Fin435.final 1report

1 | P a g e
Group report
Fin435 (Investment Theory)
Sec 2
Submitted To:
Mokhdum Morshed (MDM)
Senior Lecturer,
Department of Accounting and Finance
School of Business and Economics
Submitted By:
Name ID
Nusrat Jabin Shanta 1511207030
Iffat Binte Zaman 1511853030
Date of submission
April23, 2018

2 | P a g e
Table of content
Topic Page no.
Introduction 1
Industry Profile of the Portfolio 2-5
Findings & Analysis
AM & SD 6-7
Correlation & Covariance 8-32
Portfolio Risk & Return 33-71
Efficient Frontier 72
Market BETA 73-75
Required Return 76-77
Conclusion 77
Reference 78
Appendix 79

3 | P a g e
Introduction:
Forming a portfolio is the most effective and efficient way to invest in stock. A portfolio is a
combination of financial assets of stocks, bonds and cash equivalents, as well as their funds
counterparts, including mutual, exchange-traded and closed funds. Portfolio management is the
art and science of making decisions about investment mix and policy, matching investments to
objectives, asset allocation for individuals and institutions, and balancing risk against
performance. Portfolio Selection is the process of selecting the Portfolio that will be included in
scope for execution through a series of leadership investment decisions.
Harry Markowitz, the father of portfolio theory comes up with the idea of diversification and
selection of stocks and invented the portfolio theory in 1950. According to his model, one stock
in the market has relation and influence on the price change of another stock of that market. So,
the logic an investor has to follow is not to take stocks which have same level of influence with
each other. The model also has huge calculation of correlation of coefficient and covariance
matrix. This is the most difficult part of this model. At, present lots of new tools have been
invented which are more effective, reliable and applicable. Yet, even today all finance student
start knowing about portfolio construction using this model. This is the base of most of the
modern model today.
This project is going to do a portfolio analysis consists of 30stocks which are traded in DSE from
or after 1st
March, 2014 to 28 February, 2018.To make the analysis investors collect the daily
price of the stocks and DSEX. After collecting all data they calculate the arithmetic mean and
standard deviation of each stock and DSEX. Then investors calculate correlation coefficient and
covariance of these stocks according to Markowitz theory of portfolio selection as well as draw
the efficient frontier. Then by using the regression analysis calculate BETA and compared with
the market BETA available in market. At last investors calculate required return of stocks of our
portfolio by using CAPM model, in which they assumed the risk free rate of 7% and the average
market return of 16%.

4 | P a g e
Industry profile of the portfolio:
In our portfolio, we have 30 companies which cover12 industries of DSE. Industry profile of our
portfolio is given bellow:
Industry Stocks
Bank industry AB Bank, Islami Bank, Jamuna Bank, National
Bank.
Cement Industry Meghna cement mills limited
Engineering Industry Appollo ispat complex limited and Kay & Que
BD limited.
Financial Institutions LankaBangla Finance Limited and Islamic
finance and investment limited
Fuel & power industry Jamuna Oil Company limited and Khulna
Power Company limited
Food and allied industry Meghna condensed milk industry limited
Insurance industry Islami insurance company limited, Janata
insurance company limited, karnaphuli
insurance Company limited, Meghna life
insurance limited.
IT sector industry Intech limited and information service network
limited.
Jute industry Jute spinning
Pharmaceuticals & chemicals
industry
Beximco Pharmaceuticals Company limited,
Beacon pharmaceuticals Company limited,
Keya cosmetics limited, Libra infusions
limited, Marico Bangladesh limited, Kohinoor
chemicals limited BD, Imam Buttons limited,
Active fine chemicals limited.
Tenary industry Legacy Footwear.
Textile industry Maksons spinning mills limited and Malek
spinning mills limited.

5 | P a g e
Bank industry: Banking industry of Bangladesh has a huge growth potential. Bank sector of
DSE has a lower P/E, which is 9.36. And we know that lower the P/E better the stock condition
is. Banking industry of DSE consists of 30 companies that means 30 companies are enlisted in
DSE. We took 4 banks from these 30 companies in our portfolio. Those are AB Bank, Islami
Bank, Jamuna Bank, National Bank.
Cement Industry: Cement companies listed on the Dhaka Stock Exchange (DSE) account
for only three percent of total market capitalization. In DSE Cement sector’s P/E is very high,
which is 49.93. That higher P/E indicates that this sector has less growth potential in future.
Cement Industry of DSE consists of 7 companies. We took 1 cement company from these 7
companies in our portfolio, which is meghna cement mills limited.
Engineering Industry: Engineering industry is a growing industry in Bangladesh.
Engineering sector in DSE has a moderate P/E ratio which is 18.52 that indicates that this sector
is in its growing stage. Engineering industry of DSE consists of 36 companies. From these 36
companies have 2 companies in our portfolio. Those are appollo ispat complex limited and Kay
& Que BD limited.
Financial Institutions: Financial institutions provide services as intermediaries of
financial markets. In DSE financial institutions P/E is 14.29. Financial Institutions of DSE
consists of 23 companies. From these 23 companies have 2 companies in our portfolio. Those are
LankaBangla Finance Limited and Islamic finance and investment limited. Some experts see a
trend toward homogenization of financial institutions, meaning a tendency to invest in similar
areas and have similar business strategies.

6 | P a g e
Fuel & power industry: Fuel & power industry is a very important sector in Bangladesh.
In stock market fuel and power sector has also in a good position. This sectors P/E in DSE is
lower than any others sectors P/E, which is 11.86, that indicates its strong position in DSE. Fuel
& power industry of DSE consists of 18 companies. From these 18 companies have 2 companies
in our portfolio. Those are Jamuna Oil Company limited and Khulna Power Company limited.
Jamuna Oil Company limited enlisted in DSE In 2007. Khulna power is enlisted in 2010 in DSE.
Fuel & power industry is a growing & developing industry in DSE.
Food and allied industry: Food and allied industry in Bangladesh stock market has a
higher P/E, which is 26.87. That indicates this sectors stocks has a less growth potential. Food
and allied industry of DSE consists of 18 companies. From these 18 companies have 1 company
in our portfolio which is meghna condensed milk industry limited
Insurance industry: insurance industry in Dhaka stock exchange consists of a huge
percent of stocks. Insurance sector’s P/E in DSE is 11.53 which is not that higher ratio. That
indicates this sector has a higher potential in future. There are 47 insurance companies are
enlisted in DSE. From these 47 companies have 4 companies in our portfolio. Those are Islami
insurance company limited, Janata insurance company limited, Karnaphuli insurance company
limited Meghna life insurance limited.
IT sector industry: IT sector in Bangladesh is a growing industry now. IT sector of DSE
has a higher P/E, which are 20.23. IT sector industry of DSE consists of 8 companies. From
these 8 companies Intech limited and Information Service Network limited stocks are in our
portfolio.

7 | P a g e
Jute industry: Jute is a vital sector from economical, agricultural, industrial, and commercial
point of view in Bangladesh. There are 3 companies from jute industry are enlisted in DSE. From
these 3 companies have 1 company in our portfolio which is Jute spinning.
Pharmaceuticals & Chemicals Industry: pharmaceuticals industry in Bangladesh is
growing day by day. It has a also a growing stage in stock market. Pharmaceuticals sector in
DSE has a moderate P/E ratio which is 18.8 that indicates that this sector is in its growing stage.
There are 29 pharmaceuticals companies are enlisted in DSE. In our portfolio we took 8
pharmaceuticals companies stocks; those are Beximco Pharmaceuticals Company limited,
Beacon pharmaceuticals Company limited, Keya cosmetics limited, Libra infusions limited,
Marico Bangladesh limited, Kohinoor chemicals limited BD, Imam buttons limited, Active fine
chemicals limited.
Tenary industry: The tertiary industry is the segment of the economy that provides services
to its consumers, including a wide range of businesses.In DSE tenary industry’s P/E is 16.28.
Tenary industry of DSE consists of 6 companies. From these 6 companies have 1 company in
our portfolio which is Legacy Footwear.
Textile industry:The textile and clothing industries provide the single source of growth in
Bangladesh's economy. This industry will make Bangladesh one of the fastest growing
economies in the world. Textile sector of DSE has a P/E of 15.72. Textile industry of DSE
consists of 50 companies. From these 50 companies have 2 companies in our portfolio. Those are
Maksons spinning mills limited and Malek spinning millslimited.

8 | P a g e
Findings & Analysis
Arithmetic Mean Return and Standard Deviation:
Arithmetic mean return is the expected return based on historical closing prices of stock.
Standard deviation is a measure of a set of data from its mean. The more spread apart the data,
the higher the deviation. From our calculated data we found that Jute Spinning has the highest
deviation from the mean.
Compa
ny
Name
Ima
m
butto
n
indus
tries
Ltd
Intec
h
Limit
ed
Inform
ation
service
networ
k Ltd
Islami
Bank
Bangl
adesh
Ltd
Islami
Insura
nce BD
Ltd
Islamic
Financ
e &
invest
ment
Ltd
Jamu
na
Bank
Ltd
Januna
Oil
Compan
y Ltd
Janata
insura
nce
Comp
any
Ltd
Jute
Spin
ning
AM 0.23
%
0.06
%
0.09% 0.01% 0.02% 0.02% 0.04
%
-0.01% -
0.01%
0.17
%
SD 3.65
%
2.68
%
3.49% 2.24% 2.30% 2.39% 1.91
%
1.46% 2,45% 3.81
%
Com
pany
Nam
e
Karnaph
uli
Insuranc
e
company
Ltd
Kay
&Qu
e BD
Ltd
Keya
Cosm
etics
Ltd
Kohino
or
Chemi
cals
Ltd
Libra
Infus
ions
Ltd
Khulna
power
compa
ny Ltd
Lanka
Bangle
Financ
e Ltd
Legac
y
Footw
ear ltd
Makso
nsSpin
ning
Mills
Ltd
Meghna
Life
Issuanc
e Ltd
AM
-0.03%
0.30
%
-
0.07
%
0.03% 0.06
%
0.02% -0.03% 0.11% -0.01% -0.08%
SD 1.97% 3.71
%
2.57
%
2.58% 3.00
%
1.78% 2.84% 3.44% 2.23% 2.10%

9 | P a g e
Com
pany
Nam
e
Meghna
Conden
ced Milk
industri
es Ltd
Megh
na
cemen
t mills
Ltd
Malek
Spinni
ng
Mills
Ltd
Maric
o
Bangl
adesh
Ltd
AB
Bank
Ltd
Active
Fine
Chemi
cals
Ltd
Appoll
oIspat
Compl
ex Ltd
Beacon
Pharm
aceutic
als Ltd
Beximc
oPhar
maceut
icals
Ltd
Nationa
l Bank
Ltd
AM 0.18% -
0.03%
-0.02% 0.02% -
0.03
%
-
0.08%
-
0.06%
0.06% 0.09% 0.02%
SD 3.21% 2.14% 1.94% 1.68% 2.17
%
1.94% 2.20% 2.15% 1.90% 1.96%
DSEX
AM 0.02%
SD 0.66%

10 | P a g e
Covariance and Correlation Coefficient:
Covariance is a measure of the degree to which return on two risky assets co-vary or co-move
together. A positive covariance means that asset return move together in same direction. A
negative covariance means return move inversely. One method of calculating covariance is by
looking at return surprises (deviations from expected return) in each scenario. In financial
language, Correlation is a statistical measure of how two securities move in relation to each
other, which ranges between -1 and +1. The lower the correlation, the better the portfolio is. In
the data presentation we notice that some stocks are positively correlated with DSE index and
some are negatively correlated with DSE index. On the other hand when one stock return is
negatively correlated with another stock return and also one stock return is positively correlated
with another stock. We consider it as a well-diversified portfolio.
Stocks with Index:
Stocks With INDEX COVARIANCE CORRELATION
Imam button & DSEX -2.64394E-06 -0.011107476
Intech Limited & DSEX 5.00261E-06 0.029718258
Information Service Network Ltd & DSEX 7.85218E-06 0.034545272
Islami Bank Bangladesh Ltd & DSEX 5.82382E-06 0.039508658
Islami Insurance BD. Ltd & DSEX 7.28469E-06 0.048288735
Islamic Finance & Investment Ltd & DSEX 6.84295E-06 0.043474362
Jamuna Bank Ltd & DSEX 5.93764E-06 0.047235794
Jamuna Oil Company Ltd & DSEX 1.30135E-05 0.135532706
Janata Insurance Company Ltd & DSEX 1.87808E-05 0.116566624
Jute Spinners Ltd & DSEX -7.25781E-07 -0.003146519

11 | P a g e
Karnaphuli Insurance Company Ltd & DSEX 1.72906E-05 0.133676511
Kay &Que BD Ltd & DSEX -4.9746E-06 -0.02089543
keya Cosmetics Ltd & DSEX 1.89482E-05 0.112186312
Kohinoor Chemicals company BD Ltd & DSEX -4.4773E-07 -0.00269169
Libra Infusions Ltd & DSEX 5.57297E-06 0.029204472
Khulna Power Company Ltd & DSEX 1.58997E-05 0.136139062
LankaBangla Finance Ltd & DSEX 9.12725E-06 0.048984193
Legacy Footwear Ltd & DSEX 1.00334E-05 0.044377896
Maksons Spinning Mills Ltd & DSEX 1.66231E-05 0.113596217
Meghna Life Insurance Co. Ltd & DSEX 1.77094E-05 0.128023753
Meghna Condensed Milk Industries Ltd & DSEX 4.98275E-06 0.023699234
Meghna Cement Mills Ltd & DSEX 1.12912E-05 0.080369836
Malek Spinning Mills Ltd & DSEX 1.38685E-05 0.108717422
Marico Bangladesh Ltd & DSEX 2.00351E-06 0.018233483
AB Bank Ltd & DSEX 3.76837E-06 0.026480054
Active Fine Chemicals Ltd & DSEX 1.81087E-06 0.01421505
Appollo Ispat Complex Ltd & DSEX 1.14107E-05 0.078910232
Beacon Pharmaceuticals Ltd & DSEX 1.53621E-05 0.108592988
Beximco Pharmaceuticals Ltd & DSEX 9.51771E-06 0.076446968
National Bank Ltd & DSEX 1.03744E-05 0.080622123

12 | P a g e
Stocks with stocks:
Stocks with stocks Correlation Covariance
Imam button &Islami Bank Bangladesh Ltd 0.028147976 2.57115E-05
Imam button &Islami Insurance BD. Ltd -0.033135413 -2.71247E-05
Imam button & Islamic Finance & Investment Ltd
-0.030643754
-2.61733E-05
Imam button &Jamuna Bank Ltd 0.027285731 1.86117E-05
.Imam button &Jamuna Oil Company Ltd 0.021241934 1.10675E-05
Imam button &Janata Insurance Company Ltd 0.012653738 1.10628E-05
Imam button & Jute Spinners Ltd -0.006234034 -7.80282E-06
Imam button &Karnaphuli Insurance Company Ltd 0.028749885 2.01789E-05
Imam button & Kay & Que BD Ltd 0.033330406 4.30578E-05
Imam button & keya Cosmetics Ltd 0.037724379 3.45747E-05
Imam button & Kohinoor Chemicals company BD
Ltd
0.011674023 1.0537E-05
Imam button & Libra Infusions Ltd -0.062709438 -6.49348E-05
Imam button & Khulna Power Company Ltd 0.027008018 1.71161E-05
Imam button & Lankabangla Finance Ltd 0.02066495 2.08942E-05
Imam button & Legacy Footwear Ltd 0.020965832 2.08942E-05
Imam button & Maksons Spinning Mills Ltd -0.051946517 -4.12488E-05
Imam button & Meghna Life Insurance Co. Ltd -0.052475224 -3.9389E-05
Imam button & Meghna Condensed Milk Industries
Ltd
-0.019435077 -2.21732E-05
Imam button & Meghna Cement Mills Ltd -0.029796722 -2.27156E-05
Imam button & Malek Spinning Mills Ltd -0.013310043 -9.21331E-06
Imam button & Marico Bangladesh Ltd -0.040036802 -2.3872E-05
Imam button & AB Bank Ltd -0.057372759 -4.43044E-05
. Imam button & Active Fine Chemicals Ltd -0.054243734 -3.74968E-05
Imam button &Appollo Ispat Complex Ltd -0.038630358 -3.03119E-05

13 | P a g e
Imam button & Beacon Pharmaceuticals Ltd -0.005524896 -4.24112E-06
Imam button & Beximco Pharmaceuticals Ltd -0.000517941 -3.49912E-07
Imam button & National Bank Ltd -0.044503524 -3.1075E-05
Intech Limited & Information Service Network Ltd -0.055348868 -4.82786E-05
Intech Limited & Islami Bank Bangladesh Ltd 0.022308987 1.26195E-05
Intech Limited &Islami Insurance BD. Ltd 0.018241082 1.05599E-05
Intech Limited & Islamic Finance & Investment Ltd 0.05141609 3.10566E-05
Intech Limited &Jamuna Bank Ltd 0.000101189 -4.88112E-08
Intech Limited &Jamuna Oil Company Ltd 0.073962498 2.72525E-05
Intech Limited &Janata Insurance Company Ltd 0.006970589 4.30978E-06
Intech Limited & Jute Spinners Ltd 0.008795408 7.78531E-06
Intech Limited &Karnaphuli Insurance Company
Ltd
0.00426986 2.1194E-06
Intech Limited & Kay & Que BD Ltd -0.033745012 -3.08289E-05
Intech Limited & keya Cosmetics Ltd 0.072639753 4.70812E-05
Intech Limited & Kohinoor Chemicals company
BD Ltd
0.028923345 1.84621E-05
Intech Limited & Libra Infusions Ltd 0.095482298 6.99206E-05
Intech Limited & Khulna Power Company Ltd 0.08133816 3.6454E-05
Intech Limited & Lankabangla Finance Ltd 0.100671275 7.19837E-05
Intech Limited & Legacy Footwear Ltd 0.031637822 2.74494E-05
Intech Limited & Maksons Spinning Mills Ltd 0.037191737 2.08852E-05
Intech Limited & Meghna Life Insurance Co. Ltd 0.005843284 3.10181E-06
Intech Limited & Meghna Condensed Milk
Industries Ltd
0.010912817 8.80473E-06
Intech Limited & Meghna Cement Mills Ltd 0.030848538 1.66313E-05
Intech Limited & Malek Spinning Mills Ltd 0.058579456 2.8676E-05
Intech Limited & Marico Bangladesh Ltd 0.021189281 8.93478E-06
Intech Limited & AB Bank Ltd -0.012976547 -7.08661E-06
Intech Limited & Active Fine Chemicals Ltd 0.026526721 1.29678E-05

14 | P a g e
Intech Limited &Appollo Ispat Complex Ltd -0.002376142 -1.31854E-06
Intech Limited & Beacon Pharmaceuticals Ltd 0.039773977 2.1592E-05
Intech Limited &Beximco Pharmaceuticals Ltd 0.019231052 9.18798E-06
Intech Limited & National Bank Ltd 0.012650708 6.24698E-06
Information Service Network Ltd & Islami Bank
Bangladesh Ltd
0.059573815 4.55034E-05
Information Service Network Ltd & Islami
Insurance BD. Ltd
0.125264736 9.7919E-05
Information Service Network Ltd & Islamic
Finance & Investment Ltd
0.111971367 9.1325E-05
Information Service Network Ltd & Jamuna Bank
Ltd
0.034686265 2.25929E-05
Information Service Network Ltd & Jamuna Oil
Company Ltd
-0.051094091 -2.5421E-05
Information Service Network Ltd & Janata
Insurance Company Ltd
-0.039081667 -3.26277E-05
Information Service Network Ltd & Jute Spinners
Ltd
0.023747014 2.83829E-05
Information Service Network Ltd & Karnaphuli
0.046483913 3.11551E-05
Information Service Network Ltd & Kay & Que
BD Ltd
-0.003049676 -3.7621E-06
Information Service Network Ltd & keya
Cosmetics Ltd
0.060169887 5.266E-05
Information Service Network Ltd & Kohinoor
Chemicals company BD Ltd
0.009808976 8.45442E-06
Information Service Network Ltd & Libra Infusions
Ltd
0.023176622 2.29171E-05
Information Service Network Ltd & Khulna Power
Company Ltd
0.021893053 1.32491E-05

15 | P a g e
Information Service Network Ltd & Lankabangla
Finance Ltd
0.025180831 2.43123E-05
Information Service Network Ltd & Legacy
Footwear Ltd
0.040046149 4.69154E-05
Information Service Network Ltd & Maksons
Spinning Mills Ltd
0.055168655 4.18324E-05
Information Service Network Ltd & Meghna Life
Insurance Co. Ltd
0.023961557 1.71752E-05
Information Service Network Ltd & Meghna
Condensed Milk Industries Ltd
0.043258355 4.71278E-05
Information Service Network Ltd & Meghna
Cement Mills Ltd
0.026843859 1.95418E-05
Information Service Network Ltd & Malek
Spinning Mills Ltd
-0.027722372 -1.83245E-05
Information Service Network Ltd & Marico
Bangladesh Ltd
-0.024689576 -1.40575E-05
Information Service Network Ltd & AB Bank Ltd 0.038361608 2.82881E-05
Information Service Network Ltd & Active Fine
Chemicals Ltd
0.065717034 4.33799E-05
Information Service Network Ltd &Appollo Ispat
Complex Ltd
0.039134267 2.93229E-05
Information Service Network Ltd & Beacon
Pharmaceuticals Ltd
-0.001055254 -7.73533E-07
86. Information Service Network Ltd & Beximco
Pharmaceuticals Ltd
0.010101457 6.51672E-06
Information Service Network Ltd & National Bank
Ltd
0.005939246 3.96018E-06
Islami Bank Bangladesh Ltd & Islami Insurance
BD. Ltd
0.034848203 1.76658E-05
Islami Bank Bangladesh Ltd & Islamic Finance 0.223789706 0.000118369

16 | P a g e
&Investment Ltd
Islami Bank Bangladesh Ltd & Jamuna Bank Ltd 0.241687865 0.00010209
Islami Bank Bangladesh Ltd & Jamuna Oil
Company Ltd
0.105341354 3.39888E-05
Islami Bank Bangladesh Ltd & Janata Insurance
Company Ltd
0.070554543 3.81991E-05
Islami Bank Bangladesh Ltd & Jute Spinners Ltd 0.041434503 3.21162E-05
Islami Bank Bangladesh Ltd & Karnaphuli
0.122488361 5.32398E-05
Islami Bank Bangladesh Ltd & Kay & Que BD Ltd 0.025740095 2.05921E-05
Islami Bank Bangladesh Ltd & keya Cosmetics Ltd 0.03435556 1.9499E-05
Islami Bank Bangladesh Ltd & Kohinoor
-0.023899916 -1.33589E-05
.Islami Bank Bangladesh Ltd & Libra Infusions Ltd 0.040167154 2.5757E-05
Islami Bank Bangladesh Ltd & Khulna Power
Company Ltd
0.018477169 7.25151E-06
Islami Bank Bangladesh Ltd &Lankabangla
Finance Ltd
0.024478241 1.53268E-05
Islami Bank Bangladesh Ltd & Legacy Footwear
Ltd
0.065609662 4.98467E-05
Islami Bank Bangladesh Ltd &Maksons Spinning
Mills Ltd
0.105086815 5.16753E-05
Islami Bank Bangladesh Ltd &Meghna Life
Insurance Co. Ltd
0.026752244 1.24354E-05
Islami Bank Bangladesh Ltd &Meghna Condensed
Milk Industries Ltd
-0.022793625 -1.6104E-05
Islami Bank Bangladesh Ltd &Meghna Cement
Mills Ltd
0.066441509 3.13671E-05
Islami Bank Bangladesh Ltd &Malek Spinning
Mills Ltd
0.10063915 4.31403E-05

17 | P a g e
Islami Bank Bangladesh Ltd & Marico Bangladesh
Ltd
0.018433333 6.80634E-06
Islami Bank Bangladesh Ltd & AB Bank Ltd 0.234031141 0.000111917
Islami Bank Bangladesh Ltd & Active Fine
Chemicals Ltd
0.020284001 8.68318E-06
Islami Bank Bangladesh Ltd &Appollo Ispat
Complex Ltd
0.057664446 2.80203E-05
Islami Bank Bangladesh Ltd & Beacon
Pharmaceuticals Ltd
0.016583299 7.88328E-06
Islami Bank Bangladesh Ltd & Beximco
Pharmaceuticals Ltd
0.087291494 3.652E-05
Islami Bank Bangladesh Ltd & National Bank Ltd 0.243170622 0.00010515
Islami Insurance BD. Ltd & Islamic Finance &
Investment Ltd
0.079920611 4.32619E-05
Islami Insurance BD. Ltd &Jamuna Bank Ltd 0.064780355 2.80041E-05
Islami Insurance BD. Ltd &Jamuna Oil Company
Ltd
0.083458634 2.75586E-05
Islami Insurance BD. Ltd &Janata Insurance
Company Ltd
0.088754729 4.91778E-05
Islami Insurance BD. Ltd & Jute Spinners Ltd 0.011668843 9.25634E-06
Islami Insurance BD. Ltd &Karnaphuli Insurance
Company Ltd
0.017670289 7.86022E-06
Islami Insurance BD. Ltd & Kay &Que BD Ltd -0.017045802 -1.39559E-05
Islami Insurance BD. Ltd &keya Cosmetics Ltd 0.032224183 1.87175E-05
Islami Insurance BD. Ltd & Kohinoor Chemicals
company BD Ltd
-0.049227951 -2.81602E-05
.Islami Insurance BD. Ltd & Libra Infusions Ltd 0.052676721 3.45695E-05
Islami Insurance BD. Ltd & Khulna Power
Company Ltd
0.083278805 3.34485E-05
Islami Insurance BD. Ltd &Lankabangla Finance 0.05674274 3.34485E-05

18 | P a g e
Ltd
Islami Insurance BD. Ltd & Legacy Footwear Ltd 0.033065754 2.57097E-05
Islami Insurance BD. Ltd &Maksons Spinning
Mills Ltd
0.085273687 4.29141E-05
Islami Insurance BD. Ltd &Meghna Life Insurance
Co. Ltd
0.077561329 3.68974E-05
Islami Insurance BD. Ltd &Meghna Condensed
Milk Industries Ltd
-0.023584764 -1.70531E-05
Islami Insurance BD. Ltd &Meghna Cement Mills
Ltd
0.114284583 5.52169E-05
Islami Insurance BD. Ltd &Malek Spinning Mills
Ltd
-0.002053135 -9.00706E-07
.Islami Insurance BD. Ltd & Marico Bangladesh
Ltd
0.032338913 1.22204E-05
.Islami Insurance BD. Ltd & AB Bank Ltd 0.11240951 5.50141E-05
.Islami Insurance BD. Ltd & Active Fine Chemicals
Ltd
0.088944818 3.89669E-05
Islami Insurance BD. Ltd &Appollo Ispat Complex
Ltd
0.052297155 2.60071E-05
Islami Insurance BD. Ltd & Beacon
Pharmaceuticals Ltd
0.030928793 1.5047E-05
Islami Insurance BD. Ltd &Beximco
Pharmaceuticals Ltd
0.100723309 4.3126E-05
Islami Insurance BD. Ltd & National Bank Ltd 0.054857908 2.42765E-05
Islamic Finance & Investment Ltd &Jamuna Bank
Ltd
0.193195782 8.71407E-05
Islamic Finance & Investment Ltd &Jamuna Oil
Company Ltd
0.090872227 3.13085E-05
Islamic Finance & Investment Ltd &Janata
0.16674479 9.63994E-05

19 | P a g e
Islamic Finance & Investment Ltd & Jute Spinners
Ltd
-0.041799761 -3.45963E-05
Islamic Finance & Investment Ltd &Karnaphuli
0.217203617 0.00010081
Islamic Finance & Investment Ltd & Kay &Que
BD Ltd
-0.021988826 -1.8784E-05
.Islamic Finance & Investment Ltd &keya
Cosmetics Ltd
0.076269013 4.6223E-05
Islamic Finance & Investment Ltd & Kohinoor
-0.060189507 -3.59244E-05
Islamic Finance & Investment Ltd & Libra
Infusions Ltd
-0.00296432 -2.02975E-06
Islamic Finance & Investment Ltd & Khulna Power
Company Ltd
0.044912287 1.88214E-05
Islamic Finance & Investment Ltd &Lankabangla
Finance Ltd
0.005891683 3.93917E-06
Islamic Finance & Investment Ltd & Legacy
Footwear Ltd
0.101348193 8.22203E-05
Islamic Finance & Investment Ltd &Maksons
Spinning Mills Ltd
0.124326648 6.5282E-05
Islamic Finance & Investment Ltd &Meghna Life
Insurance Co. Ltd
0.150299543 7.46024E-05
Islamic Finance & Investment Ltd &Meghna
-0.013329488 -1.00561E-05
.Islamic Finance & Investment Ltd &Meghna
Cement Mills Ltd
0.131734796 6.64094E-05
Islamic Finance & Investment Ltd &Malek
Spinning Mills Ltd
0.064932175 2.97215E-05
Islamic Finance & Investment Ltd & Marico
Bangladesh Ltd
0.04670333 1.84141E-05

20 | P a g e
Islamic Finance & Investment Ltd & AB Bank Ltd 0.280081738 0.000143021
.Islamic Finance & Investment Ltd & Active Fine
Chemicals Ltd
0.009726119 4.44589E-06
Islamic Finance & Investment Ltd &Appollo Ispat
Complex Ltd
0.148100358 7.68448E-05
Islamic Finance & Investment Ltd & Beacon
Pharmaceuticals Ltd
0.090059295 4.5715E-05
Islamic Finance & Investment Ltd &Beximco
Pharmaceuticals Ltd
0.163630617 7.31001E-05
Islamic Finance & Investment Ltd & National Bank
Ltd
0.210755079 9.73127E-05
Jamuna Bank Ltd &Jamuna Oil Company Ltd 0.055636698 1.53082E-05
Jamuna Bank Ltd &Janata Insurance Company Ltd 0.060311025 2.78453E-05
Jamuna Bank Ltd & Jute Spinners Ltd 0.01436533 9.4952E-06
Jamuna Bank Ltd &Karnaphuli Insurance Company
Ltd
0.127188526 4.71428E-05
Jamuna Bank Ltd & Kay &Que BD Ltd 0.013686806 9.33727E-06
Jamuna Bank Ltd &keya Cosmetics Ltd 0.043439388 2.10245E-05
.Jamuna Bank Ltd & Kohinoor Chemicals company
BD Ltd
-0.01090615 -5.1984E-06
Jamuna Bank Ltd & Libra Infusions Ltd 0.014550969 7.95688E-06
Jamuna Bank Ltd & Khulna Power Company Ltd 0.024611355 8.23673E-06
Jamuna Bank Ltd &Lankabangla Finance Ltd 0.064948888 3.46792E-05
Jamuna Bank Ltd & Legacy Footwear Ltd 0.036684167 2.3767E-05
Jamuna Bank Ltd &Maksons Spinning Mills Ltd 0.07852504 3.29283E-05
Jamuna Bank Ltd &Meghna Life Insurance Co. Ltd 0.032421596 1.28517E-05
Jamuna Bank Ltd &Meghna Condensed Milk
Industries Ltd
0.02975396 1.79264E-05
Jamuna Bank Ltd &Meghna Cement Mills Ltd 0.052907569 2.13E-05
jamuna Bank Ltd &Malek Spinning Mills Ltd 0.06261851 2.289E-05

21 | P a g e
.Jamuna Bank Ltd & Marico Bangladesh Ltd 0.037221487 1.17201E-05
Jamuna Bank Ltd & AB Bank Ltd 0.273298411 0.000111451
Jamuna Bank Ltd & Active Fine Chemicals Ltd 0.0415298 1.51604E-05
Jamuna Bank Ltd &Appollo Ispat Complex Ltd 0.103958276 4.30775E-05
Jamuna Bank Ltd & Beacon Pharmaceuticals Ltd 0.054709693 2.21782E-05
Jamuna Bank Ltd &Beximco Pharmaceuticals Ltd 0.083671669 2.98514E-05
Jamuna Bank Ltd & National Bank Ltd 0.33485562 0.000123476
Jamuna Oil Company Ltd &Janata Insurance
Company Ltd
0.058403146 2.05967E-05
.Jamuna Oil Company Ltd & Jute Spinners Ltd -0.00563804 -2.8466E-06
Jamuna Oil Company Ltd &Karnaphuli Insurance
Company Ltd
0.040264848 1.13999E-05
Jamuna Oil Company Ltd & Kay &Que BD Ltd -0.00853438 -4.4473E-06
.Jamuna Oil Company Ltd &keya Cosmetics Ltd 0.094436384 3.49131E-05
.Jamuna Oil Company Ltd & Kohinoor Chemicals
company BD Ltd
0.019082953 6.9479E-06
Jamuna Oil Company Ltd & Libra Infusions Ltd 0.025932541 1.08319E-05
.Jamuna Oil Company Ltd & Khulna Power
Company Ltd
-0.00392211 -1.0026E-06
.Jamuna Oil Company Ltd &Lankabangla
Finance Ltd
0.021588137 8.80481E-06
Jamuna Oil Company Ltd & Legacy Footwear
Ltd
0.072326417 3.57931E-05
Jamuna Oil Company Ltd &Maksons Spinning
Mills Ltd
0.105116836 3.36699E-05
Jamuna Oil Company Ltd &Meghna Life
Insurance Co. Ltd
0.076295176 2.31011E-05
Jamuna Oil Company Ltd &Meghna Condensed
Milk Industries Ltd
0.027634868 1.27178E-05
Jamuna Oil Company Ltd &Meghna Cement Mills 0.107308186 3.29991E-05

22 | P a g e
Ltd
Jamuna Oil Company Ltd &Malek Spinning Mills
Ltd
0.111325072 3.10844E-05
Jamuna Oil Company Ltd & Marico Bangladesh
Ltd
0.026494554 6.37236E-06
Jamuna Oil Company Ltd & AB Bank Ltd 0.082632515 2.57399E-05
.Jamuna Oil Company Ltd & Active Fine
Chemicals Ltd
0.01347827 3.75831E-06
.Jamuna Oil Company Ltd &Appollo Ispat
Complex Ltd
0.145202456 4.59592E-05
Jamuna Oil Company Ltd & Beacon
Pharmaceuticals Ltd
0.082103254 2.54232E-05
.Jamuna Oil Company Ltd &Beximco
Pharmaceuticals Ltd
0.079130257 2.15643E-05
.Jamuna Oil Company Ltd & National Bank Ltd 0.091026442 2.56389E-05
Janata Insurance Company Ltd & Jute Spinners Ltd 0.009541554 8.08363E-06
Janata Insurance Company Ltd &Karnaphuli
0.320918596 0.000152462
Janata Insurance Company Ltd & Kay &Que BD
Ltd
0.048227935 4.21711E-05
.Janata Insurance Company Ltd &keya Cosmetics
Ltd
0.089427014 5.54766E-05
.Janata Insurance Company Ltd & Kohinoor
-0.00572698 -3.4989E-06
Janata Insurance Company Ltd & Libra Infusions
Ltd
0.034230179 2.39916E-05
Janata Insurance Company Ltd & Khulna Power
Company Ltd
0.084476876 3.62373E-05
Janata Insurance Company Ltd &Lankabangla
Finance Ltd
-0.03190366 -2.1834E-05

23 | P a g e
Janata Insurance Company Ltd & Legacy Footwear
Ltd
0.134429881 0.000111632
.Janata Insurance Company Ltd &Maksons
Spinning Mills Ltd
0.137069143 7.36716E-05
Janata Insurance Company Ltd &Meghna Life
Insurance Co. Ltd
0.145079889 7.37112E-05
Janata Insurance Company Ltd &Meghna
0.029506153 2.27855E-05
Janata Insurance Company Ltd &Meghna Cement
Mills Ltd
0.144574427 7.46022E-05
Janata Insurance Company Ltd &Malek Spinning
Mills Ltd
0.124663085 5.84089E-05
Janata Insurance Company Ltd & Marico
Bangladesh Ltd
0.037613563 1.51803E-05
.Janata Insurance Company Ltd & AB Bank Ltd 0.102729579 5.3696E-05
Janata Insurance Company Ltd & Active Fine
Chemicals Ltd
-0.04141439 -1.9378E-05
Janata Insurance Company Ltd &Appollo Ispat
Complex Ltd
0.122651155 6.5142E-05
Janata Insurance Company Ltd & Beacon
Pharmaceuticals Ltd
0.006993887 3.63396E-06
Janata Insurance Company Ltd &Beximco
Pharmaceuticals Ltd
0.143501632 6.56207E-05
Janata Insurance Company Ltd & National Bank
Ltd
0.147597062 6.9759E-05
Jute Spinners Ltd &Karnaphuli Insurance Company
Ltd
-0.006695494 -4.5539E-06
Jute Spinners Ltd & Kay &Que BD Ltd 0.012125711 1.51795E-05
Jute Spinners Ltd &keya Cosmetics Ltd 0.016885494 1.49965E-05
Jute Spinners Ltd & Kohinoor Chemicals company 0.064771759 5.66525E-05

24 | P a g e
BD Ltd
Jute Spinners Ltd & Libra Infusions Ltd -0.044304203 -4.44558E-05
Jute Spinners Ltd & Khulna Power Company Ltd 0.023653735 1.45262E-05
.Jute Spinners Ltd &Lankabangla Finance Ltd -0.041919199 -4.10717E-05
Jute Spinners Ltd & Legacy Footwear Ltd -0.017322063 -2.05934E-05
Jute Spinners Ltd &Maksons Spinning Mills Ltd -0.039699048 -3.05474E-05
Jute Spinners Ltd &Meghna Life Insurance Co. Ltd -0.01878872 -1.36665E-05
Jute Spinners Ltd &Meghna Condensed Milk
Industries Ltd
0.022441428 2.48102E-05
Jute Spinners Ltd &Meghna Cement Mills Ltd -0.018660052 -1.3785E-05
Jute Spinners Ltd &Malek Spinning Mills Ltd -0.022510231 -1.50992E-05
Jute Spinners Ltd & Marico Bangladesh Ltd 0.029509546 1.70503E-05
Jute Spinners Ltd & AB Bank Ltd 0.006869802 5.14073E-06
.Jute Spinners Ltd & Active Fine Chemicals Ltd 0.025860049 1.73226E-05
Jute Spinners Ltd &Appollo Ispat Complex Ltd 0.022657044 1.72277E-05
Jute Spinners Ltd & Beacon Pharmaceuticals Ltd -0.042986402 -3.19762E-05
Jute Spinners Ltd &Beximco Pharmaceuticals Ltd -0.013550864 -8.87126E-06
Jute Spinners Ltd & National Bank Ltd 0.042469968 2.87368E-05
Karnaphuli Insurance Company Ltd & Kay &Que
BD Ltd
-0.06649131 -4.6676E-05
Karnaphuli Insurance Company Ltd &keya
Cosmetics Ltd
0.101833216 5.07158E-05
Karnaphuli Insurance Company Ltd & Kohinoor
-0.03241003 -1.5896E-05
Karnaphuli Insurance Company Ltd & Libra
Infusions Ltd
0.030619102 1.72288E-05
Karnaphuli Insurance Company Ltd & Khulna
Power Company Ltd
0.072677174 2.50282E-05
.Karnaphuli Insurance Company Ltd &Lankabangla
Finance Ltd
-0.00309088 -1.6982E-06

25 | P a g e
Karnaphuli Insurance Company Ltd & Legacy
Footwear Ltd
0.093304528 6.22028E-05
Karnaphuli Insurance Company Ltd &Maksons
Spinning Mills Ltd
0.139776305 6.03125E-05
Karnaphuli Insurance Company Ltd &Meghna Life
Insurance Co. Ltd
0.188327904 7.68164E-05
Karnaphuli Insurance Company Ltd &Meghna
0.015981667 9.90791E-06
Karnaphuli Insurance Company Ltd &Meghna
Cement Mills Ltd
0.10911429 4.52017E-05
.Karnaphuli Insurance Company Ltd &Malek
Spinning Mills Ltd
0.152887468 5.75078E-05
.Karnaphuli Insurance Company Ltd & Marico
Bangladesh Ltd
0.049620047 1.6077E-05
Karnaphuli Insurance Company Ltd & AB Bank
Ltd
0.157037129 6.58965E-05
Karnaphuli Insurance Company Ltd & Active Fine
Chemicals Ltd
0.016470038 6.18669E-06
Karnaphuli Insurance Company Ltd &Appollo Ispat
Complex Ltd
0.145778696 6.2158E-05
Karnaphuli Insurance Company Ltd & Beacon
Pharmaceuticals Ltd
0.084842261 3.53905E-05
Karnaphuli Insurance Company Ltd &Beximco
Pharmaceuticals Ltd
0.128857396 4.7305E-05
Karnaphuli Insurance Company Ltd & National
Bank Ltd
0.183972507 6.98054E-05
Kay &Que BD Ltd &keya Cosmetics Ltd -0.0638522 -5.853E-05
Kay &Que BD Ltd & Kohinoor Chemicals
company BD Ltd
0.009191868 8.29786E-06
Kay &Que BD Ltd & Libra Infusions Ltd -0.07643705 -7.9162E-05

26 | P a g e
Kay &Que BD Ltd & Khulna Power Company Ltd 0.004559298 2.88988E-06
.Kay &Que BD Ltd &Lankabangla Finance Ltd 0.032442439 3.28075E-05
Kay &Que BD Ltd & Legacy Footwear Ltd -0.01523953 -1.8699E-05
Kay &Que BD Ltd &Maksons Spinning Mills Ltd -0.01324381 -1.0518E-05
Kay &Que BD Ltd &Meghna Life Insurance Co.
Ltd
-0.02775054 -2.0833E-05
Kay &Que BD Ltd &Meghna Condensed Milk
Industries Ltd
0.002385983 2.72256E-06
Kay &Que BD Ltd &Meghna Cement Mills Ltd -0.03132084 -2.3881E-05
.Kay &Que BD Ltd &Malek Spinning Mills Ltd -0.0495334 -3.4293E-05
Kay &Que BD Ltd & Marico Bangladesh Ltd -0.00854387 -5.0951E-06
Kay &Que BD Ltd & AB Bank Ltd -0.07145847 -5.519E-05
Kay &Que BD Ltd & Active Fine Chemicals Ltd -0.02753206 -1.9035E-05
Kay &Que BD Ltd &Appollo Ispat Complex Ltd -0.05082268 -3.9885E-05
.Kay &Que BD Ltd & Beacon Pharmaceuticals Ltd -0.00606774 -4.6586E-06
Kay &Que BD Ltd &Beximco Pharmaceuticals Ltd 0.006772636 4.5762E-06
.Kay &Que BD Ltd & National Bank Ltd -0.0246455 -1.7212E-05
.keya Cosmetics Ltd & Kohinoor Chemicals
company BD Ltd
-0.01592736 -1.0201E-05
keya Cosmetics Ltd & Libra Infusions Ltd 0.007695407 5.65417E-06
keya Cosmetics Ltd & Khulna Power Company Ltd 0.025237347 1.13488E-05
keya Cosmetics Ltd &Lankabangla Finance Ltd 0.034855263 2.50065E-05
keya Cosmetics Ltd & Legacy Footwear Ltd 0.116451334 0.000101374
keya Cosmetics Ltd &Maksons Spinning Mills Ltd 0.204659066 0.000115313
keya Cosmetics Ltd &Meghna Life Insurance Co.
Ltd
0.114734311 6.11093E-05
keya Cosmetics Ltd &Meghna Condensed Milk
Industries Ltd
0.012031819 9.74015E-06
.keya Cosmetics Ltd &Meghna Cement Mills Ltd 0.082223888 4.4478E-05
keya Cosmetics Ltd &Malek Spinning Mills Ltd 0.188862966 9.27632E-05

27 | P a g e
keya Cosmetics Ltd & Marico Bangladesh Ltd 0.044451375 1.88065E-05
keya Cosmetics Ltd & AB Bank Ltd 0.085517009 4.68583E-05
.keya Cosmetics Ltd & Active Fine Chemicals Ltd 0.017274394 8.47307E-06
keya Cosmetics Ltd &AppolloIspat Complex Ltd 0.290214866 0.000161583
keya Cosmetics Ltd & Beacon Pharmaceuticals Ltd 0.145217366 7.90984E-05
keya Cosmetics Ltd &Beximco Pharmaceuticals
Ltd
0.04788906 2.29566E-05
keya Cosmetics Ltd & National Bank Ltd 0.089845617 4.45151E-05
Kohinoor Chemicals company BD Ltd & Libra
Infusions Ltd
-0.01849995 -1.3386E-05
Kohinoor Chemicals company BD Ltd & Khulna
Power Company Ltd
0.005507816 2.43918E-06
Kohinoor Chemicals company BD Ltd
&Lankabangla Finance Ltd
-0.01623728 -1.1472E-05
Kohinoor Chemicals company BD Ltd & Legacy
Footwear Ltd
-0.01264589 -1.0842E-05
Kohinoor Chemicals company BD Ltd &Maksons
Spinning Mills Ltd
-0.05082844 -2.8204E-05
Kohinoor Chemicals company BD Ltd &Meghna
Life Insurance Co. Ltd
0.019294939 1.01208E-05
-0.024379 -1.9436E-05
Cement Mills Ltd
0.01576777 8.39995E-06
Kohinoor Chemicals company BD Ltd &Malek
Spinning Mills Ltd
-0.08665036 -4.1914E-05
.Kohinoor Chemicals company BD Ltd & Marico
Bangladesh Ltd
-0.02133534 -8.8896E-06
Kohinoor Chemicals company BD Ltd & AB Bank
Ltd
0.001053923 5.68724E-07

28 | P a g e
.Kohinoor Chemicals company BD Ltd & Active
Fine Chemicals Ltd
-0.00779318 -3.7645E-06
.Kohinoor Chemicals company BD Ltd &Appollo
Ispat Complex Ltd
0.007153076 3.92219E-06
Kohinoor Chemicals company BD Ltd & Beacon
Pharmaceuticals Ltd
-0.02134518 -1.145E-05
Kohinoor Chemicals company BD Ltd &Beximco
Pharmaceuticals Ltd
0.039871855 1.88234E-05
Kohinoor Chemicals company BD Ltd & National
Bank Ltd
-0.01107717 -5.405E-06
Libra Infusions Ltd & Khulna Power Company Ltd -0.00106486 -5.41012E-07
Libra Infusions Ltd &Lankabangla Finance Ltd 0.00094516 7.66122E-07
Libra Infusions Ltd & Legacy Footwear Ltd 0.016151119 1.58852E-05
Libra Infusions Ltd &Maksons Spinning Mills Ltd 0.056159883 3.57506E-05
Libra Infusions Ltd &Meghna Life Insurance Co.
Ltd
-0.004661971 -2.80538E-06
Libra Infusions Ltd &Meghna Condensed Milk
Industries Ltd
-0.001116352 -1.02104E-06
Libra Infusions Ltd &Meghna Cement Mills Ltd -0.00521212 -3.18545E-06
Libra Infusions Ltd &Malek Spinning Mills Ltd 0.045019326 2.49825E-05
Libra Infusions Ltd & Marico Bangladesh Ltd 0.020472715 9.78603E-06
Libra Infusions Ltd & AB Bank Ltd 0.018616396 1.15249E-05
Libra Infusions Ltd & Active Fine Chemicals Ltd -0.024888213 -1.37924E-05
Libra Infusions Ltd &Appollo Ispat Complex Ltd 0.028381416 1.78534E-05
Libra Infusions Ltd & Beacon Pharmaceuticals Ltd 0.046701658 2.87402E-05
Libra Infusions Ltd &Beximco Pharmaceuticals Ltd -0.004219877 -2.2855E-06
Libra Infusions Ltd & National Bank Ltd 0.005901095 3.30333E-06
Khulna Power Company Ltd &Lankabangla
Finance Ltd
0.077903725 3.86473E-05
Khulna Power Company Ltd & Legacy Footwear -0.02193372 -1.3203E-05

29 | P a g e
Ltd
Khulna Power Company Ltd &Maksons Spinning
Mills Ltd
0.003737804 1.45627E-06
Khulna Power Company Ltd &Meghna Life
Insurance Co. Ltd
0.04799797 1.76772E-05
Khulna Power Company Ltd &Meghna Condensed
Milk Industries Ltd
0.006566592 3.6758E-06
Khulna Power Company Ltd &Meghna Cement
Mills Ltd
0.022578287 8.44532E-06
Khulna Power Company Ltd &Malek Spinning
Mills Ltd
0.031357491 1.065E-05
.Khulna Power Company Ltd & Marico
Bangladesh Ltd
-0.03553959 -1.0397E-05
Khulna Power Company Ltd & AB Bank Ltd 0.000781502 2.96102E-07
Khulna Power Company Ltd & Active Fine
Chemicals Ltd
0.165248197 5.60469E-05
.Khulna Power Company Ltd &Appollo Ispat
Complex Ltd
0.015348824 5.90921E-06
Khulna Power Company Ltd & Beacon
Pharmaceuticals Ltd
0.029549984 1.11297E-05
.Khulna Power Company Ltd &Beximco
Pharmaceuticals Ltd
0.106484106 3.52967E-05
Khulna Power Company Ltd & National Bank Ltd 0.082493653 2.82623E-05
Lankabangla Finance Ltd & Legacy Footwear Ltd 0.043664347 4.19338E-05
Lankabangla Finance Ltd &Maksons Spinning
Mills Ltd
0.043811714 2.72329E-05
.Lankabangla Finance Ltd &Meghna Life
Insurance Co. Ltd
5.61031E-05 3.29652E-08
Lankabangla Finance Ltd &Meghna Condensed
Milk Industries Ltd
0.043342235 3.8708E-05

30 | P a g e
Lankabangla Finance Ltd &Meghna Cement Mills
Ltd
-0.02835022 -1.6918E-05
Lankabangla Finance Ltd &Malek Spinning Mills
Ltd
0.078961608 4.27859E-05
.Lankabangla Finance Ltd & Marico Bangladesh
Ltd
0.00710288 3.31522E-06
Lankabangla Finance Ltd & AB Bank Ltd 0.039501828 2.38785E-05
Lankabangla Finance Ltd & Active Fine Chemicals
Ltd
0.126236433 6.8309E-05
Lankabangla Finance Ltd &Appollo Ispat Complex
Ltd
0.060690087 3.72778E-05
Lankabangla Finance Ltd & Beacon
Pharmaceuticals Ltd
-0.02000993 -1.2024E-05
Lankabangla Finance Ltd &Beximco
Pharmaceuticals Ltd
-0.01350696 -7.1431E-06
Lankabangla Finance Ltd & National Bank Ltd 0.022746075 1.24329E-05
Legacy Footwear Ltd &Maksons Spinning Mills
Ltd
0.16610875 0.000125283
Legacy Footwear Ltd &Meghna Life Insurance Co.
Ltd
0.082938613 5.91321E-05
Legacy Footwear Ltd &Meghna Condensed Milk
Industries Ltd
0.041041042 4.4474E-05
Legacy Footwear Ltd &Meghna Cement Mills Ltd 0.074612903 5.40275E-05
Legacy Footwear Ltd &Malek Spinning Mills Ltd 0.088113085 5.79325E-05
Legacy Footwear Ltd & Marico Bangladesh Ltd -0.00060873 -3.4475E-07
Legacy Footwear Ltd & AB Bank Ltd 0.040074333 2.93937E-05
Legacy Footwear Ltd & Active Fine Chemicals Ltd -0.07288989 -4.7858E-05
.Legacy Footwear Ltd &Appollo Ispat Complex Ltd 0.162347324 0.000120997
.Legacy Footwear Ltd & Beacon Pharmaceuticals
Ltd
0.049031818 3.57503E-05

31 | P a g e
Legacy Footwear Ltd &Beximco Pharmaceuticals
Ltd
0.068131499 4.37193E-05
.Legacy Footwear Ltd & National Bank Ltd 0.081652689 5.41544E-05
Maksons Spinning Mills Ltd &Meghna Life
Insurance Co. Ltd
0.115218291 5.31685E-05
Maksons Spinning Mills Ltd &Meghna Condensed
Milk Industries Ltd
-0.01910962 -1.34031E-05
Maksons Spinning Mills Ltd &Meghna Cement
Mills Ltd
0.151924883 7.12026E-05
Maksons Spinning Mills Ltd &Malek Spinning
Mills Ltd
0.28056071 0.000119392
Maksons Spinning Mills Ltd & Marico Bangladesh
Ltd
-0.012435662 -4.55838E-06
Maksons Spinning Mills Ltd & AB Bank Ltd 0.113793754 5.40222E-05
Maksons Spinning Mills Ltd & Active Fine
Chemicals Ltd
-0.015035833 -6.38976E-06
Maksons Spinning Mills Ltd &AppolloIspat
Complex Ltd
0.25119239 0.000121172
Maksons Spinning Mills Ltd & Beacon
Pharmaceuticals Ltd
0.148092601 6.98879E-05
Maksons Spinning Mills Ltd &Beximco
Pharmaceuticals Ltd
0.073098814 3.036E-05
Maksons Spinning Mills Ltd & National Bank Ltd 0.158822795 6.81777E-05
Meghna Life Insurance Co. Ltd &Meghna
-0.0227568 -1.5088E-05
.Meghna Life Insurance Co. Ltd &Meghna Cement
Mills Ltd
0.243479415 0.000107869
Meghna Life Insurance Co. Ltd &Malek Spinning
Mills Ltd
0.123565321 4.97062E-05
Meghna Life Insurance Co. Ltd & Marico 0.042576599 1.47529E-05

32 | P a g e
Bangladesh Ltd
Meghna Life Insurance Co. Ltd & AB Bank Ltd 0.14493768 6.5043E-05
.Meghna Life Insurance Co. Ltd & Active Fine
Chemicals Ltd
0.01341316 5.38833E-06
.Meghna Life Insurance Co. Ltd &Appollo Ispat
Complex Ltd
0.146389188 6.67531E-05
Meghna Life Insurance Co. Ltd & Beacon
Pharmaceuticals Ltd
0.078983682 3.52348E-05
Meghna Life Insurance Co. Ltd &Beximco
Pharmaceuticals Ltd
0.095415126 3.74606E-05
Meghna Life Insurance Co. Ltd & National Bank
Ltd
0.151321339 6.14038E-05
Meghna Condensed Milk Industries Ltd &Meghna
Cement Mills Ltd
0.038080712 2.56424E-05
Meghna Condensed Milk Industries Ltd &Malek
Spinning Mills Ltd
0.026312193 1.60876E-05
Meghna Condensed Milk Industries Ltd & Marico
Bangladesh Ltd
0.038587423 2.03224E-05
.Meghna Condensed Milk Industries Ltd & AB
Bank Ltd
-0.03623268 -2.47138E-05
Meghna Condensed Milk Industries Ltd & Active
Fine Chemicals Ltd
-0.016722435 -1.02104E-05
Meghna Condensed Milk Industries Ltd
&AppolloIspat Complex Ltd
-0.032091583 -2.2242E-05
Meghna Condensed Milk Industries Ltd & Beacon
Pharmaceuticals Ltd
-0.005938793 -4.02673E-06
Meghna Condensed Milk Industries Ltd &Beximco
Pharmaceuticals Ltd
-0.002443886 -1.45834E-06
Meghna Condensed Milk Industries Ltd & National
Bank Ltd
0.030681746 1.89233E-05

33 | P a g e
Meghna Cement Mills Ltd &Malek Spinning Mills
Ltd
0.075437862 3.08203E-05
Meghna Cement Mills Ltd & Marico Bangladesh
Ltd
-0.026967136 -9.49022E-06
Meghna Cement Mills Ltd & AB Bank Ltd 0.120039401 5.47113E-05
Meghna Cement Mills Ltd & Active Fine
Chemicals Ltd
-0.03427157 -1.39827E-05
Meghna Cement Mills Ltd &Appollo Ispat
Complex Ltd
0.115757948 5.36102E-05
Meghna Cement Mills Ltd & Beacon
Pharmaceuticals Ltd
0.061188961 2.77231E-05
Meghna Cement Mills Ltd &Beximco
Pharmaceuticals Ltd
0.196227414 7.8244E-05
Meghna Cement Mills Ltd & National Bank Ltd 0.155650759 6.41476E-05
Malek Spinning Mills Ltd & Marico Bangladesh
Ltd
0.023407744 7.47967E-06
Malek Spinning Mills Ltd & AB Bank Ltd 0.077869283 3.22256E-05
.Malek Spinning Mills Ltd & Active Fine
Chemicals Ltd
0.037343611 1.38342E-05
Malek Spinning Mills Ltd &Appollo Ispat Complex
Ltd
0.219205061 9.21782E-05
Malek Spinning Mills Ltd & Beacon
Pharmaceuticals Ltd
0.161856473 6.65855E-05
Malek Spinning Mills Ltd Ltd&Beximco
Pharmaceuticals Ltd
0.04195898 1.51914E-05
Malek Spinning Mills Ltd & National Bank Ltd 0.122929514 4.6001E-05
Marico Bangladesh Ltd & AB Bank Ltd 0.052256727 1.86282E-05
.Marico Bangladesh Ltd & Active Fine Chemicals
Ltd
0.012650234 4.03674E-06
Marico Bangladesh Ltd &Appollo Ispat Complex -0.02256405 -8.1731E-06

34 | P a g e
Ltd
Marico Bangladesh Ltd & Beacon Pharmaceuticals
Ltd
-0.03659442 -1.2968E-05
Marico Bangladesh Ltd &Beximco Pharmaceuticals
Ltd
0.045454702 1.41757E-05
Marico Bangladesh Ltd & National Bank Ltd 0.036342486 1.17144E-05
AB Bank Ltd & Active Fine Chemicals Ltd 0.0333364 1.37772E-05
AB Bank Ltd &Appollo Ispat Complex Ltd 0.109495712 5.13665E-05
AB Bank Ltd & Beacon Pharmaceuticals Ltd 0.024608724 1.12939E-05
AB Bank Ltd &Beximco Pharmaceuticals Ltd 0.139797554 5.64647E-05
AB Bank Ltd & National Bank Ltd 0.308674904 0.00012886
Active Fine Chemicals Ltd &Appollo Ispat
Complex Ltd
-0.028260731 -1.18678E-05
Active Fine Chemicals Ltd & Beacon
Pharmaceuticals Ltd
0.032381708 1.33033E-05
Active Fine Chemicals Ltd &Beximco
Pharmaceuticals Ltd
0.058533327 2.11634E-05
Active Fine Chemicals Ltd & National Bank Ltd 0.008812481 3.2932E-06
Appollo Ispat Complex Ltd & Beacon
Pharmaceuticals Ltd
0.158798269 7.40532E-05
Appollo Ispat Complex Ltd &Beximco
Pharmaceuticals Ltd
0.113462737 4.65666E-05
Appollo Ispat Complex Ltd & National Bank Ltd 0.105247165 4.46446E-05
Beacon Pharmaceuticals Ltd &Beximco
Pharmaceuticals Ltd
0.075008294 3.01163E-05
Beacon Pharmaceuticals Ltd & National Bank Ltd 0.06217101 2.57999E-05
Beximco Pharmaceuticals Ltd & National Bank Ltd 0.07547344 2.75644E-05

35 | P a g e
Portfolio risk and return:
The Expected Return on a Portfolio is computed as the weighted average of the expected return
on the stocks which comprise the portfolio. The weights reflect the proportion of the portfolio
invested in the stocks. The risk/standard deviation of a portfolio reflects not only the
risk/standard deviation of the stocks that makes up the portfolio but also how the returns on the
stocks which comprise the portfolio vary together. Two measures of how the return on a pair of
stocks varies together are the covariance and the correlation coefficient. Markowitz model only
consider two types of risk. They are weighted risk of each stock in the portfolio and the
covariance risk. When one stock return is changed it affects other stock return. According to
Markowitz theory stock return is not independent. This project found that there are some stocks
with higher risk and return and also some stocks with lower risk and return. For example, Imam
Buttons and Intech limited (0.001203115), imam button and jute spinning (0.001311279),
Kohinoor chemicals and LankaBangla limited (0.034887887), LankaBangla Finance Ltd and National
Bank Limited (0.033857284) has the higher risk and return combinations compared to others. On
the other hand Information Services Network Ltd and Libra Infusions Ltd (0.001103633), Libra Infusions
Ltd. and Malek Spinning Mills Limited (0.002065794), Keya Cosmetics Ltd. and Active fine Chemicals ltd
(-0.000928672), Keya Cosmetics Ltd. and Meghna Life insurance Company ltd (-0.001027581) has the
lower risk and return combination than others. Investors can choose any of these or all of these
combinations to form their portfolio.
Portfolio name Portfolio
return
Portfolio
risk
IMAM BUTTON INDUSTRIES LIMITED AND INTECH
LIMITED
IMAM BUTTON INDUSTRIES LIMITED AND
INFORMATION SERVICES NETWORK LTD.
IMAM BUTTON INDUSTRIES LIMITED AND ISLAMI
BANK BANGLADESH LIMITED
IMAM BUTTON INDUSTRIES LIMITED and Islami
Insurance BD. Limited
IMAM BUTTON INDUSTRIES LIMITED and Islamic
Finance& investment Ltd.
0.001203115
0.000798563
0.000940393
0.00084475
0.000832665
0.022476665
0.012858632
0.025324338
0.014472005
0.013308721

36 | P a g e
IMAM BUTTON INDUSTRIES LIMITED And Jamuna
Bank ltd.
IMAM BUTTON INDUSTRIES LIMITED and Jamuna Oil
Company Limited
IMAM BUTTON INDUSTRIES LIMITED and Janata
Insurance Company limited
IMAM BUTTON INDUSTRIES LIMITED and Jute
Spinners Limited
IMAM BUTTON INDUSTRIES LIMITED and Karnaphuli
Insurance Company Limited
IMAM BUTTON INDUSTRIES LIMITED and Kay & Que
Limited
IMAM BUTTON INDUSTRIES LIMITED and Keya
Cosmetics Ltd.
IMAM BUTTON INDUSTRIES LIMITED and Kohinoor
Chemical Company BD limited
IMAM BUTTON INDUSTRIES LIMITED and Libra
Infusions Ltd.
IMAM BUTTON INDUSTRIES LIMITED and Khulna
Power Company Ltd.
0.000939006
0.00066151
0.000757882
0.001311279
0.00066351
0.001014717
0.000347791
0.001083456
0.00081725
0.000884572
0.014784146
0.019352076
0.021241061
0.017244915
0.015856179
0.013226779
0.022167546
0.025730154
0.012836297
0.016401751

37 | P a g e
IMAM BUTTON INDUSTRIES LIMITED and
LangkaBangla Finance Ltd.
IMAM BUTTON INDUSTRIES LIMITED and Legacy
Footwear Ltd.
IMAM BUTTON INDUSTRIES LIMITED and Maksons
Spinning Mills Limited
IMAM BUTTON INDUSTRIES LIMITED and Meghna Life
insurance Company ltd.
IMAM BUTTON INDUSTRIES LIMITED and Meghna
Condensed Milk Industry Ltd.
IMAM BUTTON INDUSTRIES LIMITED and Meghna
Cement Mills Limited
IMAM BUTTON INDUSTRIES LIMITED Malek Spinning
Mills Limited
IMAM BUTTON INDUSTRIES LIMITED and Marico
Bangladesh Limited
IMAM BUTTON INDUSTRIES LIMITED and AB Bank
Limited
IMAM BUTTON INDUSTRIES LIMITED and Active fine
Chemicals ltd
IMAM BUTTON INDUSTRIES LIMITED and Appollo
Ispat Complex Limited
0.000552396
0.001027804
0.000715106
0.000212511
0.001152689
0.000698341
0.000777247
0.000908374
0.000588243
0.00031142
0.000504711
0.030440507
0.014953173
0.01752575
0.020190686
0.014309012
0.015022255
0.012949224
0.017497036
0.018704264
0.016559076
0.016855277

38 | P a g e
IMAM BUTTON INDUSTRIES LIMITED and Beacon
Pharmaceuticals Limited
IMAM BUTTON INDUSTRIES LIMITED and Beximco
IMAM BUTTON INDUSTRIES LIMITED and National
Bank Limited
Intech Limited AND INFORMATION SERVICES
NETWORK LTD.
Intech Limited AND ISLAMI BANK BANGLADESH
LIMITED
Intech Limited and Islami Insurance BD. Limited
Intech Limited and Islamic Finace & investment Ltd.
Intech LimitedAnd Jamuna Bank ltd.
Intech Limited and Jamuna Oil Company Limited
Intech Limited and Janata Insurance Company limited
Intech Limited and Jute Spinners Limited
Intech Limited and Karnaphuli Insurance Company
Limited
0.000851486
0.001356152
0.000976293
0.000413795
0.000555625
0.000459982
0.000447897
0.000554238
0.000276742
0.000373114
0.000926512
0.000278743
0.013015009
0.017110984
0.022773557
0.018067707
0.028777812
0.019533808
0.018674508
0.019367355
0.023793429
0.024726132
0.021548781
0.020189877

39 | P a g e
Intech Limited and Kay & Que Limited
Intech Limited and Keya Cosmetics Ltd.
Intech Limited and Kohinoor Chemical Company BD
limited
Intech Limited and Libra Infusions Ltd.
Intech Limited and Khulna Power Company Ltd.
Intech Limited and LangkaBangla Finance Ltd.
Intech Limited and Legacy Footwear Ltd.
Intech Limited and Maksons Spinning Mills Limited
Intech Limited and Meghna Life insurance Company
ltd.
Intech Limited and Meghna Condensed Milk Industry
Ltd.
Intech Limited and Meghna Cement Mills Limited
Intech Limited and Malek Spinning Mills Limited
Intech Limited and Marico Bangladesh Limited
0.00062995
-3.69764E-05
0.000698688
0.000432483
0.000499804
0.000167628
0.000643036
0.000330338
-0.000172257
0.000767921
0.000313574
0.00039248
0.000523606
0.018187014
0.026113955
0.028982259
0.018212396
0.021273193
0.034248938
0.019735255
0.022412975
0.02438163
0.019287769
0.020061131
0.018256988
0.022132031

40 | P a g e
Intech Limited and AB Bank Limited
Intech Limited and Active fine Chemicals ltd
Intech Limited and Appollo Ispat Complex Limited
Intech Limited and Beacon Pharmaceuticals Limited
Intech Limited and Beximco Pharmaceuticals Limited
Intech Limited and National Bank Limited
Information Services Network Ltd. AND ISLAMI BANK
BANGLADESH LIMITED
Information Services Network Ltd. and Islami
Information Services Network Ltd. and Islamic Finace
& investment Ltd.
Information Services Network Ltd.And Jamuna Bank
ltd.
Information Services Network Ltd. and Jamuna Oil
Company Limited
Information Services Network Ltd. and Janata
0.000203476
-7.33479E-05
0.000119943
0.000466719
0.000971385
0.000591526
0.000151073
5.54298E-05
4.33445E-05
0.000149685
-0.000127811
-3.14385E-05
0.022928351
0.021491601
0.021351341
0.018278717
0.021499255
0.026666507
0.022003643
0.007105123
0.00387304
0.00696193
0.014183687
0.016738759

41 | P a g e
Information Services Network Ltd. and Jute Spinners
Limited
Information Services Network Ltd. and Karnaphuli
Information Services Network Ltd. and Kay & Que
Limited
Information Services Network Ltd. and Keya Cosmetics
Ltd.
Information Services Network Ltd. and Kohinoor
Information Services Network Ltd. and Libra Infusions
Ltd.
Information Services Network Ltd. and Khulna Power
Company Ltd.
Information Services Network Ltd. and LangkaBangla
Finance Ltd.
Information Services Network Ltd. and Legacy
Footwear Ltd.
Information Services Network Ltd. and Maksons
Information Services Network Ltd. and Meghna Life
0.000521959
-0.00012581
0.000225397
-0.000441529
0.000294135
2.79303E-05
9.52517E-05
-0.000236924
0.000238484
-7.42144E-05
-0.000576809
0.011577181
0.00892559
0.002705506
0.017590293
0.02213962
0.001103633
0.009846308
0.027332038
0.007377068
0.012606299
0.016261364

42 | P a g e
Information Services Network Ltd. and Meghna
Information Services Network Ltd. and Meghna
Information Services Network Ltd. and Malek Spinning
Mills Limited
Information Services Network Ltd. and Marico
Bangladesh Limited
Information Services Network Ltd. and AB Bank
Limited
Information Services Network Ltd. and Active fine
Chemicals ltd
Information Services Network Ltd. and Appollo Ispat
Complex Limited
Information Services Network Ltd. and Beacon
Information Services Network Ltd. and Beximco
Information Services Network Ltd. and National Bank
Limited
ISLAMI BANK BANGLADESH LIMITED And Islami
0.000363369
-9.09788E-05
-1.20729E-05
0.000119053
-0.000201077
-0.0004779
-0.00028461
6.2166E-05
0.000566832
0.000186973
0.00019726
0.006542507
0.008166356
0.00171464
0.012388872
0.01434914
0.011167725
0.011414132
0.002091687
0.011298979
0.019378933
0.023337403

43 | P a g e
Islami Bank BD. Limited and Islamic Finace &
investment Ltd.
Islami Bank BD. LimitedAnd Jamuna Bank ltd.
Islami Bank BD. Limited and Jamuna Oil Company
Limited
Islami Bank BD. Limited and Janata Insurance
Company limited
Islami Bank BD. Limited and Jute Spinners Limited
Islami Bank BD. Limited and Karnaphuli Insurance
Company Limited
Islami Bank BD. Limited and Kay & Que Limited
Islami Bank BD. Limited and Keya Cosmetics Ltd.
Islami Bank BD. Limited and Kohinoor Chemical
Company BD limited
Islami Bank BD. Limited and Libra Infusions Ltd.
Islami Bank BD. Limited and Khulna Power Company
Ltd.
Islami Bank BD. Limited and LangkaBangla Finance Ltd.
0.000185175
0.000291516
1.40195E-05
0.000110392
0.000663789
1.602E-05
0.000367227
-0.000299699
0.000435965
0.00016976
0.000237082
-9.50942E-05
0.023159174
0.024615408
0.027401014
0.028565845
0.025271341
0.024721821
0.022226111
0.028621998
0.030829103
0.022062306
0.024258808
0.03549413

44 | P a g e
Islami Bank BD. Limited and Legacy Footwear Ltd.
Islami Bank BD. Limited and Maksons Spinning Mills
Limited
Islami Bank BD. Limited and Meghna Life insurance
Company ltd.
Islami Bank BD. Limited and Meghna Condensed Milk
Industry Ltd.
Islami Bank BD. Limited and Meghna Cement Mills
Limited
Islami Bank BD. Limited and Malek Spinning Mills
Limited
Islami Bank BD. Limited and Marico Bangladesh
Limited
Islami Bank BD. Limited and AB Bank Limited
Islami Bank BD. Limited and Active fine Chemicals ltd
Islami Bank BD. Limited and Appollo Ispat Complex
Limited
Islami Bank BD. Limited and Beacon Pharmaceuticals
Limited
0.000380314
0.000101855
-0.000434979
0.000505199
5.08513E-05
0.000129757
0.000260884
-5.92468E-05
-0.00033607
-0.00014278
0.000203996
0.023647327
0.026467034
0.027695477
0.022798544
0.023959875
0.022229425
0.025441354
0.028929938
0.024860104
0.025350929
0.022125019

45 | P a g e
Islami Bank BD. Limited and Beximco Pharmaceuticals
Limited
Islami Bank BD. Limited and National Bank Limited
Islami Insurance BD. Limited and Islamic Finace &
investment Ltd.
Islami Insurance BD. LimitedAnd Jamuna Bank ltd.
Islami Insurance BD. Limited and Jamuna Oil Company
Limited
Islami Insurance BD. Limited and Janata Insurance
Company limited
Islami Insurance BD. Limited and Jute Spinners Limited
Islami Insurance BD. Limited and Karnaphuli Insurance
Company Limited
Islami Insurance BD. Limited and Kay & Que Limited
Islami Insurance BD. Limited and Keya Cosmetics Ltd.
Islami Insurance BD. Limited and Kohinoor Chemical
Company BD limited
Islami Insurance BD. Limited and Libra Infusions Ltd.
0.000708662
0.000328803
8.95318E-05
0.000195873
-8.16233E-05
1.47487E-05
0.000568146
-7.96228E-05
0.000271584
-0.000395342
0.000340323
7.41175E-05
0.025585451
0.032655352
0.008324423
0.010239904
0.016380096
0.01875004
0.013635974
0.011482292
0.007534399
0.019161231
0.022907397
0.007219002

46 | P a g e
Islami Insurance BD. Limited and Khulna Power
Company Ltd.
Islami Insurance BD. Limited and LangkaBangla
Finance Ltd.
Islami Insurance BD. Limited and Legacy Footwear Ltd.
Islami Insurance BD. Limited and Maksons Spinning
Mills Limited
Islami Insurance BD. Limited and Meghna Life
Islami Insurance BD. Limited and Meghna Condensed
Milk Industry Ltd.
Islami Insurance BD. Limited and Meghna Cement
Mills Limited
Islami Insurance BD. Limited and Malek Spinning Mills
Limited
Islami Insurance BD. Limited and Marico Bangladesh
Limited
Islami Insurance BD. Limited and AB Bank Limited
Islami Insurance BD. Limited and Active fine Chemicals
ltd
0.000141439
-0.000190737
0.000284671
-2.80271E-05
-0.000530622
0.000409556
-4.47915E-05
3.41144E-05
0.000165241
-0.00015489
-0.000431713
0.012592562
0.028615457
0.010385573
0.014965691
0.018227479
0.00951928
0.011397842
0.007280355
0.014469476
0.016691982
0.013733086

47 | P a g e
Islami Insurance BD. Limited and Appollo Ispat
Complex Limited
Islami Insurance BD. Limited and Beacon
Islami Insurance BD. Limited and Beximco
Islami Insurance BD. Limited and National Bank
Limited
Islamic Finance & Investment Ltd.And Jamuna Bank
ltd.
Islamic Finance & Investment Ltd. and Jamuna Oil
Company Limited
Islamic Finance & Investment Ltd. and Janata
Islamic Finance & Investment Ltd. and Jute Spinners
Limited
Islamic Finance & Investment Ltd. and Karnaphuli
Islamic Finance & Investment Ltd. and Kay & Que
Limited
-0.000238422
0.000108353
0.000613019
0.00023316
0.000183787
-9.37086E-05
2.66344E-06
0.000556061
-9.17081E-05
0.000259499
0.013735477
0.007442097
0.013922377
0.020991659
0.008573215
0.015038117
0.017795878
0.012041076
0.010449888
0.004652381

48 | P a g e
Islamic Finance & Investment Ltd. and Keya Cosmetics
Ltd.
Islamic Finance & Investment Ltd. and Kohinoor
Islamic Finance & Investment Ltd. and Libra Infusions
Ltd.
Islamic Finance & Investment Ltd. and Khulna Power
Company Ltd.
Islamic Finance & Investment Ltd. and LangkaBangla
Finance Ltd.
Islamic Finance & Investment Ltd. and Legacy
Footwear Ltd.
Islamic Finance & Investment Ltd. and Maksons
Islamic Finance & Investment Ltd. and Meghna Life
Islamic Finance & Investment Ltd. and Meghna
Islamic Finance & Investment Ltd. and Meghna
Islamic Finance & Investment Ltd. and Malek Spinning
Mills Limited
-0.000407427
0.000328237
6.20322E-05
0.000129354
-0.000202822
0.000272586
-4.01124E-05
-0.000542708
0.000397471
-5.68768E-05
2.20291E-05
0.01827933
0.022239765
0.003995378
0.010726256
0.027619002
0.008651047
0.013619805
0.017259088
0.007537293
0.009469032
0.004311696

49 | P a g e
Islamic Finance & Investment Ltd. and Marico
Bangladesh Limited
Islamic Finance & Investment Ltd. and AB Bank
Limited
Islamic Finance & Investment Ltd. and Active fine
Chemicals ltd
Islamic Finance & Investment Ltd. and Appollo Ispat
Complex Limited
Islamic Finance & Investment Ltd. and Beacon
Islamic Finance & Investment Ltd. and Beximco
Islamic Finance & Investment Ltd. and National Bank
Limited
Jamuna Bank Ltd. and Jamuna Oil Company Limited
Jamuna Bank Ltd. and Janata Insurance Company
limited
Jamuna Bank Ltd. and Jute Spinners Limited
Jamuna Bank Ltd. and Karnaphuli Insurance Company
Limited
0.000153155
-0.000166975
-0.000443799
-0.000250508
9.62679E-05
0.000600934
0.000221075
1.26323E-05
0.000109004
0.000662402
1.46328E-05
0.013146426
0.015855426
0.011834975
0.01256589
0.004538666
0.012515246
0.020535678
0.016147307
0.018514395
0.013585246
0.011983356

50 | P a g e
Jamuna Bank Ltd. and Kay & Que Limited
Jamuna Bank Ltd. and Keya Cosmetics Ltd.
Jamuna Bank Ltd. and Kohinoor Chemical Company
BD limited
Jamuna Bank Ltd. and Libra Infusions Ltd.
Jamuna Bank Ltd. and Khulna Power Company Ltd.
Jamuna Bank Ltd. and LangkaBangla Finance Ltd.
Jamuna Bank Ltd. and Legacy Footwear Ltd.
Jamuna Bank Ltd. and Maksons Spinning Mills Limited
Jamuna Bank Ltd. and Meghna Life insurance
Company ltd.
Jamuna Bank Ltd. and Meghna Condensed Milk
Industry Ltd.
Jamuna Bank Ltd. and Meghna Cement Mills Limited
Jamuna Bank Ltd. and Malek Spinning Mills Limited
Jamuna Bank Ltd. and Marico Bangladesh Limited
0.00036584
-0.000301086
0.000434578
0.000168373
0.000235695
-9.64815E-05
0.000378927
6.62285E-05
-0.000436367
0.000503812
4.94641E-05
0.00012837
0.000259496
0.007493481
0.019182548
0.023130981
0.00705294
0.012188333
0.028631956
0.010314481
0.014857213
0.017886754
0.009680938
0.010996779
0.00726374
0.014433465

51 | P a g e
Jamuna Bank Ltd. and AB Bank Limited
Jamuna Bank Ltd. and Active fine Chemicals ltd
Jamuna Bank Ltd. and Appollo Ispat Complex Limited
Jamuna Bank Ltd. and Beacon Pharmaceuticals
Limited
Jamuna Bank Ltd. and Beximco Pharmaceuticals
Limited
Jamuna Bank Ltd. and National Bank Limited
Jamuna Oil Company Limited and Janata Insurance
Company limited
Jamuna Oil Company Limited and Jute Spinners
Limited
Jamuna Oil Company Limited and Karnaphuli
Jamuna Oil Company Limited and Kay & Que Limited
Jamuna Oil Company Limited and Keya Cosmetics Ltd.
Jamuna Oil Company Limited and Kohinoor Chemical
Company BD limited
-6.06341E-05
-0.000337458
-0.000144167
0.000202609
0.000707275
0.000327416
-0.000168492
0.000384906
-0.000262863
8.83439E-05
-0.000578582
0.000157082
0.017564726
0.013386948
0.013961575
0.007367302
0.01375081
0.022672671
0.022573318
0.018260719
0.017061039
0.014423684
0.02361202
0.026522603

52 | P a g e
Jamuna Oil Company Limited and Libra Infusions Ltd.
Jamuna Oil Company Limited and Khulna Power
Company Ltd.
Jamuna Oil Company Limited and LangkaBangla
Finance Ltd.
Jamuna Oil Company Limited and Legacy Footwear
Ltd.
Jamuna Oil Company Limited and Maksons Spinning
Mills Limited
Jamuna Oil Company Limited and Meghna Life
Jamuna Oil Company Limited and Meghna Condensed
Milk Industry Ltd.
Jamuna Oil Company Limited and Meghna Cement
Mills Limited
Jamuna Oil Company Limited and Malek Spinning Mills
Limited
Jamuna Oil Company Limited and Marico Bangladesh
Limited
Jamuna Oil Company Limited and AB Bank Limited
-0.000109123
-4.18015E-05
-0.000373977
0.000101431
-0.000211268
-0.000713863
0.000226316
-0.000228032
-0.000149126
-1.79997E-05
-0.00033813
0.014261175
0.017238046
0.031062994
0.0164564
0.0199404
0.022380075
0.015786062
0.017112455
0.014482218
0.019086325
0.020993051

53 | P a g e
Jamuna Oil Company Limited and Active fine
Chemicals ltd
Jamuna Oil Company Limited and Appollo Ispat
Complex Limited
Jamuna Oil Company Limited and Beacon
Jamuna Oil Company Limited and Beximco
Jamuna Oil Company Limited and National Bank
Limited
Janata Insurance Company Limited and Jute Spinners
Limited
Janata Insurance Company Limited and Karnaphuli
Janata Insurance Company Limited and Kay & Que
Limited
Janata Insurance Company Limited and Keya
Cosmetics Ltd.
Janata Insurance Company Limited and Kohinoor
Janata Insurance Company Limited and Libra Infusions
Ltd.
-0.000614954
-0.000421663
-7.48872E-05
0.000429779
4.99198E-05
0.000481278
-0.000166491
0.000184716
-0.00048221
0.000253454
-1.27508E-05
0.018168486
0.019455114
0.014512288
0.018824711
0.025038748
0.020444722
0.021346919
0.017089208
0.025338477
0.027680242
0.016816943

54 | P a g e
Janata Insurance Company Limited and Khulna Power
Company Ltd.
Janata Insurance Company Limited and LangkaBangla
Finance Ltd.
Janata Insurance Company Limited and Legacy
Footwear Ltd.
Janata Insurance Company Limited and Maksons
Janata Insurance Company Limited and Meghna Life
Janata Insurance Company Limited and Meghna
Janata Insurance Company Limited and Meghna
Janata Insurance Company Limited and Malek
Janata Insurance Company Limited and Marico
Bangladesh Limited
Janata Insurance Company Limited and AB Bank
Limited
5.45706E-05
-0.000277605
0.000197803
-0.000114895
-0.000617491
0.000322688
-0.00013166
-5.2754E-05
7.83724E-05
-0.000241758
0.020126339
0.031590368
0.019179176
0.022289928
0.024972609
0.018152529
0.019658936
0.017042713
0.021202881
0.0231386

55 | P a g e
Janata Insurance Company Limited and Active fine
Chemicals ltd
Janata Insurance Company Limited and Appollo Ispat
Complex Limited
Janata Insurance Company Limited and Beacon
Janata Insurance Company Limited and Beximco
Janata Insurance Company Limited and National Bank
Limited
Jute Spinners Limited and Karnaphuli Insurance
Company Limited
Jute Spinners Limited and Kay & Que Limited
Jute Spinners Limited and Keya Cosmetics Ltd.
Jute Spinners Limited and Kohinoor Chemical
Company BD limited
Jute Spinners Limited and Libra Infusions Ltd.
Jute Spinners Limited and Khulna Power Company Ltd.
Jute Spinners Limited and LangkaBangla Finance Ltd.
-0.000518582
-0.000325291
2.14849E-05
0.000526151
0.000146292
0.000386906
0.000738114
7.11876E-05
0.000806852
0.000540647
0.000607968
0.000275792
0.019731688
0.021385214
0.016888502
0.021500425
0.027416037
0.014560246
0.011914131
0.021207803
0.025634624
0.01157424
0.015366354
0.029225785

56 | P a g e
Jute Spinners Limited and Legacy Footwear Ltd.
Jute Spinners Limited and Maksons Spinning Mills
Limited
Jute Spinners Limited and Meghna Life insurance
Company ltd.
Jute Spinners Limited and Meghna Condensed Milk
Industry Ltd.
Jute Spinners Limited and Meghna Cement Mills
Limited
Jute Spinners Limited and Malek Spinning Mills
Limited
Jute Spinners Limited and Marico Bangladesh Limited
Jute Spinners Limited and AB Bank Limited
Jute Spinners Limited and Active fine Chemicals ltd
Jute Spinners Limited and Appollo Ispat Complex
Limited
Jute Spinners Limited and Beacon Pharmaceuticals
Limited
0.0007512
0.000438502
-6.4093E-05
0.000876085
0.000421738
0.000500644
0.00063177
0.00031164
3.4816E-05
0.000228107
0.000574883
0.013609807
0.01676191
0.019775957
0.013414945
0.014033977
0.011659004
0.017202441
0.018489045
0.01627865
0.016430686
0.011669138

57 | P a g e
Jute Spinners Limited and Beximco Pharmaceuticals
Limited
Jute Spinners Limited and National Bank Limited
Karnaphuli Insurance Company Limited and Kay & Que
Limited
Karnaphuli Insurance Company Limited and Keya
Cosmetics Ltd.
Karnaphuli Insurance Company Limited and Kohinoor
Karnaphuli Insurance Company Limited and Libra
Infusions Ltd.
Karnaphuli Insurance Company Limited and Khulna
Power Company Ltd.
Karnaphuli Insurance Company Limited and
LangkaBangla Finance Ltd.
Karnaphuli Insurance Company Limited and Legacy
Footwear Ltd.
Karnaphuli Insurance Company Limited and Maksons
Karnaphuli Insurance Company Limited and Meghna
Life insurance Company ltd.
0.001079549
0.000699689
9.03443E-05
-0.000576582
0.000159083
-0.000107122
-3.9801E-05
-0.000371977
0.000103431
-0.000209267
-0.000711862
0.016060801
0.022987231
0.009141785
0.020503762
0.023595377
0.009013965
0.013750445
0.028718212
0.012083966
0.016416712
0.019958193

58 | P a g e
Karnaphuli Insurance Company Limited and Malek
Karnaphuli Insurance Company Limited and Marico
Bangladesh Limited
Karnaphuli Insurance Company Limited and AB Bank
Limited
Karnaphuli Insurance Company Limited and Active fine
Chemicals ltd
Karnaphuli Insurance Company Limited and Appollo
Karnaphuli Insurance Company Limited and Beacon
Karnaphuli Insurance Company Limited and Beximco
Karnaphuli Insurance Company Limited and National
Bank Limited
Kay & Que Limited and Keya Cosmetics Ltd.
0.000228316
-0.000226031
-0.000147126
-1.59992E-05
-0.00033613
-0.000612953
-0.000419662
-7.28867E-05
0.00043178
5.19203E-05
-0.000225375
0.011136162
0.012725392
0.009331108
0.015620801
0.018036222
0.014393714
0.015466686
0.009326266
0.0152653
0.022770935
0.017613393

59 | P a g e
Keya Cosmetics Ltd. and Kohinoor Chemical Company
BD limited
Keya Cosmetics Ltd. and Libra Infusions Ltd.
Keya Cosmetics Ltd. and Khulna Power Company Ltd.
Keya Cosmetics Ltd. and LangkaBangla Finance Ltd.
Keya Cosmetics Ltd. and Legacy Footwear Ltd.
Keya Cosmetics Ltd. and Maksons Spinning Mills
Limited
Keya Cosmetics Ltd. and Meghna Life insurance
Company ltd.
Keya Cosmetics Ltd. and Meghna Condensed Milk
Industry Ltd.
Keya Cosmetics Ltd. and Meghna Cement Mills
Limited
Keya Cosmetics Ltd. and Malek Spinning Mills Limited
Keya Cosmetics Ltd. and Marico Bangladesh Limited
Keya Cosmetics Ltd. and AB Bank Limited
Keya Cosmetics Ltd. and Active fine Chemicals ltd
0.00051029
0.000244085
0.000311406
-2.07699E-05
0.000454638
0.00014194
-0.000360655
0.000579523
0.000125176
0.000204082
0.000335208
1.50775E-05
-0.000261746
0.022325773
0.002831691
0.010216225
0.027546973
0.007808022
0.012846154
0.016404637
0.007074141
0.008513944
0.003123611
0.012660189
0.014402152
0.011404015

60 | P a g e
Keya Cosmetics Ltd. and Appollo Ispat Complex
Limited
Keya Cosmetics Ltd. and Beacon Pharmaceuticals
Limited
Keya Cosmetics Ltd. and Beximco Pharmaceuticals
Limited
Keya Cosmetics Ltd. and National Bank Limited
Keya Cosmetics Ltd. and Kohinoor Chemical Company
BD limited
Keya Cosmetics Ltd. and Libra Infusions Ltd.
Keya Cosmetics Ltd. and Khulna Power Company Ltd.
Keya Cosmetics Ltd. and LangkaBangla Finance Ltd.
Keya Cosmetics Ltd. and Legacy Footwear Ltd.
Keya Cosmetics Ltd. and Maksons Spinning Mills
Limited
Keya Cosmetics Ltd. and Meghna Life insurance
Company ltd.
Keya Cosmetics Ltd. and Meghna Condensed Milk
Industry Ltd.
-6.84553E-05
0.00027832
0.000782987
0.000403127
-0.000156636
-0.000422841
-0.00035552
-0.000687696
-0.000212288
-0.000524986
-0.001027581
-8.74028E-05
0.011586537
0.003400716
0.011631678
0.0194982
0.028047428
0.017620223
0.020361067
0.033003751
0.019835517
0.02362754
0.025275144
0.018826448

61 | P a g e
Keya Cosmetics Ltd. and Meghna Cement Mills
Limited
Keya Cosmetics Ltd. and Malek Spinning Mills Limited
Keya Cosmetics Ltd. and Marico Bangladesh Limited
Keya Cosmetics Ltd. and AB Bank Limited
Keya Cosmetics Ltd. and Active fine Chemicals ltd
Keya Cosmetics Ltd. and Appollo Ispat Complex
Limited
Keya Cosmetics Ltd. and Beacon Pharmaceuticals
Limited
Keya Cosmetics Ltd. and Beximco Pharmaceuticals
Limited
Keya Cosmetics Ltd. and National Bank Limited
Kohinoor Chemical Company Ltd. and Libra Infusions
Ltd.
Kohinoor Chemical Company Ltd. and Khulna Power
Company Ltd.
-0.00054175
-0.000462844
-0.000331718
-0.000651848
-0.000928672
-0.000735381
-0.000388606
0.000116061
-0.000263799
0.000312823
0.000380144
0.019979164
0.017980038
0.021952922
0.023617477
0.020980869
0.023568263
0.017999603
0.021345102
0.027307095
0.022143605
0.024275297

62 | P a g e
Kohinoor Chemical Company Ltd. and LangkaBangla
Finance Ltd.
Kohinoor Chemical Company Ltd. and Legacy
Footwear Ltd.
Kohinoor Chemical Company Ltd. and Maksons
Kohinoor Chemical Company Ltd. and Meghna Life
Kohinoor Chemical Company Ltd. and Meghna
Kohinoor Chemical Company Ltd. and Meghna
Kohinoor Chemical Company Ltd. and Malek Spinning
Mills Limited
Kohinoor Chemical Company Ltd. and Marico
Bangladesh Limited
Kohinoor Chemical Company Ltd. and AB Bank Limited
Kohinoor Chemical Company Ltd. and Active fine
Chemicals ltd
Kohinoor Chemical Company Ltd. and Appollo Ispat
Complex Limited
4.79685E-05
0.000523377
0.000210678
-0.000291917
0.000648262
0.000193914
0.00027282
0.000403946
8.38158E-05
-0.000193008
2.83092E-07
0.034887887
0.023242373
0.024906668
0.027716358
0.022927497
0.02371339
0.022054823
0.025137779
0.026389134
0.024710779
0.024975018

63 | P a g e
Kohinoor Chemical Company Ltd. and Beacon
Kohinoor Chemical Company Ltd. and Beximco
Kohinoor Chemical Company Ltd. and National Bank
Limited
Libra Infusions Ltd. and Khulna Power Company Ltd.
Libra Infusions Ltd. and LangkaBangla Finance Ltd.
Libra Infusions Ltd. and Legacy Footwear Ltd.
Libra Infusions Ltd. and Maksons Spinning Mills
Limited
Libra Infusions Ltd. and Meghna Life insurance
Company ltd.
Libra Infusions Ltd. and Meghna Condensed Milk
Industry Ltd.
Libra Infusions Ltd. and Meghna Cement Mills Limited
Libra Infusions Ltd. and Malek Spinning Mills Limited
Libra Infusions Ltd. and Marico Bangladesh Limited
0.000347059
0.000851725
0.000471866
0.000113939
-0.000218237
0.000257172
-5.55267E-05
-0.000558122
0.000382056
-7.22911E-05
6.6148E-06
0.000137741
0.022190652
0.025250435
0.029257766
0.009899112
0.027349416
0.0074643
0.012702157
0.016287109
0.006620396
0.008225642
0.002065794
0.012461482

64 | P a g e
Libra Infusions Ltd. and AB Bank Limited
Libra Infusions Ltd. and Active fine Chemicals ltd
Libra Infusions Ltd. and Appollo Ispat Complex Limited
Libra Infusions Ltd. and Beacon Pharmaceuticals
Limited
Libra Infusions Ltd. and Beximco Pharmaceuticals
Limited
Libra Infusions Ltd. and National Bank Limited
Khulna Power Company Ltd. and LangkaBangla
Finance Ltd.
Khulna Power Company Ltd. and Legacy Footwear Ltd.
Khulna Power Company Ltd. and Maksons Spinning
Mills Limited
Khulna Power Company Ltd. and Meghna Life
Khulna Power Company Ltd. and Meghna Condensed
Milk Industry Ltd.
-0.000182389
-0.000459213
-0.000265922
8.08537E-05
0.00058552
0.000205661
-0.000150915
0.000324493
1.17947E-05
-0.0004908
0.000449378
0.014402121
0.011180068
0.011487659
0.00239383
0.011343086
0.019413727
0.029757291
0.012163061
0.016012495
0.019402414
0.011847048

65 | P a g e
Khulna Power Company Ltd. and Meghna Cement
Mills Limited
Khulna Power Company Ltd. and Malek Spinning Mills
Limited
Khulna Power Company Ltd. and Marico Bangladesh
Limited
Khulna Power Company Ltd. and AB Bank Limited
Khulna Power Company Ltd. and Active fine Chemicals
ltd
Khulna Power Company Ltd. and Appollo Ispat
Complex Limited
Khulna Power Company Ltd. and Beacon
Khulna Power Company Ltd. and Beximco
Khulna Power Company Ltd. and National Bank
Limited
LankaBangla Finance Ltd.. and Legacy Footwear Ltd.
LankaBangla Finance Ltd.. and Maksons Spinning Mills
Limited
-4.96967E-06
7.39362E-05
0.000205063
-0.000115068
-0.000391891
-0.000198601
0.000148175
0.000652841
0.000272982
-7.68307E-06
-0.000320381
0.012924479
0.010040856
0.015547776
0.017399007
0.01604794
0.015178028
0.010119003
0.015751344
0.022444775
0.028611573
0.030586783

66 | P a g e
LankaBangla Finance Ltd.. and Meghna Life insurance
Company ltd.
LankaBangla Finance Ltd.. and Meghna Condensed
Milk Industry Ltd.
LankaBangla Finance Ltd.. and Meghna Cement Mills
Limited
LankaBangla Finance Ltd.. and Malek Spinning Mills
Limited
LankaBangla Finance Ltd.. and Marico Bangladesh
Limited
LankaBangla Finance Ltd.. and AB Bank Limited
LankaBangla Finance Ltd.. and Active fine Chemicals
ltd
LankaBangla Finance Ltd.. and Appollo Ispat Complex
Limited
LankaBangla Finance Ltd.. and Beacon
LankaBangla Finance Ltd.. and Beximco
LankaBangla Finance Ltd.. and National Bank Limited
-0.000822976
0.000117202
-0.000337146
-0.00025824
-0.000127113
-0.000447244
-0.000724067
-0.000530777
-0.000184001
0.000320665
-5.9194E-05
0.03179727
0.028370781
0.028296519
0.027514773
0.030085397
0.031358978
0.03079181
0.030243647
0.02736462
0.029428093
0.033857284

67 | P a g e
Legacy Footwear Ltd... and Maksons Spinning Mills
Limited
Legacy Footwear Ltd... and Meghna Life insurance
Company ltd.
Legacy Footwear Ltd... and Meghna Condensed Milk
Industry Ltd.
Legacy Footwear Ltd... and Meghna Cement Mills
Limited
Legacy Footwear Ltd... and Malek Spinning Mills
Limited
Legacy Footwear Ltd... and Marico Bangladesh Limited
Legacy Footwear Ltd... and AB Bank Limited
Legacy Footwear Ltd... and Active fine Chemicals ltd
Legacy Footwear Ltd... and Appollo Ispat Complex
Limited
Legacy Footwear Ltd... and Beacon Pharmaceuticals
Limited
Legacy Footwear Ltd... and Beximco Pharmaceuticals
Limited
Legacy Footwear Ltd... and National Bank Limited
0.000155027
-0.000347568
0.00059261
0.000138262
0.000217168
0.000348295
2.81643E-05
-0.000248659
-5.53684E-05
0.000291407
0.000796073
0.000416214
0.015612307
0.018395827
0.010044958
0.011394283
0.007708841
0.014412929
0.016383402
0.012912054
0.014548344
0.00775438
0.013900162
0.0212853

68 | P a g e
Maksons Spinning Mills Limited. and Meghna Life
Maksons Spinning Mills Limited. and Meghna
Maksons Spinning Mills Limited. and Meghna Cement
Mills Limited
Maksons Spinning Mills Limited. and Malek Spinning
Mills Limited
Maksons Spinning Mills Limited. and Marico
Bangladesh Limited
Maksons Spinning Mills Limited. and AB Bank Limited
Maksons Spinning Mills Limited. and Active fine
Chemicals ltd
Maksons Spinning Mills Limited. and Appollo Ispat
Complex Limited
Maksons Spinning Mills Limited. and Beacon
Maksons Spinning Mills Limited. and Beximco
-0.000660266
0.000279912
-0.000174436
-9.55298E-05
3.55965E-05
-0.000284534
-0.000561357
-0.000368067
-2.1291E-05
0.000483375
0.021681174
0.014076909
0.016013684
0.013177426
0.017558893
0.020134759
0.016698192
0.018997158
0.013067211
0.01752218

69 | P a g e
Maksons Spinning Mills Limited. and National Bank
Limited
Meghna Life Insurance Ltd.. and Meghna Condensed
Milk Industry Ltd.
Meghna Life Insurance Ltd.. and Meghna Cement Mills
Limited
Meghna Life Insurance Ltd.. and Malek Spinning Mills
Limited
Meghna Life Insurance Ltd.. and Marico Bangladesh
Limited
Meghna Life Insurance Ltd.. and AB Bank Limited
Meghna Life Insurance Ltd.. and Active fine Chemicals
ltd
Meghna Life Insurance Ltd.. and Appollo Ispat
Complex Limited
Meghna Life Insurance Ltd.. and Beacon
Meghna Life Insurance Ltd.. and Beximco
Meghna Life Insurance Ltd.. and National Bank Limited
0.000103516
-0.000222683
-0.000677031
-0.000598125
-0.000466999
-0.000787129
-0.001063953
-0.000870662
-0.000523886
-1.92199E-05
-0.000399079
0.024731067
0.017380867
0.019885323
0.016554533
0.02085603
0.023184094
0.019837903
0.021180892
0.016551524
0.020661362
0.027111937

70 | P a g e
Meghna Condensed Milk Industries Ltd and Meghna
Meghna Condensed Milk Industries Ltd and Malek
Meghna Condensed Milk Industries Ltd and Marico
Bangladesh Limited
Meghna Condensed Milk Industries Ltd and AB Bank
Limited
Meghna Condensed Milk Industries Ltd and Active fine
Chemicals ltd
Meghna Condensed Milk Industries Ltd and Appollo
Meghna Condensed Milk Industries Ltd and Beacon
Meghna Condensed Milk Industries Ltd and Beximco
Meghna Condensed Milk Industries Ltd and National
Bank Limited
Meghna Cement Mills Limited and Malek Spinning
Mills Limited
Meghna Cement Mills Limited and Marico Bangladesh
Limited
0.000263147
0.000342053
0.00047318
0.000153049
-0.000123774
6.95165E-05
0.000416292
0.000920958
0.000541099
-0.000112294
1.88321E-05
0.010644528
0.006795701
0.014229495
0.015541775
0.012831695
0.012960536
0.006844766
0.013034629
0.020637465
0.008462087
0.014652167

71 | P a g e
Meghna Cement Mills Limited and AB Bank Limited
Meghna Cement Mills Limited and Active fine
Chemicals ltd
Meghna Cement Mills Limited and Appollo Ispat
Complex Limited
Meghna Cement Mills Limited and Beacon
Meghna Cement Mills Limited and Beximco
Meghna Cement Mills Limited and National Bank
Limited
Malek Spinning Mills Limited and Marico Bangladesh
Limited
Malek Spinning Mills Limited and AB Bank Limited
Malek Spinning Mills Limited and Active fine
Chemicals ltd
Malek Spinning Mills Limited and Appollo Ispat
Complex Limited
Malek Spinning Mills Limited and Beacon
-0.000301298
-0.000578122
-0.000384831
-3.80554E-05
0.000466611
8.67516E-05
9.7738E-05
-0.000222392
-0.000499216
-0.000305925
4.08505E-05
0.017330209
0.013592602
0.014771971
0.00854409
0.015177009
0.022164493
0.012549048
0.01457428
0.011347641
0.011898043
0.002901936

72 | P a g e
Malek Spinning Mills Limited and Beximco
Malek Spinning Mills Limited and National Bank
Limited
Marico Bangladesh Limited and AB Bank Limited
Marico Bangladesh Limited and Active fine Chemicals
ltd
Marico Bangladesh Limited and Appollo Ispat Complex
Limited
Marico Bangladesh Limited and Beacon
Marico Bangladesh Limited and Beximco
Marico Bangladesh Limited and National Bank Limited
AB Bank Limited and Active fine Chemicals ltd
AB Bank Limited and Appollo Ispat Complex Limited
AB Bank Limited and Beacon Pharmaceuticals Limited
AB Bank Limited and Beximco Pharmaceuticals
Limited
0.000545517
0.000165657
-9.12661E-05
-0.00036809
-0.000174799
0.000171977
0.000676643
0.000296784
-0.00068822
-0.000494929
-0.000148154
0.000356513
0.01149514
0.019660617
0.019437118
0.016777343
0.016651482
0.012490604
0.017142934
0.023376995
0.018459446
0.019276255
0.014542353
0.019456386

73 | P a g e
AB Bank Limited and National Bank Limited
Active Fine Chemicals Limited and Appollo Ispat
Complex Limited
Active Fine Chemicals Limited and Beacon
Active Fine Chemicals Limited and Beximco
Active Fine Chemicals Limited and National Bank
Limited
Appollo Ispat Complex and Beacon Pharmaceuticals
Limited
Appollo Ispat Complex and Beximco Pharmaceuticals
Limited
Appollo Ispat Complex and National Bank Limited
Beacon Pharmaceuticals Ltd. and Beximco
Beacon Pharmaceuticals Ltd. and National Bank
Limited
Beximco Pharmaceuticals Ltd. and National Bank
Limited
-2.33466E-05
-0.000771753
-0.000424977
7.96891E-05
-0.00030017
-0.000231686
0.00027298
-0.000106879
0.000619756
0.000239896
0.000744563
0.027435157
0.015726321
0.011413527
0.016332874
0.022443217
0.011915552
0.016938616
0.023496326
0.011639051
0.019617161
0.023153839

74 | P a g e
Efficient Frontier:
After computing all the different combination of portfolio risk and return, we draw an efficient
frontier. Efficient Frontier is all are efficient sets of portfolio, where at a given level of risk
return is optimal. Portfolio beyond frontier line is desirable but not attainable and Portfolio
below the frontier line easily attainable but not desirable. The IMAM BUTTON INDUSTRIES
LIMITED and BEXIMCO PHARMACEUTICALS LIMITED combination offer higher
return with a given level of risk. For 0.017110984this level of risk return is 0.001356152. Based
on investor behavior, they can prefer any combination of portfolio from the efficient frontier.
Risk taker investors prefer stock of Islami Bank BD. Limited and LankaBangla Finance
Limited. As the risk taker want to take more risk associate with compensation. On the other, risk
averse investor prefers less risk associated with their compensation. So, risk averse investors
prefer combination of Information Service Network Ltd and Libra Infusion Ltd. Both are
equally desirable consider their level of risk.
y = -0.0076x + 0.0002
R² = 0.0148
-0.0015
-0.001
-0.0005
0
0.0005
0.001
0.0015
0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 0.04
portfolio return versus portfolio risk
Series1
Linear (Series1)

75 | P a g e
Market beta:
Beta is an indicator of an individual stock’s standard deviation, or volatility. It is somewhat
difficult to calculate but is provided on many websites. Using beta is much complicated than
calculating it. If a stock has beta of 1.0 it moves in congruence with the market. This means if
DSEX goes 1% in day, the stock should go up exactly 1% in a day. If the beta is negative then it
moves inversely, or opposite of the market. In our calculation we have few stocks have negative
betas. Negative betas means these companies negatively correlated with the market. It means
volatility is higher which not a good sign. So it is most important to consider betas when we
choosing the stocks. In a falling market, the negative beta investments will provide a hedge
because they will increase in value. Negative beta stocks can add value to a portfolio, but they do
come with their own set of risks. In this portfolio there are some stocks having negative beta.
Those are Kay & Que BD Ltd (-0.1134), Imam Button(-0.060273), Jute Spinners Ltd (-0.01655),
Kohinoor Chemicals company BD Ltd (-0.01021).
Moreover, the individual beta does not comply with Market Beta due to discrepancies of trading
activities of the individual stock with DSEX. Moreover, the inequality in trading activity dates
causes problems in finding all the correlations and covariance’s. Last of all, our portfolio is to
some extent a good choice as it lies within dominating portion of Markowitz efficient frontier.
There are differences in between the results this project have calculated and the beta available on
market data. The site which we used to compare with our betas –
https://www.infrontanalytics.com/fe-en/BD0453BXPH04/Beximco-Pharmaceuticals-
Limited/beta
Difference between market beta and these projects calculated Beta:
 Time frames are also highly important and should be customized to specific investment
horizon
 This projects beta is calculated on daily price basis and market beta is calculated on
monthly price basis.
 In this project analysis, investors are using Markowitz portfolio analysis. Whereas, in
market, the can follow the different analysis to find the market beta.

76 | P a g e
Company name BETA calculated BETA collected
from market
Imam button -0.060273 1.26
Intech Limited 0.114043 0.98
Information Service Network Ltd 0.179003 1.36
Islami Bank Bangladesh Ltd 0.132764 1.11
Islami Insurance BD. Ltd 0.166067 0.77
Islamic Finance & Investment Ltd 0.155996 0.96
Jamuna Bank Ltd 0.135358 0.92
Jamuna Oil Company Ltd 0.296664 0.98
Janata Insurance Company Ltd 0.428141 0.82
Jute Spinners Ltd -0.01655 0.71
Karnaphuli Insurance Company Ltd 0.394167 0.67
Kay &Que BD Ltd -0.1134
1.15
keya Cosmetics Ltd 0.431956 0.37
Kohinoor Chemicals company BD Ltd -0.01021 0.37
Libra Infusions Ltd 0.127045 0.93
Khulna Power Company Ltd 0.36246 0.67
Lankabangla Finance Ltd 0.208071 1.07
Legacy Footwear Ltd 0.228728 0.59
Maksons Spinning Mills Ltd 0.378951 0.94
Meghna Life Insurance Co. Ltd 0.403716 0.77

77 | P a g e
Meghna Condensed Milk Industries
Ltd
0.11359 0.67
Meghna Cement Mills Ltd 0.257402 1.02
Malek Spinning Mills Ltd 0.316155 1.29
Marico Bangladesh Ltd 0.045673 0.55
AB Bank Ltd 0.085906 0.80
Active Fine Chemicals Ltd 0.041282 0.80
AppolloIspat Complex Ltd 0.260125 1.16
Beacon Pharmaceuticals Ltd 0.350205 0.93
Beximco Pharmaceuticals Ltd 0.216972 1.16
National Bank Ltd 0.236511 1.31

78 | P a g e
Required Return:
Required return is the minimum annual return investor expects from company stocks. This is the
return an investor wants. The higher return a company can provide, the more investor will invest
on that company’s stock. Investors use the required return to decide where to invest their money.
Investors compare the return of an investment to all other options available, considering the risk-
free rate of return, systematic risk and risk premium in their calculation. In this portfolio Keya
Cosmetics limited provides the highest return based on calculations.
REQUIRED RATE OF RETURN:
Company name Required Rate of Return
IMAM BUTTON INDUSTRIES LIMITED 0.064575434
Intech Limited 0.080263858
INFORMATION SERVICES NETWORK LTD. 0.086110308
ISLAMI BANK BANGLADESH LIMITED. 0.081948731
Islami Insurance BD. Limited 0.084946
ISLAMIC FINANCE & INVESTMENT LTD. 0.084039669
JAMUNA BANK LIMITED 0.082182243
JAMUNA OIL COMPANY LIMITED 0.096699767
JANATA INSURANCE COMPANY LIMITED 0.108532647
JUTE SPINNERS LIMITED 0.068510917
KARNAPHULI INSURANCE COMPANY LIMITED 0.10547506
KAY &QUE (BANGLADESH) LIMITED. 0.059793681
KEYA COSMETICS LTD. 0.108876063
KOHINOOR CHEMICAL COMPANY(BANGLADESH)
LTD.
0.069081402
LIBRA INFUSIONS LTD. 0.081434058
Khulna Power Company Ltd. 0.102621388

79 | P a g e
LankaBangla Finance Ltd. 0.088726367
LEGACY FOOTWEAR LTD. 0.090585536
MAKSONS SPINNING MILLS LIMITED 0.104105598
MEGHNA LIFE INSURANCE CO. LTD. 0.106334412
MEGHNA CONDENSED MILK INDUSTRIES LTD. 0.080223095
MEGHNA CEMENT MILLS LIMITED 0.093166188
Malek Spinning Mills Limited 0.098453917
Marico Bangladesh Limited 0.074110607
AB BANK LIMITED 0.077731556
Active Fine Chemicals Ltd 0.073715354
Appollo Ispat Complex Limited 0.093411243
Beacon Pharmaceuticals Limited 0.101518438
BEXIMCO Pharmaceuticals Limited 0.089527477
NATIONAL BANK LIMITED. 0.09128595
Conclusion:
To conclude this project must say that after computing all the different combination of portfolio
risk & return this project can be concluded that the IMAM BUTTON INDUSTRIES LIMITED
and BEXIMCO PHARMACEUTICALS LIMITED combination offer higher return with a given
level of risk.. Based on investor behavior, they can prefer any combination of portfolio from the
efficient frontier. Risk taker investors prefer stock of Islami Bank BD. Limited and LankaBangla
Finance Limited. As the risk taker want to take more risk associate with compensation. On the
other, risk averse investor prefers less risk associated with their compensation. So, risk averse
investors prefer combination of Information Service Network Ltd and Libra Infusion Ltd. Both
are equally desirable consider their level of risk. Selecting the portfolio & investing on portfolio
is fully dependent on investor’s investment decision. Proper knowledge about the share market is
the only way to choose the right stock in the right time and gain profit.

80 | P a g e
References:
https://stockbangladesh.com/sector-pe
http://www.dsebd.org/
https://www.infrontanalytics.com/fe-en/BD0453BXPH04/Beximco-Pharmaceuticals-
Limited/beta

Fin435.final 1report

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Fin435.final 1report

Similar to Fin435.final 1report (20)

Recently uploaded

Recently uploaded (20)

Fin435.final 1report