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MARKET WRAP: WEEK ENDED 15 JULY11

Bursa Securities vs Public Mutuals performance*


15 Jul'11 FBM KLCI 1,577.25 FBMS Shariah 10,498.16 MSCI FEXJ# 530.77 MSCI World# 337.39 Local Funds PSF 0.6662 PGF 0.5919 PIX 0.7490 PIF 0.6046 PAGF 0.7255 PRSF 0.6463 PBF 0.7493 P SmallCap 0.8945 PEF 0.3357 PFSF 0.2731 PDSF 0.2868 PSSF 0.3117 PSA30F 0.3518 POGF 0.2970 PBBF 0.8320 PBGF 0.8307 Local Islamic Funds P Ittikal 0.9019 PIEF 0.3425 PIOF 0.3474 PIBF 0.2924 PIDF 0.3524 PISSF 0.3129 PISTF 0.3125 PIOGF 0.2920 PISEF 0.3858 PIA40GF 0.2681 PBIEF 0.2763 Foreign Funds PFES 0.2866 PRSEC 0.2508 PGSF 0.1933 PFEDF 0.2592 PFEBF 0.2160 PGBF 0.2131 PCSF 0.1966 PFEPRF 0.2435 PSEASF 0.2872^ PFECTF 0.2798 PCTF 0.2327 PFETIF 0.3480 PNREF 0.2833 PAUEF 0.2809 PFA30F 0.2788 PINDOSF 0.2898 PBAEF 0.2570 PBADF 0.2766^ PBEPEF 0.2138 PBCPEF 0.1815 PBCAEF 0.2919 PBCAUEF 0.2738 PBSGA30EF 0.2691 PBAPENTF 0.2521 PBAREIF 0.2620 PBADBF 0.3178 PBINDOBF 0.2785 PSGEF 0.2503 Foreign Islamic Funds PAIF 0.2764 PIADF 0.2389 PIABF 0.2226 PCIF 0.2046 PIALEF 0.2607 PBIAEF 0.2220 PBIASSF 0.1805 Capital Protected Funds PCPSPF 1.1235 PBCPRF 1.1200 # *Buying Price, in USD
^ NAV as at 14 Jul 11

WEEKLY HIGHLIGHTS In line with the retracement in offshore markets, the FBM KLCI eased on profittaking to close at 1,577.3 points with a loss of 1.1% for the week. Regional markets generally moved lower over the week amidst losses in the U.S. market. Looking ahead, market sentiment is anticipated to remain cautious in the near term amidst concerns over sovereign debt crises in developed markets. STOCKMARKET COMMENTARY The retracement of offshore markets caused the local market to ease to a 2-week intraday low of 1,573.4 on Friday on profittaking. Late buying support helped the FBM KLCI to close at 1,577.2 points with a loss of 1.1% for the week. Average daily trading volume was sustained at 0.8bil over the week while daily turnover in value terms decreased to RM1.4bil from RM1.7bil in the preceding week. Regional markets generally moved lower over the week amidst losses in the U.S. market. The China H shares market fell by 3.8% on news the Chinese government plans to continue its property tightening measures on cities with excessive gains in home prices. On Wall Street, shares prices eased as investors remained cautious ahead of the 2nd August 2011 deadline for the Congress to raise the debt ceiling, which is the legal limit on government debt. The Dow fell by 1.4% to close at 12,480 points. The Nasdaq was down 2.4% to 2,790 points over the same period. U.S. macroeconomic data released over the week was mixed as consumer spending strengthened with retail sales growth rising by 8.1% in June from 7.8% in May on higher vehicle and gasoline store sales. However, the University of Michigans Consumer Sentiment Index eased to a 28month low of 63.8 in July from 71.5 in June
1

8 Jul'11 1,594.74 10,602.18 545.55 345.18 0.6768 0.6014 0.7589 0.6091 0.7375 0.6527 0.7600 0.9166 0.3411 0.2757 0.2900 0.3144 0.3573 0.3006 0.8353 0.8358 0.9183 0.3456 0.3535 0.2943 0.3540 0.3173 0.3167 0.2950 0.3878 0.2701 0.2795 0.2975 0.2608 0.1987 0.2638 0.2189 0.2169 0.2004 0.2462 0.2874 0.2847 0.2377 0.3555 0.2909 0.2885 0.2832 0.2879 0.2659 0.2766 0.2155 0.1843 0.3015 0.2873 0.2731 0.2552 0.2622 0.3237 0.2770 0.2509 0.2833 0.2425 0.2263 0.2098 0.2663 0.2286 0.1870 1.1235 1.1206

% chng -1.1 -1.0 -2.7 -2.3 -1.6 -1.6 -1.3 -0.7 -1.6 -1.0 -1.4 -2.4 -1.6 -0.9 -1.1 -0.9 -1.5 -1.2 -0.4 -0.6 -1.8 -0.9 -1.7 -0.6 -0.5 -1.4 -1.3 -1.0 -0.5 -0.7 -1.1 -3.7 -3.8 -2.7 -1.7 -1.3 -1.8 -1.9 -1.1 -0.1 -1.7 -2.1 -2.1 -2.6 -2.6 -1.6 +0.7 -3.3 0.00 -0.8 -1.5 -3.2 -4.7 -1.5 -1.2 -0.1 -1.8 +0.5 -0.2 -2.4 -1.5 -1.6 -2.5 -2.1 -2.9 -3.5 0.00 -0.1

on concerns over the sluggish U.S. job market. The inflation rate remained unchanged at 3.6% in June amidst firm transportation costs while the core inflation rate inched up to 1.6% in June from 1.5% in May. Following news of a decrease in U.S. governments oil inventory, oil prices registered a weekly gain of 1.1% to close at US$97.24/brl. On the regional front, Chinas GDP growth was sustained at 9.5% in 2Q2011 compared to 9.7% in 1Q2011 amidst resilient investment and consumer spending. On the local front, industrial output contracted by 5.1% in May after declining by 1.7% in April due to declines in mining and electricity production. Meanwhile, manufacturing sales growth moderated to a 4-month low of 8.0% in May from 15.2% in April amidst lower exports growth. On a weekly basis, the Ringgit depreciated by 0.5% against the US$ to close at RM3.006 while on a-year-to-date basis the Ringgit strengthened by 1.8% against the greenback. Looking ahead, the local and regional markets are anticipated to remain supported by resilient economic growth and low real interest rates. However, investors will continue to monitor the development of fiscal policies that will impact the outlook for the U.S. and global economies in the year ahead. Uncertainties among policy makers on whether to continue fiscal stimulus policies or consolidate fiscal finances have caused debt and equity markets in the U.S. and Europe to be volatile in recent months. At the KLCIs closing level of 1,577.3 points on 15th July 2011, the local stock market is trading at a prospective P/E of 16.7x on 2011 earnings, which is in line with the markets 10-year average P/E ratio of 16.7x. The local market is supported by a gross dividend yield of about 3.7%, which is higher than the 10-year average of 3.6% and exceeds the 12-month fixed deposit rate of 3.15%.

Other Markets Performance 15 Jul'11 8 Jul'11 Dow Jones 12,480 12,657 Nasdaq 2,790 2,860 859 874 TOPIX 2,820 2,798 SH Comp 12,266 12,756 China*, H share 6,619 6,860 MSCI China 21,875 22,726 Hong Kong 8,575 8,750 Taiwan 2,145 2,180 South Korea 3,084 3,151 Singapore 1,080^ 1,088 Thailand Indonesia 4,023 4,004
* Hang Seng China Enterprises Index
^ Index as at 14 July 11

% chng -1.4 -2.4 -1.7 +0.8 -3.8 -3.5 -3.7 -2.0 -1.6 -2.1 -0.8 +0.5

Bursa Securities Market Valuations^ 15 Jul'11 8 Jul'11 10 yr ave* FBM KLCI 1,577.25 1,594.74 PER'11(x) 16.66 16.66 16.80 Price/NTA(x) 4.14 2.52 4.20 3mth InterBk 3.29% 3.29% 3.12% 12mth Fix Dep, % 3.15% 3.15% *2001-2010 average ^PMB In-House Statistics

Malaysias Economic Snapshot 2009 GDP growth, % -1.7 Inflation, % 0.6


F=forecast

2010 7.2 1.7

2011F 5.2 3.5

Bursa Securities 10 year P/E Ratio


30 25
P/E Ratio (x)

15 July '11 P/E on 2011 earnings: 16.7x

20 15 Average: 16.7x 10 01 02 03 04 05 06 07 08 09 10 11

BOND MARKET REVIEW: FORTNIGHT ENDED 15 JULY11


Public Mutual's Bond Funds Performance 15 Jul'11 1 Jul'11 % chng P BOND 1.0209 1.0184 +0.2 PI BOND 1.0711 1.0689 +0.2 PIN BOND 1.0146 1.0131 +0.1 PEBF 1.0433 1.0436 -0.03 PSBF 1.0142 1.0122 +0.2 PIEBF 1.1049 1.1025 +0.2 PISBF 1.0587 1.0572 +0.1 PIINCOME 1.0593 1.0575 +0.2 PBFI 1.0537 1.0511 +0.2 PBIBF 1.1398 1.1359 +0.3 PBBMTN1 1.0623 1.0599 +0.2 PBINFBF 1.0388 1.0362 +0.3 PIINFBF 1.0346 1.0323 +0.2 PSTBF 1.0376 1.0334 +0.4 PISTBF 1.0305 1.0268 +0.4
## Adjusted for distribution.

BOND MARKET COMMENTARY For the fortnight ended 15th July 2011, the U.S. Treasury market strengthened as investors shifted funds into safe haven assets following further downgrades in selected peripheral European nations sovereign debt ratings. The 10-year Treasury yield fell below 3% to close at a 2.91%, 27 basis points (bps) lower over the fortnight. The 3 and 5-year Treasury yields fell by 20 and 34 bps to 0.62% and 1.44% respectively over the same period. The Malaysian Government Securities (MGS) market closed on a mixed note as investors preferred longer termed MGS to shorter-termed MGS. The 10-year MGS yield fell by 7 bps to 3.87% over the fortnight while the 3 and 5-year MGS yields increased by 2 bps and 1 basis point (bp) to 3.24% and 3.50% respectively over the same period. The local corporate bond market strengthened with the 3, 5 and 10-year AAA corporate bond yields declining by between 2 bps and 4 bps to 3.93%, 4.20% and 4.76% respectively over the fortnight. In the money market, the spread of the 3month Kuala Lumpur Interbank Offer Rate (KLIBOR) over the yield on the 3-month U.S. Treasury bill widened marginally to 328 bps from 327 bps a fortnight ago as the 3month U.S. Treasury bill declined by 1 bp to 0.01% while the 3-month KLIBOR remained unchanged over the fortnight. Looking ahead, U.S. Treasury bond prices may experience some volatility in the medium term on concerns over the outlook for the U.S. dollar, higher inflationary pressures as well as the end of quantitative easing measures. On the domestic front, the MGS market gradually consolidate amidst normalisation of monetary conditions higher inflationary pressures over medium-term. may the and the

Public Mutual's Money Market Funds Performance 15 Jul'11 1 Jul'11 % chng PMMF 0.9967 0.9956 +0.1 PIMMF 1.0108 1.0097 +0.1 PBCMF 1.0036 1.0026 +0.1 PBCPF 1.0039 1.0028 +0.1 PBICMF 0.9998 0.9988 +0.1 PBICPF 1.0030 1.0019 +0.1
## Adjusted for distribution.

Change in Interest Rates & Bond Yields 15 Jul'11 1 Jul'11 3 Month Interest Rates KLIBOR 3.29 3.29 U.S. T Bill 0.01 0.02 3 Year 'AAA'Corp. 3.93 3.95 MGS 3.24 3.22 U.S. T Note 0.62 0.82 5 Year 'AAA'Corp. 4.20 4.23 MGS 3.50 3.49 U.S. T Note 1.44 1.78 10 Year 'AAA'Corp. 4.76 4.80 MGS 3.87 3.94 U.S. T Bond 2.91 3.18
*in basis points
6 10 Years MGS MGS Yield

Chng* -1.0 -2.0 +2.0 -20.0 -3.0 +1.0 -34.0 -4.0 -7.0 +27.0

3 Years M GS 2
J a n- S e p- M a y- J a n03 03 04 05 S e p- M a y- J a n- S e p- M a y- J a n- S e p- M a y- J a n05 06 07 07 08 09 09 1 0 1 1

6 5 4 3

US Treasury Bond Yield

10 Years US T Bond
2
J a n03 S e p- M a y- J a n- S e p- M a y- J a n- S e p- M a y- J a n- S e p- M a y- J a n03 04 05 05 06 07 07 08 09 09 1 0 1 1

You are advised to read and understand the contents of the Master Prospectus of Public Series of Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of Public Series of Shariah-Based Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of PB Series of Funds dated 30th April 2011 and expires on 29th April 2012, Information Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2010, Prospectus of Public Capital Protected Select Portfolio Fund dated 29th July 2008 and expires on 11th September 2008, Prospectus of PB Capital Protected Resources Fund dated 20th August 2008 and expires on 3rd October 2008 and Information Memorandum of PBB MTN Fund 1 dated 10th November 2009 and expires on 24th December 2009. These prospectus have been registered with the Securities Commission who takes no responsibility for their contents, and neither should their registration be interpreted to mean that the Commission recommends the investment. You should note that there are fees and charges involved; and that the prices of units and distribution payable, if any, may go down as well as up. Applications to purchase must come in the form of a duly completed application form referred to in and accompanying the prospectus. A copy of the prospectus can be obtained from your attending agent, corporate representative or nearest Public Mutual Office. Past performance should not be taken as an indication of future performance.

4 Public Mutual Berhad (23419-A)


Block B, Sri Damansara Business Park, Persiaran Industri, Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia. P.O. Box 10045, 50700 Kuala Lumpur Tel: 03-62796800 Fax: 603-62779800 Website:http://www.publicmutual.com.my

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