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Year

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
SNGPL
NBP

SNGPL

NBP
41.2
59.1
68
67.25
65.55
21.46
24.8
26.74
15.71
23.25
21.3

Market Capitalization (MC)


Market Capitalization (MC)
Sui Northern Gas Pipelines Co Ltd
National Bank of Pakistan

54.2
80.35
199.45
224.5
232.15
50.32
74.37
76.82
41.05
49.39
56.06
13,508,813,580
123,523,393,168

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
NO. shares
NO. shares
Wi= SNGPL Shares / Total portfolio shares
Wj= NBP Shares / Total portfolio shares

634216600
2203414077
0.22
0.78

A.H Textiles
Adamjee Insurance

A.H Textiles
50
55
50
52
43
43.05
15.01
17.95
13
18.55
33.2
Market Capitalization (MC)
Market Capitalization (MC)
Ahmed Hassan Textile Mills Ltd
Adamjee Insurance Co Ltd

Adamjee Insurance
66.7
65.6
137
152
358.35
101.84
123.3
87.5
46.51
68.14
37.37
478,355,560 NO. shares
4,622,837,165 NO. shares

14408300
123704500

Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Total

Sui Northern Gas Pipelines Co Ltd


Price per share HPR = Pi/Po HPY(Ri)= HPR-1 Ri - Ri
41.2
59.1
1.43
0.43
0.42
68
1.15
0.15
0.13
67.25
0.99
-0.01
-0.03
65.55
0.97
-0.03
-0.04
21.46
0.33
-0.67
-0.69
24.8
1.16
0.16
0.14
26.74
1.08
0.08
0.06
15.71
0.59
-0.41
-0.43
23.25
1.48
0.48
0.46
21.3
0.92
-0.08
-0.10
10.09
0.09
Ri
0.02 Variance (i2)
Standard deviation (i)
Coeffecient of variance= i / Ri

(Ri - R)2
0.17
0.02
0.00
0.00
0.48
0.02
0.00
0.18
0.21
0.01
1.10
0.11
0.33
19.51

National Bank of Pakistan


Year Price per share HPR = Pi/Po HPY(Rj)= HPR-1 Rj - Rj
2003
54.2
2004
80.35
1.48
0.48
0.17
2005
199.45
2.48
1.48
1.17
2006
224.5
1.13
0.13
-0.19
2007
232.15
1.03
0.03
-0.28
2008
50.32
0.22
-0.78
-1.10
2009
74.37
1.48
0.48
0.16
2010
76.82
1.03
0.03
-0.28
2011
41.05
0.53
-0.47
-0.78
2012
49.39
1.20
0.20
-0.11
2013
56.06
1.14
0.14
-0.18
Total
11.72
1.72
Rj
0.31 Variance (j2)
Standard deviation (j)
Coeffecient of variance= j / Rj

(Ri - R)2
0.03
1.37
0.04
0.08
1.20
0.03
0.08
0.61
0.01
0.03
3.47
0.35
0.59
1.88

rij = the correlation coefficient of returns


ri = the standard deviation of Rit
rj = the standard deviation of Rjt

year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Total
Wi
Wj

SNGPL
NBP
Ri - Ri
Rj - Rj
0.42
0.13
-0.03
-0.04
-0.69
0.14
0.06
-0.43
0.46
-0.10

Portfolio
(Ri - Ri)(Rj - Rj)
0.17
1.17
-0.19
-0.28
-1.10
0.16
-0.28
-0.78
-0.11
-0.18

0.07
0.16
0.01
0.01
0.76
0.02
-0.02
0.33
-0.05
0.02
1.31
0.13
0.67

0.22 Covij
0.78 rij = Covij/ij
port =
Rport =
Coeffecient of variance

(Wi2 i2 + Wj2 j2 + 2 Wi Wi Covij) 1/2


0.81

Wi Ri + Wj Rj
0.25
3.29