FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

May 26, 2011 • 1:40 am 0

ETF Industry Highlights – April 2011 – BlackRock

Global ETF and ETP industry:

Record April net inflows with US$25.3 Bn.

Record YTD net inflows in the first four months with US$67.2 Bn through the end of April 2011.

The global ETF industry had 2,670 ETFs with 6,021 listings and assets of US$1,469.8 Bn, from 140 providers on 48 exchanges around the world at the end of April 2011. This compares to 2,189 ETFs with 4,354 listings and assets of US$1,113.1 Bn from 122 providers on 42 exchanges, at the end of April 2010.

The global ETF and ETP industry combined, had 3,819 products with 7,893 listings, assets of US$1,670.9 Bn from 176 providers on 52 exchanges around the world. This compares to 2,967 products with 5,453 listings, assets of US$1,295.1 Bn from 150 providers on 44 exchanges, at the end of April 2010.

United States ETF and ETP industry:

• Record April net inflows with US$22.4 Bn.
• Record YTD net inflows in the first four months with US$51.5 Bn through the end of April 2011.
The ETF industry in the United States had 972 ETFs and assets of US$997.3 Bn, from 29 providers on two exchanges at the end of April 2011. This compares to 839 ETFs and assets of US$764.0 Bn, from 28 providers on two exchanges at the end of April 2010.
•
US$22.4 Bn of net new assets went into United States listed ETFs/ETPs in April 2011. US$16.7 Bn net inflows went into equity ETFs/ETPs, of which US$9.8 Bn went into ETFs/ETPs tracking US equity indices and US$3.5 Bn went into ETFs/ETPs tracking emerging markets equity indices. Fixed income ETFs/ETPs saw net inflows of US$2.9 Bn, of which US$0.7 Bn went into corporate bond ETFs/ETPs and US$0.6 Bn went into Government bond ETFs/ETPs. Commodity ETFs/ETPs saw net inflows of US$1.8 Bn, of which US$2.4 Bn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy experienced US$0.9 Bn net outflows in April 2011.
• Of the US$45.5 Bn of net new assets in United States listed ETFs in April 2011, Vanguard gathered the largest net inflows with US$13.2 Bn, followed by iShares with US$12.7 Bn net inflows, while Bank of New York had the largest net outflows with US$1.4 Bn in 2011 YTD.

European ETF and ETP industry:

• The European ETF industry had 1,128 ETFs with 3,952 listings and assets of US$328.2 Bn, from 39 providers on 23 exchanges at the end of April 2011. This compares to 932 ETFs with 2,748 listings and assets of US$234.3 Bn from 36 providers on 18 exchanges, at the end of April 2010.
• US$3.6 Bn of net new assets went into European listed ETFs/ETPs in April 2011. US$2.8 Bn net inflows went into equity ETFs/ETPs, of which US$1.6 Bn went into ETFs/ETPs providing emerging markets exposure while ETFs/ETPs providing broad European exposure saw net outflows of US$1.2 Bn. Fixed income ETFs/ETPs saw net outflows of US$0.4 Bn, of which money market ETFs/ETPs experienced US$0.3 Bn net outflows while high yield ETFs/ETPs saw net inflows of US$0.2 Bn. US$1.1 Bn net inflows went into commodity ETFs/ETPs, of which US$0.5 Bn went into ETFs/ETPs providing exposure to precious metals and US$0.4 Bn went into ETFs/ETPs providing broad commodity exposure.
•
Of the US$2.8 Bn of net new assets in European listed ETFs in April 2011, Source Markets gathered the largest net inflows with US$0.9 Bn, followed by db x-trackers with US$0.6 Bn net inflows, while iShares and Lyxor Asset Management had the largest net outflows with US$0.2 Bn.


Asia Pacific (ex-Japan) ETF industry:

• The Asia Pacific (ex-Japan) ETF industry had 250 ETFs with 362 listings and assets of US$58.6 Bn, from 63 providers on 13 exchanges at the end of April 2011. This compares to 168 ETFs with 267 listings and assets of US$44.4 Bn, from 53 providers on 13 exchanges, at the end of April 2010.


Japan ETF industry:

• The Japanese ETF industry had 84 ETFs with 88 listings and assets of US$29.4 Bn, from seven providers on three exchanges at the end of April 2011. This compares to 70 ETFs with 73 listings and assets of US$26.3 Bn from six providers on two exchanges, at the end of April 2010. There are 178 ETFs which have filed notifications in Japan.


Latin America ETF industry:

• The Latin American ETF industry had 27 ETFs, with 407 listings and assets of US$10.4 Bn, from four providers on three exchanges at the end of April 2011. This compares to 21 ETFs, with 243 listings and assets of US$9.1 Bn from three providers on three exchanges, at the end of April 2010.


Canada ETF industry:

• The Canadian ETF industry had 180 ETFs and assets of US$43.1 Bn, from four providers on one exchange at the end of April 2011. This compares to 134 ETFs and assets of US$33.0 Bn from four providers on one exchange, at the end of April 2010.

Source: BlackRock, Carral, May 2011

Filed under: Asia, Latin America, News, , , , , , , , , , ,

May 18, 2011 • 12:49 pm 0

Brazil: BVMF (BM&F BOVESP) News May 2011, Nr 26

COMPLETE REPORT

BM&FBOVESPA launches four new indices
BM&FBOVESPA began on May 2 the calculation and publication in real time of four new indices: the Brazil Broad-Based Index, the Dividend Index, the Basic Materials Index and the Public Utilities Index.
Market Makers for Options on the Stock of OGX and Itaú Unibanco
BM&FBOVESPA announced the start of the process to select three market makers for options on the stocks of OGX Petróleo e Gás Participações S.A. (OGXP3) and Itaú Unibanco Holding.
New bidding process to select the manager for three new ETFs
The winner will have an exclusive one-year license for the use of the Dividend Index (IDIV), Basic Materials Index (IMAT) and Public Utilities Index (UTIL).
More than USD 11.5 billion in public offerings and follow-ons in 2011
In the year to April 20, BM&FBOVESPA registered more than USD 11.5 billion in public offerings and follow-ons. There have been seven Initial Public Offerings (IPOs) in 2011.
Enforcement Training in Brazil
“Securities Enforcement Training in Brazil” was promoted on May 9 by BM&FBOVESPA Market Surveillance (BSM), the Securities and Exchange Commission of Brazil (CVM) and SEC
New portfolios for the Ibovespa and other indices for the May-August 2011 period
BM&FBOVESPA announced the Ibovespa Index theoretical portfolio valid for the period of May 2 to August 31, 2011, based on the closing of the April 29, 2011 session.
ETF financial volume hits record figure in April
BM&FBOVESPA Exchange Traded Funds (ETFs) reached a record BRL 942.43 billion financial volume in April, in 28,969 trades and 14,734,230 units.
2011 EVENTS
Join BM&FBOVESPA in the 2011 events.
Volumes and trades by Direct Market Access (DMA)
BOVESPA Segment (Equities)
In April, order routing via DMA in the BOVESPA* segment totaled BRL 87,859,208,000.00 and 9,531,246 trades.
BM&F Segment (Derivatives)
In April, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 23,531,729 contracts traded and 1,840,059 trades.
MARKET RESULTS – BM&F Segment April 2011 (derivatives)
In April, derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 66,111,464 contracts and BRL 4.57 trillion in volume.
MARKET RESULTS – BOVESPA Segment April 2011 (equities)
In April, equity markets (BOVESPA segment) traded BRL 127.04 billion, in 9,864,428 trades, with daily averages of BRL 6.68 billion and 519,180 trades
Source, BM&FBOVESPA, 17.05.2011            COMPLETE REPORT

Filed under: BM&FBOVESPA, Brazil, Exchanges, , , , , , , , , , , , ,

May 6, 2011 • 9:52 pm 0

ETF Landscape: Industry Review – Q1 2011 – BlackRock

At the end of Q1 2011, the global ETF industry had 2,605 ETFs with 5,905 listings and assets of US$1,399.4 Bn  from 142 providers on 48 exchanges around the world. This compared to 2,131 ETFs with 4,133 listings and assets of  US$1,081.9 Bn from 123 providers on 42 exchanges at the end of Q1 2010.  ETF Industry Review_Q1-2011

Additionally, there were 1,119 other ETPs with 1,835 listings and assets of US$183.7 Bn from 58 providers on 23 exchanges. This compared to 718 ETPs with 1,025 listings and assets of US$153.6 Bn from 42 providers on 18 exchanges at the end of Q1 2010.

Combined, there were 3,724 products with 7,740 listings, assets of US$1,583.2 Bn from 178 providers on 52 exchanges around the world at the end of Q1 2011. This compared to 2,849 products with 5,158 listings, assets of US$1,235.4 Bn from 147 providers on 44 exchanges at the end of Q1 2010.

Below is a list of some upcoming events where we will be presenting:

Asia Trader and Investor Convention 2011, Singapore 07-08 May 2011
Complimentary passes are available
www.theatic.net

2nd Annual Inside ETFs – Europe Conference, Amsterdam, 05–06 May 2011
Complimentary passes are available for institutional investors.
www.indexuniverse.eu

Turkey Investment Summit, Istanbul, 09–11 May 2011
www.terrapinn.com

iShares Investment Konferenz, Frankfurt, 11 May 2011
www.ishares-events.com

22nd Annual Conference on Globalisation of Investment Funds, Boston,
15–18 May 2011
www.int-bar.org

ETF & Indexing Investments, New York, 16–18 May 2011
www.terrapinn.com

Factset Investment Process Symposium, Monaco, 23–25 May 2011
www.cvent.com

ASX ETF Institutional Conference, Sydney, 02 June 2011
www.asx.com.au

The 10th Annual Canada Cup of Investment Management, Toronto,
07–08 June 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, Madrid, 15–16 June 2011
www.terrapinn.com

The Mondo Visione Exchange Forum, London, 15–16 June 2011
www.mvexchangeforum.com

Africa Investment Summit, Johannesburg, South Africa 20–23 June 2011
www.terrapinn.com

European Cup of ETFs and Investment Management, London,
19–20 September 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, London, 17–19 October 2011
www.terrapinn.com

Please join ETF Network on Linkedin at www.linkedin.com.

Source: BlackRock, 06.05.2011

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May 6, 2011 • 9:27 pm 0

ETF panorama: Aspectos Destacados del 1er Quartal 2011 BlackRock

La industria global de los ETFs mantiene la trayectoria ascendente con la que inició el año, si se comparan los 2,605 ETFs con activos por USD$1,399.4 millones al cierre del primer trimestre de 2011, con respecto de los 2,131 ETFs con activos por USD$1.082 mil millones en el mismo periodo de 2010.  _ETF  Reporte 1er Quartal 2011

En Latinoamérica el sector de ETFs cuenta con 26 ETFs, 405 listados y activos bajo administración por USD $10.2 mil millones, de ocho proveedores en tres bolsas, que se comparan con 21 ETFs, 231 listados y activos por USD$9.3 mil millones de tres proveedores en tres mercados que había a finales del primer trimestre de 2010.

Como sabes, los ETFs son instrumentos que siguen índices, listados y cotizados en mercados bursátiles, que proporcionan transparencia diaria al portafolio. El reporte da cobertura a los productos Exchange Traded Funds (ETFs) a escala global e incluye rankings de proveedores de ETFs e índices globales, en Estados Unidos, Europa, Japón, Asia, Latinoamérica, Medio Oriente y Africa.

Además, incluye comentarios respecto al impacto en los mercados de inversión global debido a acontecimientos como los disturbios en países de Oriente Medio y norte de Africa, así como desastres naturales como el terremoto y tsunami, y la consecuente catástrofe nuclear en Japón.

Adjunto te hacemos llegar el reporte completo en inglés, en formato PDF. En caso de cualquier duda adicional, quedamos a tu disposición.

Source: BlackRock- Carral Sierra, 06.05.2011

Filed under: Asia, Exchanges, Latin America, Library, News, Services, , , , , , , , , , , , , , , , , , , ,

May 5, 2011 • 10:11 pm 0

Asia Trader & Investor Conference, Singapore 07-08 May 2011

ATIC @Singapore 2011 will feature more than 40 seminars conducted by international and local gurus and experts.  The Asian Trader and Investment Convention – Singapore
Covering topics like:

Futures | Equities | Options | ETF | CFD | Commodities | FOREX | Warrants | Alternative Investment | Property | Insurance | Managed Funds

Event Highlights

  • First in bringing breakthrough and new methods of trading
  • Over 50 investment educational seminars
  • A Specialised Panel of top analysts who will conduct real-time analyses of the same stock
  • Special Trading Focus Workshops on Stocks, Futures, Commodities, Gold, ETFs, Options and Warrants
  • Stock Analysis on Regional Markets by International Traders
  • Investor Clinics that help them improve trading
  • Investment Network Platform with different market segment experts
  • Property Investment Showcase – with property investment education and special panel discussion on Property vs Stock Investments
  • The largest Finance and Investment Book fair

First launched in 2006, Asia Trader and Investor Convention (ATIC) event has travelled to 7 Asian Cities, i.e., Singapore, Kuala Lumpur, Bangkok, Ho Chi Minh City, Mumbai, Shenzhen and Tokyo. With participation by over 300 financial services companies, including securities exchanges, retail and consumer banks, securities brokerage firms, asset/fund management firms, listed companies and other financial services providers, ATIC events have attracted over 100,000 active traders and serious investors across Asia.

Source: The ATIC, 05.05.2011

Filed under: Asia, China, Events, Exchanges, Indonesia, Japan, Malaysia, News, Singapore, Vietnam, , , , , , , , , , , , , , , , , , , , , ,

May 5, 2011 • 12:39 pm 0

VAM: Vietnam Market Analysis April 2011

Inflation continued to be headline of the month             VAM Monthly Newsletter – April ’11.
Despite the governments increasing efforts in the last several weeks, April CPI came out up by 3.3% MoM and 17.5% YoY, the highest since December 2008 and far exceeding most expectations. This brought CPI growth YTD to 9.64%. Estimates are pointing to 16-18% for 2011 while the governments revised target is to keep 2011 CPI growth not higher than that of 2010, i.e. at 11.75%. Promptly, the central bank reacted by raising two policy rates by 100 basis points on 29 April (increasing refinance rate and discount rate to 14% and 13% per annum, respectively).
 
However, it seems a series of policy rates hikes applied one after another by the central bank in March and April have been insufficiently effective to balance major adverse impacts on inflation, such as large price hikes of local necessity commodities (electricity, fuel, coal), escalating food prices, high interest rates and prolonged global commodity price uptrend. With more fuel price hikes imminent to close the domestic and international price gap and governments decision to adjust electricity price further (likely up by 40%), effective this June we think CPI might not have peaked for this year yet.
 
Credit tightening will remain probably through Q3
Given ongoing inflationary pressures, interest rates will not come down in the coming months. And the government has repeatedly sent clear signals that they will sacrifice a small growth to contain inflation. GDP growth target for this year was revised down to 6-6.2% from 6.5-7% previously. Local banks have been ordered to reduce credit to non-production purposes to 16% by year-end, and a failure in doing that will possibly result in doubling of reserve requirements (currently between 1-3%). This means loans for sectors like real estate, securities investment and consumption are going to be cut back.
 
This time, the government has shown a strong determination that they will not prematurely halt the tightening policy as they did in the past. We would expect further tightening on credit and public spending if inflation is not going to improve. Hence, we think inflation will eventually be put in check, but it will take more time. Observers are expecting to see improvement in inflation toward the end of Q3 when governments measures have taken clearer effects.
 
Stability in foreign exchange market was a bright spot in macro picture
Improving stability of the FX market in April was the fruit of a set of governments measures to restore confidence in the currency and gradually minimize dollarization of the economy, an ingrained problem and a culprit for FX instability. According to Asian Development Banks Vietnam Director, dollars make up about 20% of money used in Vietnam. After the central bank applied dollar deposit cap in April (1% per annum for institutional depositors and 3% per annum for individuals vs. popular 14% deposit rate in dong terms), dollar hoarding has been visibly discouraged. A big commercial bank in Ho Chi Minh city said recently that they bought U$15 million per week compared to U$1-2 million previously, mainly from the public.
 
Toward month end, the dong appreciated against the dollar by 7% in the unofficial market and 3% in the interbank market from its lowest level in February. Encouraged by initial results toward de-dollarization, the government is considering measures against goldenization of the economy, the other ingrained problem on the FX front. A deadline to stop gold deposit and lending activities at banks are expected to be released soon. With all these factors, we think the stability of the FX market will continue through the year.
 
Domestic indicators continued to show positive signals
Apart from inflation, other domestic indicators continued to show positive signals. In the first four months, industrial production value and retail sales expanded respectively by 14.2% and 22.7% on-year. Both exports and imports registered significant growth of 35.7% and 29.1% on-year respectively. However, trade deficit is not getting improved. With March number being revised up to U$1.4 billion from U$1.15 billion and trade deficit in April estimated at U$1.4 billion, year-to-date number stood at U$4.8 billion versus U$4.6 billion in the same period last year. The slight increase in trade deficit was mainly attributable to rising global commodity prices.
 
With regard to capital inflows, though committed FDI year-to-date showed a decline of 50% YoY, disbursed FDI was still up by 0.6% YoY, estimated at U$3.62 billion. Disbursed ODA in the same period was recorded at U$404 million, fulfilling 16.8% of full-year target. Overseas remittances this year are forecast to be affected by the dollar deposit rate cap, but real effects remain to be seen.
 
Equity market saw a modest rebound though at low volume
CPI in April seemed not to create much impact on local investors sentiment as the market did rebound, though at low volume, after the news came out. The explanation was that the CPI number had been largely priced in. Investors are now looking to CPI in May. The further tightening measures have certainly affected the market. The VN-Index closed the month at 480.08 points, up 4.1% MoM with low liquidity. Average daily trading value combined on both bourses dropped to U$42 million versus U$62 million in March. However, as stock valuation is at historically low level, foreign investors have significantly increased stocks accumulation during the month with net purchase of U$43.3 million versus U$9.1 in March, mainly on the HOSE.
 
Our View – The AGM season has almost come to an end and the overall picture of revenue and profit growth targets for 2011 has been rather unexciting. A large number of listed firms operating in real estate, manufacturing, and some other sectors saw a tumble in the year-end results and even unimpressive performance in the first quarter of this year, resulting from rising cost of capital and accelerating prices of material inputs. As a result, 2011 business plans were set at very conservative levels compared to last year. In contrast, listed banks, especially big ones, still announced strong profit numbers for 2010 and set plan for quite ambitious profit targets for 2011 regardless of tougher regulatory requirements and volatility in the capital markets.
 
Generally speaking, since the government keeps emphasizing their priority to curb inflation rather than push GDP growth, we believe the lending interest rate will likely not come down, at least till the end of Q3/2011, which will then create more burdens on businesses operations. Therefore, we see no major positive catalyst to lift the stock market up in short-term. However, in a medium to long-term, we expect tightened monetary policies and fiscal policies will soon have actual impacts to damp inflationary pressure this year and stabilize the market. Additionally, share price plummeting to the low level could be seen as good opportunities to acquire stocks at cheap price. In fact, an active net buying of U$43.3 million from foreign investors in April can be considered positive signs of regaining investors confidence in the coming time.
 
At the moment, we think companies with more cash, low debts and good business strategies in lines with global markets demand will continue to show resilience through tough times. As such, we uphold our interests in stocks of telecommunication, dairy, rubber and petroleum sectors. We also watch with interest the banks performances, which were generally quite impressive in the first quarter of 2011, despite unfavorable macroeconomic conditions.
Source: VAM, 05.05.2011

Filed under: News, Vietnam, , , , , , , ,

May 5, 2011 • 12:31 pm 0

Brazil:BM&FBOVESPA joins TradingScreen’s TradeNet

São Paulo — May 05, 2011, TradingScreen, the premier provider of global execution management systems (EMS), announced today that it has completed certification by the BM&FBOVESPA to provide low latency multi-asset class direct market access (DMA) order flow through its trading platform from its local data center in São Paulo.

TradingScreen’s expansion of its Brazilian markets offering will bring the local and global Buy Side community full coverage of listed financial instruments supported by BM&FBOVESPA, including commodities and financia l derivatives. The creation of this local trading node is a milestone in market access efficiency and outlines the strong commitment of TradingScreen to continue to be the reference ASP trading system and the leader in presence and connectivity in all markets around the world.

TradingScreen brings its community of global sell side participants and leading regional brokers to a common environment. The benefit to clients is an exceptional reach across counterparties, products, geography and services ranging from execution to algorithmic trading services, prime brokerage and clearing. Its ASP (Application Service Provider) model enables a rapid deployment and activation of users into live trading through a flexible range of execution management interfaces screen, FIX or API based.

The new TradingScreen solution will allow International Institutional investors to access Brazilian markets through local Brazilian and international brokers connected to Trade Net, TradingScreen’s global proprietary multi-broker network using a broker intermediated or broker sponsored model. The integration will also provide the opportunity for the local Asset Manager community to avoid high latency linked to long round trip to foreign data centers.

TradingScreen supports its LATAM operations from local offices in São Paulo and provides 24×6 client support in Portuguese covering all the main financial centres across the globe.

Commenting on the agreement, Philippe Buhannic, CEO of TradingScreen said:

“Our buy side and sell side clients had long been requesting a low latency, local access to the BM&FBOVESPA infrastructure based on an ASP model. TradingScreen has made this possible while maintaining its proven simplicity of deployment. We are very happy to lead the markets once again to new levels of efficiency.  The client’s feedback on this implementation has been phenomenal.”

“Adva nced connectivity resources greatly facilitate cross-border communication and trading on a global scale within the current financial scenario. Creating a common and safe environment which connects investors to Brazilian markets is a step forward in positioning Brazil as an international financial hub for equities, commodities and other futures contracts,” added Cícero Vieira Neto, BM&FBOVESPA Chief Operating Officer.

Source: Trading Screen, 05.05.2011

Filed under: BM&FBOVESPA, Brazil, Exchanges, FIX Connectivity, Latin America, Trading Technology, , , , , , , , , , , ,

May 4, 2011 • 9:54 am 0

Brazil – Current Scenario Keeps the Market on Tenterhooks– Monthly Allocation- May 2011

Internationally, Advances Should Continue Slowly but Surely
We foresee a relatively neutral international scenario for May, but the outlook for the global economy seems unlikely to improve in the upcoming weeks, and several issues might continue to raise investors´ concern. In the US, the government’s debt ceiling issue is unlikely to cause any market disruptions, but it could generate some nervousness. Also, although economic activity continues to grow, the increase of the jobless claims in the last two months could cast some doubts on consumption’s short term outlook. Meanwhile, in the Euro Zone, Spain has continued to manage to sell debt as scheduled, and talks between Portugal and the EU on the financial assistance package have progressed. Nevertheless, the fact that Portugal will hold general elections in June and Finland’s population have shown growing resistance to EU’s current assistance framework indicates that the road to the package is likely to be bumpy, generating some noise and fear.

Brazil_-_Monthly_Allocation_-_May_2011

1Q Results Season to Drive the Market
In terms of the domestic scenario in Brazil, an uncertainty mood is likely to continue concerning the Federal Government fight to curb inflation. The government has continued to try to fight inflation without jeopardizing economic growth, which generates many doubts on the economic outlook for 2011 and 2012. On the other hand, the Central Bank has, at least, acknowledged that the monetary tightening cycle will have to be extended, which is encouraging. In all, the local macro scenario tends to generate less anxiety, because market players will live for some time with the prolonged gradual tightening of the monetary policy, the slow appreciation of the Real, some fiscal tightening, and remaining doubts on whether the government’s strategy will work.

The first half of May will concentrate the majority of the 1Q season reports. Given the aforementioned scenario, where nothing impacting is expected, the market should be driven this month by corporate results and news. With most of the 1Q macroeconomic figures already out, we do not believe in unexpected results except for specific exceptions.

Having this calmer outlook for the local economy in mind and with the negative bias from the still unabated inflation, we continue believing in a volatile stock market for May with a slightly negative trend. Given this, we have changed very little our previous portfolio for May. We included Raia and Telesp, with 5% weight each. We also withdrew HRT from the list, due to the potential overhang with the end of the lock up agreement between the pre IPO shareholders. With these changes, we increased the total number of companies by one so we re-balanced the lower weights to 5%, from 6%.

Source:BANIF, 02.05.2011

Filed under: Banking, Brazil, Latin America, News, Risk Management, Services, , , , , , , , ,

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