Dse Indexing

7/23/2019 Dse Indexing

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1. Introduction to the Report

1.1 Rational of the study

The stock exchange has been perceived by many as the backbone for most contemporary

economies (AL- Shubiri F.N. !"#"$. %oreover an economy &ike 'ang&adesh here a huge

number of peop&e engaged ith the Stock %arket is rea&&y needed to have a c&ear concept

regarding the Stock %arket )ndex. A stock index gives ref&ection performance of stocks hich

are traded in the market. 'ecause an investor can easi&y eva&uate the performance of the stock by

observing stock index hich they are bought and they can easi&y make a decision. An investor

can &ose their investment if an index gives misinformation and they cannot *udge the stock

movement proper&y. So an index must be ca&cu&ated accurate&y for the stock market and bestinterest of investors. %oreover fe days ago e have seen that due to misca&cu&ation of )ndex of

+haka Stock ,xchange the investors ere a&king toard the rong ay hich &eads the

market toard the crash. So peop&e shou&d have some kno&edge regarding the )ndex and some

sectors hich affect the market index a &ot.

A&though there are # categories of companies is trading in the +haka Stock ,xchange e have

chosen bank sector for our research. 'ecause bank have contro& over a &arge part of the

supp&y of money in circu&ation and p&ay an important ro&e in the economic deve&opment of

every nation. %oreover in 'ang&adesh banks are considered as a fundamenta& component of

the financia& system and are a&so active p&ayers in financia& markets. 'esides that banking

sector is containing a huge market capita& in +haka Stock exchange. So e have decided to study

on the banking sector hich shares are trading in +haka Stock ,xchange and ho&ding the highest

number of market capita&iation. /e are going to find out ho much the banking sector is

affecting the +haka Stock ,xchange 0enera& )ndex by preparing a 'ank )ndex.

1.2 Objective of the Study:


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Through this study e are going to find-

1o to make an )ndex

2reparing an 'ank )ndex by considering those bank hich are trading in +haka Stock,xchange.

1o much the banking sector affecting the %arket )ndex.

3ompare the 'ank )ndex ith +haka Stock ,xchange 0enera& )ndex.

1.3 Limitation of the Study

)n this study e cou&d not count the company4s market capita& hen the trade as suspended due to the

record date for A0% ,0% or stock sp&its. /e cou&d not ca&cu&ate the index before !"" because e do

not have enough information about the number of issued share though the rest of the information e have

co&&ected. /e have got a &imited time of to months for this study it is not enough.

2. Literature Revie


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No a days it is e&& estab&ished that economic groth promote by a e&& functioning financia&

system through hich efficient a&&ocation of resources is possib&e and thus the stock markets

have been estab&ished in a&most every part of the or&d. 'ecause 0roth of ne businesses or

an economy ou&d not be possib&e ithout avai&abi&ity of stocks and deve&opment of financia&

markets (1aferand and 1ein !""5$. %oreover the access of private companies to funding

through these financia& markets he&p to improve the efficiency of a&&ocation of resource. So as a

part of the financia& market stock market performs a crucia& ro&e for economic deve&opment as

an intermediary beteen investors and firms (%ukit and Shafiu&&ah !"#!$ and thus stock market

deve&opment p&ays an important ro&e in predicting future economic groth(Levine and 6ervos

#7$.

'ang&adesh has to fu&&-f&edged automated stock exchanges8 +haka Stock ,xchange (+S,$ and

3hittagong Stock ,xchange (3S,$.

)n the &ast decade stock market of 'ang&adesh ent through

many changes and huge ups and dons ere seen. The economic crisis of the or&d in year

!""-## a&so affected the market adverse&y. There are # categories of companies en&isted and

among them 'anking sector containing 9" banks ith :#95;;.: mi&&ion (+ec !"#:$ of market

capita&iation hich is the category ith highest market capita&. 'esides that it has been found

that bank 2&ay an important ro&e in the economy deve&opment of every nation (


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3.1 #rief $istorical #ac%!round of &ha%a Stoc% '(chan!e:

The necessity of estab&ishing a stock exchange in the then ,ast 2akistan as first decided by the

government hen ear&y in #;! it as &earnt that the 3a&cutta Stock ,xchange had prohibited

the transactions in 2akistani shares and securities. The provincia& industria& advisory counci&

soon thereafter set up an organiing committee for the formation of a stock exchange in ,ast

2akistan. A decisive step as taken the second meeting of the organiing committee he&d on the

#9th %arch #;9. )n the cabinet room eden bui&ding under the chairmanship of %r. A.


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as he&d at the chamber on "9.".#;9 hen it as decided to appoint Brr +ignam > 3o.

so&icitors to dra up the memorandum and artic&es of association of the stock exchange based on

the ru&es of stock exchange existing in other countries and taking into account &oca& conditions.

The 7 promoters incorporated the formation as the ,ast 2akistan Stock ,xchange Association

Ltd. on !7.":.#;:. As pub&ic company on !9."C.#C! the name as revised to ,ast 2akistan

Stock ,xchange Ltd. Again on #:.";.#C: the name of ,ast 2akistan Stock ,xchange Limited

as changed to D+haka Stock ,xchange Ltd.D

At the time of incorporation the authoried capita& of the exchange as @S. 9""""" divided into

#;" shares. Bf @S. !""" each and by an extraordinary genera& meeting adopted at the

extraordinary genera& meeting he&d on !!."!.#C: the authoried capita& of the exchange as

increased to T


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&aunched the over-the-counter (BT3$ market-a separate trading f&oor-- to faci&itate trading of the

non-&isted and the de-&isted companies. The shares of companies that have been de-&isted from

the premier bourse i&& be p&aced on the BT3 market in the first phase. )n the next phase shares

of non-performing and non-operationa& companies that i&& be removed from the main board i&&

be traded on the ne BT3 f&oor.

3.2 Some milestone moments of &S':

Bver the passage of time some significant deve&opments took p&ace in +S,. Bne important

deve&opment in the capita& market in anuary !"": as the initiation of e&ectronic sett&ement

through the 3entra& +epository System (3+S$. )n order to prevent market manipu&ation by the

inhouse officia&s of the &isted companies S,3 banned the purchasing or se&&ing of shares of a

company by its oners during an interim period (from the date of the financia& year c&osure to

the day of approva& of accounts by the company4s board$. +e-&isting of #9 companies in August

!"": by +S, due to their repeated fai&ure in comp&ying ith the &isting ru&es as a&so an

important step toards bringing discip&ine in the stock exchange. The trading of 'ang&adesh

0overnment Treasury 'onds ('0T's$ started in +S, from anuary !"";.

3.3 Le!al )ontrol

The +haka Stock ,xchange (+S,$ is registered as a 2ub&ic Limited 3ompany and its activities

are regu&ated by its Artic&es of Association ru&es > regu&ations and bye-&as a&ong ith the

Securities and ,xchange Brdinance - #C 3ompanies Act - #: > Securities > ,xchange

3ommission Act - #9.

3.* +unction of &S'

The ma*or functions are8


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Listing of 3ompanies (As per Listing @egu&ations$.

2roviding the screen based automated trading of &isted Securities.

Sett&ement of trading (As per Sett&ement of Transaction @egu&ations$.

0ifting of share E granting approva& to the transactionEtransfer of share outside the

trading system of the exchange (As per Listing @egu&ations :!$.

%arket Administration > 3ontro&.

%arket Survei&&ance.

2ub&ication of %onth&y @evie.

%onitoring the activities of &isted companies (As per Listing @egu&ations$.

)nvestors grievance 3e&& (+isposa& of comp&aint bye &as #5$.

)nvestors 2rotection Fund (As per investor protection fund @egu&ations #$.

Announcement of 2rice sensitive or other information about &isted companies

through on&ine.

3., -umber of )ompanies enlisted in &S':

There are about 9!: 3ompanies en&isted in +S, and category ise there are # 3ategory of

company en&isted in +S,.

able1:Number of 3ompanies en&isted in +S, (3ategory ise$

SL. -ame of the Industry -umber of )ompanies# 'ank 9"

! 3ement 5

9 3eramics Sector ;

: ,ngineering 9#

; Financia& )nstitutions !9

C Food > A&&ied #7

5 Fue& > 2oer #7


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7 )nsurance :C

)t Sector C

#" ute 9

## %isce&&aneous ##

#! %utua& Fund :#

#9 2aper > 2rinting !#: 2harmaceutica&s > 3hemica&s !5

#; Services > @ea& ,state :

#C Tannery )ndustries ;

#5 Te&ecommunication !

#7 Texti&e :#

# Trave& > Leisure :

otal )ompanies 32*

Source:Bfficia& eb site of +haka Stock ,xchange

3./ 0hat is Inde(

A stock market index is defined by the Ne ork Stock ,xchange as DAny comprehensive

measure of market trends intended for investors ho are concerned ith genera& stock market

price movements.D

)n genera& An index is a eighted average of the market capita&iations of the stocks they

represent hich moves up and don depending on the individua& share prices of the component

parts. )t is a too& used by investorsand financia& managers to describe the market and to compare

the return on specific investments. )nvestors checked the stock )ndex to see the changes in the

market hich he&ps them to take the future decisions. ,ach index has its on ca&cu&ation

methodo&ogy and is usua&&y expressed in terms of a change from a base va&ue. Thus the

percentage change is more important than the actua& numeric va&ue.

3. $istory of Inde(es:

The first GS stock index as created in #7C hen the /a&& Street ourna& pub&ished the +o

ones )ndustria& Average. )t had an initia& va&ue of :".5: and represented #! stocks. The Financia&

Times in London pub&ished the first FTS, &isting in #C! and the apanese Nikkei index as

first pub&ished in #;" by the Nikkei nespaper.
https://en.wikipedia.org/wiki/Investorhttps://en.wikipedia.org/wiki/Portfolio_(finance)https://en.wikipedia.org/wiki/Investorhttps://en.wikipedia.org/wiki/Portfolio_(finance)


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3. 4ses of Security56ar%et Inde(es:

H As benchmarks eva&uate the performance of professiona& money managers.

H To create and monitor an index fund.

H To measure market rates of return in economic studies.

H For predicting future market movements by technicians.

H As a substitute for the market portfo&io of risky assets hen ca&cu&ating the systematic

risk of an asset.

3.7 ypes of Inde(:

An index can be c&assified according to the method used to determine its price -

1. 8rice5ei!hted inde(:The price of each component stock is the on&y consideration

hen determining the va&ue of the index. Thus price movement of even a sing&e security

i&& heavi&y inf&uence the va&ue of the index and it ignoring the re&ative sie of the

company as a ho&e.

'(ample:+o ones )ndustria& AverageNS, Arca %a*or %arket )ndexand theNS,

A@3A Tech #"" )ndex.

2. )apitali"ation5ei!hted9also called mar%et5value5ei!hted inde(:1ere factors in

the sie of the company. Thus a re&ative&y sma&& shift in the price of a &arge company i&&

heavi&y inf&uence the va&ue of the index.

'(ample: 1ang Seng )ndex S>2 ;"" )ndex.

3. ';ual5ei!hted Inde(:There a&& components are assigned the same va&ue or eight.
https://en.wikipedia.org/wiki/Price-weightedhttps://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/Capitalization-weighted_indexhttps://en.wikipedia.org/wiki/Hang_Seng_Indexhttps://en.wikipedia.org/wiki/Price-weightedhttps://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttps://en.wikipedia.org/wiki/NYSE_Arca_Major_Market_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/NYSE_ARCA_Tech_100_Indexhttps://en.wikipedia.org/wiki/Capitalization-weighted_indexhttps://en.wikipedia.org/wiki/Hang_Seng_Index


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'(ample:The Ia&ue Line 3omposite )ndex.

3.1< &ha%a =eneral Inde( 9&='-:

The +haka 0enera& )ndex (+0,N$ as introduced at +S, on November !: !""# ith a base

point of 7#5.C9. Later on in November !"" 0rameenphone (02$ came to the stock market and

+S, genera& index gained more than 5"" points in a sing&e day and that4s hen the f&aed

computation of the index first came to &ight. That is hy +S, decided to stop +0,N and

introduce a ne index ca&&ed +S,J and +S, 9". So +0,N continued for a&most #! years and

+S, stopped to sho +0,N from their officia& eb site from August # !"#9. Bn the c&osing

day the +0,N stood at :9:!.9# points after ups and don in the &ast #! years &ong *ourney.After introduction of 7#5.C9 points the +0,N ent up highest &eve& of 7#7.;# points on

+ecember ; !"#" hen the market as bubb&e.

3.11 &S'> ? &S3< and &S'S:

Bn anuary !7 !"#9 the +haka Stock ,xchange Limited &aunched a ne index the +S, 'road

)ndex (+S,J$ and +S, 9" )ndex (+S9"$ based on free f&oat and S>2 methodo&ogy ith effect

from anuary !7 !"#9. +S,J is the 'enchmark )ndex hich ref&ect around 5K of the tota&

market capita&iation. ,&igib&e stocks must have a f&oat-ad*usted market capita&iation above #""

mi&&ion '+T.

+S9" constructed ith 9" &eading companies hich can be said as investab&e )ndex of the

,xchange. +S9" ref&ects around ;#K of the tota& e=uity market capita&iation. ,&igib&e stocks

must have a f&oat-ad*usted market capita&iation above ;"" mi&&ion '+T as of the reba&ancing

reference date.

The base dates of the +S, 'road )ndex and +S,9" are anuary #5 !""7. The +S, 'road index

has a base va&ue of !;#.# on anuary #5 !""7 hich as the index va&ue of the +0,N on

this date. Bn the other hand the base va&ue of +S,9" )ndex is #""".


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Iery recent&y +haka Stock ,xchange introduced a ne index +S,J Shariah )ndex (+S,S$ on

anuary !" !"#: hich serve as a Shariah 3omp&iant broad market benchmark in 'ang&adesh

3apita& %arket. This index has been made by combining the sector and screening based

companies sorting out from +S, 'road )ndex. The +S,S had been &aunched to inspire the

investors ho anted to invest as per )s&amic Shariah 3omp&iance ru&e and it is hoped that this

index may attract the %idd&e ,ast foreign investors.

*. 6ethodolo!y of the Study

A&though there are many ay to ca&cu&ate the stock index and +o ones )ndustria& Average

(+)A$ is most popu&ar buthere e have used the %arket Ia&ue /eighted method.

3riticism of the +)A8

H Limited to 9" non-random&y se&ected b&ue-chip stocks.


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H +oes not represent a vast ma*ority of stocks.

H The divisor needs to be ad*usted every time one of the companies in the index has

a stock sp&it.

H )ntroduces a donard bias by reducing eighting of fastest groing companies

hose stock sp&its.

/e have co&&ected a&& 'ank4s Trade )nformation from !"" to !"#: from +haka Stock ,xchange

&ibrary. Then e have segregated every Sunday4s c&osing price and No. of share of a&& banks. 'y

using these to information e ca&cu&ated the market capita& of 'ank Sector in every Sunday

(/e have taken %onday4s data hen stock market as c&osed or ho&iday on Sunday$. /e have

considered #""" as a base index to ca&cu&ate stock index on # stanuary !"". Formu&a for index

ca&cu&ation -

Ia&ue)ndex'eginning)ndex t =

bb

tt

QP

QP

/here8

)ndextM index va&ue on day t

2tM ending prices for stocks on day t

tM number of outstanding shares on day t

2bM ending price for stocks on base day

bM number of outstanding shares on base day

/e a&so have taken data of +haka 0enera& )ndex (+0,N$ for the time period of !"" to !"#9

(Gp to u&y as after that it has been c&osed$ and +haka Stock ,xchange )ndex (+S,J$ for the

period of August !"#9 to +ecember !"#:. Later on e made a graph ith those data so that e

can compare it ith the bank )ndex.


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,. @nalysis and Interpretation of &ata

,.1 #an% Inde(

/e have ca&cu&ated the 'ank )ndex by taking consideration of a&& banks hich are traded in

+haka Stock ,xchange and our base )ndex as #""". /e have found that the index has started

ith #""" point on ":-"#-!""# and as the market capita& start to goes don market index a&so

start to goes don unti& the ending of %arch !"". Later on due to entrance of ne stock


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invo&vement of ne investors investing of more money into the Stock market the %arket capita&

goes up as e&& as the )ndex ('ank )ndex$ a&so goes up gradua&&y (graph-#$. From the graph e

can see that from !"" to !"#" the graph ho&d the upard trend and it hit the top &eve& ith the

)ndex point of 9#!! in +ecember !"#". After that the graph shos that )ndex ('ank )ndex$

goes don sharp&y hich e ca&&ed market crashed and gradua&&y again it came to very c&ose of

base &ine hich as #""".

=raph1: #an% Inde(

,.2 &ha%a Stoc% '(chan!e =eneral Inde(

/e a&so have dra the +haka Stock ,xchange 0enera& )ndex (+0,N$ by taking consideration of

every Sunday4s c&osing )ndex va&ue. There e have found that the )ndex started ith !7:;

points in :thanuary !"" and from the beginning it started to dec&ine but &ater on as the days

goes on it a&so started to goes up (0raph-!$. +ue to increasing of investment in stock market the

index fo&&os the upard trend and it hit the top &eve& ith 7# point in +ecember !"#". Later


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on the graph fo&&o the donard trend sharp&y that means the market crashed. At the end it

again come to very near of 9""" hich as in !"".

0raph !8 +haka Stock ,xchange 0enera& )ndex

,.3 &ha%a Stoc% '(chan!e #roadInde(

As after u&y !"#9 +S, stopped to sho the +0,N e have taken data of +S,J up to

+ecember !"#: and made a graph (0raph-9$. From the graph it has been seen that the )ndex

have upard trend but it is =uite stab&e as after crashing the market investors are no =uite

conscious regarding the movement of )ndex.


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0raph9 8 +haka Stock ,xchange 'road )ndex

,.* )omparin! the Inde(

There e have p&otted the ! graph in # (0raph-:$ and try to compare these to )ndex. A&though

the +0,N has been stopped in u&y !"#9 but e continued the 'ank )ndex. From the graph e

can see that the movement of both 'ank )ndex and +0,N is a&most same. The day +0,N hit the

highest &eve& at the same day 'ank )ndex a&so hit the highest &eve&. %oreover &ike +0,N 'ank

)ndex a&so came to near of base &ine again.


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0raph : 8 'ank )ndex and +0,N

,., &escriptive Statistics

Summary statistics of the variab&es is reported in tab&e ! here the mean standard deviation

skeness kurtosis minimum and maximum va&ues of study variab&es are given. From the tab&e

e can see that the standard error is !;.:9 hich is =uite sma&& and acceptab&e. 1ere the most

important thing is 3orre&ation of 'ank )ndex ith +0,N and +S,J. 3orre&ation of 'ank )ndex

ith +0,N is ".9 hich is high&y positive as it is very c&ose to #. 'ut 3orre&ation of 'ank

)ndex ith +S,J is ".;5 hich is a&so positive but moderate&y.

Tab&e !8 +escriptive Statistics

%ean #::5."7

Standard ,rror !;.:9

%edian #9".:"

%ode ONEA

Standard +eviation ::.#9


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Samp&e Iariance !"#5#.C;

Column 1 Column 2

3o&umn # #

3o&umn ! ".;555799! #

/. +indin!s of the Study

Bne of the ob*ective of this paper as compare the 'ank )ndex ith the +haka Stock ,xchange

)ndex so e different graph and Statistica& ana&ysis as e&&. From the graph e have seen that

'ank )ndex and +0,N &ooks &ike a&most same but not the +S,J. From !"" to !"#9 the

minimum point of +0,N is !:!5 and maximum is 7#. Bn the other hand the minimum point

of 'ank )ndex is ;: and maximum is 9#!!. 'ank )ndex and +0,N hit the highest &eve& at the


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same day and at the same ay both the index shos the market crash. At the end of !"#! again

a&& index came to their base &ine. /e have found c&earer picture from the +escriptive statistics.

There e have found that 3orre&ation of 'ank )ndex ith +0,N is ".9 but corre&ation of 'ank

)ndex ith +S,J is ".;5. /hich means no a days 'anking sector is not affecting the Stock

%arket )ndex that it as before.

0hy ban% is not affectin! the Inde( that much

A&though from the beginning it has been seen that +haka 0enera& )ndex is ref&ecting the 'ank

)ndex but after !"#! it is not ref&ecting that much that it as before. That means 'anking sector

is not p&aying that much active&y &ike past. The reason behind is 'ank stock4s performance or the

dividend po&icy of 'anks. From the &iterature of %asum (!"#:$ it has been found that +ividend

2o&icy has significant positive effect on stock prices as dividend po&icy is a ma*or financing

decision that invo&ves ith the payment to shareho&ders in return of their investments. /e can

a&so give some rea& &ife examp&e- There as a time hen a&& banks gave huge divided &ike

Nationa& 'ank Ltd. dec&ared ;K stock dividend but no it gives #" K cash dividend. Like this

a&& banks performance is going don and as a resu&t investors are not that much interested tobank security. 'ut sti&& there are fe banks those are =uite strong and en&isted in +S9" but the

overa&& scenario of 'anking sector is not that much good. After the market crash the &ots of

investors have &ost their 7"K to "K of their investment and as a resu&t they cou&d not pay their

&oan and the bank4s nonperforming &oan a&so increase and the bank4s performance decrease

hich affect on their stock price. /e got the reason of being the bank4s stock price &oer from

the &iterature as e&&- +ocking and


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. )onclusion:

)ndex is an important sca&e to measure the performance stocks. An index ca&cu&ated by the tota&

market capita& so the every information of issuing shares of stocks and the ad*usting prices of the

stocks must be accurate. )f the data is not accurate thus the index does not provide an actua&

signa& of the stocks. 'esides that )n the stock market 'anking sector is having a vast market

capita& so it p&ays an important ro&e to the movement of %arket )ndex. So government shou&d

keep a keen eye on the performance of these banks and to &ook after hether the banks are rea&&y

maintaining their ru&es and regu&ations or not. 'ecause banking business has been shaped as

g&oba& business and the rest other business great&y depends on the strength of banking business

performance. A&though after crashing the Stock %arket in !"#" the tota& ,conomy of 'ang&adesh

as shaken and the 'anking sector4s performance as e&& but no the market is trying to recapture

its stab&e condition by emp&oying different po&icies. )nvestors a&so shou&d have the kno&edge regarding

the stock market and it4s )ndex to take the correct decision and not to &ose their money.

. Reference

#. AL- Shubiri F. N. (!"#"$ Ana&ysis the +eterminants of %arket Stock 2rice %ovements8 An

,mpirica& Study of ordanian 3ommercia& 'anks.International Journal of Business andManagement. ;(#"$ 2. #95-#:5

!. 3hodhury A. @. (#:$ Statistica& 2roperties of +ai&y @eturn from the +haka Stock

,xchange.Bangladesh Development Studies. Io&. JJ)).


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9. +hanabhakyam %. >


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7. @ppendi(

&'+I-IIO- of +ree5+loat 6ethodolo!y:

A method by hich the market capita&iation of an indexQs under&ying companies is ca&cu&ated.

Free-f&oat methodo&ogy market capita&iation is ca&cu&ated by taking the e=uityQs price and

mu&tip&ying it by the number of shares readi&y avai&ab&e in the market. )nstead of using a&& of theshares outstanding &ike the fu&&-market capita&iation method the free-f&oat method exc&udes

&ocked-in shares such as those he&d by promoters and governments.

3a&cu&ated as8


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The free-f&oat method is seen as a better ay of ca&cu&ating market capita&iation because it

provides a more accurate ref&ection of market movements. /hen using a free-f&oat methodo&ogy

the resu&ting market capita&iation is sma&&er than hat ou&d resu&t from a fu&&-marketcapita&iation method.

)ate!ories of )ompanies6ar%et )apitali"ation

9%. in mnA of otal )ap

+inancial Sector

'anks :#95;;.: #;.9

Financia& )nstitutions #5C"9.59 C.C7

)nsurance 55".;7 9.C:

%utua& Funds 9"99:."; #.#9

6anufacturin!

Food > A&&ied 2roduct !#!555.#5 5.!


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2harmaceutica&s 99C!;".;9 #!.;#

Texti&e ":C7.5 9.95

,ngineering ##:57.C: :.!7

3eramic !97:.#! ".7

Tannery !9C#7.5C ".77

2aper > 2rinting !#." "."7

ute 75.;5 "."9

3ement ##CC.9C 5.:#

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