The document discusses short term prospects for Malaysia's stock market from December 2011 to March 2012 based on rational expectations theory and market efficiency hypotheses. It provides background on Malaysia's stock exchange and defines relevant terms. Historical stock market index data from January to October 2011 is presented, showing average increases until June followed by decreases until October. Based on this past data and considering economic stability, monetary policy, inflation, dividends and Malaysia's budget for 2012, the author forecasts the stock market indexes over the next four months will continue an upward rally within the average range seen earlier in 2011.
The Reserve Bank of India's Monetary Policy Statement for 2011-12 outlines the domestic and global economic conditions shaping India's monetary policy for the year. Key points include:
1) Global commodity prices have surged, posing inflation risks for India as higher input costs are passed through to consumers.
2) Domestically, inflation significantly overshot targets last year, raising concerns over inflation expectations.
3) While growth remains strong, some moderation is expected which could help contain inflation but fiscal risks remain from high subsidies.
4) The monetary policy aims to bring down elevated inflation to support long-term growth, even if it means short-term costs to growth.
The document summarizes China's monetary policy report for Q3 2011. Some key points:
1) China's economy continued steady growth in Q3, moving from stimulus-driven to endogenous growth. Domestic demand was a key growth driver.
2) The PBC prioritized inflation control and continued prudent monetary policy. Money and credit growth began returning to normal levels aligned with stable economic growth.
3) In Q3, M2 money supply grew 13% and new RMB loans grew 15.9%. The PBC will closely monitor economic and financial conditions and make preemptive adjustments to policies as needed to support stable development and maintain price stability.
This document is the publisher's statement for the Annual Economic and Statistical Bulletin of Da Afghanistan Bank for the fiscal year 1389 (2010-11). It provides an overview of the contents of the bulletin, which includes analysis of macroeconomic data and trends over the previous year in Afghanistan. The bulletin is produced by several departments of Da Afghanistan Bank under the coordination of the Monetary Policy Department. It covers topics such as the global economic environment, monetary and capital market developments, inflation trends and outlook, fiscal developments, and banking system performance in Afghanistan for the fiscal year 1389.
This document discusses money, income, and employment in India. It begins with an overview of the quantity theory of money and the Indian money market. It then discusses methods for measuring national income, including the output, income, and expenditure approaches. Key figures from the advance estimate of India's national income for 2013-2014 are provided. The document concludes with a section on employment that notes the distinction between organized and unorganized sectors in India.
This document provides an overview of monetary policy and its implementation in India. It discusses the history and trends in central banking, including the development of independent central banks. It outlines the objectives and tools of monetary policy in India, which is implemented by the Reserve Bank of India to maintain price stability and economic growth. The key tools discussed are open market operations, cash reserve ratio, statutory liquidity ratio, bank rate policy, credit ceilings, and repo/reverse repo rates.
This monthly newsletter provides an overview of the Indian stock market in April 2021, which saw high volatility due to rising COVID-19 cases. Key points covered include:
- Stock markets reacted nervously to rising case numbers but ended the month near their starting levels. FIIs were net sellers while DIIs were net buyers, indicating local confidence.
- Gold and pharmaceutical stocks performed well while overall market indices like Sensex and Nifty saw volatility.
- The newsletter recommends dynamic asset allocation funds to help navigate market uncertainty and stay invested through ups and downs.
- A case study highlights how regular SIP investing from a young age can build significant wealth over time through the power of compound interest.
This document provides an overview and projections for India's bond market, equity market, and various sectoral indices in 2017. It notes that the Indian bond market performed well in 2016 and is expected to see 50 basis points in interest rate cuts in 2017. The Sensex equity index had modest returns in 2016 but is projected to reach 31K by March 2017 and 37K by March 2018 driven by expected earnings growth. Various sectoral indices such as banking, power, auto, and metals are also analyzed with projections for 2017 based on underlying company fundamentals.
This document provides an overview of a course on financial institutions, markets and services. It includes:
- A syllabus that outlines 5 units covering topics like the Indian financial system, banking and non-banking institutions, financial markets, financial services, and stock exchanges.
- Descriptions of the contents of each unit, including definitions and components of the financial system, different types of financial institutions and markets, and various financial services and products.
- A list of 10 reference books and texts for the course. The document is intended as lecture notes for an MBA course on this subject area.
The Reserve Bank of India's Monetary Policy Statement for 2011-12 outlines the domestic and global economic conditions shaping India's monetary policy for the year. Key points include:
1) Global commodity prices have surged, posing inflation risks for India as higher input costs are passed through to consumers.
2) Domestically, inflation significantly overshot targets last year, raising concerns over inflation expectations.
3) While growth remains strong, some moderation is expected which could help contain inflation but fiscal risks remain from high subsidies.
4) The monetary policy aims to bring down elevated inflation to support long-term growth, even if it means short-term costs to growth.
The document summarizes China's monetary policy report for Q3 2011. Some key points:
1) China's economy continued steady growth in Q3, moving from stimulus-driven to endogenous growth. Domestic demand was a key growth driver.
2) The PBC prioritized inflation control and continued prudent monetary policy. Money and credit growth began returning to normal levels aligned with stable economic growth.
3) In Q3, M2 money supply grew 13% and new RMB loans grew 15.9%. The PBC will closely monitor economic and financial conditions and make preemptive adjustments to policies as needed to support stable development and maintain price stability.
This document is the publisher's statement for the Annual Economic and Statistical Bulletin of Da Afghanistan Bank for the fiscal year 1389 (2010-11). It provides an overview of the contents of the bulletin, which includes analysis of macroeconomic data and trends over the previous year in Afghanistan. The bulletin is produced by several departments of Da Afghanistan Bank under the coordination of the Monetary Policy Department. It covers topics such as the global economic environment, monetary and capital market developments, inflation trends and outlook, fiscal developments, and banking system performance in Afghanistan for the fiscal year 1389.
This document discusses money, income, and employment in India. It begins with an overview of the quantity theory of money and the Indian money market. It then discusses methods for measuring national income, including the output, income, and expenditure approaches. Key figures from the advance estimate of India's national income for 2013-2014 are provided. The document concludes with a section on employment that notes the distinction between organized and unorganized sectors in India.
This document provides an overview of monetary policy and its implementation in India. It discusses the history and trends in central banking, including the development of independent central banks. It outlines the objectives and tools of monetary policy in India, which is implemented by the Reserve Bank of India to maintain price stability and economic growth. The key tools discussed are open market operations, cash reserve ratio, statutory liquidity ratio, bank rate policy, credit ceilings, and repo/reverse repo rates.
This monthly newsletter provides an overview of the Indian stock market in April 2021, which saw high volatility due to rising COVID-19 cases. Key points covered include:
- Stock markets reacted nervously to rising case numbers but ended the month near their starting levels. FIIs were net sellers while DIIs were net buyers, indicating local confidence.
- Gold and pharmaceutical stocks performed well while overall market indices like Sensex and Nifty saw volatility.
- The newsletter recommends dynamic asset allocation funds to help navigate market uncertainty and stay invested through ups and downs.
- A case study highlights how regular SIP investing from a young age can build significant wealth over time through the power of compound interest.
This document provides an overview and projections for India's bond market, equity market, and various sectoral indices in 2017. It notes that the Indian bond market performed well in 2016 and is expected to see 50 basis points in interest rate cuts in 2017. The Sensex equity index had modest returns in 2016 but is projected to reach 31K by March 2017 and 37K by March 2018 driven by expected earnings growth. Various sectoral indices such as banking, power, auto, and metals are also analyzed with projections for 2017 based on underlying company fundamentals.
This document provides an overview of a course on financial institutions, markets and services. It includes:
- A syllabus that outlines 5 units covering topics like the Indian financial system, banking and non-banking institutions, financial markets, financial services, and stock exchanges.
- Descriptions of the contents of each unit, including definitions and components of the financial system, different types of financial institutions and markets, and various financial services and products.
- A list of 10 reference books and texts for the course. The document is intended as lecture notes for an MBA course on this subject area.
The money market is a mechanism for lending and borrowing short term funds with maturities of one year or less. It includes various financial instruments like treasury bills, commercial paper, certificates of deposit, and call/notice money. The Reserve Bank of India plays an important role in regulating the money market and influencing short term interest rates. Treasury bills are the most common instrument and are issued in maturities of 91 days and 364 days through regular auctions.
Performance of PE Ratio as an Technical IndicatorSangamesh K.S
The document provides an overview of an internship at BMA Wealth Creators Ltd, a brokerage firm in Bangalore. The internship included introductions to the company's financial products, calculating metrics like MTM, assisting with opening Demat accounts, conducting technical and fundamental stock analysis, and tracking assigned stocks. The 12-week training covered both practical and theoretical aspects of working in a brokerage firm. Overall, the internship provided experience in finance, marketing, and operations.
Making &losing money in equity markets finalRam Mohan
This document provides an overview of investing in the Indian stock market. It discusses the history and purpose of stock markets, common stock market indices like the BSE Sensex, risks and returns of investing, fundamental and technical analysis approaches, and factors that influence market sentiment. The key points are that stock markets allow companies to raise funds and investors to potentially earn returns, fundamental analysis examines company financials to determine stock value while technical analysis uses past price patterns, and markets may experience bull and bear cycles based on overall economic conditions and investor psychology.
The document discusses trends in the changing landscape of finance in India over the past decade. It covers developments in the money market, capital market, stock market, and derivative market. Some key trends include the growth of collateralized segments like commercial paper and certificates of deposit in the money market. The capital market saw an increase in the number of stock exchanges, listings, market capitalization, and trading volumes. The stock market experienced high volatility but an overall upward trend, growing from around 5500 in 2003 to over 20,000 in 2007 and recovering after declines. The derivative market also expanded significantly.
The newsletter provides an overview of the market reaction to rising COVID cases in April 2021. It discusses how markets remained volatile as investors had mixed views on how long cases would continue rising and the impact on the economy. Key indices ended about where they started after seeing selling by foreign investors but buying by domestic investors. The article also provides a case study of an investor who began SIP investments at age 27 and now has a portfolio worth Rs. 82 lacs, demonstrating the power of compounding returns over time through disciplined SIP investments. It recommends dynamic asset allocation funds as a way to benefit from equity upside while reducing risk through adjusted allocations based on market movements.
Analysis Of Market Indices & Component Stocksabhipray
The Stock index is a barometer of nation’s economic health as market prices reflect expectation about the economy’s performance. However, it measures overall market sentiment through a set of stocks that are representative of the market and provides investors information regarding the average share price in the market. The indices of BSE and NSE reflect the overall market sentiments that is both SENSEX and NIFTY have shown up pattern when economy was good, both slowed down when there was a depression.
In this study, the emphasis is laid extensively towards analysing the component stocks of these indices. The study focuses on analysing the 30 component stocks (companies) that form the benchmark index of Bombay Stock Exchange, that is, Sensex.
These 30 stocks have been analysed on the basis of their key financials, their current market status, performance; and their future growth prospects.
On the basis of the study undertaken, the recommendations have been given for each of the 30 companies, as to whether the new investor should either buy the stock; or the existing investor should continue to hold the stock as an investment; or the investor should sell the stock or reduce his stake.
Also, few other analytical aspects, for instance, top holding by mutual funds & foreign institutional investors among the Sensex companies, Sensex reformation- the companies that had previously left or entered the market, Highest dividend paying companies of Sensex, Best performing Sensex Sectors & Sensex Performance over a period of time have also been given.
The observations are given at the end of this study. The observations would guide the investor with regards to the general mistakes that are made by the investors while making an investment in the equity markets.
ANALYSIS OF MARKET INDICES AND COMPONENT STOCKS - PART 2abhipray
The document discusses various stock market indices in India, including sectoral indices. It provides details on the S&P BSE Mid Cap Index and S&P BSE Small Cap Index such as their performance over the last year, constituent numbers, launch dates and sectoral weightages. A table shows the 3 yearly comparison of returns for the Sensex, Mid Cap and Small Cap indices. The document also lists some examples of sectoral indices including the S&P BSE Auto Index, S&P BSE FMCG Index and S&P BSE BankEx Index.
This document describes analyzing stock market index data over a 10 year period to identify potential "money multiplier" opportunities. It outlines:
1) Collecting Price/Earnings (P/E) ratio data for the CNX Nifty and CNX Nifty Junior indices from 1999-2013.
2) Identifying periods where P/E ratios were low (10-12) as buy points, and higher (26-28) as sell points.
3) Calculating the hypothetical returns if $100,000 had been invested at each buy point and sold at each sell point, showing returns increased over 30 times over 10 years through this strategy without extensive analysis.
This document describes an investigation into the relationship between market volatility and investor sentiment. It outlines the process of choosing indices to represent volatility and sentiment, and using regression analysis to select the best predictive indices. The Michigan Index of Consumer Sentiment was chosen as the sentiment indicator, and the VIX volatility index was selected. Regression results showed these two indices had p-values of 0.000, indicating they were the best predictors of S&P 500 price movements compared to alternative considered indices. The analysis of the relationship between these selected sentiment and volatility indicators will be conducted using time series methods.
The stock market behavior on news and a comparison with s&p 500Sudarshan Kadariya
The document analyzes the relationship between news coverage and stock market performance in Nepal from 1994 to 2010. It finds that bad news has a negative effect, good news has a positive effect, and informational news has an inconsistent effect, similar to studies in other countries. However, bad news seems to have a slightly stronger impact than good news in Nepal. The behavior of Nepal's stock market, as represented by changes in the NEPSE index, is also found to differ from the S&P 500 index in the US, reacting more strongly to news and exhibiting shorter bull markets.
The document provides information on investment analysis, including definitions, methods, and concepts. It discusses two main types of analysis: fundamental analysis and technical analysis. Fundamental analysis examines basic company data like earnings, sales, and financial statements to determine a stock's intrinsic value. Technical analysis uses historical market data like prices and trading volumes to identify patterns that can predict future price movements. The document also covers the efficient market hypothesis, which proposes that stock prices reflect all publicly available information.
Impact of Macroeconomic Factors on Share Price Index in Vietnam’s Stock Markettheijes
This paper investigates the macroeconomic determinants of share price in the stock market of Vietnam. The investigation was conducted by using a VECM econometric methodology and revealed thatVietnam’s stock market prices are chiefly determined by economic activities: market price index, inflation, money supply and exchange rate. An increase in market price index and money supply makes share price, while the increase of inflation (CPI) and exchange rate reduces share price. The study’s result showed that Vietnam’s stock market can be replaced by investors of foreign currency (USD), while the exchange rate tends to rise.
Chart analysis of various equity stocks, MBA finance projectGanesh Asokan
Primary objective: The study’s primary objective is to execute a through technical analysis on a select set of equity stocks by interpreting their price chart patterns and indicators to find out the key entry and exit points for trade to make good returns.
Recommendations :
To trade successfully, the use of technical indicators is highly recommended and mandatory to prevent losses.
Two (or) more indicators need to be used and trade should be executed on the consensus of their trend, entry and exit signals.
The recommended combo tools for technical analysis are 3 SMAs with RSI, Volume and Chaikin Money flow.
One should not completely rely on technical tools for trading, but also have a close watch on the economy, industry and the company performance and corporate actions.
Tools used:
1.Line Chart
2.Bollinger Bands
3.Chaikin Money Flow (Ch Mf)
4.Moving Average Convergence Divergence (MACD)
5.Relative Strength Index (RSI)
6.Simple Moving Average (SMA)
7.Exponential Moving Average (EMA)
8.Volume
Chapter 06_ Are Financial Markets Efficient?Rusman Mukhlis
The document discusses the efficient market hypothesis (EMH) which states that financial markets are efficient and security prices reflect all available information. It provides an overview of the basic reasoning behind the EMH and examines empirical evidence that both supports and challenges the hypothesis. The evidence is mixed but generally supports the idea that markets are efficient.
This study examines the calendar effects in five major ASEAN countries, namely Malaysia, Singapore, Thailand, Indonesia and the Philippines. Using the daily stock return series for data set ranging from 2011 to 2015, the study employs the OLS method to investigate the presence of month-of-the-year and dayof-the-week effects. The results suggest the presence of certain trend in the stock returns for all five countries. January effect was found in the Philippines while Malaysia and Singapore demonstrate the evidence that is consistent with the Monday effect. The presence of calendar effects in each country, though violates the very basic premise of EMH, cannot be construed as an avenue to exploit the market for possible abnormal profit since the transaction cost is not taken into consideration. Perhaps, the significant return will disappear once the transaction cost is incorporated in the study
This document is a project report that aims to model financial market forces using regression and sentiment analysis. It discusses modeling the behavior of bond, stock, and currency markets to test theories of mean reversion, volatility clustering, and the impact of sentiment on market movements. The report outlines the methodology used, which includes statistical analysis techniques like regression, sentiment analysis of news texts, and data visualization. Case studies and results are presented on summary statistics, autoregression, vector autoregression of different markets.
The document provides an overview of the Indian stock market and capital market regulatory framework. It discusses:
- The definition and history of stock exchanges in India, including the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
- The key participants and types of investors in the Indian capital market, as well as common trading techniques.
- The regulatory bodies that oversee the capital market, including the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI).
- The process and documentation required for trading in the stock market through a brokerage firm.
- Various investment types, characteristics, and the principles that guide investment decisions and strategies in the
The money market is a mechanism for lending and borrowing short term funds with maturities of one year or less. It includes various financial instruments like treasury bills, commercial paper, certificates of deposit, and call/notice money. The Reserve Bank of India plays an important role in regulating the money market and influencing short term interest rates. Treasury bills are the most common instrument and are issued in maturities of 91 days and 364 days through regular auctions.
Performance of PE Ratio as an Technical IndicatorSangamesh K.S
The document provides an overview of an internship at BMA Wealth Creators Ltd, a brokerage firm in Bangalore. The internship included introductions to the company's financial products, calculating metrics like MTM, assisting with opening Demat accounts, conducting technical and fundamental stock analysis, and tracking assigned stocks. The 12-week training covered both practical and theoretical aspects of working in a brokerage firm. Overall, the internship provided experience in finance, marketing, and operations.
Making &losing money in equity markets finalRam Mohan
This document provides an overview of investing in the Indian stock market. It discusses the history and purpose of stock markets, common stock market indices like the BSE Sensex, risks and returns of investing, fundamental and technical analysis approaches, and factors that influence market sentiment. The key points are that stock markets allow companies to raise funds and investors to potentially earn returns, fundamental analysis examines company financials to determine stock value while technical analysis uses past price patterns, and markets may experience bull and bear cycles based on overall economic conditions and investor psychology.
The document discusses trends in the changing landscape of finance in India over the past decade. It covers developments in the money market, capital market, stock market, and derivative market. Some key trends include the growth of collateralized segments like commercial paper and certificates of deposit in the money market. The capital market saw an increase in the number of stock exchanges, listings, market capitalization, and trading volumes. The stock market experienced high volatility but an overall upward trend, growing from around 5500 in 2003 to over 20,000 in 2007 and recovering after declines. The derivative market also expanded significantly.
The newsletter provides an overview of the market reaction to rising COVID cases in April 2021. It discusses how markets remained volatile as investors had mixed views on how long cases would continue rising and the impact on the economy. Key indices ended about where they started after seeing selling by foreign investors but buying by domestic investors. The article also provides a case study of an investor who began SIP investments at age 27 and now has a portfolio worth Rs. 82 lacs, demonstrating the power of compounding returns over time through disciplined SIP investments. It recommends dynamic asset allocation funds as a way to benefit from equity upside while reducing risk through adjusted allocations based on market movements.
Analysis Of Market Indices & Component Stocksabhipray
The Stock index is a barometer of nation’s economic health as market prices reflect expectation about the economy’s performance. However, it measures overall market sentiment through a set of stocks that are representative of the market and provides investors information regarding the average share price in the market. The indices of BSE and NSE reflect the overall market sentiments that is both SENSEX and NIFTY have shown up pattern when economy was good, both slowed down when there was a depression.
In this study, the emphasis is laid extensively towards analysing the component stocks of these indices. The study focuses on analysing the 30 component stocks (companies) that form the benchmark index of Bombay Stock Exchange, that is, Sensex.
These 30 stocks have been analysed on the basis of their key financials, their current market status, performance; and their future growth prospects.
On the basis of the study undertaken, the recommendations have been given for each of the 30 companies, as to whether the new investor should either buy the stock; or the existing investor should continue to hold the stock as an investment; or the investor should sell the stock or reduce his stake.
Also, few other analytical aspects, for instance, top holding by mutual funds & foreign institutional investors among the Sensex companies, Sensex reformation- the companies that had previously left or entered the market, Highest dividend paying companies of Sensex, Best performing Sensex Sectors & Sensex Performance over a period of time have also been given.
The observations are given at the end of this study. The observations would guide the investor with regards to the general mistakes that are made by the investors while making an investment in the equity markets.
ANALYSIS OF MARKET INDICES AND COMPONENT STOCKS - PART 2abhipray
The document discusses various stock market indices in India, including sectoral indices. It provides details on the S&P BSE Mid Cap Index and S&P BSE Small Cap Index such as their performance over the last year, constituent numbers, launch dates and sectoral weightages. A table shows the 3 yearly comparison of returns for the Sensex, Mid Cap and Small Cap indices. The document also lists some examples of sectoral indices including the S&P BSE Auto Index, S&P BSE FMCG Index and S&P BSE BankEx Index.
This document describes analyzing stock market index data over a 10 year period to identify potential "money multiplier" opportunities. It outlines:
1) Collecting Price/Earnings (P/E) ratio data for the CNX Nifty and CNX Nifty Junior indices from 1999-2013.
2) Identifying periods where P/E ratios were low (10-12) as buy points, and higher (26-28) as sell points.
3) Calculating the hypothetical returns if $100,000 had been invested at each buy point and sold at each sell point, showing returns increased over 30 times over 10 years through this strategy without extensive analysis.
This document describes an investigation into the relationship between market volatility and investor sentiment. It outlines the process of choosing indices to represent volatility and sentiment, and using regression analysis to select the best predictive indices. The Michigan Index of Consumer Sentiment was chosen as the sentiment indicator, and the VIX volatility index was selected. Regression results showed these two indices had p-values of 0.000, indicating they were the best predictors of S&P 500 price movements compared to alternative considered indices. The analysis of the relationship between these selected sentiment and volatility indicators will be conducted using time series methods.
The stock market behavior on news and a comparison with s&p 500Sudarshan Kadariya
The document analyzes the relationship between news coverage and stock market performance in Nepal from 1994 to 2010. It finds that bad news has a negative effect, good news has a positive effect, and informational news has an inconsistent effect, similar to studies in other countries. However, bad news seems to have a slightly stronger impact than good news in Nepal. The behavior of Nepal's stock market, as represented by changes in the NEPSE index, is also found to differ from the S&P 500 index in the US, reacting more strongly to news and exhibiting shorter bull markets.
The document provides information on investment analysis, including definitions, methods, and concepts. It discusses two main types of analysis: fundamental analysis and technical analysis. Fundamental analysis examines basic company data like earnings, sales, and financial statements to determine a stock's intrinsic value. Technical analysis uses historical market data like prices and trading volumes to identify patterns that can predict future price movements. The document also covers the efficient market hypothesis, which proposes that stock prices reflect all publicly available information.
Impact of Macroeconomic Factors on Share Price Index in Vietnam’s Stock Markettheijes
This paper investigates the macroeconomic determinants of share price in the stock market of Vietnam. The investigation was conducted by using a VECM econometric methodology and revealed thatVietnam’s stock market prices are chiefly determined by economic activities: market price index, inflation, money supply and exchange rate. An increase in market price index and money supply makes share price, while the increase of inflation (CPI) and exchange rate reduces share price. The study’s result showed that Vietnam’s stock market can be replaced by investors of foreign currency (USD), while the exchange rate tends to rise.
Chart analysis of various equity stocks, MBA finance projectGanesh Asokan
Primary objective: The study’s primary objective is to execute a through technical analysis on a select set of equity stocks by interpreting their price chart patterns and indicators to find out the key entry and exit points for trade to make good returns.
Recommendations :
To trade successfully, the use of technical indicators is highly recommended and mandatory to prevent losses.
Two (or) more indicators need to be used and trade should be executed on the consensus of their trend, entry and exit signals.
The recommended combo tools for technical analysis are 3 SMAs with RSI, Volume and Chaikin Money flow.
One should not completely rely on technical tools for trading, but also have a close watch on the economy, industry and the company performance and corporate actions.
Tools used:
1.Line Chart
2.Bollinger Bands
3.Chaikin Money Flow (Ch Mf)
4.Moving Average Convergence Divergence (MACD)
5.Relative Strength Index (RSI)
6.Simple Moving Average (SMA)
7.Exponential Moving Average (EMA)
8.Volume
Chapter 06_ Are Financial Markets Efficient?Rusman Mukhlis
The document discusses the efficient market hypothesis (EMH) which states that financial markets are efficient and security prices reflect all available information. It provides an overview of the basic reasoning behind the EMH and examines empirical evidence that both supports and challenges the hypothesis. The evidence is mixed but generally supports the idea that markets are efficient.
This study examines the calendar effects in five major ASEAN countries, namely Malaysia, Singapore, Thailand, Indonesia and the Philippines. Using the daily stock return series for data set ranging from 2011 to 2015, the study employs the OLS method to investigate the presence of month-of-the-year and dayof-the-week effects. The results suggest the presence of certain trend in the stock returns for all five countries. January effect was found in the Philippines while Malaysia and Singapore demonstrate the evidence that is consistent with the Monday effect. The presence of calendar effects in each country, though violates the very basic premise of EMH, cannot be construed as an avenue to exploit the market for possible abnormal profit since the transaction cost is not taken into consideration. Perhaps, the significant return will disappear once the transaction cost is incorporated in the study
This document is a project report that aims to model financial market forces using regression and sentiment analysis. It discusses modeling the behavior of bond, stock, and currency markets to test theories of mean reversion, volatility clustering, and the impact of sentiment on market movements. The report outlines the methodology used, which includes statistical analysis techniques like regression, sentiment analysis of news texts, and data visualization. Case studies and results are presented on summary statistics, autoregression, vector autoregression of different markets.
The document provides an overview of the Indian stock market and capital market regulatory framework. It discusses:
- The definition and history of stock exchanges in India, including the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
- The key participants and types of investors in the Indian capital market, as well as common trading techniques.
- The regulatory bodies that oversee the capital market, including the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI).
- The process and documentation required for trading in the stock market through a brokerage firm.
- Various investment types, characteristics, and the principles that guide investment decisions and strategies in the
The document discusses a study on financial derivatives, specifically futures and options. It begins with an abstract that introduces derivatives as risk management instruments that derive their value from an underlying asset. The abstract also mentions the three broad categories of participants in derivatives markets: hedgers, speculators, and arbitragers. The introduction then provides more context on the emergence of derivatives markets and how they allow participants to hedge against price uncertainties. The objectives of the study are then outlined as analyzing futures and options operations and profit/loss positions, and studying risk management with derivatives. The scope is limited to futures and options in the Indian context.
The document provides an overview of technical analysis. It defines technical analysis as identifying trend reversals using indicators such as price, volume, support/resistance levels, and chart patterns. It discusses various technical analysis tools like moving averages, oscillators, and chart patterns that are used to identify trends and potential reversals. The key difference between technical and fundamental analysis is that technical analysis focuses on internal market data like price and volume, while fundamental analysis considers external factors like the economy and company performance.
The document provides an overview of the Indian stock market, including how it functions, key terms, indices, and how to invest. It discusses that the market consists of a primary market for new stock issues and a secondary market (the stock exchange) for existing stocks. It describes common stock types and how stock price is determined by supply and demand. It also outlines reasons for stock price fluctuations, how to compute stock indices, benefits of investing, and drawbacks of the current market.
The document provides information about the Philippine Stock Exchange (PSE):
- The PSE is the national stock exchange of the Philippines and one of the oldest in Southeast Asia, established in 1927.
- It was formed in 1994 through the consolidation of the Manila Stock Exchange and Makati Stock Exchange.
- The PSE facilitates trading of stocks and aims to protect investors while maintaining an efficient, fair, and transparent market.
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TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
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DISCUSS THE SHORT-TERM PROSPECT OF MALAYSIA’S STOCK MARKET RALLY
1. 1.0 Introduction
Stock market in Malaysia was conducted by Bursa Malaysia. Bursa Malaysia used the indexes
standard by FTSE or Financial Times Stock Exchanged. There are many company listed in Bursa
Malaysia such as Maybank and Petronas. In this Assignment, our main purpose is to forecast
the outlook for 4 months from now which are end of month of 2011, January, February and
March. Our Forecasting is based on the Rational Expectation Theory and efficiency market
hypothesis. There are many factors that influence our hypothesis such as economic stability,
monetary policy, inflation, dividend, budget 2012 and others.
1.1 Background of stock market in Malaysia
The first formal securities business organization in Malaysia was the Singapore Stockbrokers'
Association, established in 1930. It was re-registered as the Malayan Stockbrokers' Association
in 1937. The Malayan Stock Exchange was established in 1960 and the public trading of shares
commenced. The board system had trading rooms in Singapore and Kuala Lumpur, linked by
direct telephone lines (Bursa Malaysia, n.d).
In 1964, the Stock Exchange of Malaysia was established. With the secession of
Singapore from Malaysia in 1965, the Stock Exchange of Malaysia became known as the Stock
Exchange of Malaysia and Singapore. In 1973, currency interchangeability between Malaysia
and Singapore ceased, and the Stock Exchange of Malaysia and Singapore was divided into the
Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore. The Kuala Lumpur
Stock Exchange which was incorporated on December 14, 1976 as a company limited by
guarantee, took over the operations of the Kuala Lumpur Stock Exchange Berhad in the same
year (Bursa Malaysia, n.d).
On April 14, 2004, we changed our name to Bursa Malaysia Berhad, following our
demutualization exercise, the purpose of which was to enhance our competitive position and to
respond to global trends in the exchange sector by making us more customer-driven and
market-oriented. Bursa Malaysia which had been the third largest stock exchange in the region
after Tokyo and Hong Kong (Ali Abbas, 2004).
1.2 Definition
Short term refers to period or duration in one year or less such 30 days, 3 months and 6
months (Mishkin, 2009).
1
2. Stock market known as common stock represents a share of ownership in a
corporation. It is security that is a claim on the earnings and assets of the corporation. Holders
of common stock or stockholders own an interest in the corporation consistent with the
percentage of outstanding shares owned. Stockholder receives whatever remains after all other
claims against the firm‟s assets have been satisfied. Stockholders are paid dividends as known
payments made periodically, usually every quarter, to stockholder from the net earnings of the
corporation (Mishkin, 2009).
Two type of stocks which are Ordinary Stocks and Preferential Stocks. Ordinary
Stocks you own a share of the company. This entitles you to receive profits from the operations
of the company in the form of dividends. At the annual general meeting (also referred to as an
AGM), you have voting rights. Ordinary stocks are what you will start to trade in and most
traders never venture beyond this. Meanwhile, the preferential stocks are different because you
will receive dividends before dividends on ordinary stocks are announced. If the company is
wound up, preference stockholders rank above ordinary stockholders in the distribution of
assets. Preference stocks can often have a fixed dividend rate (Bursa Malaysia, n.d).
Bull Market is a stock market in which buyer dominates and where prices are on a
rising trend. Bull markets are characterized by optimism, investor confidence and expectations
that strong results will continue. It's difficult to predict consistently when the trends in the
market will change. Part of the difficulty is that psychological effects and speculation may
sometimes play a large role in the markets. Meanwhile, Bear Market is a market condition in
which the prices of securities are falling, and widespread pessimism causes the negative
sentiment to be self-sustaining. As investors anticipate losses in a bear market and selling
continues, pessimism only grows (Investopedia, n.d).
Rally is a period of sustained increases in the prices of stocks, bonds or indexes. This
type of price movement can happen during either a bull or a bear market, when it is known as
either a bull market rally or a bear market rally, respectively. However, a rally will generally
follow a period of flat or declining prices. A rally is caused by a large amount of money entering
the market, bidding up the prices. The length or magnitude of a rally depends on the depth of
buyers along with the amount of selling pressure they face. For example, if there is a large pool
of buyers but few investors willing to sell, there is likely to be a large rally. If, however, the
same large pool of buyers is matched by a similar amount of sellers, the rally is likely to be
short and the price movement minimal (Investopedia, n.d).
2
3. 2.0 Short Term prospects of Malaysia’s Stock Market Rally
Short term stock market rally in Malaysia influenced by many factors by past data history,
current and forecasting analysis by the next 4 months from now which are December, January,
February and March. Rational Expectation theory is the guideline to forecast the rally rather
than adaptive expectations. Adaptive expectations only suggest that changes in expectations
will occur slowly over time as past data change and past data history (Mishkin, 2009).
Rational expectation theory was developed by John Muth an alternative theory of
expectations, called rational expectation which is expectations will be identical to optimal
forecasts using available information (Mishkin, 2009). Thus Efficiency market hypothesis is
just an application of rational expectations to the pricing of stocks and also to the other
securities. This hypothesis based on assumption that prices of securities in financial markets
fully reflect all available information (Mishkin, 2009).
This available information included three categories of information. First is past data
history by using published data to forecast what will happen using the past history because
history can be repeated. Second information about current information to forecast what will be
happen such as the current issues going around that will effects the reaction to future. Lastly
future outlook determines by forecast using the two information from past data history and
current. So our hypothesis is based on the efficiency market hypothesis by refer the rational
expectations theory to forecasting the indexes for the short term stock market indexes in Bursa
Malaysia.
2.1 Indexes Hypotheses of short term stock market rally
Our Indexes Hypothesis based on previous history of recorded indexes on Bursa Malaysia
(Table and graph 2.1). Based on the table and indexed chart below, there are average
increased indexes started Month January until June. Next, decreasing indexes started from June
to September. Then the indexes increased from September to October. Bear Market rally
started from June to October. Based on 2.1 graph, future forecasting for December until March
refers to efficiency market hypothesis. Based on table and graph 2.1, the overvalue recorded on
June at 1579.07 points. The undervalue from the indexes is on May that recorded 1387.13
points. The average value between and 1472.10 points and 1579.07 points.
3
4. Months KLCI INDEXES
January 1519.94
February 1491.25
March 1545.13
April 1534.95
May 1558. 29
June 1579.07
July 1548.81
August 1447.27
September 1387.13
Octobers 1491.89
November 1472.10
Table 2.1 Resource: Bursa Malaysia Key Indicator
Indexes
Months
Graph 2.1 KLCI Indexes (Source: Bursa Malaysia Key indicators)
4
5. 2.2 Factors that influence future outlook
2.2.1: Economic stability
Economic stability important in the stock market rally in short term prospect. If Malaysia had
good economic stability, the stock market will rally. It‟s give the good sentiments for investor.
Back to history when Malaysia had first experienced recession in 1985 and last in 1999. The
history of financial crisis in 1999 starts in the mid may 1997 caused by the currency crisis that
time. Even more drastic than the plunge in the exchange rate, was the collapse of the stock
market. Between July and December 1997, the composite index of the Kuala Lumpur Stock
Exchange (KLSE CI) fell by 44.9 per cent. Following a slight recovery in the first quarter of
1999, the index again fell, this time to an eleven-year low of 262.70 points on September 1,
1998. On the whole, between July 1, 1997 and September 1, 1998, market capitalization in the
KLSE fell by about 76 per cent to RM 181.5 billion. In fact, although it enjoyed the best precrisis
economic fundamentals among countries that were hit by the crisis, Malaysia experienced the
biggest stock market plunge in the region (Mohamed Ariff And Syarisa Yanti Abu Bakar, 1999).
Our economic environment had influence by the international economic surrounding
also. On 2008 economy crisis started in United State caused by subprime crisis. At that time,
Malaysia also effected from this situation. Its lower export activity because the world demand
fall. Thus the Foreign Direct Investment falls and unemployment rate increased. Obviously the
stock market price in Bursa Malaysia that time decrease started from 2007 to 2008. Based on
the graph below the stock market indexes at 1246.8 indexes decreases to 858.22 indexes.
Resource: treasury department (ministry of financial)
5
6. The current economic crisis occurs at EU and US because of debt crisis. It also effect
on the Malaysia economic stability this year. But this situation only temporary because it will
recover. According IMF, expected on growth economic rates will increase 4 %. Nevertheless,
economic growth slow because the growth rates among advance country such as Japan slow,
caused impact from tsunami disaster and earthquake. So, outlook for Malaysia economy is in
good condition at 2012. Then, future outlook for stock market indexes will increase moderate
cause by slow economic growth and expected stock market will rally.
2.2.2: Monetary policy
Monetary policy can affect stock process in 2 ways by using the interest rate as medium. First,
when fed lowers interest rates, the return on bonds which is an alternative asset to stocks
declines, an investors are likely to accept a lower required rate of return on an investment in
equity. Decline in ke is the required return on an investment in equity, using the Gordon growth
model lead to a higher value of P0 and raise stock prices. Furthermore, a lowering of interest
rates is likely to stimulate the economy, so that the growth rate in dividends, g is the expected
constant growth rate in dividends is likely to be somewhat higher. The rise in g leads the higher
P0 and rise in Stock Prices ( Mishkin, 2009).
According to Sunny Tan (1989), interest rates are used to stabilize the economy. A rise
of the interest rates can staunch on outflow of capital strengthens the dollar and dampens the
risk of high inflation. But the irony is that high interest rates discourage business activity
involving. When the interest rates falling, shares prices will be nudged up accordingly. Given a
choice, an investor would prefer to place his money in shares which will earn him better returns
in terms of dividend and capital appreciation. The improvement liquidity position of the stock
market is the result of low interest rates offered by the interest- bearing deposits. Investors will
also be encouraged to borrow more to buy stocks and shares when interest rates are low. Thus
prices of stocks and shares are pushed up even higher.
Monetary policy determined the stock prices. It can impact the as asymmetries in bull
and bear markets. Obviously it gives big effects to Bear market rather than bull market.
Monetary policy can give impact to asset prices and stock return (Jansen, 2010). The impact of
a surprise policy action in a bear market for most industries is significantly greater than the
impact of surprise monetary policy in a bull market. Controlling for the capacity for external
finance, stock returns of firms in bear states respond more than firms in bull states. Capacity for
6
7. external finance is more important in a bear market, as it partially mitigates the larger impact of
monetary policy in a bear market.
Monetary influences the interest rate. Hence, Bank Negara Malaysia (BNM, the central
bank) is expected to continue to make incremental changes to its main interest rate, the
overnight policy rate (OPR), during the early part of the forecast period as it proceeds with the
normalization of monetary policy. The interest rate of the OPR is influenced by the central bank,
where it is a good predictor for the movement of short-term interest rates. BNM has raised the
OPR three times since March 2010, by a total of 75 basis points, bringing the rate up to 2.75%,
after having cut it to a record low in response to the dramatic downturn in the Malaysian
economy that occurred in 2009. However, the recent sharp appreciation of the local currency,
the ringgit, and signs of slower economic growth suggest that further rises in official interest
rates in the next few months are unlikely.
BMN does not expect inflation to rise to problematic levels, believing that it will remain
moderate in 2011 as strengthening domestic demand is accompanied by only a gradual
acceleration in the rate of price increases. In 2011 we do not expect the OPR to exceed the
high of 3.5% at which it stood during 2007 and much of 2008. But a quickening in the pace of
domestic demand growth from 2012 will prompt BNM to raise the OPR above this level during
the remainder of the forecast period to contain inflationary pressures. Based on the expected
increase the interest rate, the short term stock market will effect and it will effects rally on
Bursa Malaysia.
2.2.3: Inflation
Inflation rate is one of factor that manipulate stock market rally. Based on study case „Monetary
Policy Analysis Towards Inflation and Capital Market Performance‟, the analysis show that there
have some significant effects between interest rate and the important things is inflation rate
give indirect and direct influence of macroeconomics variable towards return market. Besides
that, case study from Robert S. Pindyck (1983) inflation rate can causes a large part of the
market decline because the variance of firm‟s real gross marginal return on capital has
increased significantly, increasing the relative riskiness of investor‟s return on equity. Study case
from Spanish by Antonio, et al (2008), about the effects of inflation to stock market prices was
there are the short run responses of daily stock prices on the Spanish market to the
7
8. announcements of inflation news at an industrial level. The result was negative to stock prices.
It means that, the investor fall their investment to the stock market.
The current inflation rate for November was last reported at 3.4 percent. So, our
forecasting is inflation rate have negative relationship with stock rally market because it will
discourages investors decrease their investment and it will effect the stock market indexes and
rally will effect.
2.2.4: Dividend
Dividend is one factor that influences stock market rally in Malaysia. According to Bursa Saham
website Malaysia dividend refers to the payment or income that person receives as a
shareholder from the company or by a corporation. It is the portion of corporate profits paid out
to stockholders. Tan. S (1989) the original objective in investing in stocks and share is the
expectation on getting dividend at a fixed period. As situation change so does the investor‟s
expectation.
The dividend pay-out is not guaranteed and where it exists at all, the amount you‟ll be
given will be different from company to company and year to year. For example, high-growth
companies seldom offer dividend because all of their profits are reinvested to help maintain
higher-than-average growth. Conversely, larger companies have less potential for quick capital
growth but are more probable to pay healthy dividends which are steadily rising as the years go
by.
Company‟s Board of Directors has an authority to approved declaration of any dividend
before it is being paid to stockholder. The day that the Broad of Directors announces its
intention to pay a dividend is called as declaration date. On the declaration date, the Board will
also announce a date of records and payment date. They are three types of declaration date of
dividend which are interim, first and final and final dividend. Firstly, interim dividend refer to a
dividend is paid out by the corporation when the directors have received the half year financial
result. Secondly, the first and final dividend is the only dividend paid out for that financial year.
Lastly is the final dividend is paid when the final profits are shown in the final accounts.
On our studied, expected declaration date dividend for stock by companies‟ in Malaysia
will be on March 2012. Based on previous studied “Dividend policy and stock price volatility” in
Pakistan by Muhammad Nishad et al (2002) mention that they are relationship between the
8
9. dividend policy and stock price, if the dividend policy is stable high dividend stock will have
shorter duration.
On our hypothesis, before the dividend announcement stock market will be increase
until the time of announcement, after the announcement the stock market expected to be
stable than falls. Once the dividend has been declared, a listed corporation must not make any
subsequent alteration to dividend entitlement. A listed corporation must ensure that all
dividends are paid not later than 3 months from the date of assertion or the date on which
approval is obtained in general meeting, whichever is appropriate.
2.2.5: 2012 Budget
From the evidence that we have found, 2012 budget that have been read out by prime
minister Datuk Seri Najib Tun Razak as a minister of finance on October 2011 it is also the
factors that influence the stock market rally in Malaysia. Berita harian news by Kaladher
Govindan mention that the stock market will be increase because 2012 budget gives all benefit
to all resident of Malaysia whereas to government servants, students, driver taxi and so on.
After the announcement 2012 budget, bursa Malaysia FTSE increase 12.92 more point
or 0.93 percent and close on 1400.05 point with Axiata (+19 cent), Maybank (+18 cent), IOI
Corp (+17 cent) and tenaga (+1 cent) it represent almost the index total rising. Same goes to
Utusan Malaysia news on 9 October 2011, price of stock at bursa Malaysia will expected to
increase after the “Malaysian friendly budget” or “people centric budget” announcement by
government.
2012 Budged also gave impact to the stocks of United Malaya Land Bhd, Malaysian
resources Corp Bhd and Gamuda Bhd and to education stocks such as Seg International Bhd
and help International Corp have a benefit from the announcement of budget 2012. Before the
announcement 2012 budget there is stock market rally happen in bursa Malaysia mention by Dr
Nazri Chief research in Affin Investment bank (Bernama, October 2011)
On our expectation to stock market rally on 2012 budget will raise because of the
benefit that resident and nation will accept on next year. On budged 2012 stated they are many
developments on economy Malaysia will occur on 2012 such as development on infrastructures,
development project and so on. On the other hand, lowers charges income tax give a very
impact to investors encourage them to buy more stocks on along 2012 with outlook our
9
10. economic condition is good. So, our forecast on four month future outlook is the stock market
will rally.
2.2.6: Election and political
Election and political factor also manipulate the short-term stock market rally in Malaysian. The
past data from journal it proven that political and election have give impact to the short-term
stock market. Case study from Stock Market Volatility Around National Elections by (Jedrej
Bialkowski et al. 2007). The findings from the journal is that Country-specific component of
index return variance can easily double during the week around an election, which shows that
investors are surprised by the election outcome. The magnitude of the election shock also was
contribute by factors of a narrow margin of victory, lack of compulsory voting laws, change in
the political orientation of the government, or the failure to form a government with
parliamentary majority significantly. Besides that, some evidence is found that markets with
short trading history exhibit stronger reaction. Instead of that, same result goes to case study
from Taiwan (Cameron A. Shelton, 2008). On election campaign, the investors will courage to
bought stock market because they have confident to the party that will give incentive to the
economy. So, it has proven that election and political have positive relationship.
In Malaysia, our current political is stable although there have demonstration from
opponent party such as demonstration „Bersih‟ but the government still can control this
situation. Then, our general General election (GE) speculated to be held within the next few
months. GE could cause a spike in the market risk premium (MRP) again like the last GE that
leading to a weaker market (Liz Lee, 2011). Nomura Research in its Malaysian Outlook 2012
report said that GE is the most important event for the market for 2012. It is because MRP rose
by 232 basis points between December 2007 and March 2008. The market also plummeted
10% in the first day of trading after the March 8 election. Although there are good sentiment
for investor from other country but in Malaysia, election and political gave bad to stock market
in Bursa Malaysia.
In nut shell, our forecasting for four month outlook on short-term stock market index at
Bursa Malaysia will not rally because of the election factor. It is because, it not give sentiment
for investor to invest and it will effect stock market index. Maybe, it caused by the uncertainty
of investor to invest because of their political view.
10
11. 2.2.7: Festival
Festivals also persuade the rally of stock market in Bursa Malaysia. Within in four month, our
country will celebrate two main festival which are Christmas on 25th December and Chinese
New Year on 24th January.
Chinese New Year (CNY) can causes highest return in March and April (Lei Gao and
Gerhard Kling, 2005). The situations happen in China because Chinese investors are „amateur
speculator‟ who often embezzles business fund for private trading. It means that these funds
are used for short-term speculations before they are paid back prior to weekends.
Correspondently, the Chinese stock market reaches its peaks shortly before the money is
withdrawn. It means that the money is withdraws close to CNY in February and afterwards
additional money flows into the market. Researcher of this journal also conclude that the
Efficient Market Hypothesis can be confirmed for current period as long they are focus solely on
calendar anomalies.
However, Sunny (1989), the Chinese New Year and the Rally are two distinct subjects
which do not come together to make a Chinese New Year Rally. The Chinese investors are too
busy preparing for their once- a year big celebration and have little or no time to get
themselves involved in the stock market. Moreover liquidity at this time of the year is tight.
They prefer to be free from tension and anxiety of monitoring the market during this period of
the year which is considered most significant to them.
Based on the contrast result of Chinese New Year, we had decided that there are
average increasing in the stock market during Chinese New Year. Even though there good and
bad information, we still forecasting the indexes will increased a little. Although their busy to do
their preparations but prosperity is important. They psychology also influence their reaction to
gain more money during festival
One more celebration on December 2011 is Christmas. According to The Star (2009), at
the end of the year, the market will be a bullish market. It is because November through
January tends to be the best three-month span for stocks (The Star,2009). On 2010 the stock
Market in the Bull Market. Moreover, based on US stock market, the end of year is most reliable
rallies of the year because probability is very high. The investor who might normally sell stocks
for tax purposes late in the year could be more likely to hold off this time around. So, Christmas
is not one of major factor of stock market but people may say opposite with this statement. The
true is Christmas is in month of the end of years.
11
12. 3.0 Conclusion
As a conclusion, our forecasting for 4 months is average increase but not achieve the highest
value of the indexes on June with had been recorded the over value of indexes at 1579.07
points. Thus, our hypothesis the indexes will not decrease below the undervalue that recorded
on September at 1387.13 points. Our forecasting for December, January, February and March is
on average value between 1472.10 points and 1500 points.
We conclude that based on factors such as monetary policy, economy stability, dividend,
2012 budget, election and political, festival and interest rate that influence stock market is
averages rally. From the graph, our prediction starting on December until March, the graph
indexes increases start December to March. Even though interest rate and inflation rate effects
the rally but we confident that this situation not give big impact to rally. The sentiment from
factor such as economy stability, dividend, election and political, festival and more 2012 budget
will give impact to the investor to invest.
Index Pasaran Saham di KLCI
1600
Outlook forecasting
1550
1500
1450
1400 indexes
1350
1300
1250
Graph 2.1 KLCI Indexes (Source: Bursa Malaysia Key indicator
12
13. 4.0 References
Ahmad Rodoni. (2006). Monetary Policy Analysis Towards Inflation and Capital Market. Journal
of economics 40: 27-46.
Antonio Diaz and Francisco Jare˜no. (2008). Explanatory factors of the inflation news impact
on stock returns by sector: The Spanish case. Research in International Business and
Finance 23 (2009) 349–368
Bajet 2012 Tumpukan Kepada Mengurangkan Kos Kehidupan. Online on
www.1Malaysia.blogsport.com Retrieved on 28 December 2011.
Bursa Malaysia site. (n.d). Retrieved on www.klse.com.my/. Online on 7th November 2011.
CIA's Outlook on Malaysia 2011- 2015. Retrieved at http://www.malaysia
today.net/mtcolumns/from-around-the-blogs/37236-cias-outlook-on-malaysia-2011-
2015. online on 7 November, 2011.
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http://www.min.com.my/index.php?option=com_content&view=article&id=126&lang=b
m. Retrieved at 7 November, 2011.
Investopedia.com. n.d. online at
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Jansen, Dennis W. and Chun- Li. (2010). Monetary policy and stock returns: Financing
constraints and asymmetries in bull and bear markets. Journal of Empirical Finance.
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National Cheng Kung University, Taiwan.
Jedrej Bialkowski et al. (2007). Stock Market Volatility Around National Elections.
http://www.sciencedirect.com/science?_ob=MiamiImageURL&_cid=271679&_user=540
662&_pii=S0378426607004219&_check=y&_origin=&_coverDate=30-Sep-
2008&view=c&wchp=dGLzVlB-zSkzV&md5=d0a88239a65e63f619aa104d332ea936/1-
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13
14. Kaladher Govindan. (2011). Bursa Mingguan: Bursa tempatan melonjak. Retrieved at 28
December 2011.
Lei Gao and Gerhard Kling (2005). Calender Effects In Stock Market. Diperolehi daripada laman
web http://www.aeconf.net/Articles/May2005/aef060105.pdf and Retrieved at 3
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Liz Lee (2011). Genaral Election The Main For Malaysian Market In 2012. Thestar.com.my.
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