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Dhaka bourse set for new indices

Star Business Report
Two new indices will be introduced to the Dhaka Stock Exchange on Monday to replace the existing flawed indices.
The decision was taken at a board meeting of the premier bourse, chaired by Ahmad Rashid Lali, DSE's senior vice president.
The indices — DSEX and DS30 — have been developed and designed by Standard and Poor's (S&P), one of the world's prominent credit-rating agencies, DSE said in a statement yesterday.
DSE will present the details of the indices such as base points and methodology through a press briefing on Monday.
The existing indices will be phased out once investors become accustomed to the new ones, DSE officials said.
A few months ago, DSE appointed S&P to design the new index based on the free-float methodology used by the world's major indices, including the Dow Jones Industrial Average and the S&P 500.
Under the free-float methodology, market capitalisation of an index's underlying companies is calculated by multiplying the equity's price with the number of shares available for trading.
The method provides an accurate reflection of market movement and is deemed to be a robust way of calculating
market capitalisation.
Although the DSE was prescribed by the stockmarket regulator to introduce a new index by April, the prime bourse took its time toensurethat the index met international standards.
Furthermore, failure of many listed firms to provide information on the number of their tradable shares delayed the launch of the new index.
At present, the Dhaka bourse has three types of indices: the general index, DSE All Share Price Index and the DSE-20.
The call for a fresh index came in October 2010 from the media when it was found that the Dhaka bourse did not follow the correct method of index calculation while incorporating new securities. Later, the matter was acknowledged by the SEC as well.
The Dhaka bourse considered the total shares of a company in computing the impact of price movement— up ordown — on the index, which yielded an inflated scenario. Although the DSE has made some corrections in the index calculation methodology, the previous errors still remain.
Now, the Dhaka Stock Exchange takes into account the free float or tradable shares of a listed company