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 IDLC launches index

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Posts : 63
Join date : 2010-06-05

PostSubject: IDLC launches index   Mon Jun 21, 2010 6:58 am

Star Business Report

Selim RF Hussain, second from right, managing director of IDLC Finance Ltd, and Arif Khan, centre, deputy managing director, attend the launch of “IDLC 50” Index, at a programme at Dhaka Sheraton Hotel yesterday. Photo: IDLC
IDLC Finance Ltd yesterday launched an independent stock index, first of its kind in Bangladesh, in a bid to show the daily performances of 50 big cap companies with the Dhaka and Chittagong bourses.

The multi-product financial institution created the index styled 'IDLC-50' in cooperation with Alif Assets Management Ltd, an asset management company.

The performance data of IDLC-50 will be published in newspapers, while performance data, quote details, liquidity data, portfolio characteristics and sectoral information will be made available on the websites of IDLC (www.idlc.com) and Alif Assets (www.alif-amc.com), officials said at a function in Dhaka yesterday.

An index is a method of measuring the value and performance of a section of the stockmarket. It is used as an indicator of the market movement, and is created with a group of stocks that represent the whole market or a specific segment of the market.

It also serves as a benchmark to measure the performances of professionally managed client portfolios.

The officials said the existing indices of the two bourses either comprise too many stocks or include a few scrips. Also, the bourses' general indexes comprise some stocks that are hardly tradable on the market, they said.

Besides, they said none of the existing indexes are float-adjusted, meaning the indices include the portion of shares of a company that are not traded in the market.

IDLC-50 overcomes these limitations by updating the change of publicly traded portion of the company shares on daily basis, arising from institutions' or directors' sale out of shares.

"IDLC is committed to bringing new and innovative products and services to the Bangladesh capital market," said Selim RF Hussain, managing director of IDLC Finance.

The IDLC's index is based on the "Float Adjustment Market Optimisation Weighted" methodology, a modern technique that will be used for the first time in Bangladesh.

While selecting the stocks to include in IDLC-50, a number of factors will be considered such as financial health of a company, regular trading in the market, investment risk, amount of investable shares, number of outstanding shares, price sensitiveness and price risk.

"With the index we are not giving any indication for investment decisions," said Arif Khan, deputy managing director of IDLC.

Tanim Noman Sattar, chief executive officer and director of Alif Assets, described the key features of the IDLC-50 index.
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