend theoretical study with practical knowledge. Thanking you . Amzadur Rahaman ID:091011110 USB Department.
ACKNOWLEDGEMENT
First of all, I like to acknowledge my gratitude to Almighty Allah for His blessings without which I could not complete this report. I would also like to express my deep gratitude and thanks to my honorable Supervisor Umme Aklima Alam, Lecturer, USB Department, University of Liberal Arts Bangladesh for assigning a practical and interesting study and imparting her valuable time, knowledge and resources for preparing the report. She always guided me to finish this task successfully. Without her help it was quite impossible to finish this project properly in time. I am also grateful to all of my teachers who helped me to acquire knowledge during our past courses.
I am thankful to Mr.Belayet Hossain, investor in capital market, Abdur Rouf, manager of Global Securities, Khan Jahangir Hossain, Accounts Officer of Global Securities, Md. Abdul Jolil, Trading Executive of Global Securities, Md. Maher Alahi,Manager of Global Securities of Shyamoly Branch and Tanvir Ahamed, young investor in capital,market for giving me valuable information regarding attitude of investors.
I would also like to thank my classmates and friends who encouraged me to finish this assignment successfully and all others who helped me directly or indirectly to prepare this report.
Table of contents
Chapter-1 : Introduction
1.2 1.3 1.4 1.5 1.6 1.7 Statement of the Problem................................................................................................8 Significance of the Study..................................................................................................8 Objective of the Study.....................................................................................................9 Methodologies used in the study.....................................................................................9 Research Design...............................................................................................................9 Limitations of the study ... ..................................................................................................10
3.1 3.2
4.2 Types of Investment Risk ...............................................................................................16 4.3 Systematic Risk ...............................................................................................................16 4.4 Nonsystematic Risk ........................................................................................................18 4.5 Other Investment Risks.................................................................................................19 4.7 The Dimensions of Returns (Risk factors)..................................................................20 4.6 Assessing Risk................................................................................................................19
Chapter-5
5.1 5.2
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Chapter-7 : Conclusion
7.1 References ......................................................................................................................4o List of abbreviation
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Introduction
For the students of BBA major in finance, project is an academic requirement. For this project my requirement is to work at Analysis of current scenario of Stock Market in Bangladesh: from Investors Perspective to enhance the practical experiences. The project is managed and supervised by a supervisor who is a teacher of the university. For my project, I went to many brokerage houses to collect my essential information and gather practical knowledge by dealing with the general investors under the supervision of Umme Aklima Alam, lecture, Department of USB, University of Liberal Arts Bangladesh.
1.2
I am going to study with the Stock Market in Bangladesh from Investors Perspective, stock market plays a vital role in the development of economy of Bangladesh. It also performs many functions which can yield a value to the Economy of Bangladesh. In my study I want to derive two things one is the functions played by the stock exchange and its role to the Economic development. Another is the evaluation of investors in the participation and attitude in the market.
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Secondary Data: The secondary data had been collected studying several articles, annual report, and web site of DSE, general information's annual report of DSE and SEC Annual Report. Statistical tools used: In my study I used mean, variance, standard deviation, covariance, combination and Matrix analysis in the analysis. Computer program: MS-WORD and MS-EXCEL are used in the data analysis.
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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 42).
Market Administration & Control. Market Surveillance. Publication of Monthly Review. Monitoring the activities of listed companies (As per Listing Regulations). Investors grievance Cell (Disposal of complaint bye laws 1997). Investors Protection Fund (As per investor protection fund Regulations 1999).
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Announcement of Price sensitive or other information about listed companies through online.
Chittagong Stock Exchange is a stock exchange located in the port city of Chittagong in southeastern Bangladesh. It was established in 1995 as the second stock exchange of the country. The exchange is located in the Agrabad commercial area of the city. It's a very small exchange which trade volume is less than many brokerage houses in Bangladesh. In order to control operation of the stock exchanges and trading of stocks of listed companies, the government of Bangladesh established the Securities and Exchange Commission of Bangladesh on 8th June, 1993 under the Securities and Exchange Commission Act, 1993 .The mission of the SEC is to protect the interests of securities investors, develop and maintain fair, transparent and efficient securities markets, ensure proper issuance of securities and compliance with securities laws. In order to control operation of the stock exchanges and trading of stocks of listed companies, the government of Bangladesh established the Securities and Exchange Commission of Bangladesh on 8th June, 1993 under the Securities and Exchange Commission Act, 1993 The mission of the SEC is to protect the interests of securities investors, develop and maintain fair, transparent and efficient securities markets, ensure proper issuance of securities and compliance with securities Law.
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Regulating the business of the Stock Exchanges or any other securities market.
Registering and regulating the business of stock-brokers, sub-brokers, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market.
Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds.
Monitoring and regulating all authorized self regulatory organizations in the securities market.
Prohibiting fraudulent and unfair trade practices relating to securities trading in any securities market.
Promoting investors education and providing training for intermediaries of the securities market.
Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market.
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Passive investors (Defensive Investors): Passive investors are the types of stock market investors who are keen on investing their money but do not want to spend a lot of time researching individual stocks. They give their money to fund managers who invests it for them.
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Most of them invest in mutual or hedge funds of various styles and themes, as well as index funds. The passive investors create a plan to automate their investment allocation decisions. For example, when the stock market falls below 20%, passive investors would increase their stock holdings to 50% of total investment portfolio. Conversely, when the stock market increases to 20%, they would lessen their stock holdings to 30% of their total portfolio. They read the newspapers about finance and economy, but they dont really put so much time looking at bargain stocks unlike active investors. They want lesser return in exchange for freedom to pursue other interests. Speculators: These types of investors are definitely not part of Ben Grahams playbook. Ben Graham believes that speculating is neither illegal nor immoral and could be financially fattening. He cautions investors that speculation stocks should only be a small portion of their portfolio. Speculators are people who are interested in making a quick buck based on rumors or prospects. They dont want to hold a stock for a long period of time and returns are largely based on hope that someone will pay up the stock that he has bought.
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Losing money, which he can identify as investment risk Losing buying power, which is inflation risk
It probably comes as no surprise that there are several different ways an investor might lose money on an investment. To manage this risk he needs to know what they are.
Most investment risk is described as either systematic or nonsystematic. While those terms seem intimidating, what they refer to is actually straightforward.
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Interest-rate risk describes the risk that the value of a security will go down because of changes in interest rates. For example, when interest rates overall increase, bond issuers must offer higher coupon rates on new bonds in order to attract investors. The consequence is that the prices of existing bonds drop because investors prefer the newer bonds paying the higher rate. On the other hand, there's also interest-rate risk when rates fall because maturing bonds or bonds that are paid off before maturity must be reinvested at a lower yield.
Inflation risk describes the risk that increases in the prices of goods and services, and therefore the cost of living, reduce his purchasing power. Let's say a can of coke increases from tk30 to tk60. In the past, tk60 would have bought two cans of coke but now tk 60 can buy only one can, resulting in a decline in the value of her money. Inflation risk and interest rate risk are closely tied, as interest rates generally rise with inflation. Because of this, inflation risk can also reduce the value of his investments. For example, to keep pace with inflation and compensate for the loss of purchasing power, lenders will demand increased interest rates. This can lead to existing bonds losing value because, as mentioned above, newly issued bonds will offer higher interest rates. Inflation can go in cycles, however. When interest rates are low, new bonds will likely offer lower interest rates.
Currency risk occurs because many world currencies float against each other. If money needs to be converted to a different currency to make an investment, any change in the exchange rate between that currency and his can increase or reduce his investment return. He is usually only impacted by currency risk if he invests in international securities or funds that invest in international securities. As with most risks, currency risk can be managed to a certain extent by allocating only a limited portion of his portfolio to international investments and diversifying this portion across various countries and regions.
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Liquidity risk is the risk that he might not be able to buy or sell investments quickly for a price that is close to the true underlying value of the asset. Sometimes he may not be able to sell the investment at all if there are no buyers for it. Liquidity risk is usually higher in overthe-counter markets and small-capitalization stocks. Foreign investments can pose liquidity risks as well. The size of foreign markets, the number of companies listed, and hours of trading may limit his ability to buy or sell a foreign investment.
Sociopolitical risk is the possibility that instability or unrest in one or more regions of the world will affect investment markets. Terrorist attacks, war, and pandemics are just examples of events, whether actual or anticipated, that impact investor attitudes toward the market in general and result in system-wide fluctuations in stock prices. Some events, such as the September 11, 2001, attacks on the World Trade Center and the Pentagon, can lead to widescale disruptions of financial markets, further exposing investments to risks. Similarly, if he is investing overseas, problems there may undermine those markets, or a new government in a particular country may restrict investment by non-citizens or nationalize businesses.
Management risk, also known as company risk, refers to the impact that bad management decisions, other internal missteps, or even external situations can have on a company's performance and, as a consequence, on the value of investments in that company. Even if an investor researches a company carefully before investing and it appears to have solid management, there is probably no way to know that a competitor is about to bring a superior product to market. Nor is it easy to anticipate a financial or personal scandal that undermines a company's image, its stock price, or the rating of its bonds.
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Credit risk, also called default risk, is the possibility that a bond issuer won't pay interest as scheduled or repay the principal at maturity. Credit risk may also be a problem with insurance companies that sell annuity contracts, where his ability to collect the interest and income he expects is dependent on the claims-paying ability of the issuer.
One way to manage nonsystematic risk is to spread the investment money around, diversifying the portfolio holdings within each major asset classstock, bonds, and casheither by owning individual securities or mutual funds that invest in those securities. While the investor is likely to feel the impact of a company that crashes and burns, it should be much less traumatic if that company's stock is just one among several he owns.
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4.6 Assessing Risk It's one thing to know that there are risks in investing. But how does an investor figure out ahead of time what those risks might be, which ones he is willing to take, and which ones may never be worth taking? There are three basic steps to assessing risk:
Understanding the risk posed by certain categories of investments Determining the kind of risk you are comfortable taking Evaluating specific investments
An investor can follow this path on his own or with the help of one or more investment professionals, including stockbrokers, registered investment advisers, and financial planners with expertise in these areas.
Market Risk Factor Size Risk Factor Value Risk Factor Term Risk Factor Default Risk Factor
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The second risk factor is the amount of exposure to small company stocks or the size risk factor. Exposure to this factor is determined by the amount of a portfolio that is invested in small company stocks. The greater this exposure, the higher the return in comparison to large company stocks. Small company stocks have small market capitalization. The market cap is determined by multiplying the total number of shares times the price per share. These stocks are generally perceived as riskier than large company stocks because small companies have fewer financial resources and more uncertain earnings than large companies. Small companies are also less able to survive prolonged periods of economic downturns. Even when small companies have good track records, these track records arent very long, adding more uncertainty and greater risk to their stocks. Because investing in small company stocks is riskier, investors demand a higher rate of return. Its important to understand that the average historical returns of small-cap company stocks have significantly outperformed large company stocks. However, in shorter time periods they dont always outperform large company stocks. In fact, the size risk factor fluctuates unpredictably. This is consistent with the Random Walk Theory of changes in stock prices.
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Exposure to the price factor is determined by the amount of a portfolio exposure to high BtM stocks. In other words, when a stocks market price is less than its book value, the BtM ratio is greater than one. The greater the exposure to the price factor, the higher the historic and expected return in comparison to low BtM stocks. High BtM companies usually have low earnings and experience other signs of financial distress. Investors dont like these stocks for these reasons. As a result of their poor track records, the market drives down the prices of these stocks. This naturally makes them riskier to investors.
Stocks with a low BtM ratio have low book values relative to their market prices and are termed growth stocks. Investors favor growth stocks because theyre perceived to be great companies and therefore are less risky. They represent successful companies with strong track records and healthy earnings.
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Stock market is a risky place where there is a possibility of losing the entire capital if the investment is not making in a proper way without acquiring proper knowledge. There are articles, and books that deal with the categorization of risk for practical investment purposes. However, many investors have never seen this literature, or, at the time of investment, do not understand it. They just ask their friends, uncle or people who are engage in market or hearing here and there to buy share. Consequently they buy the share without proper knowledge. As a result they loss their capital and raise question about the potentiality about the share market. So the most effective and primary knowledge regarding share market should be gathered before starting this business. The most important idea regarding share market which is essential for all investor is divided into two categories as fundamental tools and technical tools. Which is very important for take investment decision. These are stated bellow:
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This method of security analysis is considered to be the opposite of technical analysis. The essential tools of fundamental analysis are stated bellow as
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Suppose, the current share price of AB bank limited is Tk49 and its EPS is Tk3.80 then P/E =49/3.80 =12.89 It indicates that an investor has to pay more then 12.89 times today against its EPS.
5. Dividend:
Dividend is the amount paid for the common shareholders for the fiscal year. The dividend may be in two types as the stock dividend and cash dividend. The stock dividend is the bonus shares are declared for the shareholders and it is calculated on the market lot of the shares. Suppose, the market lot of the Titas Gas limited is 500. If the company is declared 10% stock dividend for the year 2011-2012 the dividend will be paid to the investor who holds the one lot as 500 shares will get only 50 shares as bonus.
6. dividend yield:
Dividend yield is the ratio between the expected dividend and the current market price of a share. Dividend yield= expected dividend / current price of a share
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100 10 10 10
80 3.80
350 40.60
So according to the NAV criteria we should choose company because the company has the highest NAV since it ensures a good backup for our investment.
8. Market index:
Index is an important element of fundamental analysis which explains the scenario of overall market and tells us movement of market trend. There are mainly three types of indices in our market as 1. DSI Index 2. DSE 20 3. DGEN Index
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Closing
Index
Current
M.
Cap
-------------------------------------------------------------Opening M. Cap
Closing
Index
Closing
M.
Cap
-------------------------------------------------------------Opening M. Cap
Current M .Cap = (LTP X Total no. of indexed shares) Closing M. Cap = (CP X Total no. of indexed shares)
We mainly talk about the General index which deals with the all shares except Z-category shares. It indicates the market movement. At the time of 2010 our General index were 8918 points which was the record of highest index in our market. But we also saw a great debacle in our market when index fell in 2012 to 3500 points. So we should know about the trend of the index when we want to make investment.
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charts and other tools to identify patterns that can suggest future activity. Technical analysts believe that the historical performance of stocks and markets are indications of future performance. The field of technical analysis is based on three assumptions:
1. The market discounts everything. 2. Price moves in trends. 3. History tends to repeat itself.
1. The Market Discounts Everything
A major criticism of technical analysis is that it only considers price movement, ignoring the fundamental factors of the company. However, technical analysis assumes that, at any given time, a stock's price reflects everything that has or could affect the company - including fundamental factors. Technical analysts believe that the company's fundamentals, along with broader economic factors and market psychology, are all priced into the stock, removing the need to actually consider these factors separately. This only leaves the analysis of price movement, which technical theory views as a product of the supply and demand for a particular stock in the market.
2. Price Moves in Trends
In technical analysis, price movements are believed to follow trends. This means that after a trend has been established, the future price movement is more likely to be in the same direction as the trend than to be against it. Most technical trading strategies are based on this assumption .
3. History Tends To Repeat Itself
Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attributed to market psychology; in other words, market participants tend to provide a consistent reaction to similar market stimuli
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over time. Technical analysis uses chart patterns to analyze market movements and understand trends. Although many of these charts have been used for more than 100 years, they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves.
Indicators:
The red signal indicates the share holder should sell the share for short term profit The blue signal indicates the investors to buy the shares because it is comparatively lowest price.
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"Global Securities" is an authorized member of DSE. This broker house was established in 1961. It is represented by Mr. Azizur Rahman Status of Representative Managing Director. Its SEC Registration is Reg.-3.1 /DSE-189 /2000/059. DSE Membership no. 189, Member CodeDSEAZI CDBL A/C No CDBL-DP-18. It was initially established with only one office. But at present it has 7 extension offices and 6 branch offices.
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Extension office
1. Room No.-170/A (17th floor) Senakalyan Bhaban 195, Motijheel, Dhaka
3. North East Room (1st floor) 64, Dilkusha, Dhaka 4. Room No.-2 (7th floor) Modern Mansion 53, Motijheel, Dhaka 5. Room No.-5 (4th floor) Akter Chamber 51, Motijheel, Dhaka 6. Rahman Mansion (4th floor) 161, Motijheel, Dhaka 7. Eden Complex (2nd floor) 167, Circular Road,
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Motijheel, Dhaka
Branch Offices
1.
Elephant Road Branch Room No.-405, Sheltech Sierra (4th floor) Elephant Road, Dhaka-1207 Manager: Mr. Md. Anisuzzaman
2.
Farmgate Branch Room No.-409, 430, 431, 432, Farmview Super Market (3rd floor) Farmgate, Dhaka-1215 Manager: Mr. Md. Abul Bashar
3.
Paltan Branch Room No.-704, Paltan Tower (7th floor) 87, Purana Paltan Line, Dhaka-1000 Manager: Mr. Md. Mazhar
4.
Mirpur Branch 231, Central Plaza (5th floor , East side ) DCC Holding #231, Begum Rokeya Sarani Mirpur-10, Dhaka- 1216 Manager: Mr. Md. Mamun Abu Junayed
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5.
Shyamoly Branch Layla Plaza, (2nd Floor) 27/1 /A, Shyamoly, Mirpur Road P.S; Mohammadpur, Dhaka - 1207. Manager: Mr. Md. Maher Alahi
6.
Moulvi Bazar Branch Momtaz Plaza (4th Floor) 2/2, Mokim Katara Moulvi Bazar, Dhaka - 1100 Manager: Mr. Md. Shafayetull
Study Area
The study was conducted at the Shyamoly Branch of Global Securities. This branch founded there office in "Laila Plaza", a multistoried building beside the mirpur road. They started to work on 19 November 2009.AI preset they have 7 employees under the managerial effort of Mr. Md. Maher Alahi. There are 2511 traders regularly trading at this broker house,At present they trade shares of 2-5 crore Taka per day.
6.3
Table of Findings
Table 1.Profile of different investors(2012) Stock investors
37 Sex Male Female Age 18-19 20-29 30-39 40-49 50-59 60 or over Education level Primary S.S.C H.S.C Graduate Post Graduate 2% 27% 36% 24% 11% 3% 23% 26% 21% 19% 8% 92% 8%
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6.4
Table of Findings
Character Do you have any preference to any industry Do you have any investment in IPO Do you use on-line trading system Do you think investment in stock market is always profitable or there are some risk is here Do you consider pre-ratio analysis Do you think about market index
yes 47 13 2 50(risky)
No 3 37 48 --
18 16
32 34
Choice of Intermediary:
Of the 50 stock investors who participated in this survey, all of them traded through brokerages.
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Preference of Share:
Out of 50 respondents 6% investors said they invest only primary share because here risk is less than secondary share. 82% people invest only secondary market because primary share is not available in our country and they want to earn more money which is only possible from secondary market.14% investors invest on both primary and secondary market because by it try to minimized risk.
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6.6
Key findings
Maximum investors in the market are educated persons. The primary motive for investing in the capital market is to make profit People who have businesses and who work in financial institutions are the most active players in the market. Investors usually re-invest in the capital market or anywhere else with the gain. There are two kinds of investors- full-time and part-time. But the number of part-timers is more among young generation. Most of the people are not aware about the market and its facts. Many investors said that they look into the company fundamentals before investing. But it is true that they go for rumors also. People usually discuss with their broker before making any investment Decision. Banking and pharmaceuticals are the most popular sectors to the investors. However banking has lost some of its reputation for recent bad Performance. People think that "A category" shares are of great value. After A they prefer N category and IPO.
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6.7
Recommendations
After analyzing the findings, which I got from the interview of young investors I intend to give some suggestions ----------
There are many potential young people who are doing or intend to do share business. Government and DSE should encourage them.
Financial institutes should provide adequate financial support to young investors to make proper investment decision.
Market information should be properly distributed. As many young investors do share business as a part-time business, information and trading facilities should be available at their working place.
Dhaka Stock Exchange should take steps to improve the overall condition of capital market
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Conclusion:
To conclude the report I have to say one thing- this market has got huge potentials. If properly monitored and there is a mutual understanding among the investors and the authorities then this market can become one of the key player to improve the economic condition of our country. People are still not properly educated and that's why they take many bad decisions while investing. In this project we tried to come up with different profiles of the young investors to understand them better and to educate them in a more specialized manner. This survey also gives us an overview of the problems that people are facing and their satisfaction level. If the market authority can reduce these problems then obviously the satisfaction level of the investors will go up. Finally I want conclude the survey report by saying that it was a great pleasure working with DSE and seeing the investors so closely. I just hope this market will improve with a rapid growth rate and become more efficient.
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7.1 References:
1. Peter S. Rose, Money and Capital Market third edition,1996 2. Lawrence D. J. Gitman, Principle of Managerial Finance third edition, Harper & Row publisher, new York pp. 181-213 3. Ross Westerfield Jaffe, Corporate Finance, Seventh edition, Tata McGraw publishing, pp.257-277. 4. Annual Report of DSE(2009-2010) 5. Annual report of SEC 6. Some web addresses: http://www.stockbangladesh.com/resources/coefficient http://www.icb.gov.bd/zindex.php http://www.icb.gov.bd/icml.php
http://www.icb.gov.bd/acml.php
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1. SEC: Security & Exchange Commission 2. DSE: Dhaka Stock Exchange. 3. CSE: Chittagong Stock Exchange. 4. P/E:Price Earning 5. EPS: Earning Per Share. 6. GDP: Gross Domestic Product. 7. BtM: Book-to-Market. 8. B/O: Beneficiary Account.
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Questionnaire
Survey on Bangladesh stock market
(From investors perspective)
1. When you take purchasing decision which factors are affecting your decision? 2. Do you have any preference to any industry? Yes No 3. Which types of intermediary do you choose? 4. Which types of share do you prefer, primary or secondary? Why ? 5. Do you have any investment in IPO? Yes No 6. Do you use on-line trading system? Yes No
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7. Do you think investment in stock market is always profitable or there are some risk is here?
Yes No 8. In the process of minimizing risk what factors are important? 9. Do you consider pre-ratio analysis? Yes No 10.Do you think about market index? Yes No 11. How do you choose your portfolio? 12. From your perception what are the major reason for unhealthy situation of Bangladesh stock market? 13. Do you have any opinion or suggestion to overcome this situation ?