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MARKET PERFORMANCE:
A STUDY ON DHAKA STOCK EXCHANGE
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
ABSTRACT
This paper seeks to address the question of whether demutualization of Dhaka stock exchange is
an efficient mechanism towards improving the market performance.
In order to empirically assess whether or not demutualized stock exchange has led to better
market performance, the research uses various indicators of stock market performance. In
particular, it provides measures of following variables Market size, Market liquidity as well
as volatility. The study employs a matched pairs methodology in order to compare the pre - and
post demutualization performance measures of the Dhaka Stock exchange. In order to investigate
the impact of demutualization, the study calculates the mean (median), standard deviation as well
as trends of each variable for each of the market indicators, for at least 238 trading days before
demutualization and the 238 trading days after the demutualization.
Market size of DSE that has undergone the demutualization program has been measured in
terms four measures - Domestic market capitalization, Market Capitalization to GDP ratio,
Average Number of Howla in DSE, Volume. The study finds that two out of the four measures
show high significance for improvement after demutualization and support the research
hypothesis. Two indicators; Domestic market capitalization and Volume have significantly
improved after demutualization at 5% significance level. The remaining two indicators- Market
Capitalization to GDP ratio and Average Number of Howla in DSE used to test market size of
equity markets do not support the research hypothesis. As for the impact of the post
demutualization structure on the liquidity of stock exchange, 3 measures were employedAverage Trade value of share trading, Trade value/ GDP ratio and Average Turnover. Results
are mixed. The study notes a high significant improvement; at 5% level for one of these
indicators; Average Trade value of share trading. On the contrary, Trade value/ GDP ratio and
Average Turnover are not significantly impacted. To examine improvement in market volatility
in the equity markets of demutualized stock exchanges, the volatility of the broad index is used
as a proxy. The analysis shows that, before the market demutualization, the standard deviation
and range were higher than after the demutualization period. It is positive sign because both the
standard deviation and range are the measure of risk. And as the risk reduce in the post
demutualization we can empirically say that there is positive influence on the market risk
condition because of demutualization.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
TABLE OF CONTENTS
ABSTRACT ........................................................................................................................................ 2
TABLE OF CONTENTS....................................................................................................................... 3
LIST OF FIGURES AND TABLES ........................................................................................................ 6
CHAPTER 1: INTRODUCTION ........................................................................................................... 8
1.1
Background ...................................................................................................................... 8
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
CHAPTER 1: INTRODUCTION
1.1 BACKGROUND
Stock exchanges have long been viewed as important catalyst of economic growth. They provide
an organized market for the trading of securities to individuals and organizations seeking to
invest their saving or excess funds through the purchase of securities. This market is regulated by
established rules that promote and maintain fair, efficient, secure and transparent market and
facilitate the orderly development of the stock exchange. A fair and efficient performance of a
stock exchange is substantial benefit to the public. The stock exchange provides liquidity and
price discovery that facilitates efficient rising of capital for businesses, benefits the wider
corporate sector and the economy in general. Stock exchanges fulfill several roles in the
economy.
Some of the various roles that stock exchanges assume are- raising capital for businesses,
mobilizing savings for investments, facilitating company growth, redistribution of wealth,
corporate governance, creating investment opportunities for small investors and raising capital
for the government to enable for carrying out development projects. Therefore, the movement of
share prices and in general the stock indexes can be a good indicator of the general trend in the
economy.
Trade in financial assets and contingent claims can be undertaken on a bilateral basis without any
formal economic organization. However, explicit collaboration among the suppliers of financial
services (Traders) helps reduce the cost of transactions in several ways. In particular, through the
creation of standards, the reduction of information asymmetries, the protection of property rights
in prices, the creation of a centralized trading facility and the enforcement of contracts. A formal
organization such as the stock exchange can organize and coordinate such cooperation.
Therefore, stock exchanges play a vital role in reducing transactions costs (Pirrong, 1995, 229255).
According to ISOCO- Stock exchanges undertake a variety of responsibilities to assume the
above mentioned roles. These include-
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The trend toward demutualization started in 1993 by the Stockholm Stock Exchange. It was
followed by several others, including the Helsinki Stock Exchange in 1995, the Copenhagen
Exchange in 1996, the Amsterdam Exchange in 1997, the Australian Exchange in 1998, and the
Toronto, Hong Kong and London Stock Exchanges in 2000. 2005 figures show that about 60%
of the World Federation of Exchanges (WFE) members were either demutualized or listed
(WFE Cost and Revenue Survey 2005, 2006, p.9).
The remarkable change in the ownership and organizational structure of the demutualized stock
exchange was mainly motivated by some intense global competition and advances in
technology. Decisions to demutualization, is based in essence on the recognition that the old
member-owned organizational structure fails to provide the flexibility and the financing needed
to compete in the global competitive environment. Demutualized stock exchanges are driven by
profit-seeking investors who want to produce better financed organizations with greater ability to
respond quickly to the fast changing market place.
Some of the typical sources of revenues such as, listing fees, membership fees become less
important. For the demutualized exchanges, transaction fees and new products and services
are more important sources to expand their revenue (Aggarwal, 2002, p.11).
By the end of 2006, the total stock market capitalization of worlds exchange was $50.6 trillion
of which about 45 percent from Americas, 23 percent from Asia-Pacific and 32 percent from
Europe, Africa and the Middle East. The majority of demutualized and listed exchanges are
concentrated across Americas and Europe. Currently, about 60 per cent of total revenues of
members of World Federation of Exchanges (WFE) are comprised of publicly-listed exchanges.
A small but significant portion of exchanges accounting for 20 per cent of WFEs total revenue
have demutualized but not listed their shares (WFE, 2006, p. 26 and 66). Almost all of the largest
stock and derivative exchanges; measured in terms of capitalization have demutualized and listed
their shares in the last decade (Aggrawal and Dahiya, 2005, p.3).
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
III.
Developing awareness;
IV.
V.
VI.
VII.
VIII.
globalization, the rise of global competition and technological advances. Decisions by stock
exchanges to demutualize are undertaken when the existing member-owned structure fails to
provide the flexibility and financing needed to respond to todays competitive environment. Forprofit stock exchanges run by for-profit investors are expected to provide better financing, allow
more flexible decisions mechanism and to expand into new businesses (Aggarwal, 2002, p.11).
1.4.1 THE IMPACT OF TECHNOLOGY
Advances in telecommunications, and the growth of the Internet and wireless communication
technologies are dramatically changing the structure and nature of financial services. Internet and
related technologies have evolved as new different means for providing financial services
(Claessens et al, 2000, p.2). Trading is moving toward electronic platforms that are not attached
to a certain location; a centralized physical location became less important (Ibid. p.12).
A number of electronic order routing and trading networks have emerged in recent years. These
networks serve as order-driven matching systems for participants seeking anonymity (Ibid. p.14).
Alternative trading systems are emerging around the world, often with links to existing trading
systems. Instinet started as a local inter dealer broker and dealer but now has automatic routings
to several stock exchanges. There is speculation that a few trading systems will soon allow
investors to trade 24 hours a day (Ibid. p.14) The New electronic systems have lead to lower
transactions costs of trading, allowed for better price determination, and lowered the chance for
market manipulation. The new advances in technology has also facilitated cross-border trading
and over time for development of inter-market trading systems (ITS) (Ibid. p.12).
1.4.2 THE IMPACT OF COMPETITION
The past two decades have witnessed a remarkable change in the competitive environment facing
exchanges. As mentioned above, technology has both lead to the rise of new competitors such as
ECNs and compelled stock exchanges to set new trading platforms. Traditional functions of the
stock exchange became available from other sources and made investors seek the means that can
provide liquidity more efficiently. As barriers to entry fell, off-floor trading systems started to
compete with the traditional stock exchanges and threaten their revenue base. An example of that
is Londons Stock Exchange Automated Quotation System (SEAQ-I), the screen-based system
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
trading international stocks which competed with European stock exchanges such as Stockholm,
Amsterdam and Milan. Regulatory barriers were also decreased. For example, in 1993, the
Swedish Government enacted a legislation to end the monopoly of the Stockholm stock
exchange. In the US the Securities and Exchange Commission (SEC) implemented the Order
Handling Rules to allow for greater competition between the Electronic Communication
Networks and National Association or Securities Dealers Automated Quotation System
(NASDAQ) (Hazarika, 2005, p.3).
The customer stock exchange relationship has changed to seek better liquidity and services.
Members interests become increasingly divergent and the benefits of the cooperative structure
were greatly reduced. Another issue is the ability of the cooperative structure to raise new
capital. Considering the transaction cost point of view, the cost of organizing the cooperative is
greater than the benefits (Mendiola and OHara, 2004, p.7).
Key Point
The Impact of Competition: with the changes in the competitive environment, the
mutual cooperative structure of the stock exchange corporate governance becomes
less appealing. The customer stock exchange relationship has changed to seek
better liquidity and services. Members interests become increasingly divergent and
the benefits of the cooperative structure were greatly reduced.
Demutualization provides an opportunity for stock exchanges to be more efficient and have
broader access to capital. The new organizational structure of stock exchanges allows
maximizing the residual value of the enterprise, thus benefiting shareholders. Though members
may dominate for sometimes, demutualization is likely to end up transferring considerable
ownership and decision making power to outside investors. This means that the decisions that
used to be undertaken by stock exchange members will be replaced by a professional
management team motivated by significant share ownership to increase efficiency and profits
(Aggarwal, 2002, p. 8-9).
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Need for Improved Governance: In case of Bangladesh- this is the main driver for
Key Point
demutualization.In the probe reports in 2011 after the DSE Crash, Khondkar Ibrahim
Khaled stated that In DSE the peoples who play in the market (players) are also
acting as the role of Regulator. Accordingly, Mr. Khaled recommended the
changing of organizational structures of the stock exchanges through implementing
the demutualization process to stop repeating the stock market chaos once again.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
liquidity to accommodate block trading and place more emphasis on negotiating the lowest price
(Ibid. p.11)
1.4.5 RAISING CAPITAL
With the capital raised from IPO private investment and the increased responsibility to
stakeholders, the demutualized structure is more capable to respond to the global competitive
pressures as it allows for the resources and incentives needed for investment in competitive
products and information systems. In order to compete, stock exchanges must have timely, costeffective and reliable products and services. One of the clear historical examples that show the
importance of demutualization in raising capital is the replacement of floor trading with screen
trading. Introducing screen trading requires considerable capital investment in the information
system of the exchange.
Demutualization was an efficient and rational means of raising additional capital required to
finance such activity. Continued capital investments in technology can also help to respond to
competition from ATS and upstairs trading (Ibid. P. 14-15).
1.4.6 CONSOLIDATION
Another factor that has affected the competitive landscape of capital markets and stock
exchanges is the strategic alliances and consolidations. One example is the merger of NASDAQ
and the American Stock Exchange that was completed in November 1998, which created a stock
exchange with a market capitalization of US$1.9 trillion with unique varieties of products.
According to Hughes, major consolidations in the financial stock exchanges industry are
expected to take place in the next 5 to 10 years. These consolidations will include leading
derivative and equities exchanges. In the derivative market, both the Toronto Stock Exchange
(TSX) and New York Stock Exchange (NYSE) have announced plans to expand their
capabilities. In equities trading, given that North America is already dominated by the NYSE and
NASDAQ, the most interesting arena will continue to be Europe where one or two large stock
exchanges are likely to emerge. The demutualization structure with publicly traded shares should
greatly facilitate the consolidation structure. Demutualized exchanges, as shareholders entities
are forced to report their performance and seek revenue and cost-saving mechanisms (Ibid. p.1314).
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Demutualization year
Listing year
1993
1998
BorsaItaliana
1997
1999
2000
2000
2001
2000
2001
Deutsche Borse
2001
Euronext
2000
2001
2000
2002
2001
2002
2001
2003
2001
2004
2001
2006
2003
2003
Bursa Malaysia
2004
2005
2000
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
2005
2006
2006
BOVESPA (Brazil)
2007
2007
A question is often raised of whether the demutualization has so far succeeded or not.
In Bangladesh context so many argument raised after the initiation of the
demutualization process. There is no clear knowledge how the various stakeholders
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The above mentioned research question is to provide better awareness and understanding of the
real impact of demutualization on the performance of stock exchanges and thus, to enable
researchers link this impact to the impact of other on-going economic policies. The assessment
also gives insights on the level of importance of demutualization to the performance of stock
exchanges through analyzing the changes that this program has resulted in.
and also provides the tool and criteria needed to repeat this exercise for future updates on the
impact of demutualization on the performance of exchanges, or any other organization. Unlike
prior empirical literature on the impact of demutualization on the performance of exchanges, the
research uses a comprehensive set of criteria to evaluate the pre and post-demutualization impact
on exchanges.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The research focuses on eight exchanges, four of which have completed a public offering
(Singapore, Athens, Deutsche Borse, and Eurnext), and four have listed their shares with no
public offering (Australia, Hong Kong, London, and Nasdaq). Out of the universe of traded
exchanges, the research excludes some traded stock exchanges due to lack of information on
trading volume, unavailability of data due to recent conversion of the stock exchange or when
the stock exchange (such as Stockholm Exchange) is not listed separately, but instead trades as
part of its parent company (OM). The small size of the sample is one of the limitations to the
research.
There are other limitations to the research. First, there is a problem of having a control group of
stock exchanges because almost all of the large stock exchanges are part of the sample. This
problem makes it impossible to apply comparisons across all stock exchanges because it is only
the smaller stock exchanges that are still member-owned. Second, the study is applied on traded
stock exchanges and since prior conversion stock exchanges do not have traded stock, it is
impossible to tell the market performance in the absence of conversion. Third, most of the
conversions happened in the last three years of applying the study. It was noted that this period
witnessed difficulty for asset markets world-wide.
.
The analysis of the research uses a wide variety of measures and tests; categorized in four
groups: 1. performance-based measures: accounting and liquidity data, 2. return-based
measures of performance, 3. risk-based measures of performance: stock exchange listing and
home country IPOs and, 4. stock exchange performance and economic variables. With regard
to the accounting data, the research uses five general accounting measures of performance;
the return on assets (ROA), the return on equity (ROE), profitability from operations, asset
turnover and financial leverage. For the liquidity data, the research calculates the illiquidity
ratio. Though the accounting evidence of the research is too mixed, making it harder to
conclude that stock exchange conversions are value-enhancing, the liquidity data is more
supportive, but also not definitive.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The study used data from various sources; Listing and offering information on the stocks in the
samples are from the exchanges websites. This was supplemented by announcements in the
financial and other press. Financial data on IPOs were obtained from DataStream and Bloomberg
Online Service. Daily data on returns, volumes, and index behavior was taken from DataStream
for all firms. Data from annual trade volume, market capitalization, concentration, liquidity, and
turnover velocity of exchanges is from the World Federation of Exchanges
In order to control for the influence of market factors, the research examines the post listing
performance of stock exchanges relative to the returns on that stock index for that stock
exchange and the Morgan Stanley World Index. The paper incorporates more specific risk
factors by investigating the performance of stock exchange IPOs relative to other IPOs in their
home markets, and look at the market risk sensitivity of stock exchange stocks. The paper also
provides regression analysis linking stock exchange performance to economic factors. Summary
of the paper is given belowAuthor Name and Year
Focus area
Findings
of stock exchange.
be value-enhancing changes.
Stock
exchange
performance
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
2.1.2 WHY STOCK EXCHANGE DEMUTUALIZED & THE IMPACT OF DEMUTUALIZATION ON TRADING
VOLUMES AND COSTS: A PAPER BY HAZARIKA (2005)
Another research is carried out by Hazarika (2005), who analyzes the reasons for the conversion
of stock exchanges from member-owned cooperative entities to demutualized exchanges, and
examines the impact of demutualization on trading volumes and costs.
Research Question of the paper by Hazarika (2005)-
The research discusses the role of competition as a motivation for demutualization and analyzes
the impact of demutualization in two different situations; in which competition plays very
different roles. Hazarika examines two demutualization, which demutualized for different
reasons; London Stock Exchange (LSE), which demutualized in response to competition and,
BorsaItaliana (BI), which was demutualized by the government.
Methodology used by Hazarika (2005)-
In order to examine how increasing competition and demutualization had an impact on the
exchanges order flow and trading costs, the researcher analyzes London Stock Exchange
(LSE), by documenting the impact of increasing competition on exchanges volume and
testing if the introduction of residual claimant helped LSE regain order-flow. The researcher
also conducts a time-series analysis of trading costs as LSE faced competition and responded
to it.
In order to examine the impact of competition and demutualization on trading volume, the
paper follows a model for Tkac (1999) that provides a theoretical rebalancing benchmark for
trading volume. The model suggests that market-wide trading translates into trading in each
asset according to its relative value in the market; thus, if a firm is two percent of the market
portfolio then its trading volume will be two percent of the market volume.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
To examine if the post-demutualization increase in the bid-ask spreads is seen in all types of
trades, the research compares the spreads in the pre-demutualization and post-demutualization
periods for trades in different volume categories. The findings are given belowAuthor Name and Year
Focus area
Why
Hazarika (2005)
stock
Findings
exchanges
are
The
main
driver
for
cooperative
demutualized
entities
to
exchanges?
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Treptow (2006)
Focus area
Findings
Consequences of demutualization
Demutualization
of
securities
exchange
on
liquidity
demutualizing
brings
exchanges
liquidity.
significantly since listing. However, market risk does vary considerable across the exchanges.
The summary and finding is stated as followsAuthor Name and Year
Focus area
Whether
demutualization
Findings
has
that-
there
is
no
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
massive economies of scale and network effects in trading (Agaarwal, 2002, p.11- 12, Hazarika,
2005, p. 3, Huges and Zargar, 2006, p.13-14 and Steil, 2002, p. 23).
With these changes in the competitive environment, the mutual cooperative structure of the stock
exchange corporate governance becomes less appealing. Investors are now seeking better
liquidity and services. The ability of the cooperative structure of the stock exchange to raise
capital was also decreased. Considering the transactions cost point of view, the cost of
organizing the cooperative is greater than its benefits.
In order to empirically assess whether or not demutualized stock exchanges have led to better
market performance, the research uses various indicators of stock market performance. In
particular, it provides measures of following variables Market size, Market liquidity as well as
volatility
Market size
Market Risk
Market liquidity
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
=
/
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
3.2.5HOWLAIN DSE
Number of Howla in Dhaka stock exchange is typically means the contract happens in a
specified period. Its an indicator of both market size as well as liquidity.
3.2.6NUMBER OF TRADES IN EQUITY SHARES:
The number of trades represents the actual number of transactions which have occurred during
the period on the relevant Exchange. The number is single counted (i.e., includes one side of the
transaction only)
3.3 LIQUIDITY
Liquidity of the market is examined by testing the following variable both for pre and post
demutualization3.3.1VALUE OF SHARE TRADING:
The value of share trading is the total number of shares traded multiplied by their respective
matching prices. WFE distinguishes trading value of domestic and foreign shares, as well as
investment funds. Investment funds are excluded from market capitalization to avoid double
counting, but included in share trading to reflect the exchanges entire share transaction business.
Figures are single counted (only one side of the transaction is considered)
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
4.2MINOR HYPOTHESIS
H1: Average Domestic market capitalization after demutualization > domestic market
capitalization before demutualization. [Market Size Measure]
H2: Market Capitalization to GDP ratio after demutualization >Market Capitalization to
GDP ratio before demutualization [Market Size Measure]
H3: Average Number of Howla in DSE after demutualization >Average Number of
Howla in DSE before demutualization [Both Market Size & Liquidity Measure]
H4: Average Volume after demutualization>Average Volume before demutualization
[Market Size Measure]
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
H5: Average Trade value of share trading after demutualization > average value of
value of share trading before demutualization. [Liquidity Measure & Market Measure]
H6: Trade value/ GDP after demutualization <Trade value/ GDP before demutualization
[Liquidity Measure]
H7: Average Turnover after demutualization>Average Turnover after demutualization
[Liquidity Measure]
H8: Volatility [i.e. Risk] of the market after demutualization<Volatility [i.e. Risk] of the
market before demutualization [Risk Measure]
H9: Number of new listed company after demutualization >Number of new listed
company before demutualization
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
demutualization Year
demutualization Year
2013 is omitted fromthe
calculation
Figure 2 Research Data specification.
The study then tests the null hypothesis for each of the market indicators that the difference in
the two averages before and after demutualization is equal to, or less than zero or whether the
deviation is higher or lower, or whether the trend has the positive impact on the market
performance. For better investigation of the trend, linear approximation is used to detect the
future condition for both the pre and post effect. Under the null hypothesis, these test statistics
follow a Student t-distribution .Conclusion is based on the standardized test statistic Z.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The study uses common market measures for the size and liquidity of equity and bonds markets
to measure change of performance post demutualization. Pre-demutualization data and post
demutualization data are typically obtained from DSE (Dhaka Stock Exchange) Main Board. The
summary of the methodology is given below-
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The study used the linear approximation of the trend line by using the following formula both for
before and after the demutualization = +
After the linear forecasting from the past period, current trend is compared with the previous
period for checking the improvement. To check the model fitness- is used.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
The mean (median) value of each variable for the pre and post-demutualization period
The mean (median) change for each variable after versus before demutualization,
Trend analysis of each variable for the pre and post-demutualization period
P-Value analysis
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Table 2 T-test and descriptive statistics for Market Capitalization(Analysis: Author) Data source: Authors calculation from
various issues of Bangladesh Economic Review, Statistical Year Book of Bangladesh, Dhaka stock exchange (main board) and
Securities and exchange Commission (Annual report and quarterly review).
Mean
Standard Deviation
Before
Demutualization
(Billion taka)
2461.74
142.57
After
Demutualization(Billion
taka)
3023.45
204.26
2447.92
2937.03
Median
Number of observation
238
Pearson Correlation
Hypothesized Mean Difference
df
Change
+561.71
+489.11
238
-0.02624666
0
237
t Stat
P(T<=t) one-tail
-34.36828755
0.0000
t Critical one-tail
1.651308392
P(T<=t) two-tail
0.00000
t Critical two-tail
1.970023957
NB: In Table 2, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 2 shows us that the absolute t-Stat
of 34.36 is much larger than t Critical two-tail and P value is lower than .05.All these
criteria indicate that- Demutualization has significant positive influence on the market
capitalization and the influence is statistically significant.
Another important statistical tool was applied to check whether the trend of the market cap is
higher than the expected. In figure 5 the linear trend of before and after demutualization gives us
a clear view of positive influence. After demutualization Linear trend line shows an upward
trend in market capitalization though R2 value of 0.7 indicates a strong model fit. Where the
before trend shows a downward trend with value of 0.009 indicates a poor model fit
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
"Market Capitalization" Perfromance Comparison Before and After 238 Trade Days
of Demutualization Year-2013
3500.00
3000.00
Before Demutualization
2500.00
After Demutualization
2000.00
1500.00
1000.00
3023.45
2937.03
2461.74
500.00
142.57 204.26
0.00
Mean
Standard Deviation
Median
"Market Capitalization" Trend line Comparison Before and After 238 Trade Days
of Demutualization Year-2013
4,000.00
3,500.00
Before Demutualization
After Demutualization
Linear (Before Demutualization)
Linear (After Demutualization)
y = 2.4831x + 2135.7
R = 0.7005
3,000.00
2,500.00
y = -0.2036x + 2486.1
R = 0.0097
2,000.00
1,500.00
1,000.00
500.00
t-238
t-224
t-210
t-196
t-182
t-168
t-154
t-140
t-126
t-112
t-98
t-84
t-70
t-56
t-42
t-28
t-14
t+1
t+15
t+29
t+43
t+57
t+71
t+85
t+99
t+113
t+127
t+141
t+155
t+169
t+183
t+197
t+211
t+225
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
between
and
before
demutualization
H1: Average Domestic market
Positive mean
Statistical
Significance of the
Hypothesis Condition
difference
Absolute
t-Stat
of Reject
the
Null
and
the
Alternate;
capitalization after
difference of 561.71;
difference of
demutualization
489.11
positive
is
significant
influence
demutualization
of
on
market Capitalization.
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Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Table 4 T-test and descriptive statistics for Market Capitalization/GDP Ratio (Analysis: Author) Data source: Authors
calculation from various issues of Bangladesh Economic Review, Statistical Year Book of Bangladesh, Dhaka stock exchange
(main board) and Securities and exchange Commission (Annual report and quarterly review).
Before
Demutualization
After
Demutualization
Change
Mean
23.14%
25.20%
2.06%
Standard Deviation
1.340%
1.702%
Number of observation
238
Pearson Correlation
238
0.44707
0.00000
df
t Stat
237.00000
P(T<=t) one-tail
-1.26512
0.10354
t Critical one-tail
1.65131
P(T<=t) two-tail
t Critical two-tail
0.20707
1.97002
NB: In Table 4, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 4 shows us that the absolute tStat of 1.26512 is lower than t Critical two-tail value of 1.97002 and P value is 0.20707
which is higher than .05. All these criteria indicate that - Demutualization has NO
significant influence on the market capitalization to GDP Ratio
Another important statistical tool was applied to check whether the trend of the market cap is
higher than the expected. In figure 5 the linear trend of before and after demutualization gives us
a clear view of positive influence. After demutualization Linear trend line shows an upward
trend in market capitalization though R2 value of 0.7 indicates a strong model fit. Where the
before trend shows a downward trend with value of 0.009 indicates a poor model fit
43 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
30.00%
"Market Cap/GDP Ratio" Comparison Before and After 238 Trade Days
of Demutualization Year-2013
25.00%
Before Demutualization
20.00%
After Demutualization
15.00%
10.00%
25.20%
23.14%
5.00%
1.340%
1.702%
0.00%
Mean
Standard Deviation
"Market Cap/GDP Ratio" Comparison Before and After 238 Trade Days of
Demutualization Year-2013
35.00%
Before Demutualization
After Demutualization
30.00%
y = 0.0002x + 0.178
R = 0.7005
25.00%
y = -2E-05x + 0.2337
R = 0.0097
20.00%
15.00%
10.00%
5.00%
t-238
t-224
t-210
t-196
t-182
t-168
t-154
t-140
t-126
t-112
t-98
t-84
t-70
t-56
t-42
t-28
t-14
t+1
t+15
t+29
t+43
t+57
t+71
t+85
t+99
t+113
t+127
t+141
t+155
t+169
t+183
t+197
t+211
t+225
0.00%
44 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
Statistical
before
Significance of the
demutualization
H2: Market Capitalization to
GDP ratio after
Positive mean
difference of 2.06%;
Hypothesis Condition
difference
the absolute t-Stat of CANNOT
Reject
the
demutualization >Market
Critical
before demutualization
is
NO
demutualization
on
market Capitalization to
GDP Ratio.
45 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Table 6 T-test and descriptive statistics for Number of Hawla (Analysis: Author) Data source: Authors calculation from
various issues of Bangladesh Economic Review, Statistical Year Book of Bangladesh, Dhaka stock exchange (main board) and
Securities and exchange Commission (Annual report and quarterly review).
Before
Demutualization
After
Demutualization
Mean
109885.8
107707.1
Standard Deviation
50302.4
37747.9
Median
94168.0
97264.5
238
238
Number of observation
Pearson Correlation
0.397
0.000
df
Change
-2178.7
3096.5
237.000
t Stat
0.679
P(T<=t) one-tail
0.249
t Critical one-tail
1.651
P(T<=t) two-tail
0.498
t Critical two-tail
1.970
NB: In Table 6, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 6 shows us that the absolute t-Stat
of 0.249is lower than t Critical two-tail value of 1.970and P value is 0.498 which is higher
than .05. All these criteria indicate that - Demutualization has NO significant influence on
the number of Hawla.
Another important statistical tool was applied to check whether the trend of Hawla is higher than
the expected. In figure 9 the linear trend of before and after demutualization gives us a clear view
of positive influence. After demutualization Linear trend line shows an upward trend in market
capitalization though R2 value of 0.009 indicates a poor model fit. Where the before trend shows
a downward trend with value of 0.016 indicates a poor model fit
46 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
120000.0
100000.0
Before Demutualization
80000.0
60000.0
After Demutualization
109885.8107707.1
40000.0
94168.0 97264.5
20000.0
37747.9
0.0
Mean
Median
Standard Deviation
Before Demutualization
After Demutualization
250,000
200,000
150,000
y = 54.532x + 88212
R = 0.0099
100,000
y = -92.337x + 120920
R = 0.016
50,000
t-238
t-224
t-210
t-196
t-182
t-168
t-154
t-140
t-126
t-112
t-98
t-84
t-70
t-56
t-42
t-28
t-14
t+1
t+15
t+29
t+43
t+57
t+71
t+85
t+99
t+113
t+127
t+141
t+155
t+169
t+183
t+197
t+211
t+225
47 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
before
Statistical
Significance of the
demutualization
H3: Average Number of
Howla in DSE after
Negative mean
difference of 2178.7
Hypothesis Condition
difference
the absolute t-Stat of CANNOT
Reject
the
demutualization >Average
before demutualization
is
is
NO
POSITIVE influence of
demutualization
on
Number of Hawla
48 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Table 8 T-test and descriptive statistics for Volume of transaction (Analysis: Author) Data source: Authors calculation
from various issues of Bangladesh Economic Review, Statistical Year Book of Bangladesh, Dhaka stock exchange (main
board) and Securities and exchange Commission (Annual report and quarterly review).
Before
Demutualization
(Million Number)
91
After
Demutualization(Million
Number)
108
Change
Median
69
93
+24
Standard Deviation
56
51
Number of observation
238
238
Mean
Pearson Correlation
0.504
0.000
Df
+17
237
t Stat
-5.077
P(T<=t) one-tail
0.000
t Critical one-tail
1.651
P(T<=t) two-tail
0.000
t Critical two-tail
1.970
NB: In Table 8, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 8 shows us that the absolute t-Stat
of 5.077is much higher than t Critical two-tail value of 1.970and P value is 0.000 which is
less than .05. All these criteria indicate that- Demutualization has a significant positive
influence on the average volume of transaction happed in a day.
Another important statistical tool was applied to check whether the trend of Volume is higher
than the expected. In figure 9 the linear trend of before and after demutualization gives us a clear
view of influence. After demutualization Linear trend line shows an upward trend in market
capitalization though R2 value of 0.014 indicates a poor model fit as well as the before trend
shows a downward trend with value of 0.033 indicates a poor model fit
49 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
"Trade Volume" Perfromance Comparison Before and After 238 Trade Days
of Demutualization Year-2013
120
100
Before Demutualization (Number In Million)
80
After Demutualization(Number In Million)
60
40
108
93
91
69
20
0
Mean
Median
Standard Deviation
"Trade Volume" Comparison Before and After 238 Trade Days of Demutualization Year2013
350.00
Volume of Transaction Before Demutualization (Million)
300.00
250.00
200.00
y = 0.0982x + 79.392
R = 0.0141
150.00
100.00
y = 0.1351x + 60.608
R = 0.033
50.00
t-238
t-225
t-212
t-199
t-186
t-173
t-160
t-147
t-134
t-121
t-108
t-95
t-82
t-69
t-56
t-43
t-30
t-17
t-4
t+10
t+23
t+36
t+49
t+62
t+75
t+88
t+101
t+114
t+127
t+140
t+153
t+166
t+179
t+192
t+205
t+218
t+231
50 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
before
demutualization
H4: Average Volume after
Positive mean
demutualization>Average
difference of 2178.7
Statistical
Significance of the
Hypothesis Condition
difference
the absolute t-Stat of Reject
the
Null
and
Volume before
demutualization
is
POSITIVE influence of
demutualization
on
Average
of
Volume
transaction
Table 10 Descriptive statistics and t-test for Average Trade value of share trading
Descriptive statistics and t-test for Average Trade value of share trading
Particulars
Before
Demutualization
(Million Taka)
4,206.24
After
Demutualization(Million
Taka)
4,981.69
Median
3,142.56
4,541.84
Standard Deviation
2,751.05
2,227.89
238
238
Mean
Number of observation
Pearson Correlation
0.45
0.00
Df
Change
775.45
1,399.29
237.00
t Stat
-4.51
P(T<=t) one-tail
0.00
t Critical one-tail
1.65
P(T<=t) two-tail
0.00
t Critical two-tail
1.97
NB: In Table 10, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 10 shows us that the absolute tStat of 4.51is much higher than t Critical two-tail value of 1.97and P value is 0.000 which is
less than .05. All these criteria indicate that- Demutualization has a significant positive
influence on the Average Trade value of share trading.
Another important statistical tool was applied to check whether the trend of Trade value of share
trading is higher than the expected. In figure 13 the linear trend of before and after
demutualization gives us a clear view of positive influence. After demutualization Linear trend
line shows an upward trend in market capitalization though R2 value of 0.007 indicates a poor
model fit as well as the before trend shows a downward trend with R2 value of 0.001 indicates a
poor model fit
52 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
"Average Trade Value" Comparison Before and After 238 Trade Days
of Demutualization Year-2013
6,000.00
Before Demutualization
5,000.00
After Demutualization
4,000.00
3,000.00
4,981.69
2,000.00
4,541.84
4,206.24
3,142.56
1,000.00
Mean
Median
Standard Deviation
"Trade Value" Comparison Before and After 238 Trade Days of Demutualization
Year-2013
14,000.00
Trade Value Before Demutualization (Million Tk.)
12,000.00
10,000.00
8,000.00
y = 2.7833x + 3986.6
R = 0.0074
6,000.00
4,000.00
y = -1.3847x + 4371.7
R = 0.0012
2,000.00
t-238
t-224
t-210
t-196
t-182
t-168
t-154
t-140
t-126
t-112
t-98
t-84
t-70
t-56
t-42
t-28
t-14
t+1
t+15
t+29
t+43
t+57
t+71
t+85
t+99
t+113
t+127
t+141
t+155
t+169
t+183
t+197
t+211
t+225
53 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
before
demutualization
H5: Average Trade value of
share trading after
Positive mean
difference of 775.45
Million BDT
Statistical
Significance of the
Hypothesis Condition
difference
the absolute t-Stat of Reject
the
Null
and
before demutualization.
is
POSITIVE influence of
demutualization
on
54 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Table 12 Descriptive statistics and t-test for total value traded/GDP Ratio
Before
Demutualization
(Rate)
0.0395%
After
Demutualization(Rate)
0.0415%
0.0020%
Median
0.0295%
0.0378%
0.0083%
Standard Deviation
0.0259%
0.0186%
Mean
Number of observation
238
Pearson Correlation
238
0.44707
0.00000
Df
t Stat
Change
237
-1.26512
P(T<=t) one-tail
0.10354
t Critical one-tail
1.65131
P(T<=t) two-tail
0.20707
t Critical two-tail
1.97002
NB: In Table 12, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 10 shows us that the absolute tStat of 1.26512is lower than t Critical two-tail value of 1.97002and P value is 0.20707 which
is higher than .05. All these criteria indicate that- Demutualization has a NO significant
influence on the total value traded/GDP Ratio.
Another important statistical tool was applied to check whether the trend of total value
traded/GDP Ratios higher than the expected. In figure 13 the linear trend of before and after
demutualization gives us a clear view of positive influence. After demutualization Linear trend
line shows an upward trend in market capitalization though R2 value of 0.007 indicates a poor
model fit as well as the before trend shows a downward trend with R2 value of 0.001 indicates a
poor model fit
55 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
"Trade Value/GDP Ratio" Performance Comparison Before and After 238 Trade
Days of Demutualization Year-2013
0.0450%
Before Demutualization
0.0400%
After Demutualization
0.0350%
0.0300%
0.0250%
0.0200%
0.0395% 0.0415%
0.0150%
0.0378%
0.0295%
0.0100%
0.0186%
0.0050%
0.0000%
Mean
Standard Deviation
Median
"Trade Value/GDP Ratio" Comparison Before and After 238 Trade Days of
Demutualization Year-2013
0.14%
0.12%
0.10%
Before Demutualization
After Demutualization
Linear (Before Demutualization)
Linear (After Demutualization)
0.08%
y = 2E-07x + 0.0004
R = 0.0074
0.06%
0.04%
y = -1E-07x + 0.0004
R = 0.0012
0.02%
t-238
t-231
t-224
t-217
t-210
t-203
t-196
t-189
t-182
t-175
t-168
t-161
t-154
t-147
t-140
t-133
t-126
t-119
t-112
t-105
t-98
t-91
t-84
t-77
t-70
t-63
t-56
t-49
t-42
t-35
t-28
t-21
t-14
t-7
t+1
0.00%
56 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
Statistical
before
Significance of the
demutualization
H6: Trade value/ GDP after
demutualization <Trade
value/ GDP before
demutualization
Positive mean
difference of
0.0020%
Hypothesis Condition
difference
the absolute t-Stat of CANNOT
Reject
the
Critical
is
NO
demutualization
on
57 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Before
Demutualization
After
Demutualization
Mean
820.58
742.72
-77.87
Median
781.70
650.82
-130.88
Standard Deviation
430.52
361.99
Number of observation
238
Pearson Correlation
Hypothesized Mean Difference
Df
Change
238
0.471718704
0
237
t Stat
2.919032018
P(T<=t) one-tail
0.00192466
t Critical one-tail
1.651308392
P(T<=t) two-tail
0.00384932
t Critical two-tail
1.970023957
NB: In Table 14, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 10 shows us that the absolute tStat of 2.919032018is higher than t Critical two-tail value of 1.97002and P value is
0.00384932 which is lower than .05. All these criteria indicate that- Demutualization has a
NO significant influence on the turnover.
Another important statistical tool was applied to check whether the trend of Turnover Ratios
higher than the expected. In figure 17 the linear trend of before and after demutualization gives
us a clear view of positive influence. After demutualization Linear trend line shows an upward
trend in market capitalization though R2 value of 0.006 indicates a poor model fit as well as the
before trend also shows a upward trend with R2 value of 0.032 indicates a poor model fit
58 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
"Turn Over Ratio" Comparison Before and After 238 Trade Days
of Demutualization Year-2013
900.00
800.00
Before Demutualization
700.00
After Demutualization
600.00
500.00
400.00
820.58
742.72
300.00
781.70
650.82
200.00
361.99
100.00
0.00
Mean
Median
Standard Deviation
"Turnover Ratio [M.Cap/Trade Value]" Comparison Before and After 238 Trade Days of
Demutualization Year-2013
2500.00
2000.00
Before Demutualization
Before Demutualization
Linear (Before Demutualization)
Linear (Before Demutualization)
1500.00
y = 0.5158x + 758.94
R = 0.0068
1000.00
y = 0.94x + 406.67
R = 0.032
500.00
t-238
t-224
t-210
t-196
t-182
t-168
t-154
t-140
t-126
t-112
t-98
t-84
t-70
t-56
t-42
t-28
t-14
t+1
t+15
t+29
t+43
t+57
t+71
t+85
t+99
t+113
t+127
t+141
t+155
t+169
t+183
t+197
t+211
t+225
0.00
59 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
and
between
before
Statistical
Significance of the
demutualization
H7: Average Turnover after
demutualization>Average
Negative mean
difference of 77.87
Hypothesis Condition
difference
the absolute t-Stat of CANNOT
Reject
the
Turnover after
demutualization
is
NO
demutualization
on
Turnover ratio
60 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Before
Demutualization
After
Demutualization
328.4403001
245.6461106
1567.4622
1047.88376
238
238
Standard Deviation
Range
Number of observation
Pearson Correlation
-0.28
0.00
Df
237.00
t Stat
-27.91
P(T<=t) one-tail
0.00
t Critical one-tail
1.65
P(T<=t) two-tail
0.00
t Critical two-tail
1.97
Change
-82.7941
NB: In Table 16, Daily basis data is used for calculation i.e. 238 trading days before and after demutualization year
(2013) of DSE. 2013 is omitted for technical purpose.
To check whether the difference appeared after the demutualization is statistically significant,
Two Paired t-test was applied. And the last few rows of table 16 shows us that the absolute tStat of 27.91is much higher than t Critical two-tail value of 1.97and P value is 0.00 which is
lower than .05. All these criteria indicate that- Demutualization has a significant positive
influence on the market risk.
61 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Before Demutualization
800
After Demutualization
600
400
200
0
Standard Deviation
Range
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
t-238
t-231
t-224
t-217
t-210
t-203
t-196
t-189
t-182
t-175
t-168
t-161
t-154
t-147
t-140
t-133
t-126
t-119
t-112
t-105
t-98
t-91
t-84
t-77
t-70
t-63
t-56
t-49
t-42
t-35
t-28
t-21
t-14
t-7
62 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
after
between
and
before
demutualization
H8: Volatility [i.e. Risk] of the
market after
Decreased by
82.7941
Statistical
Significance of the
Hypothesis Condition
difference
the absolute t-Stat of Reject
the
Null
and
demutualization<Volatility
demutualization
is
POSITIVE influence of
demutualization
on
Now, the summary of all the hypothesis is given below. If more than 50% of the hypothesis
passes, then we will REJECT the Major null hypothesis and will ACCPET the alternate major
hypithesis and vice versa.
Table 18Summary of all the hypothesis
63 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Fail
H2: Market Capitalization to GDP ratio
after
demutualization.
[Liquidity
Measure
&
Market
Measure]
H8:
Volatility
[i.e.
Risk]
of
the
market
after Pass
H9:
Number
of
new
listed
company
after Pass
new
company
VS
17new
Company]
64 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
6.5 LIMITATIONS
The findings of this study need to be read and interpreted with an understanding of the following
caveats:
a. To guarantee the consistency and availability of the data, the analysis is limited to only
one year periods i.e. 238 trading days before and after the demutualization year-2013.
b. The study also omitted 2013 data because- in this year the whole demutualization
process was incorporated.
c. Other important economic factors can influence the data other than the demutualization
fact.
65 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
7 CONCLUSION
This study analyzes and evaluates the market performance of Dhaka stock exchange that
demutualized in 2013. It examines whether or not market performance improved after
implementing the demutualization program. Main focus was on market size and liquidity as well
as volatility.
Market size of DSE that has undergone the demutualization program has been measured in terms
four measures - Domestic market capitalization, Market Capitalization to GDP ratio, Average
Number of Howla in DSE, Volume.The study finds that two out of the four measures show high
significance for improvement after demutualization and support the research hypothesis. Two
indicators; Domestic market capitalization and Volumehave significantly improved after
demutualization at 5% significance level. The remaining two indicators- Market Capitalization
to GDP ratio and Average Number of Howla in DSE used to test market size of equity markets
do not support the research hypothesis.
As for the impact of the post demutualization structure on the liquidity of stock exchange, 3
measures were employed- Average Trade value of share trading, Trade value/ GDP ratio and
Average Turnover.Results are mixed. The study notes a high significant improvement; at 5%
level for one of these indicators; Average Trade value of share trading. On the contrary, Trade
value/ GDP ratio and Average Turnover are not significantly impacted.
To examine improvement in market volatility in the equity markets of demutualized stock
exchanges, the volatility of the broad index is used as a proxy. The analysis shows that, before
the market demutualization, the standard deviation and range were higher than after the
demutualization period. It is positive sign because both the standard deviation and range are the
measure of risk. And as the risk reduce in the post demutualization we can empirically say that
there is positive influence on the market risk condition because of demutualization.
66 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
8. REFERENCES
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Boubakri, N. and J-C. Cosset, 1999. Does Privatization Meet the Expectations?
Evidence from African Countries, Working Paper, Monteral: Ecole des HEC.
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Boardman, A., C., Laurin and A., Vining, 2000. Privatization in Canada: Operating,
Financial and Stock Price Performance with International Comparisons, Working Paper,
University of British Columbia, Vancouver.
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DSouza, J., W., Megginson, 1999. The Financial and Operating Performance of Newly
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Field, A., 2003. Discovering Statistics Using SPSS for Windows (London: Sage
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Hazarika, S., 2005. Governance Change in Stock Exchanges, Working Paper, Baruch
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Lee, R., 2002. The Future of Securities Exchanges, Working Paper the Wharton
Financial Institutions Centre at Wharton School.
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Lucy, J., 2004. Market demutualization and privatisation: The Australian experience,
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Megginson, W., R. Nash and M., Randenborgh, 1994. The Financial and Operating
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Mendiola, A. and M., OHara, 2004. Taking stock in stock markets: the changing
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Schmiedal, H., 2002. Total Factor Productivity Growth in European Stock Exchanges:
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68 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
APPENDIX
69 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
70 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange
Daily
price
data
before
and
after
demutualization:
Source
(DSE
Mani
Board)
also
available
at:
http://www.dsebd.org/data_archive.php
30/09/ 2012 t-59
7,820,495,295.95
216,075,757.00
2,530,790,126,287.60
185,749
323.6099544
7,835,346,328.20
211,897,199.00
2,554,820,555,473.00
172,066
326.0635138
9,796,060,412.25
285,853,124.00
2,603,252,021,488.40
200,749
265.7447904
10,448,331,788.75
301,376,556.00
2,582,370,668,156.10
210,228
247.1562657
6,630,126,625.10
173,699,631.00
2,574,587,517,791.90
153,754
388.3164928
5,241,588,183.55
130,301,217.00
2,529,450,617,497.40
130,656
482.5733211
5,265,723,241.00
139,168,368.00
2,511,505,479,115.80
130,198
476.9535663
6,281,294,274.60
145,669,311.00
2,553,124,752,856.30
133,147
406.4647573
6,089,431,327.60
130,942,032.00
2,518,172,628,451.40
130,172
413.5316572
5,834,467,441.00
134,125,494.00
2,511,739,660,698.40
129,701
430.5002446
6,914,219,557.25
151,955,547.00
2,497,163,255,414.90
143,487
361.1634306
5,304,926,868.70
120,027,402.00
2,504,458,321,017.00
121,861
472.1004423
4,852,857,921.00
118,827,454.00
2,507,973,801,004.50
116,805
516.8034675
4,194,535,986.40
97,572,939.00
2,497,601,985,320.00
103,981
595.4417827
3,694,581,082.50
89,401,154.00
2,500,293,107,716.30
88,905
676.7460375
3,867,835,754.55
94,315,523.00
2,490,830,191,079.90
93,920
643.9855126
3,406,194,440.60
88,411,512.00
2,520,932,049,827.90
88,285
740.1022149
3,974,650,224.70
97,321,899.00
2,543,598,639,389.40
100,582
639.9553409
Date
Turnover Ratio
3,898,892,997.20
68,709,008.00
2,613,210,308,699.20
95,114
670.244172
6,696,251,214.75
126,939,415.00
2,657,555,651,928.50
176,493
396.8721553
3,484,400,611.95
67,448,796.00
2,638,419,899,289.60
85,291
757.2091137
5,940,281,461.05
115,283,200.00
2,653,794,442,298.10
157,352
446.7455725
4,336,315,288.50
89,715,963.00
2,621,947,454,485.60
97,194
604.6487121
7,102,359,256.70
130,509,256.00
2,679,244,952,176.10
186,170
377.2330933
3,494,531,075.15
70,056,297.00
2,620,332,503,680.30
91,818
749.8380891
2,656,023,499.65
59,143,160.00
2,617,207,437,929.70
70,800
985.3856482
Days
Value(Tk.)
Volume
M.Capitalisation Howla
8,078,233,161.25
153,576,959.00
2,714,548,941,971.00
194,120
336.0325071
6,781,156,459.40
130,316,862.00
2,708,931,237,140.50
168,687
399.4792412
2,780,504,007.35
58,567,499.00
2,612,159,039,785.80
71,461
939.4552329
6,153,042,844.20
112,049,916.00
2,696,131,646,576.70
158,070
438.1785914
4,772,509,144.55
92,290,217.00
2,631,086,104,113.50
113,238
551.3003798
5,387,922,358.35
106,355,046.00
2,632,325,370,359.20
143,329
488.5603755
2,617,477,075.20
48,166,746.00
2,586,695,947,695.40
75,952
988.2401539
2,748,292,099.50
53,742,286.00
2,558,316,413,149.20
81,853
930.8750018
4,075,773,394.05
77,865,127.00
2,595,207,063,340.60
120,474
636.7397822
4,055,892,098.75
80,786,301.00
2,625,133,019,086.60
111,140
647.2393632
1,728,024,435.25
34,215,465.00
2,549,930,612,002.50
54,462
1475.633423
3,278,122,313.35
64,993,068.00
2,583,501,157,998.50
97,991
788.1039544
1,729,379,063.85
37,509,220.00
2,519,053,910,521.70
54,098
1456.623341
2,475,228,955.10
49,935,097.00
2,552,362,089,239.10
82,899
1031.16202
1,835,853,587.15
39,756,030.00
2,492,927,734,788.60
59,265
1357.912065
3,183,314,809.75
68,726,492.00
2,486,768,252,844.40
102,409
781.18829
2,359,886,926.00
51,427,132.00
2,488,024,488,534.50
74,243
1054.298179
1,872,805,302.60
38,833,286.00
2,513,886,351,322.60
60,409
1342.310569
3,164,841,437.75
67,644,271.00
2,424,404,843,035.90
98,560
766.0430675
3,212,153,793.20
66,095,122.00
2,519,410,315,680.80
104,197
784.3367653
1,852,309,477.60
36,000,692.00
2,532,042,426,403.30
59,995
1366.965109
2,859,651,819.70
59,378,681.00
2,430,771,138,258.20
96,490
850.0234614
2,773,020,573.55
52,834,504.00
2,582,225,418,551.40
79,024
931.1959108
2,339,915,820.20
50,454,393.00
2,404,227,273,987.80
84,422
1027.484516
3,279,275,577.00
64,218,144.00
2,509,830,370,557.00
98,570
765.3612243
2,727,438,600.85
64,395,782.00
2,532,464,421,243.70
67,203
928.5138153
1,956,071,928.90
38,597,358.00
2,537,026,357,013.20
59,303
1297.000545
4,135,683,090.50
106,610,094.00
2,508,797,327,545.20
99,680
606.6222369
2,334,628,764.95
50,587,358.00
2,352,798,565,415.50
82,002
1007.782736
2,626,321,332.75
58,794,978.00
2,375,502,802,153.70
97,648
904.4981559
3,079,895,611.10
62,699,058.00
2,557,495,675,670.90
72,496
830.3838826
3,403,235,192.00
82,842,976.00
2,505,230,595,518.80
90,271
736.1320785
1,896,288,600.40
43,063,538.00
2,347,184,389,821.70
71,512
1237.778041
2,989,670,506.05
56,802,386.00
2,551,077,106,906.60
79,537
853.297078
3,159,576,362.25
76,149,294.00
2,471,475,314,534.20
86,686
782.2173074
2,612,373,046.70
61,455,253.00
2,234,797,845,828.90
97,434
855.4665838
1,363,139,112.65
27,487,186.00
2,532,068,950,817.40
36,858
1857.527913
3,097,458,807.00
76,393,599.00
2,465,760,331,369.00
83,621
796.0591198
1,564,310,970.95
34,578,322.00
2,517,980,471,018.60
44,550
1609.641892
3,442,509,841.60
92,742,960.00
2,462,972,285,075.90
85,435
715.4583134
1,287,442,866.20
29,559,249.00
2,517,020,241,853.30
41,760
1955.053935
2,682,973,439.15
74,148,474.00
2,444,580,312,966.70
75,253
911.1459239
1,496,727,976.50
36,631,286.00
2,516,529,136,514.40
51,959
1681.35371
2,766,567,521.75
69,138,196.00
2,442,868,269,338.00
78,164
882.9960773
1,862,637,631.55
42,493,230.00
2,499,726,301,109.10
125,334
1342.035756
3,453,582,235.00
90,426,392.00
2,399,878,650,746.30
89,495
694.8954701
1,686,270,690.80
39,983,104.00
2,455,333,403,768.20
71,735
1456.073107
2,478,689,876.95
70,354,217.00
2,386,804,092,438.20
73,410
962.9296971
1,639,539,297.75
37,417,964.00
2,421,583,274,362.70
63,947
1476.990077
2,539,382,633.30
73,189,113.00
2,417,634,954,125.00
78,249
952.0561897
1,407,704,570.90
31,054,975.00
2,417,369,446,958.20
49,556
1717.242024
2,860,392,666.45
74,317,720.00
2,424,047,177,256.60
75,747
847.4525913
1,228,964,226.85
27,738,645.00
2,375,646,923,554.80
46,194
1933.048067
2,911,365,973.70
71,505,885.00
2,450,875,500,103.10
80,377
841.830097
1,185,491,635.20
29,690,373.00
2,379,607,657,007.00
45,180
2007.274945
3,688,481,493.95
108,225,566.00
2,439,355,904,732.30
94,860
661.3442168
1,737,677,171.10
42,329,555.00
2,376,309,652,458.70
74,210
1367.520787
2,532,154,457.80
72,826,556.00
2,388,687,008,606.20
78,633
943.3417465
1,428,116,919.30
31,765,535.00
2,370,729,041,847.00
53,834
1660.038481
2,274,208,561.40
63,803,947.00
2,360,380,685,603.30
71,854
1037.891039
1,621,832,501.35
36,870,127.00
2,425,585,805,365.60
60,110
1495.583424
2,420,933,483.30
71,899,869.00
2,354,974,794,974.50
69,719
972.7548531
2,775,982,270.10
58,655,768.00
2,467,774,641,304.20
85,167
888.973488
2,703,667,027.70
74,716,078.00
2,355,060,422,524.60
79,186
871.0615614
2,999,978,388.40
60,091,155.00
2,491,612,943,054.10
83,849
830.5436308
2,061,944,650.05
55,592,034.00
2,313,708,779,063.20
63,905
1122.100333
2,232,926,885.35
45,123,999.00
2,438,394,358,743.50
103,579
1092.017108
1,668,280,810.20
49,875,951.00
2,302,458,496,188.90
56,391
1380.138453
1,399,796,422.15
32,760,573.00
2,429,557,677,798.00
55,260
1735.650727
1,870,974,564.65
56,752,804.00
2,287,037,478,056.40
61,274
1222.377643
1,593,190,845.25
38,740,157.00
2,399,192,888,200.50
65,160
1505.904265
3,364,331,233.55
92,164,241.00
2,384,306,920,124.60
95,684
708.7015976
1,557,435,230.00
36,725,966.00
2,403,688,548,693.10
57,738
1543.363411
3,125,536,127.70
87,232,539.00
2,362,570,654,273.50
92,598
755.8929277
1,157,029,076.00
27,803,895.00
2,396,805,446,168.50
47,099
2071.51704
1,698,546,894.40
48,691,194.00
2,331,098,270,260.80
56,374
1372.407367
1,645,837,778.00
40,184,190.00
2,344,891,348,242.00
61,654
1424.740263
1,538,707,250.25
41,305,341.00
2,333,016,182,145.70
54,705
1516.218359
1,851,840,841.45
45,391,701.00
2,279,089,349,423.50
64,682
1230.715566
2,454,994,761.40
62,289,976.00
2,343,325,991,242.60
75,171
954.5136422
2,015,002,106.60
51,069,544.00
2,314,728,264,072.80
76,524
1148.747317
2,694,978,966.15
65,938,228.00
2,331,791,192,151.90
77,688
865.2353957
1,856,288,600.25
43,941,333.00
2,352,000,377,469.50
67,188
1267.044563
2,136,242,104.20
51,861,169.00
2,316,514,733,149.30
93,070
1084.387733
1,382,998,957.10
34,426,611.00
2,281,992,562,679.00
53,972
1650.03202
2,104,289,117.10
57,677,756.00
2,310,144,419,401.20
80,385
1,229,860,203.10
31,665,505.00
2,277,392,544,309.20
49,133
1851.749116
1,602,214,681.45
51,380,428.00
2,328,433,498,917.90
62,064
1453.25937
1,218,172,240.55
29,261,872.00
2,291,950,290,981.90
46,689
1881.466524
1,995,574,775.85
64,648,426.00
2,332,820,280,046.00
70,988
1168.996676
2,042,693,756.55
47,677,284.00
2,359,552,589,317.00
72,582
1155.118129
1,764,931,574.25
55,047,550.00
2,345,008,399,177.90
63,056
1328.668167
2,810,298,828.50
61,495,566.00
2,355,126,261,653.90
95,279
838.0341043
2,187,405,142.65
69,566,027.00
2,382,346,796,294.90
74,894
1089.120049
1,820,519,896.60
34,507,992.00
2,339,765,564,192.20
52,447
1285.218343
2,025,403,326.65
61,798,842.00
2,364,194,269,066.10
68,947
1167.270853
2,082,997,937.35
41,926,138.00
2,373,677,647,812.40
62,962
1139.548727
2,455,508,413.40
69,267,801.00
2,382,509,349,065.90
83,061
970.2713035
2,892,592,249.25
65,869,700.00
2,420,871,783,060.70
89,991
836.9212023
2,258,986,929.35
62,597,156.00
2,380,051,394,079.30
74,006
1053.592371
2,527,238,170.80
56,300,337.00
2,380,383,265,654.10
78,375
941.8911495
1,970,283,626.80
56,280,497.00
2,366,764,702,228.40
63,478
1201.230457
1,817,051,054.90
50,881,759.00
2,372,102,410,626.20
60,208
1305.468222
1120.587952
2,262,806,036.25
55,958,342.00
2,278,585,646,127.50
91,552
1006.97347
2,253,946,230.60
53,798,847.00
2,230,354,329,651.40
90,678
989.5330684
2,699,678,649.10
70,316,661.00
2,135,243,906,383.10
104,321
790.9252114
1,686,744,115.80
43,208,397.00
2,122,964,332,496.00
77,120
1258.616712
2,121,192,679.50
60,538,812.00
2,039,135,976,807.90
92,267
961.3157713
1,913,089,745.40
48,939,816.00
2,165,949,825,140.30
73,682
1132.173663
2,171,639,187.85
53,409,301.00
2,099,396,765,367.90
90,526
966.73369
2,294,982,913.60
58,797,316.00
2,176,975,925,394.60
92,209
948.5804502
2,900,366,779.60
72,553,793.00
2,252,971,430,191.10
110,187
776.7884552
3,914,705,615.25
94,312,216.00
2,274,376,982,209.90
137,927
580.9828901
2,371,354,121.40
60,021,682.00
2,235,813,810,134.20
94,003
942.8426526
2,535,143,108.25
63,071,926.00
2,272,421,418,736.20
91,934
896.368103
2,738,147,988.00
63,800,880.00
2,260,829,365,950.70
98,796
825.6782964
2,127,739,589.50
51,786,183.00
2,245,660,342,066.60
80,268
1055.420669
2,297,818,354.40
54,492,507.00
2,228,324,957,735.30
75,654
969.7567928
2,258,202,129.20
54,139,649.00
2,250,477,660,472.80
72,922
996.5793723
3,297,178,715.80
79,368,085.00
2,299,051,389,683.50
108,614
697.2783667
4,631,552,802.10
107,589,665.00
2,365,161,459,608.40
143,842
510.6627433
4,620,040,612.40
104,865,634.00
2,357,655,948,578.90
144,638
510.3106545
5,305,392,170.60
119,307,877.00
2,409,878,534,334.20
153,145
454.2319317
5,358,752,555.15
119,185,216.00
2,422,641,453,863.90
151,345
452.0905619
4,087,849,599.30
95,588,420.00
2,368,994,687,700.30
121,080
579.521
2,738,590,197.25
65,131,076.00
2,377,526,606,829.00
94,333
868.1571303
3,041,059,346.95
69,787,249.00
2,305,082,608,108.10
105,301
757.9867228
2,002,511,060.60
49,038,315.00
2,308,862,499,358.90
74,196
1152.983644
1,798,073,156.40
45,015,501.00
2,269,913,728,884.60
66,983
1262.414558
1,850,425,704.45
44,568,050.00
2,296,698,741,577.10
69,936
1241.173172
1,277,591,284.95
28,758,772.00
2,287,856,413,099.20
48,472
1790.757686
1,429,586,981.15
29,399,127.00
2,299,263,386,217.70
47,372
1608.341022
3,160,872,695.90
69,218,525.00
2,361,804,455,568.70
102,332
747.2001193
3,206,339,698.60
66,035,310.00
2,360,012,997,490.50
99,950
736.0458402
3,714,051,713.10
76,742,539.00
2,374,675,383,768.00
106,425
639.3759611
4,046,075,992.20
85,093,734.00
2,410,719,278,340.20
114,044
4,826,040,214.95
92,764,270.00
2,439,287,754,524.90
5,750,719,327.15
125,067,958.00
4,780,754,684.75
95,011,522.00
4,429,888,325.45
1097.82653
2,389,834,420.70
55,177,951.00
2,406,838,601,094.50
77,322
1007.115213
595.8166092
2,610,846,478.50
61,735,423.00
2,384,859,655,988.50
78,825
913.4430828
2,128,327,169.85
56,265,295.00
2,384,977,784,326.00
66,492
124,741
505.4428985
2,246,711,860.55
52,478,338.00
2,355,913,389,429.60
69,460
1048.605044
2,277,139,037.75
61,644,226.00
2,397,052,679,493.50
70,593
1052.65978
2,468,899,058,835.90
155,550
429.3200413
1,999,790,942.15
55,951,450.00
2,340,628,443,086.70
66,631
1170.436566
2,495,002,679.20
69,257,597.00
2,403,555,623,064.70
69,550
963.3479127
2,444,969,926,539.50
133,774
511.4192398
2,100,609,378.20
54,790,903.00
2,322,290,541,792.10
66,116
1105.531836
4,119,741,685.15
100,101,844
2,657,288,211,285.90
104,826
645.0133077
83,239,144.00
2,474,530,843,330.20
114,916
558.598922
2,035,486,338.70
53,218,778.00
2,297,796,321,158.10
64,540
1128.868456
3,708,383,662.45
83,894,862
2,673,976,869,686.90
103,202
721.0626281
6,911,179,247.50
137,630,352.00
2,517,587,849,853.40
165,125
364.2776087
2,390,816,099.00
62,781,898.00
2,317,852,326,823.60
77,777
969.481646
3,156,291,391.40
71,620,720
2,668,391,932,120.60
86,277
845.4200203
7,521,891,411.20
150,583,426.00
2,541,835,825,595.90
176,541
337.9250891
2,598,304,254.85
62,846,574.00
2,320,643,865,018.20
79,789
893.1378458
4,561,291,249.95
100,215,667
2,683,991,994,116.50
111,851
588.428111
8,212,139,460.40
160,969,541.00
2,589,788,741,016.00
187,919
315.3610278
3,692,891,822.20
88,097,913.00
2,343,091,671,226.60
109,304
634.4869506
5,397,040,108.30
117,786,690
2,712,107,267,045.90
121,997
502.5175305
9,337,473,233.05
184,401,641.00
2,572,110,294,170.30
217,366
275.4610621
3,777,941,654.35
107,055
629.563726
5,175,864,175.95
110,326,138
2,717,362,079,909.60
116,570
525.0064506
8,136,200,122.45
158,963,802.00
2,627,109,721,176.90
181,616
322.8914827
2,789,583,122.55
9,906,770,739.25
198,285,139.00
2,644,658,646,824.10
227,013
266.9546633
3,625,973,472.30
7,380,935,112.75
143,589,145.00
2,618,634,372,820.90
176,932
354.7835515
5,256,913,730.90
5,736,801,387.45
110,160,567.00
2,580,562,689,867.90
146,546
449.8260469
6,302,839,369.45
131,621,860.00
2,422,943,012,802.10
5,224,474,053.15
92,059,715.00
2,614,476,429,426.70
123,461
500.428637
5,809,675,580.75
122,742,247.00
2,406,035,069,416.90
6,798,078,532.05
113,824,301.00
2,621,415,075,816.40
153,552
385.6111787
7,039,761,631.60
147,966,074.00
2,478,014,373,940.20
6,888,548,964.30
114,273,078.00
2,621,859,255,626.50
157,384
380.6112534
7,856,026,734.40
171,629,582.00
2,470,253,705,303.70
189,205
9,294,367,292.70
144,993,561.00
2,670,021,680,632.00
191,025
287.2730974
5,411,639,108.75
112,792,031.00
2,470,648,173,405.80
137,390
87,050,032.00
2,378,455,024,593.50
65,580,953.00
2,365,823,113,365.50
81,410
848.0919942
6,195,481,035.70
128,263,146
2,734,157,300,728.80
136,051
441.314772
76,762,173.00
2,382,222,580,467.80
97,692
656.9884194
6,506,795,233.30
144,501,232
2,740,628,593,595.00
145,662
421.1948425
109,393,430.00
2,438,383,010,804.40
126,703
463.8430714
6,930,145,603.60
149,143,325
2,754,034,330,183.60
152,666
397.3992016
164,674
384.420873
6,435,185,333.80
146,733,455
2,768,588,140,770.40
135,211
430.2266364
148,305
414.1427582
7,080,761,895.95
155,963,098
2,788,888,332,948.70
150,407
393.8683964
164,347
352.0025966
6,108,709,573.65
139,692,101
2,780,164,963,993.00
137,268
455.1149356
314.440593
7,108,938,756.25
153,243,294
2,797,537,933,655.40
159,037
393.5239885
456.5434102
8,348,874,000.05
177,874,456
2,826,036,348,680.10
170,405
338.4931128
8,336,066,474.85
201,005,808
2,859,600,093,535.30
166,067
343.0395022
8,590,081,622.25
213,921,062
2,880,224,614,759.30
167,553
335.2965363
6,722,238,326.25
174,295,140
2,868,146,557,998.60
150,609
426.665408
5,932,845,514.10
147,032,429
2,849,410,142,457.30
125,300
480.2771513
6,278,460,284.65
141,057,305
2,870,642,664,093.20
129,192
457.2208048
8,569,837,541.20
187,622,912
2,875,711,285,295.00
160,255
335.561937
6,976,778,423.80
180,010,225.00
2,886,362,084,182.90
154,140
413.7098685
8,041,997,842.10
199,836,615.00
2,901,269,405,724.40
164,410
360.764758
7,716,936,015.45
212,696,667.00
2,892,481,717,875.80
159,958
374.8225607
6,205,815,917.60
132,126,638
2,894,928,998,036.50
127,511
466.4864438
7,704,009,278.35
145,920,088
2,919,206,465,238.60
142,246
378.9204244
6,952,981,111.25
133,536,867
2,914,646,629,193.10
142,174
419.193808
6,034,883,368.65
111,725,375
2,901,693,469,395.60
121,900
480.8201405
4,905,856,440.05
89,835,223
2,897,063,325,824.10
108,630
590.5316149
5,724,010,857.20
101,051,984
2,898,118,193,058.60
112,761
506.3089965
5,339,061,105.95
95,886,154
2,899,333,268,142.40
112,833
543.0417841
3,902,992,810.50
71,007,358
2,880,361,303,200.00
84,912
737.9878578
8,510,471,001.00
139,435,302.00
2,683,713,272,672.80
186,891
315.3425083
6,429,056,418.35
118,739,835.00
2,479,045,919,719.10
140,808
385.6002745
10,785,368,860.80
169,250,483.00
2,734,647,638,460.40
217,460
253.5516099
6,478,407,746.40
128,231,251.00
2,485,629,408,328.80
154,194
383.6790621
12,018,545,972.05
191,457,890.00
2,777,433,956,668.20
231,644
231.0956719
6,120,333,860.00
121,194,944.00
2,439,614,386,991.90
150,002
398.6080568
11,207,603,349.20
202,351,711.00
2,757,547,540,604.30
218,629
246.0425708
5,272,049,562.35
101,195,407.00
2,423,025,586,239.30
130,257
459.5984081
10,137,942,431.65
167,543,587.00
2,785,741,730,223.00
205,282
274.7837393
6,107,434,032.25
121,581,765.00
2,451,007,625,428.80
138,774
401.3154481
9,915,365,146.85
162,386,034.00
2,790,617,897,208.90
194,578
281.4437851
7,596,719,030.15
145,779,536.00
2,443,392,882,404.20
167,134
321.6379167
7,790,875,023.35
126,395,132.00
2,752,268,096,138.80
176,615
353.2681615
9,397,528,342.00
194,104,452.00
2,467,664,278,551.30
195,920
262.5865216
6,531,858,052.90
97,540,437.00
2,754,222,427,740.30
136,904
421.6598716
8,699,487,602.35
168,616,886.00
2,469,857,838,264.80
184,041
283.9084267
9,111,195,441.85
130,095,785.00
2,770,923,572,522.40
170,656
304.1229431
8,860,480,942.30
183,242,538.00
2,475,679,567,685.80
194,126
279.4069062
8,742,474,202.95
123,239,309.00
2,760,707,781,921.30
167,833
315.7810613
11,363,487,370.45
246,385,402.00
2,529,279,291,523.30
239,447
222.579496
7,552,711,734.75
113,962,342.00
2,720,164,163,234.30
159,308
360.1572864
9,518,425,197.25
217,807,115.00
2,523,601,998,688.60
214,147
265.1281012
6,140,556,107.75
94,476,864.00
2,689,161,320,703.70
129,186
437.9344922
10,897,437,981.50
224,733,973.00
2,566,449,298,520.80
214,604
235.50942
4,303,583,131.45
73,322,754.00
2,626,322,888,696.20
105,929
610.2642399
12,884,273,507.00
285,985,579.00
2,585,019,757,871.50
261,173
200.6337227
4,487,920,918.60
77,198,611.00
2,659,181,860,761.10
105,957
592.5197678
4,991,972,887.20
78,622,662.00
2,702,154,501,673.10
108,782
541.2999154
11,055,528,714.05
256,364,737.00
2,638,821,359,775.90
223,036
238.6879387
4,359,484,388.20
73,718,325.00
2,685,011,679,530.50
105,688
615.9012031
9,787,645,286.95
242,606,888.00
2,609,225,424,757.80
218,597
266.5835702
3,565,421,099.75
60,913,177.00
2,683,646,408,151.00
86,024
752.6870833
11,535,414,680.70
290,345,029.00
2,625,076,040,341.10
238,722
227.5666816
3,781,730,578.55
63,689,053.00
2,642,273,161,200.40
90,209
698.6941841
11,721,395,595.35
280,386,178.00
2,609,483,381,690.50
240,733
222.6256558
3,837,799,807.05
69,107,228.00
2,571,056,847,063.00
97,930
669.9299016
9,469,148,604.65
229,743,538.00
2,590,133,739,541.50
212,340
273.5339625
4,214,578,203.80
77,911,931.00
2,643,477,301,359.90
102,095
627.2222684
11,188,724,953.40
281,332,533.00
2,584,358,400,736.50
244,352
230.9788123
71 | P a g e
3,440,666,215.50
62,308,701
2,862,945,760,608.50
75,264
832.0905259
3,488,306,945.10
71,723,477
2,854,958,655,514.20
77,262
818.4367662
3,826,637,945.85
93,077,770
2,893,140,408,433.80
78,452
756.0528196
3,998,014,927.40
85,647,220
2,902,350,393,189.70
89,462
725.9478631
4,230,346,464.85
79,733,821
2,886,371,661,360.90
99,282
682.3014818
3,872,124,208.95
70,609,784.00
2,943,202,317,594.10
74,291
760.1001824
2,478,527,171.20
70,440,982.00
2,928,259,041,032.20
65,050
1181.451257
2,618,524,907.10
75,701,458.00
2,911,129,876,544.10
74,920
1111.744199
2,151,911,256.70
63,518,681.00
2,903,746,092,223.80
61,175
1349.380037
1,915,064,321.80
53,462,960.00
2,889,377,145,981.90
58,431
1508.762454
2,187,805,673.05
52,114,006.00
2,896,714,194,321.10
60,974
1324.027189
1,574,913,254.30
42,505,348.00
2,894,280,412,089.30
47,269
1837.739573
5,273,629,899.15
97,593,878
2,899,967,605,972.30
112,437
549.8997202
1,772,180,282.15
45,954,448.00
2,889,835,118,505.80
48,316
1630.666557
5,425,000,643.85
91,329,762
2,907,706,110,023.00
111,327
535.9826295
1,499,640,672.40
42,010,417.00
2,874,658,404,605.80
43,097
1916.898133
3,962,931,686.00
71,223,788
2,907,395,828,775.00
95,239
733.6477283
1,861,112,374.15
46,150,172.00
2,889,273,164,112.60
49,501
1552.444229
1,932,710,611.70
50,783,618.00
2,882,617,251,810.00
71,649
1491.489328
6,465,430,643.50
101,048,999
2,923,122,954,378.30
127,803
452.1157392
2,564,517,424.15
61,697,175.00
2,897,907,647,382.80
63,951
1130.001153
5,744,000,298.60
88,875,832
2,917,658,965,872.40
121,248
507.9489579
2,532,193,811.30
65,985,712.00
2,894,370,314,978.10
64,839
1143.028745
5,054,299,368.80
81,372,799
2,908,539,953,758.10
106,967
575.4585832
2,636,973,905.30
67,560,840.00
2,882,272,088,877.10
68,482
1093.022606
3,090,265,344.45
74,165,747.00
2,903,405,818,581.40
75,131
939.532854
3,756,449,622.20
85,721,148.00
2,922,333,196,397.80
80,260
777.9508553
4,628,217,587.40
83,146,727
2,902,868,815,957.90
97,200
627.2109643
3,546,957,552.95
65,013,106
2,900,181,978,927.40
79,487
817.6534215
3,188,653,485.05
77,021,436.00
2,910,185,542,911.00
74,610
912.6691114
3,395,384,117.90
71,002,862.00
2,936,964,510,204.10
66,020
864.9874089
4,129,221,751.85
68,240,494
2,909,062,923,670.40
87,474
704.5063449
5,106,499,090.00
84,159,083
2,910,475,586,933.70
109,103
569.9551759
4,287,098,669.50
100,520,174.00
2,942,718,154,231.00
91,915
686.412509
5,604,900,323.40
115,917,538.00
2,963,264,776,082.40
118,757
528.6917885
4,017,626,752.65
76,573,051
2,891,549,743,444.20
95,432
719.7158724
4,918,633,657.45
121,693,274.00
2,962,036,626,022.80
113,692
602.2072047
3,360,999,318.20
56,221,196
2,895,135,266,871.10
81,602
861.3912092
6,518,047,170.80
141,288,069.00
2,967,473,358,301.40
124,574
455.2703103
4,507,596,067.90
73,205,749
2,895,381,021,415.90
99,169
642.3337357
5,880,102,092.35
127,003,492.00
2,988,187,407,136.90
113,860
508.1863138
7,639,046,712.15
160,739,692.00
3,023,288,168,044.90
143,729
395.7677289
3,534,637,848.60
64,072,902
2,888,337,804,588.40
89,948
817.152401
7,901,865,592.10
164,834,629.00
3,046,572,363,281.00
152,815
385.5510231
2,925,164,314.45
57,578,832
2,870,956,114,438.70
78,087
981.4683231
6,813,726,269.30
151,216,133.00
3,021,369,785,863.00
133,334
443.4240042
884.6525759
4,932,116,624.65
108,980,876.00
3,030,631,198,618.10
101,182
614.4686814
6,323,268,640.80
151,531,460.00
3,045,818,286,731.00
124,981
481.684151
3,226,722,869.80
58,061,182
2,854,528,698,480.80
83,839
3,380,479,852.50
60,955,478
2,838,648,204,474.20
96,975
839.7175337
6,152,190,394.60
158,646,730.00
3,041,075,813,851.10
148,802
494.3078186
2,776,451,613.80
53,169,424
2,264,112,188,559.40
82,182
815.4697086
7,425,339,775.30
160,804,507.00
3,051,887,660,577.90
149,428
411.0098329
2,434,230,987.00
47,142,514
2,836,669,329,375.80
70,970
1165.324632
6,420,082,064.90
131,054,007.00
3,036,885,385,503.40
131,440
473.0290602
2,989,665,168.20
55,174,943
2,809,974,748,237.30
80,946
939.8961389
6,321,353,842.05
133,967,836.00
3,031,525,670,640.70
127,711
479.5690522
7,381,776,380.90
162,535,292.00
3,020,772,896,871.20
137,957
409.2203206
3,006,510,130.30
53,284,969
2,829,239,017,932.90
78,056
941.0375802
7,073,040,877.50
160,161,455.00
3,024,131,241,239.90
140,596
427.5574387
2,999,210,976.55
59,548,182
2,835,371,398,599.80
78,330
945.3724399
7,949,566,350.05
188,490,839.00
3,018,898,492,914.90
153,048
379.7563741
1016.216167
5,784,140,855.60
145,556,072.00
3,034,463,859,014.20
122,638
524.6179052
6,322,126,910.55
152,438,791.00
3,030,894,244,389.70
164,445
479.410535
4,940,641,004.10
118,818,184.00
3,030,338,127,521.40
116,540
613.3491838
2,777,610,291.25
57,379,556
2,822,652,483,339.00
80,518
2,872,608,699.45
59,067,096
2,835,371,856,835.80
71,278
987.0372729
3,152,939,347.40
60,024,906
2,858,509,052,534.00
74,160
906.6172031
5,014,643,307.40
121,357,346.00
3,047,297,321,869.90
129,575
607.679776
5,003,967,006.65
77,524,504.00
2,898,373,068,108.00
89,873
579.2150636
5,516,626,874.90
148,079,446.00
3,106,735,035,430.70
131,655
563.1584492
5,180,635,346.95
77,687,603.00
2,913,738,719,042.70
92,763
562.4288381
5,506,520,247.25
143,316,956.00
3,117,977,343,581.40
131,834
566.2337018
6,022,846,429.05
160,170,902.00
3,125,351,800,946.00
138,512
518.9160703
4,613,411,889.40
70,821,855.00
2,901,705,757,784.90
86,882
628.9717518
5,192,345,085.40
147,241,420.00
3,113,379,562,480.50
127,992
599.6095235
5,054,518,476.20
70,396,789.00
2,930,362,289,028.60
96,671
579.7510293
5,025,826,969.35
118,076,266.00
3,107,833,184,382.80
121,412
618.3724994
6,266,515,332.40
93,350,324.00
2,941,746,632,302.70
122,637
469.4389906
5,224,548,602.40
111,482,497.00
3,142,082,646,504.50
117,510
601.4074872
6,368,836,959.90
137,775,913.00
3,162,341,803,254.60
131,949
496.5336408
5,374,579,875.60
82,242,900.00
2,937,103,198,969.80
87,120
546.4805188
6,856,376,168.50
151,575,665.00
3,169,162,242,842.80
135,123
462.2211741
4,208,129,126.70
70,989,112.00
2,941,625,405,527.10
86,400
699.0340165
8,381,811,647.25
154,116,774.00
3,187,695,048,996.50
157,177
380.3109856
2,242,843,213.80
34,114,926.00
2,942,136,534,005.50
45,181
1311.788767
6,689,020,588.85
125,605,245.00
3,189,685,788,392.60
127,993
476.8539349
8,362,251,878.55
170,267,345.00
3,210,732,134,800.50
151,960
383.9554442
5,471,479,021.45
79,889,235.00
2,969,603,663,037.60
95,430
542.7424013
9,664,261,974.65
195,371,417.00
3,232,726,819,175.90
167,327
334.5032272
5,305,343,481.80
84,846,686.00
2,949,387,951,932.30
102,328
555.9278041
12,885,538,960.15
255,584,970.00
3,272,194,917,755.30
196,174
253.9431938
4,440,872,734.00
77,238,899.00
2,947,664,808,802.80
89,205
663.758001
9,813,591,822.90
225,897,648.00
3,298,682,672,925.00
180,737
336.1340814
9,923,049,026.35
228,857,144.00
3,307,725,763,695.70
220,249
333.337642
10,159,386,563.05
275,118,156.00
3,318,334,917,255.30
203,144
326.6274884
356.8471217
3,991,547,527.40
80,896,528.00
2,947,734,961,996.30
90,804
738.4942661
4,611,837,069.30
109,199,474.00
2,956,481,950,741.40
99,753
641.0638334
9,328,862,059.00
210,844,781.00
3,328,977,574,352.20
177,384
3,913,214,111.05
91,664,648.00
2,960,933,998,697.20
90,917
756.6501384
11,036,412,625.85
255,090,683.00
3,364,931,256,447.20
195,029
304.893571
5,473,136,371.50
105,935,262.00
2,993,140,083,396.80
101,315
546.8784039
11,012,978,289.85
228,428,886.00
3,379,326,203,911.00
196,249
306.8494385
9,026,255,984.85
172,271,143.00
3,368,649,083,677.30
179,875
373.2055782
6,736,092,162.05
124,542,762.00
3,002,357,197,860.80
118,072
445.7120131
8,797,676,682.05
158,316,453.00
3,374,282,714,100.20
150,588
383.5424779
4,338,452,183.30
100,262,176.00
2,986,582,797,529.60
87,412
688.3982285
9,771,199,069.35
4,358,642,020.05
101,035,851.00
2,963,827,647,153.70
89,173
679.9887748
3,875,871,838.90
84,624,657.00
2,950,449,455,685.10
87,327
761.2350404
4,363,584,352.90
84,850,457.00
2,953,077,889,607.60
94,713
193,652,317.00
3,410,039,557,506.60
158,992
348.9888532
9,370,213,949.10
241,442,022.00
3,439,595,801,999.00
171,819
367.0776164
9,153,561,840.80
274,200,607.00
3,477,542,005,285.50
174,786
379.9113466
10,077,426,016.90
254,474,319.00
3,465,992,820,591.50
186,334
343.9363201
676.7550827
10,975,227,058.80
253,511,909.00
3,458,050,566,348.40
194,735
315.0778155
8,144,111,685.40
174,887,961.00
3,467,628,506,533.90
154,711
425.7835158
6,872,565,836.65
150,061,935.00
3,415,619,680,760.50
133,626
496.9933736
6,872,565,836.65
150,061,935.00
3,415,619,680,760.50
133,626
496.9933736
3,299,476,366.00
75,422,628.00
2,917,989,361,857.40
79,288
884.3795312
3,681,435,164.20
73,699,077.00
2,918,975,260,154.00
82,574
792.8905793
4,479,550,591.95
92,094,676.00
2,941,425,117,629.20
101,325
656.6339764
5,969,565,624.20
135,852,190.00
3,397,392,786,380.00
120,463
569.1189276
4,191,299,595.55
92,357,548.00
2,953,916,628,696.90
98,020
704.7734387
6,942,313,414.00
150,526,294.00
3,442,210,010,702.10
126,803
495.8303962
3,481,479,311.45
79,826,954.00
2,942,928,916,261.30
81,092
845.3098965
7,225,572,833.10
162,803,127.00
3,381,137,939,398.30
140,268
467.9404689
5,725,502,077.90
114,045,342.00
3,384,928,281,849.40
111,244
591.2020004
3,785,771,104.05
86,152,404.00
2,913,629,693,289.60
88,735
769.6264812
5,294,599,722.65
114,481,703.00
3,375,736,520,470.20
98,488
637.5810632
3,941,389,673.05
96,879,171.00
2,918,035,254,534.90
83,134
740.3569544
5,050,515,423.70
100,921,013.00
3,401,923,848,062.40
96,239
673.5795385
4,625,943,860.65
108,823,497.00
3,381,225,070,101.60
93,042
730.9265248
5,456,823,842.65
124,330,673.00
3,372,115,405,569.30
103,497
617.9630318
7,248,408,129.55
179,278,407.00
3,398,768,218,267.70
132,712
468.8985716
3,776,000,582.85
94,552,661.00
2,899,771,379,560.10
94,340
767.9478104
3,053,448,332.70
78,487,059.00
2,874,159,291,387.80
77,606
941.2830932
2,291,937,866.30
58,934,773.00
2,864,166,297,460.60
61,161
1249.670133
7,325,695,225.80
164,480,670.00
3,373,153,520,415.40
255,815
460.4550717
2,170,743,250.05
54,125,095.00
2,845,683,487,404.80
61,701
1310.925872
6,809,232,680.25
153,920,360.00
3,343,834,569,535.30
179,538
491.0736241
7,438,077,453.35
165,270,829.00
3,323,177,002,712.80
168,557
446.7790264
6,201,785,298.05
138,541,292.00
3,322,526,797,944.80
138,939
535.7371528
1,967,982,731.35
50,363,138.00
2,846,652,651,883.50
54,483
1446.482536
2,713,523,661.80
61,160,829.00
2,868,200,026,326.90
66,582
1057.002033
8,577,555,239.65
192,425,948.00
3,275,293,089,103.70
168,186
381.844593
2,587,998,304.25
66,695,862.00
2,846,982,589,982.40
67,647
1100.071273
7,097,714,508.80
159,737,350.00
3,266,340,836,987.60
143,644
460.1961424
6,687,783,256.15
155,281,413.00
3,275,658,047,802.70
143,278
489.79728
1,828,180,985.70
45,543,873.00
2,843,732,510,969.80
50,601
1555.498352
8,463,205,542.15
180,671,617.00
3,316,113,563,811.90
159,221
391.827133
2,360,812,089.85
58,390,675.00
2,850,256,596,927.30
59,158
1207.3204
6,945,734,631.75
152,814,224.00
3,302,699,692,418.40
139,932
475.5004139
2,401,555,813.20
56,710,645.00
2,873,029,607,207.60
59,670
1196.320149
7,530,242,641.65
152,839,060.00
3,292,199,975,013.00
138,730
437.1970641
3,212,051,699.60
66,614,586.00
2,885,092,567,939.40
71,366
898.2086335
6,910,090,572.65
133,562,853.00
3,273,369,700,281.40
131,243
473.7086534
6,279,951,651.05
122,641,620.00
3,267,368,865,050.60
132,950
520.285672
3,233,028,175.90
69,150,697.00
2,884,868,573,171.10
70,435
892.3116089
5,763,294,095.45
127,187,909.00
3,271,512,921,483.80
126,621
567.6463611
3,760,691,193.30
74,336,132.00
2,907,585,229,122.80
83,337
773.151817
4,867,047,620.00
104,625,973.00
3,248,118,042,748.20
95,951
667.3692752
3,489,984,040.50
77,495,743.00
3,210,147,383,854.60
85,349
919.8172102
4,324,984,931.90
70,595,615.00
2,918,937,347,676.00
83,532
674.90116
3,922,798,559.65
79,867,885.00
2,912,965,755,899.20
86,498
742.5733725
3,547,766,196.50
77,245,364.00
3,161,088,716,748.90
82,977
891.0081842
3,470,310,342.10
79,079,814.00
3,177,135,247,938.50
80,614
915.5190559
4,086,092,923.25
77,591,693.00
2,911,500,019,912.80
82,227
712.5388665
3,127,091,642.10
74,707,043.00
3,146,723,845,178.20
74,666
1006.278103
4,193,915,951.95
84,421,536.00
2,895,089,578,159.30
89,949
690.3070093
2,637,971,029.35
65,619,204.00
3,154,568,290,364.80
66,862
1195.831287
4,161,137,706.10
98,909,541.00
2,871,731,970,115.50
83,827
690.1314431
2,323,747,081.45
56,602,650.00
3,164,398,170,472.70
60,601
1361.765312
3,415,343,646.10
85,298,535.00
3,225,369,465,483.60
77,876
944.3762619
4,205,812,805.05
105,607,852.00
2,904,239,734,726.70
91,126
690.5299568
3,735,666,753.40
85,315,064.00
3,269,923,876,219.00
83,435
875.3253682
4,522,397,938.40
91,794,974.00
2,896,346,240,108.10
95,816
640.4447993
5,165,341,146.60
122,275,154.00
3,295,147,325,257.40
104,583
637.9341135
664.7690039
5,134,950,255.70
125,870,350.00
3,284,152,992,456.40
135,466
639.568609
3,833,935,727.15
104,605,795.00
3,268,176,963,012.00
107,056
852.4339466
4,264,854,165.15
108,519,637.00
3,272,369,056,156.60
95,938
767.2874451
4,373,556,768.50
84,553,672.00
2,907,404,976,501.40
89,273
3,687,627,674.75
76,940,374.00
2,909,231,227,009.30
85,210
788.9167464
3,141,608,673.60
65,609,271.00
2,898,261,146,331.90
104785 922.5404713
4,338,656,563.85
116,764,187.00
3,281,171,002,439.20
97,329
756.2642846
3,193,610,475.05
66,486,510.00
2,891,150,046,586.40
84,516
905.2920101
4,215,982,896.40
113,755,260.00
3,287,735,709,236.40
94,904
779.8266241
2,635,293,681.95
56,639,654.00
2,880,551,203,700.80
69,780
1093.066486
1,368,927,351.40
33,997,970.00
3,254,490,923,000.00
65,102
2377.402219
2,005,911,381.00
56,006,161.00
3,250,194,538,000.00
77,501
1620.30814
2,339,192,869.40
54,441,659.00
2,877,165,307,722.70
61,903
1229.982079
2,385,838,935.00
65,509,331.00
3,238,826,726,000.00
80,634
1357.521113
2,660,182,182.05
57,190,645.00
2,866,259,283,102.00
64,940
1077.467289
2,845,304,000.00
71,384,725.00
3,223,781,245,414.80
82,678
1133.01821
2,313,238,784.00
59,862,103.00
3,233,359,024,408.70
77,899
1397.762759
2,226,373,676.80
51,042,035.00
2,859,026,659,567.00
55,533
1284.162982
2,378,808,925.10
65,409,054.00
3,233,098,832,467.30
78,849
1359.125064
2,930,588,541.85
67,590,385.00
2,884,796,394,758.70
69,120
984.3744195
2,669,651,223.10
64,582,910.00
3,255,102,605,294.70
76,275
1219.298827
2,805,372,616.25
75,902,447.00
2,886,924,027,728.80
72,817
1029.069725
2,025,256,905.40
53,851,718.00
3,241,725,146,169.70
65,163
1600.648855
3,377,284,793.55
84,457,121.00
2,895,078,755,216.20
86,084
857.2207949
1,917,565,958.60
48,621,240.00
3,236,655,453,796.50
62,364
1687.897847
1,567,440,728.40
40,345,235.00
3,222,546,967,090.20
51,860
2055.929075
3,027,826,438.60
79,514,764.00
2,894,544,996,568.50
83,632
955.9811486
1,895,832,858.00
50,145,954.00
3,227,803,952,764.20
58,475
1702.578336
3,901,231,849.25
103,930,420.00
2,929,454,003,689.20
100,047
750.9048723
2,654,094,811.60
65,694,198.00
3,259,246,761,065.30
68,764
1228.006907
72 | P a g e
Demutualization Impact on Market Performance: A study on Dhaka Stock Exchange