Zebun Nahar Research, Merchant Banking Division

Capital Market - Yearly Review

Financial Year : 2010 vs 2009
During 2010, DSE general index and market capitalization increased by 83% and 120% respectively. Average turnover increased to BDT 16,434 mn in FY10 from BDT 6,046 mn; increased by 172%. Value of issued equity and debt increased by 96% and 19%. Market Capitalization to GDP ratio increased to 52.11 from 43.92. Total number of listed securities increased to 445 from 415 among which twelve new mutual funds started trading this year. Total 23 public offerings (IPOs and RPOs) worth around BDT 3,500 crore came in the market this year, while the number was 18 last year with a value of BDT 1,900 crore. Market witnessed all time highest index of 8,918 and turnover of BDT 32,496 mn on December 05, 2010. Market PE increased to 29.71 in November, 2010 against 24.08 in December, 2009. Banking sector's PE also increased substantially from 16.46 (Dec 2009) to 23.19 (Nov 2010) this year. Overall market was bullish up to first week of December. Then market went through some correction with single day highest fall of Index by 551.77 on December 19, 2010. Index closed at 8,290 at the year end.
Particulars Total Trading Days Total Turnover value (BDT mn) Daily Average Turnover value (BDT mn) Change in Turnover value (%) Average Volume (USD bn) Change in Volume (%) Market Capitalisation(USD bn) Change in Market Cap (%) Market Capitalization: Equity portion (USD bn) Change in Market Cap: Equity portion (%) DSE General Index (DGEN) Change in DGEN (%) DSI Index Change in DSI index (%) DSE 20 Change in DSE 20 (%) Total Number of Listed Securities Total Number of Companies Total Number of Mutual Funds Total Number of Corporate Bonds Total Newly Listed Securities Market Capitalisationto GDP (Ratio)
Source : DSE

Rebased to 100% (base year 2009)

2009 245 1,475,301 6,046 121% 456 68% 26.60 82% 21.60 93% 4,536 62% 3,748 62% 2,613 12% 415 236 19 1 17 43.92

2010 236 4,009,913 16,434 172% 972 113% 49.03 84% 42.41 96% 8,290 83% 6,878 84% 5,205 99% 445 218 31 2 21 52.11

Regional markets Country (index) Bangladesh (DGEN) India (BSE 30) Pakistan (Karachi 100) Srilanka (CSE All Share Index) Thailand (SET) Malaysia (KLSE Composite) HongKong (Hang Seng) Singapore (Straits Times) Taiwan ( Taiwan Weighted)
Source : DSE Monthly Review

Dec, 2009 PE 24.56 21.23 9.00 14.44 10.00 21.00 20.00 17.00 21.00

Nov, 2010 PE 30.94 23.89 9.00 24.69 15.00 18.00 20.00 16.00 15.00

Index YTY % change 82.79% 16.80% 15.10% 49.70% 29.20% 6.10% 19.50% 5.90%

2.1 2 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 0.6

DGEN FY2010 vs FY2009

Sector Bank Financial Institutions Mutual Funds Engineering Food & Allied Fuel & Power Jute Textile Pharmaceuticals Paper & Printing Service & Real estate Cement IT Tannery Ceramic Insurance Tele Travel & Leisure Miscellaneous Market P/E (weighted avg)
Source : DSE Monthly Review

PE (Dec 09) 16.46 32.45 29.06 36.50 17.29 17.71 27.23 32.93 27.64 27.59 45.65 56.90 60.71 15.39 39.97 31.39 84.85 28.85 24.08 (Dec)

PE (Nov 10) 23.19 48.13 15.35 61.62 26.60 27.24 95.63 63.79 37.64 49.55 60.68 35.49 58.82 23.09 119.27 68.16 19.43 329.38 20.16 29.71(Nov)

December-09

March-10

June-10

September-10

December-10

Daily Turnover FY2010 vs FY2009

35,000.00 30,000.00 25,000.00
BDT mn

20,000.00 15,000.00 10,000.00 5,000.00 3Se p 3Fe b 3Ap r 3Au g 3Ja n 3O ct 3Ju l 3M ay 3N ov 3N ov 3D ec 3D ec 3M ar 3Ju n

Turnover 2009

Turnover 2010

Sectoral Market Capitalization

Sector Banks NBFIs Fuel & Power Telecommunications Pharmaceuticals Insurance Textile Engineering Miscelleneous Cement Food Ceramic Mutual Funds Service & Real estate Tannery Travel IT Jute Paper
Source : DSE Monthly Review

2009 (Dec) 32.96% included in Banks 11.72% 16.58% 9.12% 5.01% 2.69% 4.07% 3.93% 3.22% 2.21% 0.56% 4.33% 2.22% 0.80% 0.28% 0.04% 0.07%

2010 (Nov) 30.53% 13.06% 10.61% 10.49% 7.41% 6.23% 4.16% 4.11% 2.92% 2.56% 2.16% 1.94% 1.21% 1.16% 0.62% 0.48% 0.14% 0.04% 0.04%

Market Cap FY2010 vs FY2009

4000000 3500000 3000000

BDT mn

2500000 2000000 1500000 1000000 500000 0

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Market Cap 2010

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Market Cap 2009

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