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FINANCIAL INFORMATION PORTALS OF

BANGLADESH:
A COMPARATIVE STUDY

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FINANCIAL INFORMATION PORTALS OF
BANGLADESH:
A COMPARATIVE STUDY

Internship report submitted to the Institution of Business Administration, University of Dhaka, to


fulfill the degree of Bachelor of Business Administration

Submitted to:
Dr. Syed Ferhat Anwar
Chairperson, IBA Career Center
Institute of Business Administration
University of Dhaka

Supervised By:
Mohammad Abdul Momen
Professor
Institute of Business Administration
University of Dhaka

Prepared by:
Mohammad Akib Nawaz
ZR-12
Bachelors in Business Administration, Batch 23rd

May 17th, 2019

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Letter of Transmittal

May 17th, 2019

Dr. Syed Ferhat Anwar


Coordinator, IBA Career Center
Institute of Business Administration
University of Dhaka

Subject: Submission of Internship Report on ‘FINANCIAL INFORMATION PORTALS


OF BANGLADESH: A COMPARATIVE STUDY’

Dear Sir,

I present to you with great honor my internship report titled, ‘FINANCIAL INFORMATION
PORTALS OF BANGLADESH: A COMPARATIVE STUDY’ assigned to me by Professor
Mohammad Abdul Momen, as part of my internship work at Amarstock Limited, where I have
served as a business development intern. This report is my final submission under the BBA
Program of the Institute of Business Administration, University of Dhaka. The focal point of this
report is to analyze the various financial information portals that are serving investors and
professionals in Bangladesh, and I have done so through the lens of amarstock.com.

This report, and the analysis put into it, has been prepared under the direct supervision of
Mohammad Abdul Momen, Professor, Institute of Business Administration, University of Dhaka.
I pledge that this report has not been submitted to any other faculty member of the Institute of
Business Administration and that under no circumstances will any part of it be reproduced for any
reason or be shared with anyone else without your written consent. I appreciate your giving me
the opportunity to work on such an informative report.

…………………………
Yours sincerely,
Mohammad Akib Nawaz
ZR-12
BBA 23rd

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Acknowledgement

I would like to acknowledge and extend my heartfelt gratitude to my faculty advisor, Professor
Mohammad Abdul Momen, whose encouragement, guidance, and counseling has been extremely
pivotal in the completion of this report. I have taken his constructive suggestions and opinions and
have formulated this research report to make sure it lives up to its qualitative and quantitative
worth.

In addition, I would also like to pay special mentions to the Co-Founder and Chief Executive
Officer of Amarstock Limited, Mohammed Ali Xahangir, who has given me the resources and
insights needed to complete the report.

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Executive Summary

The report on Financial Information Portals: A comparative study was done under the supervision
of Amarstock Limited. A very well-established service provider which has a flagship website
named amarstock.com.

Amarstock Limited has been a pioneer in providing charting and technical analysis tools for
investors and traders. This report has been based on primary data gathered from the users of the
website. Demographic data, user experience data, and product development data had been gathered
and analyzed using simple charts and graphs to understand the pattern of thought amongst the
respondents.

While this report gathers primary data from the users, it also compares the services of
amarstock.com with two other websites of similar services. One is stockbnagladesh.com and the
other one being a foreign website which is finviz.com. A comparison has been done between the
services provided by the local and international websites based on the technology they use, the
features of their websites, and the revenue models they apply.
This report also highlights in the company behind this digital service, Amarstock Limited. I have
included a brief on the company and also mentioned the business model it is following to generate
revenue. I have talked about the company operations, and as part of my internship I worked as a
business development executive, and have detailed my work and the challenges that I faced.

To summarize, this report looks at the wholistic view of the financial data providing industry, and
how retail investors and traders are utilizing these services to make better informed decisions.

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1.0 Introduction

Since there is an increased use of the Internet around the world, it is only plausible that more of
the financial products offered to users will be offered on the World Wide Web. In the past ten
years the Internet has been an important way to distribute financial data products (Vakil & Lu,
2005). There has also been a vast growth in online brokerage services, although not completely
established in Bangladesh. However, brokerage firms have taken to the internet to extend their
services, other websites have formed to offer more value-added services to traders and investors

1.1 Background of the Study

Bangladesh is experiencing a phase where conventional services are moving online and into digital
platforms. Historically speaking investors and traders in the stock markets have always relied on
print media for information regarding the performances of their investments. Behavioral Finance
is a completely new space which traders are learning to use to make their decisions (Gulnur &
Nigel, 2012). The local stock exchange performs under the semi-strong market efficiency
hypothesis and therefore Technical Analysis yields sustainable returns for traders. There are only
two active charting portals which allow traders to carry out technical analysis and this report aims
to understand the usefulness of amarstock.com and compare it to its competitors and take feedback
from its users.

There are two prominent schools of thought in investment analysis. On eof the is fundamental
analysis, while the other one is technical analysis. Fundamental analysis relies on company
financials, and technical analysis says that all company financials are already reflected on the stock
price, and the analysts look only at price and volume trying to understand the demand and supply
of the stock. (Thorpe, 2019)
(Thorpe, 2019) Also went on to state that technical analysis can be done using either websites or
software systems. They differ mainly on the basis of the features they offer. This study will
compare two websites, amarstock.com and stockbangladesh.com.

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1.2 Origin of Study

This report titled ‘FINANCIAL INFORMATION PORTALS OF BANGLADESH: A


COMPARATIVE STUDY’ has been prepared to fulfill the partial requirement of internship as
part of the BBA Program of the Institute of Business Administration, University of Dhaka, under
the supervision of Professor Mohammad Abdul Momen. The study was done using resources from
the host organization, Amarstock Limited, awith assistance from the business development team,
and the Chief Executive Officer, Mohammaed Ali Xahangir.

1.3 Objective of the study

1.3.1 Broad Objective

To analyze the Financial Information Dissemination Services of Bangladesh and the industry’s
value proposition.

1.3.2 Specific Objectives

(a) Provide an overview of local financial-information portals.


(b) Compare the services offered by local data providers such as amarstock.com
(c) Analyze the determinants of a successful portal.

1.4 Rationale of the study

The study on financial information websites of Bnagldesh is being done to explore the market of
financial information. Investors and traders have become more tech savvy in their approach to the
stock market, and information accessibility plays a huge role in this market. Websites such as
amarstock.com and stockbangladesh.com plays a vital role in giving investors and traders the data
they need to make their decisions. And to this date, the websites have been giving the majority of
their service for free. Therefore, this study is crucial in understanding what the services are, how
users experience them and what the future for this industry will be.

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1.5 Limitations

 Time constraint: A study of such magnitude requires more time than only ten weeks. Due
to the time constraint more data on the depth of the services of the various financial portals
could not be collected. However moderate level of data was collected successfully.
 Lack of professional knowledge: The researcher is not a professional in research or
financial data services. With improved knowledge, the overall analysis of report could have
been much better.

 Lack of Primary Data Sources: Since the Financial Data Services’ industry is in its infancy,
there has not been any reports done, or official data published. As a point o reference data
from neighboring countries had to be used.

1.6 Scope of the report

The report examines the feedback from the users of amarstock.com about their experience from
using the portal. It also compares the technology used by amarstock.com compared with another
website called stockbangladesh.com.

2.0 Methodology

Both primary and secondary research has been carried out for this report.

2.1 Sample design


The sample for this report was the users of amarstock.com. According to the report by Central
Depository BL there is 2,834,514 BO accounts registered in the country. Which means those
account holders are the target population of this report. From that population amarstock.com has
an average of 5,000 daily active users. Of those active users, 350 users took part in the website
survey, to give us feedback of their user-experience.

2.2 Data Collection

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2.2.1 Primary Data Collection:
Primary data was collected for this study through an online questionnaire, which was posted on
the website of amarstock.com. The survey can be found as Appendix 1.
Company internal data was collected from the company archives and internal database

2.2.2 Secondary Data Collection

Secondary data was collected from the following sources:


 Research Papers published online
 Website rankings through Alexa.com
 Websites and articles on academic journals.

2.3 Time Reference


The survey was carried out for four trading days, between the hours of 10 amm and 2 pm, when
user traffic is high on the website.

3.0 Literature Review

Since online investing is not a phenomenon affecting only the Bangladesh but the world as well,
articles discussing Internet trading in different countries were analyzed. Cocca (2002) studied the
characteristics of online investors in Switzerland and the effects that online trading has had on the
Swiss market. Teo, Tan, and Peck (2004) evaluated the attitudes of people who trade stocks online
as well as the attitudes of those who do not trade online in the Singapore marketplace. Finally,
Goswami (2003) examined the needs of investors that are trading online in India. He compared
the needs of the investors to what online investing websites are offering and then tried to bridge
the gap between the two. In Bangladesh, very little research has been done on the usage of financial
data portals.

According to an article by American Association of Individual Investors, in the area of


computerized investment tools, we based services in general do not always give the best

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performance for stock charting and data interpretation. They mainly act as a portal to welcome
investors to use the tools that will make their trading strategies better.

Visualization of financial data is extremely crucial and has a deep impact on the understanding of
financial data (Navin, 2016). Most financial services miss out on the chance to get users interested
because they do not have the necessary visual appeal to keep users glued to the screen. In his study,
(Navin, 2016) he showed the relationship between user traffic, and overall visual appeal.

4.0 The study: User Perceptions of Amarstock.com

4.1 Demography

To begin this study, demographic data was collected through five parameters

 Nationality
 Gender
 Type of investors
 Profession of user
 Average time spent (User Traffic)

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Figure 1: Nationality of the respondents

Figure. 1 above shows the representation of the 350 user responses. 99.4% of the respondents are
Bangladeshi, meaning the majority is local. Only 2 out the 350 respondents were foreign users,
which represents on 0.6% of the users.

Figure: 2 Gender demographics of respondents

The gender survey reveals that 98.9% of the respondents are male which is 346 of them. Only 4
females took the survey which represents a mere 1.1% of the sample.

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Figure 3: Profession of the respondents

In terms of profession we saw that there is more diversity compared to the first two questions. The
majority of the respondents were service holders representing 61.7%. Business owners were
20.9%, social workers were 1.1%, part time employees were 4.9%, students represented 3.7%, and
7.4% of the respondents were currently unemployed.

Figure 4: Type of the respondents

Retail investors represented the majority of the respondents which stood at 68.9%. This sample
group was followed by respondents in the education sector, and institutional Investors who both
represented 13.1%. Academics represent 1.1% and regulatory body employees represent 1.1%,
while company management represented 2.6%.

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Figure 5: Average using time per day of Amarstock

30.6% of the respondents used the portal for less than 1 hour per day, 32% used it for 1 to 2 hours
per day, 16.3% used the site for 2 to 3 hours per day, while 13.1% of users used the website for
over 4 hours per day.

4.2 User feedback

The second phase of the study tried to understand the aspects of the portal that users find
productive.
The questions asked on:
 Visual appeal of Amarstock
 User Interface/Experience of Amarstock
 Rating of the STOCK SCANNERS of Amarstock
 Rating of Interactive Charting Tools of Amarstock
 Most frequented tools that you use on Amarstock

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Figure 6: Visual appeal rating of Amarstock

In terms of the visual appeal of the website 124 respondents ranked it a 4 out of a scale of 5, where
5 was high and 1 was low. The mode was 4, the median being 4 and the mean being 3.96.

Figure 7: User interface feedback of the respondents

In terms of the user experience of the website 147 respondents ranked it a 4 out of a scale of 5,
where 5 was high and 1 was low. The mode was 4, the median being 4 and the mean being 3.81.

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Figure 8: Rating of the stock scanners

In terms of the stock scanners of the website 122 respondents ranked it a 4 out of a scale of 5,
where 5 was high and 1 was low. The mode was 4, the median being 4 and the mean being 3.72.

Figure 9: Rating of the interactive charts

In terms of the interactive charting tools of the website 139 respondents ranked it a 4 out of a scale
of 5, where 5 was high and 1 was low. The mode was 4, the median being 4 and the mean being
3.91

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Figure 10: Most frequented products of amarstock.com

Amongst the tools and services offered on the amarstock.com portal, 59.7% of the respondents
used the stock charts, 45.4% used the technical/fundamental scanners, 36% used the Volume Price
Analysis, 29.1% used the Market Depth, 21.7% used both Latest Share Price and Chart Gallery,
9.1% used the birds Eye View, and 0.6% used Technical Values.

4.3 Business Development Review

In the third phase of the study we tried to explore what could make users be more involved with
the website. The questions asked were as follows:
1) Did you consider attending our Training Courses of Technical Analysis?
2) Would you be interested in a paid online training program?348 responses
3) Do you consider Purchasing our Plug-ins for AmiBroker?
4) Would you pay for a PREMIUM version of our platform?
5) If so, how much is a suitable amount per month?
6) Would you recommend Amarstock to your friends?

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Figure 11: Consideration to attend training courses

43.4% of the respondents clicked maybe to attending amarstocks training classes. 32.9% would
consider it. While 23.7% would not.

Figure 12: Interest in paying for a paid online training program

23.6% of the respondents would be interested in paying for online training programs, 37.4%
would not be interested to do so, and 39.1% reported ‘maybe”

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Figure 13: Consideration of purchasing Data Plug-Ins

41.4% of the respondents are unsure if they would purchase the data plug-ins for Amibroker.
19.4% reported that they would prefer it, while 39.1% responded in the negative.

Figure 14: Population that would pay for premium version

39.4% of the respondents are unsure if they would pay for a premium version of the website
24.6% reported that they would prefer it, while 36% responded in the negative.

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Figure 15: Suitable amount to be paid per month

83.1% of the respondents reported that they would be comfortable paying BDT 100 per month, if
a paid-premium version of the website was offered to users. 12.3% of the respondents reported
that they would be comfortable paying BDT 200 per month, and 4.6% of the users would pay BDT
500 per month for the financial portal.

Figure 16: Feedback for recommendation of amarstock

86% of the respondents of the survey on amarstock.com reported that they would recommend the
website service to their friends and peers. While 11.1% responded as maybe, and 2.9% said they
would not recommend.

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4.4 Key Findings of the Survey

 99.4% of the respondents are male


 98.9% of the respondents are Bangladeshi
 61.7% are service holders
 68.9% are retail investors
 32% of the users are on the site for more than one hour and less than 2 hours.
 The mean rating for Visual Appeal is 3.96
 The mean rating for User Interface is 3.81
 The mean rating for Stock Scanners is 3.72
 The mean rating for the Interactive Charts is 3.91
 58.7% of all users use the interactive charts
 43.4% of the respondents would take the training courses offered by Amarstock.
 23.6% would take paid online training course
 19.4% would buy data plug-ins
 24.6% would pay for a premium version of the website
 83.1% would pay BDT 100 for the premium version if they had to.
 86% would recommend to a friend.

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5.0 Comparative Analysis of amarstock.com

For this study, I gathered secondary information of various websites which are related to the
dissemination of financial information. Since AMARSTOCK.COM offers charting and Technical
Analysis tools to its users, I picked two other websites, one local, and one international. The two
websites in question are STOCKBANGLADESH.COM which is a local website and
FINVIZ.COM.

The tables below compare the three websites on various metrics:

Table 1: Broad category Comparison


Comparative AMARSTOCK.COM STOCKBANGLADESH.COM FINVIZ.COM
Parameters
1. User Base Mostly Bangladesh Mostly Bangladesh Mostly USA,
and other
international
Users
2. Availability Moderate Moderate Fundamental data. Fundamental
of Fundamental Data. Large Database of historical data Available
Fundamental e.g. Free Cash Flow, data
stock Data Shareholding
Structure, EPS, P/E
ratio etc.
3. Availability High Volume of Moderate level of technical High volume
of Technical technical data data available of technical
data available data available
4. Data Plug-ins Large resource bank No resource bank for Plug-ins High resource
for plug-ins bank for
Plugins

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5. Training and Both online and No training programs offered Online
awareness offline training programs
programs offered for users offered, which
are paid.
6. Technology ASP Dot Net, SQL ASP Dot Net, SQL, Bootstrap, ASP Dot Net,
utilized Server, Bootstrap, Semrush, Google adword, Java SQL Server,
Java, Semrush Bootstrap,
Java, Semrush
7. Licensed Modulus Trading View Module, Static Modulus
Programs StockchartX, Trading StockChartX,
View Module Trading View
Module, Stock
Chart Program

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Table 2: Specific Category Comparison:
Comparative AMARSTOCK.COM STOCKBANGLADESH.COM FINVIZ.COM
Products
1. Screeners Available Not Available Available
2. Interactive Available Available Available
Charts
3. Volume Available Not Available Available
Price
Analysis
4. Fund Details Available Not Available Available
5. Birds Eye Available Available Available
View
6. Market Available Not Available Available
Depth
7. Technical Available Not Available Available
Values
8. Trend Available Available Available
Analysis
9. Indictors Available Not Available Available

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6.0 The Company Profile: Amarstock Limited

6.1 Inception and Overview

Amarstock Limited is a financial information service provider which operates its flagship service
“amarstock.com”. The online information portal is a stock-market analysis tool which gives its
users the necessary analytics and data to make informed decisions for trading and investing in the
stock market of Bangladesh. The company is based in Dhaka, and has been operating since 2015.
The company was initially founded by two visionary founders who are Mohammed Ali Xahangir,
the current Chief Executive Officer, and Shyan Bin Rahim who is the current Chief Technology
Officer. The company was initially funded by an angel investor named Habib Rashid who holds
stakes in the company to this day. The founding panel was later joined by Masud Uzzaman, who
acts as a current advisor and is part of the board of directors.

Amarstock Limited has positioned itself in the online space of the Bangladeshi capital market as a
Fintech company, which combines stock analysis with cutting edge technology. The prime focus
of the web portal is to provide its users with the correct tools to understand stock performances,
linked to behavioral finance. In short, these tools are collectively known as “charting” or “technical
analysis” tools.

Other than providing users with stock analytics tools, the company is also working with other
institutions to provide data and technical support to their in-house operations. The key partners of
the company are brokerage firms, asset management firms and portfolio managers.

In summary, the idea behind Amarstock Limited is to provide a one-stop service for all things
stock.

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6.2 The Founders

6.2.1 Mohammed Ali Xahangir:


This visionary co-founder, and current CEO of the company has been an active trader in the stock
market of Bangladesh since the early 90s, and has a reputation as a successful portfolio manager.
Before starting the company, he has successfully managed large portfolios on behalf of his clients
and also created the largest forum for stock market debates and discussion before any website
could give traders the insight to make informed decisions. In 2015, he and his partner Shyan
embarked on a mission to establish the best market-analytics service in Bangladesh. Xahangir
spearheads product design, website innovation, and business development for the company.

6.2.2 Shyan Bin Rahim:


Shyan is the co-founder and current CTO of Amarstock Limited. He is a seasoned computer-
science and software engineer who has past experiences in software and web-based application
design. The young and dynamic CTO designs the programs necessary to execute the products
offered by amarstock.com. Shyan’s specialty lies in Fintech platform design and product testing.
He currently leads the programming team maintaining the website, and also carries out research
and development work for future website enhancements. From the inception of Amarstock Shyan
has been an active member of the management team and is also on the board.

6.2.3 Habib Rashid


The angel investor and financier behind the project, Habib has vast experiences in the field of
software design and website development. Although he had little exposure to the world of stock-
market trading, he does understand technology very well and how it can revolutionize user-
experience. Habib Rashid is a seasoned computer science engineer, and also has other technology-
based ventures which he is operating besides Amarstock.

6.2.4 Masuduzzaman
Mr. Masuduzzaman joined the board of Amarstock in 2016, as a seed round investor. He is
currently the Managing Director of an active and revered brokerage firm, Wifang Securities
Limited. Mr. Masud advises the board on strategic decisions and formulates business ideas in the

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context of the local traders and investors of Bangladesh.

6.3 Incorporation and Memberships

Amarstock Limited is incorporated as an Information Technology company under the registrar of


joint stock companies (RJSC) Bangladesh on 18th December 2017. It is also a member of BASIS
as of 25th January 2019, the trade and development body of technology-based companies in
Bangladesh.

6.3.1 About RJSC:


The Registrar of Joint Stock Companies and Firms (RJSC) in as organization under the
government of Bangladesh that incorporates and registers all private limited companies.

6.3.2 About BASIS:


Bangladesh Association of Software and Information Services, BASIS in short is the national
collective of organizations for IT enabled service providers and software developers. The body
was established in 1997 with the vision to develop and nurture the IT enabled services offered in
Bangladesh.

The body started its journey with only 17 members and today the membership stands at more than
eleven hundred.

BASIS operates to develop the domestic market for tech and software startups, further
international market development, build capacity, advocate on behalf of its members and
contribute socially through technology and IT services. Amarstock Limited was absorbed as a
member of BASIS in early 2019.

6.4 Departments of Amarstock Limited

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Amarstock limited is managed by a small team of 10 professionals. The structure of the company
is non-hierarchical and all members of the management team work alongside each other to engage
in their work through meaningful cooperation and discourse.

Primarily, according to work there are five major departmental roles in the company:

6.4.1 Business Development


Typically, the function of Business Development includes a variety of activities such as strategic
planning, partnerships, content licensing, product distributions, revenue generation verticals and
sometimes acquisitions. However, the work really depends on the type and function of the
company. (Andrew Dumont, 2013)

The business development team is led by the CEO himself, and comprises of three other members
who work in roles of Business Development Executives. The job functions of this team are to
explore different verticals for the company’s revenue model, beta test market products, and
research into various ideas for innovative growth of the company. Since Amarstock is a technology
start-up the company has innumerable options in terms of growth and business furtherment. The
Business Development team therefore plays a crucial role in market exploration.

6.4.2 Marketing and Social Media Engagement Team


In today’s hyper-connected world, social media is an integral part of digital media marketing.
Social media platforms combined has reached over 2.8 billion active users worldwide. Exploring
this market of users is especially important for startups who have limited budgets and are looking
for growth. (Emma Miller, 2017)

The marketing team of Amarstock comprises of three executives headed by a team leader, who is
the acting marketing chief of the company. The team’s responsibility is to create awareness for the
website “amarstock.com”, to boost active user engagement through print and online media
advertisements. Amarstock Limited also has fan pages on Facebook to act as a service point for
users of the website. Since Amarstock offers both online and offline training and tutorial courses
for its users the social media platforms contain information and updates regarding those

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procedures. The marketing team is also responsible for exploring new market segments along with
the Business Development team and understand the possible outcomes of new campaigns and
media involvements. Analytics derived from the traffic and usage of the website gives feedback to
the team to give them an idea of the effectiveness of their efforts.

6.4.3 Technology and Programming Team


Tech team of Amarstock is divided into two smaller teams of 4 programmers and coders each. The
front-end developers and the bac-end developers.

Front-End Developers: The front-end developers focus on the user interface and user experience
of the technology applied on the website of Amarstock. All the technology that the user sees clicks
on or gives input to is the work of the frond end development team.

Back-End Developers: The back-end developer is responsible for making sure that the functions
carried out by the user at the interface is executed properly and in a systematic fashion. The Back-
End of a website has a database, programming architectures, and applications and engines. This
developer builds and maintains the technology that powers those components which enable the
user-facing side of the website.

6.4.4 Training Team


Amarstock Limited offers training sessions on Technical and Fundamental Analysis for users. The
training sessions are available both online and offline. The online content and course curriculum
are developed jointly by the top management team and the business development team. Special
consultants and trainers are brought in on an ad-hoc fee structure. The training team report directly
to the CEO, and are monitored by him also.

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6.5 Organogram

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7.0 Internship Role

7.1 The Contribution to the Company

My role during my ten-week internship at Amarstock Limited was that a Business Development
Executive. I worked closely with the CEO, Mohammed Ali Xahangir who heads that particular
team. Over the course of my tenure at the company I performed multilateral work which was
mainly focused on formulating business plans to grow the services and users of the company.

A few jobs that I performed and successfully completed are:

i) Wrote business profile for the company which I distributed to corporate partners.
ii) Was on the negotiation team which completed a partnership with NRBC Securities Ltd.
iii) Facilitated the training sessions carried out for ICB Securities Ltd.
iv) Formulated a value proposition for partnerships and sponsorship deals.
v) Confirmed a sponsorship deal for a marketing collaboration marketing campaign.
vi) Worked alongside the marketing team to enhance the social media presence of the company.
vii) Worked closely with the Training Team to develop curriculum.
viii) Gathered feedback from participants of the program to understand its effectiveness.
ix) Analyzed user traffic to optimize search engine recommendations.

7.2 The Learning Experience

The ten-week attachment with Amarstock Limited helped me understand the Fintech environment
of our country. Amarstock has positioned itself as a one-stop service for Data and Analytics related
to the stock market of Bangladesh. Its services range from charting tools for retail investors, all
the way to Technical Analysis Data that provide back-end support for brokerage firms and
institutional fund managers.

During my tenure I have specifically encompassed the following learning assignments:

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i) The basics of Technical Analysis
ii) How to negotiate with institutional fund managers to sell data.
iii) How to provide data services for retail investors
iv) How to operate a service providing website
v) How to engage with customers via digital channels and social media.
vi) How to formulate business strategies for digital expansion.

7.3 The challenges

The challenges I faced during my work can be separated into three parts:

 Lack of awareness for the customers of Amarstock


The primary target group for Amarstock are retail investors in the stock market. The capital
markets in Bangladesh are dominated by retail investors, around 70% of the market is held
by the retail section. However, many stock market investors are not aware of the fact that
data driven decision making would be of value for their trades. So, The first challenge that
I faced was the process of building awareness for the company.

 Lack of co-operation from Institutional Fund Managers/Brokerage Firms


The institutional clients of Amarstock are not very cooperative in terms of partnerships and
collaborations. Any data service needs the endorsement of an investment body to build
market reputation and gain customer confidence.

 Absence of the willingness to pay for a digital service

The stock market of Bangladesh is only 14% of the GDP of the country (PBIL, Annual
Report) which means that investors do not find confidence in the market as much as they
would in a much more developed country. As a result of this investors and traders are not
willing to pay for the digital services that online financial portals are offering.

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8.0 Licensed Programs used on the platform:

8.1 Modulus StockChartX C++ Edition:

Modulus stock chartX is a charting software that was developed by Modulus Coporation over 15
years ago and is used by over three million traders and chart readers around the world.

The high performing C++ code of StockchartX allows it to run up to two hundred times faster than
any other charting software on the market. It was the result of 15 years of product development.
Features of StockchartX include 2D & 3D candlestick charts, Renko, Kagi, Three line Break,
Candle-Volume, Heikin Ashi Candlestocks and many more cutting edge features. Using this
licensed platform, technical analysts on amarstock.com can insert text, trend lines, custom images,
overlay indicators, display charts with semi-log scaling, and multiple indicators.

All the technical indicators used on the amrstock.com platform has been adopted from over 80
popular technical indicators from StockchartX which can be personalized with user-input
parameters.

8.2 Trading View Module:

Trading View is an advanced platform visualization application which can be used as a website
itself, or can be integrated as a module within other trading or charting platforms. Amarstock.com
has licensed their module onto the website and this allows users to view stock charts on a real time
basis, and it can incorporate data from and all indices on the globe. Using trading view, basic stock
charts and complex spread symbols with over layed strategy back testing can be incorporated. This
module allows amarstock.com to work on PCs, Mobile Devices and Tablets.

Trading View Module also gives es the feature of stock screeners which is a robust tool for
investors and traders to filter stocks based on parameters that the user can specify. Amarstock.com
has both technical screeners, and fundamental screeners which users can choose from. The

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technical analysists can also build their custom screeners already pre-set are not suitable to their
trading strategy.

9.0 Adaptation of common features of international charting websites

9.1 Markets Followed

The markets followed by the users of amarstock.com is usually the Dhaka Stock Exchange, and
sometimes the Chittagong stock exchange. Although other markets will soon be introduced, those
plans are at a pause due to regulatory difficulties because local money cannot easy be invested in
foreign stocks.

9.2 Historical Data Availability

Historical data is available on most web-based services because they maintain their own databases
full of information. To follow suit, Amarstock.com also has a rich data base of data on the Dhaka
Stock Exchange. Other than the free data that users can have access to, amarstock also sells data-
plugins for off-web based software such as AmiBroker.

9.3 Chart Types

Technical analysis mainly deals with the presentation of price and volume information so most
traders make use of this feature on stock chart websites. The most common charts are line charts,
bar, and candlestick charts. Point and figure charts are based on the price action and movement
and amarstock.com offers those interesting features for its users.

9.4 Indicators

A technical indicator is the mathematical assessment of price or volume displayed on a graph.

The type and number of indicators offered by a website is important to consider before selecting a
web-based service. Currently, there is only one web-based service offering this indicator feature

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which happens to be amarstock.com. Users can select from pre set indicators or they may opt to
get their own custom-made indicators.

Many users of TA use more than one indicator, often times fives or six at the same time. Therefore,
it is also important for the service to allow users to chart multiple indicators on the same screenshot.

9.5 Technical Screening/Scanning

There are several stock screening and scanning tools offered by international websites, and
amarstock.com also has proprietary technology behind its screening process. The tool is extremely
helpful for traders who approach the market with a specific strategy. The scanners range from
being basic pre-set scans looking for stocks reaching new highs or new lows or those making the
largest percentage moves for the day to stocks with charts demonstrating similar candlestick or
point & figure patterns.

10.0 Technical Analysis Education

Technical Analysis education is very important before using a platform that provides that data
feed. Amarstock Limited has taken it upon itself to educate the users both though paid, and free,
online and offline training programs. This is very crucial because if more users are skilled in the
basics of TA, then more users will generate traffic on the website, and the target market will
expand, while at the same time making traders and investors more informed.

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11.0 Recommendations

 Amarstock.com must adopt more features used by international web portals for example,
technical analysis depth reviews.

 It must make use of a bigger marketing budget which will allow it drive more users into
the platform.

 By creating local partnerships with brokerage companies and financial institutions it can
work as an investor hunter.

 Amarstock must invest more in its human capital on the programming and development
team.

 Amarstock must also stay ahead of the local and international competition by implementing
foreign markets so that local traders can analyse foreign stocks movements

 Amarstock must make use of data analytics to understand the user footprint, so that it can
quantify ad space charges.

 Amarstock must look into foreign markets to expand into such as Sri Lanka, and Nepal.

 Amarstock must also explore more Fintech and Data Services to help retail and institutional
Investors

 Improve its server load capacity so that it can capacitate more users if the opportunity
arrives

 Constantly monitor and maintain bugs and programming issues on the website to ensure
seamless user experience.

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12.0 Conclusion

The report aimed to understand the financial data portals of Bangladesh. From the comparative
analysis shown in the report we can see that amarstock.com is currently one amongst only two
portals that provide retail and institutional users the technical analysis data to carry out their trades
and make decisions. Currently the market for financial data is very narrow, with only the two
service providers. However, industry specialists say that the market with be larger over time, and
that these web-based services can start charging fees to retail users. Currently the websites are
earning revenue through ads and by selling to institutional clients. However, there is a broader
mass-market that can be tapped into once the people are more aware of their services, and need
them to improve their decision making. It is only a matter of time. Data providers are a mission-
critical service and the web-based services will eventually monetize the user traffic that their
platforms are generating.

In tandem with the goal to generate revenue the services are also investing heavily into technology
and service-based products that can create a valuable connection with the users. The report
highlights the user satisfaction and user experience ratings, and we can see that already 86% of the
respondents are ready to refer and 83.1% would pay a minimum of BDT 100 to use the service.

As behavioral finance becomes more and more complex, traders and investors need to understand
the implications of these schools of investment ideology and the websites also need to create
awareness by educating and training the users. These training and educating is available all around
the world, but local context is also very important.

Finally, a comparative analysis reveals that the financial web services are competing with each
other, but are lagging relative to the international players. However keeping in mind the limited
funding and talent resource of the firms

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Appendix

Appendix 1: The survey questionnaire

1) What is your Nationality


a. Bangladeshi
b. Foreign

2) Your Gender
a. Male
b. Female
c. Other

3) Your Profession
a. Service Holder
b. Business Owner
c. Social Worker
d. Part Time Service/Business
e. Student
f. Homemaker/Housewife
r. Currently not employed

4) Type of User
a. Institutional Investor/Trader
b. Retail Investor/Trader
c. Educational/Learning
d. Teacher/Academician
e. Company Management
f. Regulatory Body Employee

5) Average using time of Amartstock per day


a. Less than 1 Hour
b. Between 1 to 2 hours
c. Between 2 to 3 Hours
d. Between 3 to 4 Hours
e. More than 4 Hours

6) How would you rate the visual appeal of Amarstock


12345

7) How would you rate the User Interface/Experience of Amarstock?

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12345

8) How would you rate the STOCK SCANNERS of Amarstock?


12345

9) How would you rate the Interactive Charting Tools of Amarstock?


12345

10) Which are the most frequented tools that you use on Amarstock?
a. Market Depth
b. Technical/Fundamental Scanner
c. Latest Share Price
d. Volume Price Analysis (VPA)
e. Birds Eye View
f. Chart Gallery
g. Stock Charts

11) Did you consider attending our Training Courses of Technical Analysis?
a. Yes
b. No
c. Maybe

12) Would you be interested in a paid online training program?


a. Yes
b. No
c. Maybe

13) Do you consider Purchasing our Plug-ins for AmiBroker?


a. Yes
b. No
c. Maybe

14) Would you pay for a PREMIUM version of our platform?


a. Yes
b. No
c. Maybe

15) If so, how much is a suitable amount per month?


a. 100 BDT/month
b. 200 BDT/month
c. C. 500 BDT/month

16) Would you recommend Amarstock to your friends?


a. Yes

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b. No
c. Maybe

35