THE LIKELY RATE CUT.....!!!!!!!!!

THANKS TO ET FOR BOTH THE ARTICLES....
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Good time invest in rate sensitive stocks like Tata Motors, Mahindra & Mahindra, HDFC Bank, Bank of Baroda
http://economictimes.indiatimes.com/markets/analysis/good-time-invest-in-rate-sensitive-stocks-like-tata-motors-mahindra-mahindra-hdfc-bank-bank-of-baroda/articleshow/11401421.cms?curpg=1

Experts are almost unanimous in predicting the direction of interest rates for 2012. This is because of two major factors. First, barring unforeseen circumstances like a spike in the global crude oil prices, domestic inflation should come down. Second, economic growth has slowed drastically forcing the RBI to shift the focus from inflation to it. "The RBI will start cutting rates when inflation numbers improve to kickstart growth," says Sameer Kamdar, CEO & MD, ASK Investment Managers.

So, it might be a good time to invest in rate-sensitive sectors now, but don't do so blindly. "While rate-sensitive sectors should yield good 12-month results, they will face some tough times before they start reversal," says Kislay Kanth, senior director, research, MAPE Securities. This is because falling interest rates will reflect in the fundamentals of the company with a lag. For example, it takes a few quarters before the 'low interest rates' start reflecting as 'low interest costs' for the companies because the loans taken at higher interest rates need to be repriced.

So, investors should concentrate only on the stronger segments of the rate-sensitive sectors, which means avoiding infrastructure and real estate. Also, pick only large caps. This is because there are several other factors that will affect the market price of these stocks and falling rates is only one of them. For instance, the biggest worry facing the banking sector currently is the delinquency on its loan books, and these write-downs may continue for some more time even after the RBI starts reducing the rates. Here are our top picks.

Tata Motors 

Domestic interest rates will impact Tata Motors on two counts. First, it will help lessen the huge debt on its books. "With the rates coming down, Tata Motors will be able to refinance at a lower rate. This will help reduce its interest cost burden," says Kishor Ostwal, CMD, CNI Research. Second, the falling rates will boost its domestic sales. The company has already posted good sales for December, which went up by 47% compared to the same period last year. While its light commercial vehicles and diesel passenger cars are doing well, an economic pickup will boost its currently sluggish heavy commercial vehicles. The market is bullish on the firm more for its excellent performance on the Jaguar and Land Rover business, whose demand is up.

Mahindra & Mahindra 

M&M could show decent volume growth and report much better numbers when the rates go down. Its domestic passenger vehicle sales for December increased by 24% compared to the same period last year. Considering the buoyancy in demand, the company could pass on the impact of the falling rupee and rising input costs by increasing the price of its new car, XUV 500, by up to Rs 55,000 this month. Though the tractor segment may show lacklustre growth in the third quarter, it is expected to improve in the fourth quarter. This evergreen segment should continue at 10% annualised volume growth in the coming years.

HDFC Bank 

"The current sell-off in the banking sector has brought down the valuations. Investors should use this opportunity to buy good banks, such as HDFCBank, at current valuations," says Murali Gopal, banking analyst, BRICS Securities. The bank was able to sustain a high 30%-plus growth rate in its net profit despite the difficult operating environment. As the interest rates come down, the demand for corporate loans should improve further. Expanding reach, with the help of more branches, should help HDFC Bank to improve market share. More importantly, it is able to maintain its non-performing assets (NPAs) close to the 1% band and so, is relatively free from asset quality worries.

Bank of Baroda 

While Bank of Baroda can boast high asset quality and its gross and net NPAs are placed only at 1.4% and 0.47%, respectively, it is quoting at much lower valuations compared to private banks with similar asset quality. This is because the comparisons are usually done among the PSU banks where increased delinquencies are a major threat. However, analysts insist that Bank of Baroda is the best among public sector banks and should be treated separately. "Bank of Baroda has conservative accounting practices and we believe that it should report much less NPAs compared to other PSU banks," says Dinesh Shukla, banking analyst, Sharekhan. 

IT future, Rupee appreciation.....

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I am of the same view that the Software giants will see a serious decline in their Market Cap down the line despite some surge in 2012. The markets already discounted the mid cap and small cap IT stocks. I see the Rupee will appreciate to 42-45 level by 2014-15 level. I even shared my personal view that the IT bellwether Infy will trade at 1200-1000 range in future. this will happen over a period of time but for now the short term rise could benefit the Bulls and likely to touch 3050 level
------------------------------------------------------------------------, -------------------------------------------------------------------------------------
Serious reforms wiill see Rupee return to mid-40s level: Bill Belchere, Mirae AMC


In an interview with ET Now, Bill Belchere , Global Chief Economist, Mirae Asset , shares his outlook for emerging and developed markets. Excerpts: 


ET Now: What is your forecast as we start 2012 specifically for emerging markets versus developed markets? 


Bill Belchere: At this juncture, we are passing through a period of uncertainty where most of the world looks like it is slowing down. So, we are looking for economies that have greater policy flexibility and larger domestic demand which gives them a greater degree of control over their own destiny. In the developed markets, it looks like the US is decoupling from the rest of the world right now and is accelerating. 


So, we are more favourable towards the US, but not theEU and not Japan. In the Asia space, we continue to like the big domestic economies and particularly China and Indonesia which we think will be announcing continue to reinforce policy easing. This will ultimately begin to show up in better economic performance and equity performance as the year progresses. 


ET Now: Dollar index is at 81 which is at a one year high and we know that is not the real value for the dollar index. So what is your view first on dollar and then the dollar index for rest of the year? 


Bill Belchere: For the first half of the year, the greenback is going to be very strong. The US is strengthening and accelerating in terms of economic growth compared to the rest of the world. However, Europe is going through the worst phase of their economic performance. This year we see the economy moving under recession. The central bank is adding a lot of liquidity. That tells us that the euro could fall to 115 to the US dollar in the first half of the year. So, we look for the dollar to continue strengthening. 


ET Now: Given that the European situation is getting a bit more complex as the data shows, are you worried about the status of the euro because a lot of economies in emerging markets are dependent and they derive export revenues from the region? 


Bill Belchere: Yes, we are a bit concerned about the euro area's fortune in the spill over to emerging markets and particularly Asia. The EU area is the biggest trade destination for Asian exports. Its banks also finance a lot of Asian activity. So, any hiccup or downturn in Europe is going to be felt fairly strongly in Asia. We do not think this causes Asia to slip into recession, but certainly it does present a headwind to economic growth and reduced economic prospects until the euro area clears up. 
ET Now: What about emerging markets? For the year gone by, emerging markets were down, developed markets were up. Do you think tables could reverse this year? 


Bill Belchere: There are a couple of things that look interesting to us, those that have policy flexibility and large domestic economies. That would include Brazil, we think China qualifies there, we see Indonesia is already off and running. Thailand is beginning to cut rates as well; we are looking for fiscal responses across the region and particularly Southeast Asia. However, those 4 economies look good. We would like to add India to that, but it still looks like India is struggling a bit and it is just a tad too soon. 


ET Now: India has seen quite a bit of pronounced weakness. So what is the view overall on India especially in terms of fund flows and the interest post state elections as well as the budget? 


Bill Belchere: That is certainly possible but precondition for that is India needs a serious reform effort. It has exhausted its easy growth at this without those serious reforms. We do not think growth will recover much above 7% and inflation will remain a persistent problem running well ahead of that over the rest of the world. This will create a lot of volatility and instability in this economy which is a detriment to funds flowing in or a challenge to encourage entice funds to flow in. 


ET Now: Indian rupee has depreciated and appreciated down about 20% in 2 quarters. For this year and for this quarter, are you bullish on rupee or are you neutral on Indian rupee? 


Bill Belchere: We are investors and we remain optimistic. Once India settles down, we will see the rupee begin to recover. We think it is awfully weak, which is very good for the exporters. A precondition to this is a sounder macro policies and particularly on the reform front. If we did get serious reforms, we could easily see the rupee return into the mid-40s and inflation fall fairly significantly. 


ET Now: We have the RBI credit policy which is around the corner and there are lots of expectations of rates being cut in India, perhaps in the first or the second quarter of FY13. Do you subscribe to that view and what is your year end projection for inflation? 


Bill Belchere: Our year end growth and inflation targets are for 7% growth and 7% inflation. We do think that interest rates will be cut in the first quarter of this year and at the end of March probably by 50 basis points. We would expect a total of 100 basis points at least over the course of this year.

Good economic outlook

The Nifty is finding support at every fall. The rebounded of stocks are more than the faring negative ones. This is a classical sign of bottoming of markets. It is evident that the Indian economy is not doing well when it compared to yester years but the fact is that when the world economy is in crisis we are talking about a growth rate around 7%. The India’s economy growth is contracted and stood at less than 7 % in July-Sep-11 but the other favourable indicators are started flooding in. The negative growth in inflation is a very positive sign and the RBI’s preparation for a rate cut any time soon will help the industries to cut the debt burden and the serviceability will be improved. The current challenge is due to FCCB conversion or payment and the higher load on companies’ equity due to rupee depreciation is a cause of concern.

The Central Govt lead by UPA is preparing to face the elections in Hindi heart land. Any favourable signs of improvement in their tally will boost the confidence to reforms. The RBI is willing to go for a rate cut in March-12. The study reports are giving encouraging results as the Indian economy is going to be 2.5 trillion by 2021. The Govt. is planning to spend and expecting at least one trillion on infra structure by 2017. In similar lines, the reports suggesting that the per capita income likely to grow by 900USD to 1800 USD by 2012. Reliance is not showing required strength to float above 729 is a cause of concern.

The banking and housing finance stocks did not fall as they are expected, is a good sign to bulls. The metal stocks like Tatasteel and SAIl alomost bottomed out. The TataMotors is out performing the market. The stock may not fall below 186-185 level even Nifty slide. The has stock has a potential to go above 225 and may touch 240-250 level in coming months. The other stock is M&M which is lagging the over all market. It has strong resistance at 693 level, once crossed likely to touch 740-750 level easily. The next fall that takes place in Nifty, M&M very likely to cut it's  yearly low but may not fall far below it"s yearly low. The SBI is taking two steps back ward and one step forward. The ICICI Bank managed to build its bottom at 685 level is a good support, fair chances are it may touch 620 level.

THE BOTTOMS ARE BUILDINGS!!!!!

The Nifty is in a very narrow band. I posted the same in my earlier posts.The markets are in a sense building the bottom. The strength in the market is intact. The Nifty is getting support at 4700 level.

During my personal interaction, people are interested to buy large caps because of the liquidity. They wanted to invest 2-5 lakhs in one go. Where the tiny stocks which multiply by 5-10 time need separate patience to acquire. The SIP- Systematic Investment Plan is a model known to many market participants. The SIP term is a popular one but a coined a word like -KoI-Keep on Investing with Knowledge of Investment.

The multi-baggers are not possible with large cap and mid cap stocks. The small caps take the advantage of becoming large. The tiny stocks though look weak on fundamentals but they takeoff like fire. It is very difficult to identify such stocks but the small cap universe is quite large.

During my recent discussions, I suggested friends to buy Relcap rather than SBI, since then it gave a 30% return and it has much more potential stored in. The insurance business will give good valuation in coming months. This a sector having very bright future apart from the infra structure.

the market fall from the current levels are very good for long-term investors who can build their portfolio over a period of 12 months. The best case to start buying the value stocks from 4400 level Nifty touches.
The RIL likely to touch 620 level and it may touch 550-585 level but the market as whole looks gloomy but that is not the true colour!!!!.....

THE NARROW BAND MOVE....

Nifty is recovering form the 4580 level likely to cross 4850 and even 5100 if it can maintain above support level of 4780 and Reliance stay above 739-41 level. Since November 16^th to day the average band of Nifty is between 4850-4740. So we can expect that the narrow band is on the negative side but for temporary rally is possible as the ray of hope in India is emerging.

The govt may take all necessary steps to revive the economy and the pre-budget rally and global support will help the Nifty to float above 4850 level for some time.

I clearly mentioned except Nikkei every other market is in bull grip. The DAX is now the indicator. In my October 9^th post and other post kept on mentioning the relative relation. So long DAX trades above 5770 level the markets are in bull grip. The S&P above 1150 is in Bull grip. Our markets are correcting but only on local matters will rebound with vengeance but one has to wait for some time….

The well wishers and close friends are asking the timing the market and the exact bottom price of the index so that there won’t be any further down side. This gives a psychological edge that the capital invested is safe and may reap good results instantaneously. The idea is relatively good for traders but for the investors it is not a good approach as far as I am concerned. The stock investment is not a one time job but has to be invested over a period of time with small amounts and then do like a farmer, as the cultivation requires fertilizers and weeding out and so on with a careful monitoring continuously. The people close to me asked why TV-18 a buy, I said wait for the news, might have noticed the TV-18 deal.

important data for some thoughts.....

bhavesh share.bhavesh@gmail.com to sg2, bcc: aiii

show details 4:11 PM (6 hours ago)

sandip sabharwal 2012                                                                                 Posted: 31 Dec 2011 12:24 AM PST

It is quite amazing but true that the year 2011 has been the second worst year in the history of Indian markets with a decline of 25% in the Nifty and 35% in the Mid cap indices (since the 1980s atl east). No prizes for guessing which was the worst year i.e. 2008. In USD terms the performance was even more disastrous with losses of 44% given the 19%decline in the value of the INR. The year began with cautious optimism after the fall that the markets had seen post peaking off in November 2010. However a sequence of events, foreseeable and unforeseeable made this a disastrous year for equity investors. A lot will be written on the year ahead and I have touched on some subjects in my previous articles a few weeks back. However sentimentally one thing is very apparent from all the strategy reports that I read today, as well as the commentary in various media.

2012 will be a very tough year for equity investors and it is unlikely that there will be significant returns during this year.
India will continue to under perform given concerns on inflation, high interest rates and poor governance.

I have infact not read more pessimistic commentary on India for a very long time as we see today. The same brokerages/research houses that were predicting Sensex at 23-24000 by the end of 2011 a year back are now forecasting markets at 12000 (at the lower range) to 18000 (at the median ofthe upper range). There are some who, albeit apologetically are predicting a move above 20,000 levels this year. However this is being done with a lot of caveats. The funniest are those reports where there are bull case, base case and bear case views where the difference between the bear case and the bull case is over 50-60%.

My take on the markets in 2012 is that we will see the Nifty/Sensex return anywhere between 15-25% and the broader markets by 25-35%. I believe that sentimentally the markets have bottomed out and the bottoming out, value wise will happen over the next few days or weeks. This should lead to a durable bottom being formed for the markets. I have touched on the logic for the same to a large extent in my article on the 5th of December, an updated version of which I will present in brief and then more on the domestic situation and the markets.

The Euro zone Crisis – The Euro zone crisis and the debt issues related to Greece, Italy and Spain have been the main contributory factors to the nervousness in the global equity markets over the last several months. The crisis has got accented by a lack of faith in the political system and its ability to resolve the issues. This issue has been discussed a lot so I will not go into the details of all of this, however I do have a contrarian view on the future direction of news flow from Euro zone. We now have new governments in Italy, Spain and Greece i.e. all the troubled countries. Two of them are lead by technocrats and one by the right wing party. As such, in my view the worst of the news flow from Europe is now in and we might not get incremental negative news flow over the next 4-5weeks. This is likely to be similar to the negativity due to news out of the US around3-4 months back, which suddenly died out as the economic data started to improve. The entry of the IMF in the entire discussion combined with greater urgency to resolve the issues is also encouraging.  Overall I do not expect Europe to create any deep cuts in the markets going forward.  This was the view that I had put out a few weeks back and seems to have played out well. It seems clear now that although Euro zone will go through a cycle of de-leveraging, slow growth, intermittent issues related to fiscal issues of troubled countries etc, the probability of a Euro zone breakup seems remote at this stage. Intermittent occasions of bond issuance of Italy and Spain will create volatility on those days. In-fact if investors were so concerned on the Euro it would not have fallen by just 2-3% against the USD in the year 2011. As I wrote a couple of weeks back“Europe has clearly avoided its Lehman Moment”

US News flow – The news flow from the US has been mixed. Over the last few weeks there seemed to be clear indications of an improvement in economic activity. The Fiscal issues will keep on creating volatility periodically, however low borrowing costs and an improving economy could lead to a Fiscal surprise next year. Overall economic activity seems to be improving, albeit at a slow pace in the US and there does not seem to be the likelihood of a double dip recession at this stage. Most corporates in the US are cash rich and market valuations are at just around 11X P/E for next year. Earning expectations for the year 2012 are pretty low with earnings growth forecast in the range of 0-5%. As such US news flow will create volatility but it does not look that it can create a fresh down move at this stage.

Infact US has not only created conditions for a down move, but it has actually supported global markets due to continuously improving economic data, especially related to employment numbers. Technically too the movement of the key indices above 200DMA’s and the breakdown of the similarity of the move from 2008 indicates further gains for US equities. The breakdown of VIX below 23-24 levels also indicates reduced risk aversion and greater confidence. Typically such breakdowns are followed by multi-week up moves.

GOLD – As I have written in detail in my previous article I expect2012 to be a difficult year for gold. I expect a 20-25% correction before prices come to a level where actual demand rather than pure investment demand can support prices. Since I have written in detail earlier I will not repeat, however the most fancied asset class will have a tough time holding on.

China – China is one aspect about which I have not written earlier mainly due to the fact that it is difficult to analyze it. However pessimism on China seems to be at its peak with the Chinese markets trading at valuations that are at multiyear lows. The expectations of some, of a hard landing in China do not seem to be playing out. The move from investment to consumption led growth seems to be moving slowly. By letting the Yuan appreciate in light of pressure on exports seems to have played out well. Inflation has also been controlled well by demand & supply led measures as well as administrative dictates(which can only work in that country and not in countries like India). The moderation in economic growth has been happening at a steady pace. However the key challenge will be holding up growth in light of falling export demand, controlling excessive investments in unproductive areas and the biggest factor will be the asset quality of Chinese banks and how they will hold up in light of increasingly challenging environment and pressure on profitability of Chinese corporates. The corporate sector in China is likely to be hit on two fronts i.e. higher wage costs due to rapidly increasing salaries as well as the strong up move of the Yuan against most other competing currencies. Just as an example, over the last one year the Indian rupee is down 20% against the USD and the Yuan is up nearly 6%. The way things look to me it seems the base case will be a soft landing rather than a hard landing for China in the near term. The two big surpluses that China has i.e. Current Account& Fiscal are vastly undervalued by the markets in my view. Officially China seems to be aiming at an 8% growth next year which is extremely strong in the current environment. The challenge is health of the banking system and how much it needs to be capitalized in order to support this growth as well as the state of health of the Provincial Governments about which there is very less transparency.

India domestic factors & outlook

The Indian markets had to make do with not only global issues but also several domestic issues in the year 2011making it one of the most turbulent years in recent memory. Although 2008 was challenging for India, it was generally perceived at that stage that the factors are largely external and as such should not have a lasting impact on the performance of the economy. We had also started giving lesser importance to the government as the economy became more and more open. However 2011 was a year which showed the importance of governance in promoting and sustaining economic growth as well as macroeconomic stability. The year 2011 was a year of high inflation, high interest rates, lack of policy making as well as the most challenging year for the Indian rupee since 1992 (ex of 2008).

The Rupee - The fall in the rupee is being attributed to high current account and fiscal deficits, which is true to some extent. However it is more due to a lack of confidence in the economy in the near term as well as cash flow mismatches on exports and imports. This aspect is extremely important to understand. Given the way the rupee fell and the continuous statements by policy makers that we are helpless in managing the rupee all importers have run to hedge their positions and no exporter is hedging. This creates a very huge mismatch in the short run. Let me try to explain. India has exports of broadly USD 20 bn a year and imports of USD 30 bn. Now this is a gap of USD 10 bn which is bridged by invisible flows, capital receipts, foreign borrowings, FDI etc etc. Now in a situation where everyone believes that the rupee can only fall all importers want to hedge, however no exporter wants to do the same. This creates a huge mismatch in the short run till the export proceeds flow in after a period of 90-120 days. This also creates a tendency to delay export inflows in order to realize a better rupee value. This actually makes me believe that the first quarter of 2012 can be a good period for the INR as the panic fall period now seems to be over and export realizations will start to come in. Other measures like reduction in holding period of Government and Infrastructure bonds as well as higher interest rates on NRI deposits should boost inflows. My base case view will be for a 3-4 % rupee appreciation in the first quarter of 2012 unless and until there are huge capital outflows.

Policy making – Initially we had a period in late 2010 and early2011 when a large number of projects got held up on environmental issues. Later on after the 2G issue we have seen a significant decline in project approvals, takeoffs etc. This has got exacerbated by the continuous increase in policy rates by the RBI which has made lot of projects unviable. Reform measures have also got stalled. I believe that we are now at the absolute nadir of the decision making cycle and things can only improve from here on. I expect this to happen post election in February after which things would be much better.

Inflation would have come off much more sharply had it not been for the decline in the rupee. However the absolute correction in commodities and food prices combines with the strong base effect will take inflation down to nearly 5% by March 2012. In case the rupee also appreciates as I expect it too the overall scenario could be much better in 2012. As such we should have improving liquidity and much lower interest rates as we go through 2012 and this will provide a tailwind for economic activity to pick up.

Markets

Taking most things into account and also taking into account the market psychology as well as valuations I am of the view that the current situation of the markets is akin to early 2009where one could see only negativity and that was the time that markets bottomed. Valuations, especially of the broader markets are today nearing historic lows and the overall market is also trading at 12X 2013E earnings which is very attractive. My view of the markets over the next one year is that of a worst case of 14500-14800 for the Sensex (at 12X P/E) and 26000 as the best case (on a 20x P/E.)

The markets are today trading at a Mcap/GDP of 50%; in the beginning of 2008 this had gone up to as high as160%. The Profits to GDP ration of corporates goes through phases of compression and expansion. Right now both gross margins as well as net margins are suppressed due to the huge input cost pressure that we have seen over the last 18 months as well as high interest costs. This is likely to reverse over the next two years. Eventually the Market capitalization will move towards the100% level to GDP, if not more. This will provide strong returns over the next3-4 years.

Markets seem to have taken most negatives in their stride as of now. The risk reward is strongly in favor of investing into equities at this stage. As inflation falls and interest rates come down there will be a revival in the economy and growth prospects will start improving. The timing of the bottom formation is difficult to predict, however it will happen in weeks not months.

Markets should be able to return 15-25% at the middle of the pessimistic/optimistic range over the next one year.

BEST WISHES TO EVERYONE AND HOPING FOR A GREAT 2012

-- 

"When someone shares something of value with you and you benefit from it, you have a moral obligation to share it with others" :)........

i shared .....happy new year 2012

New Year Resolutions

WISH YOU A HAPPY AND PROSPEROUS NEW YEAR-2012.

THE READERS SHALL ENJOY THE GROWTH AND PROSPERITY THROUGH

INDIA STOCK INVESTMENTS THAT SHALL BECOME MULTIFOLD IN THE NEW YEAR 2012.

The investors shall use the opportunity to build positions in good quality stocks for the next wave of BULLRUN.

It is very common that the traders get lost in the trading, the gains vanish in few mistakes and the investors loose when they choose to enter in the market when it is toping. This experience is so common to all the investors across the globe.

The very mistake normally conducted in the market by all most all the retail investors is BUYING AT HIGH AND SELLING AT BOTTOM. The buy recommendations flood like the broken dam gates allowing the water while the Index is topping and the reverse is true when the market is bottoming out.

So do make a new resolution to make money by not doing the same mistakes committed earlier years.THE NEW YEAR RESOLUTIONS SHALL MAKE THE TRADERS RICH WITH EVERY TRADE.

HAPPY NEW YEAR 2012

WISH YOU A HAPPY, SUCCESSFUL AND PROSPEROUS NEW YEAR -2012.

INDIA STOCK INVESTMENTS SHALL PROVIDE MULTIFOLD RETURN TO INVESTORS AND TRADERS.

THE MARKET OPPORTUNITY SHALL BECOME THE OPPORTUNITY TO MAKE MONEY. THE READERS AND TRADERS SHALL REAP THE ADVANTAGE TO EARN MORE IN 2012.

THE PERFORMANCE BAROMETER

THE EMERGING IS SINKING.....
Best Return
6 months		YTD		1 year		From lowest
Index	Change	Index	Change	Index	Change	Index	Change
Mexico	5.29%	United States	6.19%	United States	6.23%	Switzerland	23.00%
S. Africa	4.56%	Philippines	4.43%	Philippines	5.31%	Rus 2000	22.72%
United States	3.01%	Indonesia	2.53%	Indonesia	5.14%	Ireland	21.10%
Philippines	2.23%	S&P 500	0.61%	Thailand	1.03%	Thailand	20.70%
Thailand	0.94%	S. Africa	0.01%	S&P 500	0.68%	Brazil	18.49%
S&P 500	-0.25%	Thailand	-0.02%	S. Africa	0.20%	Norway	18.21%
Ireland	-0.60%	Ireland	-0.68%	Ireland	-0.39%	Philippines	17.89%
NASDAQ	-1.29%	NASDAQ	-1.29%	Malaysia	-1.02%	Mexico	17.35%
Indonesia	-1.34%	Malaysia	-1.50%	NASDAQ	-1.76%	Hungary	17.25%
Switzerland	-1.74%	New Zealand	-2.83%	Mexico	-2.27%	Netherlands	16.83%
Worst Return
6 months		YTD		1 year		From highest
Index	Change	Index	Change	Index	Change	Index	Change
Greece	-46.04%	Greece	-52.96%	Greece	-53.95%	Greece	-61.22%
Egypt	-30.03%	Egypt	-42.45%	Egypt	-41.05%	Egypt	-43.67%
Austria	-28.67%	Austria	-35.20%	Austria	-34.76%	Austria	-37.28%
Czech	-25.45%	Finland	-30.64%	Finland	-30.92%	Russia	-33.44%
Argentina	-24.97%	Argentina	-29.99%	Argentina	-29.04%	Italy	-33.41%
Russia	-23.88%	Luxembourg	-28.10%	Luxembourg	-28.05%	Finland	-32.83%
Poland	-21.91%	Vietnam	-27.23%	Czech	-26.54%	Argentina	-32.69%
Hungary	-21.78%	Czech	-26.63%	Italy	-26.42%	Vietnam	-32.51%
Italy	-20.48%	Italy	-24.48%	Vietnam	-25.40%	Czech	-29.59%
Shanghai	-20.25%	India	-22.13%	Portugal	-24.47%	Hungary	-28.41%
THE RECESSION IN DEVELOPED MARKETS IS MORE PAINFULL TO EMERGING MARKETS........!!!!