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7/29/2019 Market Outlook, 4th February, 2013
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Bgroct EutaeeoLcfrugry =! 687>
www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
Mcgacrs Migry
]dc I`mig` bgroct is cxpcntcm te epc` lagt temgy witd g pesitivc figs! birreri`j
^JT @ilty wdind is trgmi`j bgrji`gaay i` tdc jrgi`. Best el tdc Gsig` bgrocts grc
trgmi`j i` tdc pesitivc ze`c witd jgi`s i` tdc rg`jc el 8.># te 7.>#.S^ bgrocts resc dijdcr e` Lrimgy fueycm fy cxpcntgtie`s el g biam rcnevcry i` tdc
cne`eby g`m depcs tdgt tdc Lcmcrga Vcscrvc weuam ne`ti`uc witd aeesc be`ctgry
peainy te suppert tdc jrewtd. Curepcg` bgrocts tee resc e` Lrimgy! trgnoi`j
pesitivc `cws lreb S^ g`m ibprevcbc`t i` XBI ler `e` bg`ulgnturi`j scnter
rcpertcm fy Ndi`g ler Kg`ugry.
Ocy fc`ndbgro i`mincs i` I`mig mreppcm i` ndeppy trgmc gltcr tdc rcsuats el g
privgtc survcy sdewcm tdgt bg`ulgnturi`j eutput cxpg`mcm gt its saewcst pgnc i`
tdrcc be`tds i` Kg`ugry 687> gs `cw ermcrs jrcw gt g wcgo pgnc g`m gs pewcr
eutgjcs ne`ti`ucm te durt i`mustriga gntivity. ^c`scx g`m @ilty saimi`j te tdc tdrcc
wcco naesi`j aew.
Bgrocts ]emgy]dc trc`m mcnimi`j acvca ler tdc mgy is 79!464 %
tdis acvca muri`j tdc lirst dgal"g`"deur el trgmc tdc` wc bgy wit`css g lurtdcr rgaay
up te 79!968 68!834 %
79!464 %
79!
Gute sgacs `ubfcrs Kg`ugry 687> Nijgrcttc pgnos bgy sdew `ineti`c acvcas Satrgtcnd cycs GFJ ncbc`t u`it Ncgt rcjistcrs g 6>.4# yey jrewtd i` tyrc premuntie` i` Mcncbfcr 687> >WLY687> Vcsuat Vcvicw; Fdgrti Girtca! FDCA! Bgrine! I`mig` Fg`o!
Nerpergtie` Fg`o! ]\^ Beter! ]]O Dcgatdngrc
>WLY687> Vcsuat Xrcvicw; Fg`o el Fgremg! S`itcm ^pirits! I]@AVclcr mctgiacm `cws g`gaysis e` tdc leaaewi`j pgjc
@ct I`laews $Kg`ugry >7! 687>)
` nr Xurnd ^gacs @ct B]M Y]MLII 3!=:8 =!=64 7!8=6 66!6>8 66!6>8
BLs =47 4:: $>9) $=!:7>)
LII Mcrivgtivcs $Lcfrugry 87! 687>)
` nr Xurnd ^gacs @ct Epc` I`tcrcstI`mcx Luturcs :9> 49> $788) :!77:
^teno Luturcs 7!37= 7!::> $634) >7!74=
Jgi`crs % AescrsJgi`crs Aescrs
Nebpg`y Xrinc $`) ndj $#) Nebpg`y Xrinc $`) ndj $#)Cssgr Eia 96 :.> Nerpergtie` Fg`o =64 $.4)
NC^N >6= =.7 Bg`jgaerc Vcl ..=)
^BGAA NGX $8.6) $7:.
Jaefga I`mincs Ndj $#) $Xts) $Naesc)Mew Ke`cs 7.7 7=9.6 7=!878@G^MGW 7.6 >:.8 >!7:9
L]^C 7.7 :8.= =:
@iooci 8.3 36.: 77!797
Dg`j ^c`j $8.8) $:.:) 6>!:66
^trgits ]ibcs 8.> 4.3 >!697
^dg`jdgi Neb 7.= >>.< 6!=79
I`mig` GMV Ndj $#) $Xts) $Naesc)I@LY 8.6 8.7 -36.4
ZI] 8.4 8.7 -9. 6.8 -=:.4
DMF 7.6 8.3 -=8.:
Gmvg`ncs % Mcnai`cs F^C @^CGmvg`ncs 99 9>
\eaubcs $` nr)F^C 6!>4:
@^C 77!99>
7/29/2019 Market Outlook, 4th February, 2013
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
Gute sgacs `ubfcrs Kg`ugry 687>
Gsdeo Acyag`mGsdeo Acyag`m $GA) rcpertcm i`"ai`c veaubcs i` Kg`ugry 687> gs Mest sgacs
rcnevcrcm gltcr g` u`cxpcntcm lgaa i` Mcncbfcr 6876. ]dc Mest veaubcs surjcm:9.6# scquc`tigaay te >!7.6#.
]gtg Beters]gtg Beters $]]B]) rcpertcm aewcr"tdg`"cxpcntcm rcsuats ler Kg`ugry 687> witd
tetga veaubcs rcjistcri`j g mcnai`c el 69.3# yey $"
7/29/2019 Market Outlook, 4th February, 2013
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
FgkgkGuteFKGS] rcpertcm g` i`"ai`c veaubc jrewtd el 6.9# yey $7.7# beb) te >=:!
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
73.9# yey muri`j tdc be`td. ]dc nebpg`ys rgmiga lgniaity gt Dgaea ne`ti`ucs te
rgbp"up g`m rcjistcrcm g jrewtd el 789# yey e` g aew fgsc el agst ycgr. Gt`783!
tdc steno is trgmi`j gt gttrgntivc acvcas el 6.WLY687> Vcsuat Vcvicw
Fdgrti Girtca $NBX;`>>8 % ]X; S`mcr rcvicw % Spsimc; ")
Ler >WLY687>! Fdgrti Girtcas $Fdgrti) rcvc`uc gs wcaa gs epcrgti`j bgrji`s ngbc
i`"ai`c witd! dewcvcr its fetteb"ai`c misgppei`tcm fcngusc el dijdcr i`tcrcst
ndgrjcs! lercx aess g`m dijdcr tgx. ]dc nebpg`y rcpertcm lagt rcvc`uc jrewtd witd
rcvc`ucs nebi`j i` gt`68!63>nr. Muri`j 6WLY687>! Fdgrti dgm ~`# qeq! agrjcay i` ai`c witd cxpcntgtie`s. ]dc I`mig` befiaity fusi`css rcpertcm
mcnc`t OXIs witd =.=# qeq jrewtd i` BES te =>3bi`. Befiac trgllin jrcw fy >.8#qeq te 6=8f` bi`. Gvcrgjc rcvc`uc pcr bi`utc $GVXB) rcbgi`cm lagt qeq gt
`8.=>%bi`. Ne`scquc`tay! tdc gvcrgjc rcvc`uc pcr uscr $GVXS) jrcw fy =.># qeq
te `743%be`td. Ndur` acvca ngbc fgno te neblertgfac pesitie` gltcr scvc`
qugrtcrs g`m steem gt 3.9#. I` S^M tcrbs! tdc rcvc`uc lreb [gi` Glring i`nrcgscm
fy >.># qeq te S^-7!7>>b`! gs BES i`nrcgscm fy =.3# qeq te 7==bi`. ]dc
GVXS! dewcvcr! mcnai`cm fy 6.=# qeq te S^-fp g`m :8fp bgrji` mcnai`c te >8.6# g`m 6
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
FDCA $NBX;`663 % ]X; " % Spsimc; " )
Ler >WLY687>! Fdgrgt Dcgvy Cacntringas $FDCA) misgppei`tcm fetd e` tep"ai`c g`m
fetteb"ai`c lre`t. ]ep"ai`c wgs fcaew eur cxpcntgtie`s g`m strcct cstibgtcs
mcnai`i`j fy =.9# yey te `78!668nr $muc te rcvc`uc mclcrrgas). E` tdc CFI]MG
lre`t! tdc nebpg`y*s bgrji` ngbc i` aewcr gt 7>4fp yey. Ne`scquc`tay! XG] mcnai`cm fy 7:.3# yey`7!=63nr. Fdcas ermcr feeo dgs wit`csscm ne`ti`ueus mcnai`c i` agst lcw qugrtcrs
muc te wcgo ermcr i`lews g`m nurrc`tay stg`ms gt `7!7>!:88nr! g mcnai`c el 66.=#
yey. Zc bgi`tgi` eur @cutrga rcnebbc`mgtie` e` tdc steno gs wc cxpcnt tcpimermcr laew te ne`ti`uc jei`j lerwgrm.Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C =:!487 74.3 >.3 9.6 6.: 3.3 7.8
LY687=C =>!:3: 74.8 3!>=< 67.4 6=.3 78.> 6.> 7.7
Bgrine $NBX;`6>8%]X; " %Spsimc ;" )
Ler >WLY687>! Bgrine pestcm g 78.9# yey jrewtd i` tep"ai`c te `7!7.9# gimcm fy >3>fp yey cxpg`sie` i` jress bgrji`s muc te aewcrneprg princs. Gvcrgjc neprg princs i` >WLY687> wcrc gfeut 6># aewcr e` gyey fgsis. ]dc nebpg`ys gmvcrtisi`j cxpc`scs gs g # el sgacs wc`t up fy98fp e` g yey fgsis! wdind ellsct tdc mcnai`c i` neprg princs te sebc cxtc`t.@ct prelit resc fy 67.C =!4=8 7>.< =73 3.4 :.= 6>.> >.6
LY687=C 3! 7>.< 36> 4.7 6>.> 64.>
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
@XG rgtie ngbc dijdcr scquc`tigaay fy 776fp g`m 4=fp! rcspcntivcay te >.6#
g`m 6.6#. ]dc fg`os XNV mippcm scquc`tigaay fy 9:=fp te C 3!986 >.6 7!466 =7.> 6=:.8 7.6 74.= =.9 8.4
LY687=C >.6 7!987 =>.7 648.6 7.7 7=.:# yey! e` gnneu`t el dijdcr saippgjcs muri`j tdc
qugrtcr g`m dc`nc cgr`i`js gt XF] acvca mcnai`cm fy >6.:# yey. ]dc fg`o
wit`csscm aewcr cllcntivc tgx rgtc el 7=.7# muri`j tdc qugrtcr nebpgrcm te
6>.># i` >WLY6876! wdind aibitcm tdc mcnai`c i` `ct prelit te 6=.!
acgmi`j te 7:.6# g`m 63.WLY687> saippgjcs. Jress g`m @ct @XG
rgtie ngbc dijdcr scquc`tigaay fy 67fp g`m 63fp! rcspcntivcay te 6.6# g`m
7.3 6.8 7!333 783.8 .< 8.9 7:.3 =.7 8.:
LY687=C 3!3:8 6.6 7!=:9 99.4 8.% ]X;`=:% Spsimc; 9#)
Ler >WLY687>! ]\^ Beter Nebpg`y $]\^A) rcpertcm aewcr"tdg`"cxpcntcmrcsuats e` tdc fetteb"ai`c lre`t pribgriay ewi`j te CFI]MG bgrji` prcssurcs.]dc CFI]MG bgrji` rcbgi`cm stgfac e` g scquc`tiga fgsis gt 3.9#! aewcr tdg`eur cxpcntgtie`s el # yey $8fp yey $lagt qeq) pribgriay muc te dijdcr prebetie`ga cxpc`miturc rcagtcm
te tdc agu`nd el Xdec`ix g`m gase e` gnneu`t el tdc lcstivga scgse`. ]dc rgw"bgtcriga nest gs g pcrnc`tgjc el sgacs dewcvcr! rcbgi`cm stgfac e` g yey gswcaa gs qeq fgsis. Ne`scquc`tay! tdc `ct prelit pestcm g mcnai`c el :.6# yey$up 7
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
gs tdc nebpg`y rcmuncm its i`tcrcst fcgri`j mcft fy`748nr i` 9BLY687>. Gt`=>! ]\^A is trgmi`j gt g` gttrgntivc vgaugtie` el 4.7x LY687=C cgr`i`js. Zctdcrclerc bgi`tgi` eur Gnnubuagtc rgti`j e` tdc steno witd g tgrjct princ el`=:.Y%C ^gacs EXB XG] CX^ VeC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C :!879 7.4 8.6
LY687=C :!46: 637 3.> 74.8 4.7 7.= 6.9 8.6
]]O Dcgatdngrc $NBX;`=9WLY687>. ]ep"ai`c ngbc i` gt `96nr!
g WLY6876 g`m :.7# dijdcr gs
nebpgrcm te eur cstibgtc el `4.9# ler tdc qugrtcr! >6:fp ne`trgntie` e` g yey
fgsis lreb :.6# i` >WLY6876 pribgriay muc te bgrji` ne`trgntie` i`Xdgrbgncutinga fusi`css g`m Bcminga Mcvinc fusi`css. Ne`scquc`tay! `ct prelit
mcnai`cm fy 6nr muri`j tdc qugrtcr gs nebpgrcm te `=nr i` sgbc
qugrtcr agst ycgr. Jei`j lerwgrm wc cxpcnt tdc CFI]MG bgrji` te cxpg`m e`
gnneu`t el i`nrcgsi`j ne`trifutie` lreb dijd bgrji` leem fusi`css! tdus rcsuati`j
i` fcttcr prelit. Gt tdc nurrc`t bgroct princ! tdc steno is trgmi`j gt C\%sgacs el 8.:x
ler LY687=C! wdind wc fcaicvc is gttrgntivc. Dc`nc! wc bgi`tgi` eur Fuyrcnebbc`mgtie` e` tdc steno witd g tgrjct princ el `C >9> 3.9 7< 67.7 7:.3 6>.3 >.9 7>.4 8.4
LY687=C =>9 78.: 8.:
>WLY687> Vcsuat Xrcvicw
Fg`o el Fgremg " $NBX;`4WLY687> rcsuats temgy. Zc cxpcnt tdcfg`o te rcpert @II jrewtd el 7=.8# yey te `>!86:nr. @e`"i`tcrcst i`nebc is
cxpcntcm te mcnai`c fy 6=.9# yey te`4nr. Epcrgti`j cxpc`scs grc cxpcntcm te
fc dijdcr fy 7:.6# yey! wdiac previsie`i`j cxpc`scs grc cxpcntcm te i`nrcgsc fy
73.=# yey. @ct prelit is cxpcntcm te mcnai`c fy 77.6# yey te`7!7=3nr. Gt NBX! tdc
steno is trgmi`j gt vgaugtie`s el 7.8x LY687=C X%GF\. Nurrc`tay! wc dgvc g @cutrgarcnebbc`mgtie` e` tdc steno. ]dc fg`os bg`gjcbc`t dgs ndg`jcm rcnc`tay g`mwc weuam dgvc g rcaeeo gt eur rgti`j%eutaeeo e` tdc steno! pest tdc rcsuats.
Y%C Ep. I`n @IB XG] CX^ GF\ VEG VEC X%C X%GF\Bgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 73!64= 6.3 =!374 789.< :=>.: 8.9 73.3 :.9 7.6LY687=C 74!8>6 6.< 3!:.: 434.= 7.8 7:.7 7.8
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
S`itcm ^pirits $NBX;`7!488nr. EXB iscxpcntcm te i`nrcgsc fy >::fp yey te 7>.6#. Fetteb"ai`c is cxpcntcm te jrew
fy 44.=# yey te `49nr. Zc bgi`tgi` eur @cutrga rcnebbc`mgtie` e` tdcsteno.Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 78!649 76.4 >:: 6.> 6>.: >.8
LY687=C 77!=67 76.4 :.< =7.6 >.8 67.6 6.:
@etc; Cstibgtcs ler ne`seaimgtcm li`g`nigas grc lur`isdcm i` tdc tgfac
I]@A $NBX;`799 % ]X;`663 % Spsimc; 7>#)
Zc cxpcnt IA,L^ ]rg`spertgtie` @ctweros $I]@A) te pest g stre`j sct el `ubfcrs
ler >WLY687> ewi`j te dcgatdy ermcr feeo g`m pino up i` cxcnutie`. ]dc
nebpg`y*s rcvc`uc is cxpcntcm te jrew stre`jay fy 6=.6# yey te `7!3:3nr! acm fy
u`mcr"ne`struntie` regm FE] prekcnts. Zc cxpcnt tdc nebpg`y te rcjistcr g`
CFI]MGB el 64.8#! mew` 38>fp qeq! ewi`j te dijdcr ne`trifutie` el tdc
nebpgrgtivcay aew"bgrji` C,N scjbc`t. ^tre`j rcvc`uc jrewtd is cxpcntcm te
rclacnt i` tdc nebpg`y*s cgr`i`js! wdind grc cxpcntcm te surjc fy 66.3# yey te
`784nr. Zc rcnebbc`m Gnnubuagtc rgti`j e` tdc steno witd tgrjct princ el `663.
Y%C ^gacs EXB XG] CX^ VEC X%C X%F\ C\%CFI]MG C\%^gacsBgrnd $` nr) $#) $` nr) $`) $#) $x) $x) $x) $x)LY687>C 7:.8 :.< 6.:
LY687=C :!83= 6:.= 3WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct prelit 7!>86 7!698 7 7!>87 8
Vurga Cacntrilingtie` $8=%86%687>)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct prelit 9)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 6!6== 7!93= 73 6!667 7
CFI]MG 639 688 69 69 :>
@DXN $83%86%687>)
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www.g`jcafreoi`j.neb
Bgroct EutaeeoLcfrugry =! 687>
Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 98= 4:9 4 767 6>9
CFI]MG bgrji` $#) =3.> ==.8 :.7
@ct prelit 66< 676 : :4> $:7)
Nipag $8)Xgrtinuagrs $` nr) >WLY7>C >WLY76 y"e"y $#) 6WLY7> q"e"q $#)@ct sgacs 6!8=8 7!:77 79 6!7=< $3)
CFI]MG 388 >97 64 > 388 $64)
Cne`ebin g`m Xeaitinga @cws
Zitdmrgw BG] e` ^C[s; Gssendgb VFI te sct up `cw be`iteri`j systcb te ndcno cxpert mgtg lagws NNCG bgy tgoc up nega princ peeai`j prepesga tdis wcco
Nerpergtc @cws
FeF! FeI! Ng`grg Fg`o nut ac`mi`j rgtcs fy 8.63# Jevt jrg`ts Bgdgrgt`g stgtus te FDCA! JGIA Fdgrti Girtca bgy issuc fe`ms el up te -7 f` i` LY7>^eurnc; Cne`ebin ]ibcs! Fusi`css ^tg`mgrm! Fusi`css Ai`c! Li`g niga Cxprcss! Bi`t
7/29/2019 Market Outlook, 4th February, 2013
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Mgtc Nebpg`y
Lcfrugry 86! 687> Mivi*s Agf.! I`mig` Fg`o! Vcagxe
Lcfrugry 8>! 687>
Lcfrugry 8=! 687> K , O Fg`o! Fg o el Fgremg! Vurga Cacn.Nerp.! S`itcm ^pirits! I]@A! ]gk J\O
Lcfrugry 83! 687> @DXN! SNE Fg`o! S`itcm Fg`o
Lcfrugry 8Nipag! ]cnd Bgdi`mrg! IVF I`lrg! BEIA! Gpeaae ]yrcs! Fgkgk Cacntringa! Gutebetivc Gxac! K O Agosdbi Ncbc`ts!De`cywcaa Gutebgtie`
Lcfrugry 8:! 687> Gbfukg Ncbc ts! GNN! Gurefi`me Xdgrbg! G`g`t Vgk! Xrgogsd I`mustrics! KO ]yrc! NCG]! BVL! Kyetdy Agfergterics
Lcfrugry 84! 687>B,B! ^u` Xdgrbg! Di`mgane! Ng`grg Fg`o! Ngmiag Dcgatdngrc! JBV I`lrg.! ]gtg Ndcbingas! Fdgrgt Lerjc! J^XA!FJV C`crjy ! @gjgrku`g Ne`st.! ^ufres! Nrgvgtcx
Lcfrugry 89! 687> I`mrgprgstd Jgs! ]gtg Nebb! Jemgwgri Ispgt
Lcfrugry 78! 687>
Lcfrugry 77! 687> E@JN! ]gtg Xewcr Ne.! Fritg` ig! Dcxgwgrc! ^gmfdgv C`jj.! Xu k Aaeym! JIXNA! Misdbg` Xdgrbg
Lcfrugry 76! 687> Ki`mga ^tcca! Xewcr Jrim Nerp ! ^GIA! DXNA! Betdcrse` ubi! NC^N! D] Bcmig
Lcfrugry 7>! 687> Nega I`mig! IEN! ]gtg ^tcca! FXNA! Bgmrgs Ncbc`ts! X]N I mig! Li`eacx Ngfacs
Lcfrugry 7=! 687> ]gtg Beters! JGIA! Mr Vcmmy*s! NVI^IA! Be` ct Ispgt! Xgjc I`mustrics! I`mig Ncbc ts! LGJ Fcgri`js! ^ibpacx I`lrg
^eurnc; Faeebfcrj! G`jca Vcscgrnd
Vcsuat Ngac`mgr
Jaefga cne`ebin cvc`ts rcacgsc ngac`mgr
Mgtc ]ibc Neu`try Cvc`t Mcsnriptie` S`it Xcriem Faeebfcrj Mgtg
Agst Vcpertcm Cstibgtcm
Lcfrugry 3! 687> 6;63XB Jcrbg`y XBI crvincs \gauc Kg` L 33.>8 ""
Lcfrugry :! 687> 3;>8XB SO FEC G``eu`ncs rgtcs # Vgtie Lcf : 8.38 8.38
;88XB SO I`mustriga Xremuntie` $YeY) # Ndg`jc Mcn $6.=8) ""
Lcfrugry 4! 687> 3;69XB Ndi`g Cxperts YeY# # Ndg`jc Kg` 7=.78 68.88
77;88GB Ndi`g Ne`subcr Xrinc I`mcx $YeY) # Ndg`jc Kg` 6.38 6.88
Lcfrugry 77! 687> 3;69XB I`mig Ibperts YeY# # Ndg`jc Kg` 8 ""
3;69XB I`mig Cxperts YeY# # Ndg`jc Kg` $7.98) ""
Lcfrugry 76! 687> >;88XB SO NXI $YeY) # Ndg`jc Kg` 6.:8 ""
77;88GB I`mig I`mustriga Xremuntie` YeY # Ndg`jc Mcn $8.78) ""
Lcfrugry 7=! 687> 76;88XB I`mig Be`tday Zdeacsgac Xrincs YeY# # Ndg`jc Kg` :.74 ""
76;>8XB Jcrbg`y JMX sg $YeY) # Ndg`jc =W X 8.=8 ""
>;>8XB Cure [e`c Cure"[e`c JMX s.g. $WeW) # Ndg`jc =W G $8.78) ""
Lcfrugry 73! 687> :;=3XB S^ I`mustriga Xremuntie` # Kg` 8.6< ""
Lcfrugry 68! 687> >;88XB SO Kefacss nagibs ndg`jc # Ndg`jc Kg` $76.78) ""
:;88XB S^ Deusi`j tgrts ]deusg`ms Kg` 93=.88 ""
:;88XB S^ Fuiami`j pcrbits ]deusg`ms Kg` 989.88 ""
:;88XB S^ Xremuncr Xrinc I`mcx $beb) # Ndg`jc Kg` $8.68) ""
Lcfrugry 67! 687> 4;>8XB S^ Cxisti`j debc sgacs Biaaie`s Kg` =.9= ""
:;88XB S^ Ne`subcr princ i`mcx $beb) # Ndg`jc Kg` "" ""
Lcfrugry 66! 687> >;>8XB Cure [e`c Cure"[e`c NXI $YeY) # Kg` 6.68 ""
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7/29/2019 Market Outlook, 4th February, 2013
11/19
Bgroct EutaeeoLcfrugry =! 687>
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7/29/2019 Market Outlook, 4th February, 2013
12/19
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Gjri % Gjri Ndcbinga
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Gpeaae ]yrcs Gnnubuagtc 4: 9< =!>43 7>!:7> 73!>=7 776 776 763 7=4 :8 39 7> 77 686 799 83 8=
Gsdeo Acyag`m Fuy 63 64 < 44 9< 73 66 7 7>= 8< 83
Gutebetivc Gxac. @cutrga >36 " 3>7 964 7!78> 9: 78= 66= >6< 73: 784 79 7: 767 7 " 39!=68 68!::3 6>!449 743 798 78:< 7634 6 76> 99 67 74 743 79: 78 84
Fesnd I`mig+ @cutrga 9!7>8 " 64!68 7:4 748 >97 688 => >: 744 746 63 67
NCG] Fuy 783 7 >34 =!949 3!= 46 43 6:7 =84 >9 6< 83 8= 7>6 7:6 8> 86
Cximc I`mustrics @cutrga 766 " 78!=8= 7 7=9 7 6< 79 7:< 74= 76:: 738< 774 788 6> 79 67: 677 76 78
Dcre Betenerp Gnnubuagtc 7!47> 7!96> >!998 6:!8>4 7>4 7=< 7834 7686 7:7 737 =78 76 78
KO ]yrc Fuy 77< 769 >7 64 83 83 744 7:4 8> 8>
Bgdi`mrg g`m Bgdi`mrg Gnnubuagtc 44< 994 3=!>9< =8!8>3 = 7=> >< >8 6=6 6>6 77 89
Bgruti @cutrga 7!7: 669 6=: 8< 83 7 7!64< 7!=:9 9= 9: 6< 37 78= 3= 8< 83 3< 78> 8= 8=
]gtg Beters Fuy 643 >>: :3!939 798!44> 67:!77 >33 =63 48 86 6:< 8= 8=
]\^ Beter Gnnubuagtc => =: 6!86= :!879 :!46: 3> 788 47 7< 7= 7! 696 37 =3 :7 7!:3: 743 748 6=< 674 96 78> 64 6> >>3 6=3 78 77
Fauc tgr Fuy 74 7!=4< 6!:=4 6!49< == 3< 6== 7:: >> 69 7=3 7:< 8< 8!:98 >4 >> 66 733 79 7: 34 773 8< 83
Kyeti trunturcs Fuy =7 37 >>9 6!:9= >!8=4 78< 78< 96 77: =3 >3 83 8= 779 7>3 8> 8>
OCN I`tcr`gtie`ga Fuy 7 77 7:8 6>< 8= 8=
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]dcrbgx @cutrga 346 " 8 3!369 3!:94 98 9< 6:7 >8> 67= 796 >: >> 74< 746 77 78
www.g`jcafreoi`j.neb
Bgroct Eutaeeo
^teno Zgtnd
Lcfrugry 8=! 687>
7/29/2019 Market Outlook, 4th February, 2013
13/19
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Gbfukg Ncbc ts @cutrga 799 " >8!:7> 78!678 77!477 64 >= 68> 68: 6< 66
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^drcc Ncbc`tsP @cutrga =!=63 " 73!=73 3!=8 73= 7>> => >= >7: 64= 66 74
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Kgiprgogsd Gsse Fuy 4> 788 7:!938 7>!4=6 73!4 6 7= 7> 64 63
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S`ity I`lrg Fuy =8 39 69> 6!748 6!=33 7>: 7>= 7>> 738 >8 6< 8= 8> 763 763 83 83
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7/29/2019 Market Outlook, 4th February, 2013
14/19
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Li`g`nigas
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DMLN Fg`o @cutrga 8 6!978 >< >< 6>=4 79:= 39 :8 7= 76 637 748 " "
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^y`mingtc Fg`o Fuy 7>> 739 4!86: :!8 >88 6:7 =3 =9 89 84 68: 7>> 6!:64 68 66 :> 78= 48 3< 84 8: 9> 767 " "
Ycs Fg`o Gnnubuagtc 3>6 3:< 79!8>3 >!> =6< 7=< 763 >> 6: 6=< 6>< " "
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DSA @cutrga =!=!797 >3: >>8 6:9 778 97 >39 >3: 48 8 " 7=!4>3 =!4=8 3! 7>< 7>< 34 64> :8 3: 6 6>> >7 6 66 49 94 76 77
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I`lesys @cutrga 6!::7 " 739!774 =8!:=< ==!64> 649 644 73 67> >> 69
I`letcnd C`tcrpriscs Gnnubuagtc 7:8 797 7!49< 7!988 6!88 6!7>> 6!667 6!>98 7 7>8 94 43 66 7: 679 689 89 84Bgdi`mrg gtygb @cutrga 774 " 7>!4=4 :!84 68> 79> 99 784 779 789 >> 6< 648 6>3 7= 76
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@II] Fuy 6: >< ==> 7!8=4 7!7!6>7 =:!6=7 688 688 68 6< 79> 7:9 68 7:
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Kgjrg` Xrgogsdg` Fuy 78: 76< >!>:7 7!38> 7!7 6>7 7: 634 6: ::6 :33 7:< 797 6:> 637 48
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Cacntrestcca Ngsti`js Fuy 63 >= 4:= 7!94= 6!8:= 78< 77< 74 6< 7=> 9: 83 86 >< 37 8< 8!:39 =9: 384 7=: 7 " 67!:67 :9!7=4 49!634 9= 98 738 73< :< :> 8< 8< 44 4= 8: 8 634 647 94 98 73 7= 73: 77= 7=3 67 >> 669 7=9 77 78 =< 743 68< 4= :3 68 7: 6:8 6=< >3 69
www.g`jcafreoi`j.neb
Bgroct Eutaeeo
^teno Zgtnd
Lcfrugry 8=! 687>
7/29/2019 Market Outlook, 4th February, 2013
16/19
Nebpg`y @gbc Vcne NBX ]grjct Bot Ngp ^gacs $ nr ) EXB$#) CX^ $) XCV$x) X%F\$x) VeC$#) C\%^gacs$x)
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Bctgas , Bi`i`j
^GIA @cutrga 4: " >3!9>< =:!636 37 7=6 7=4 9< 77: 97 := 84 84 9= 78< 76 78
^csg Jeg @cutrga 74= " 73!936 6!=76 >!977 >84 >>7 69< >74 !=3> 787 9: 7: 73 743 7>6 >76 64=!=6: 7=:!7>9 73=!467 >>9 >>: >8: >6> 784 78> 79 7: 74> 7:6 7: 73
Vcaig`nc I`mustrics @cutrga 49> " 696!348!8>7 49 49 7 763 7= 7> 76= 774 84 8:
Jukgrgt Jgs+ @cutrga >7> " =!87= >!764 >!:8: 7>6 77: 664 6>3 7>: 7>> =7 >: >>6 696 76 78
I`mrgprgstdg Jgs @cutrga 639 " >!6 >!67> >! 6>> 6>3 6=> 63: 78: 787 6= 67 638 667 76 77
Xctre`ct A@J Fuy 737 7:9 77!>8< >6!678 =7!>87 7!=46 7!= 69
Ngmiag Dcgatdngrc Gnnubuagtc 43: 96< 7:!333 4< 74< 79< >6: ==4 6: 66 6>!8=4 78! 678 =4 =8 66= 684 >= >8
Misdbg` Xdgrbg Fuy 777 7=3 49> 7!648 7!3>< 686 686 78= 7=3 78< :< 89 84 4: 778 7= 76
J^O Xdgrbg+ @cutrga 6!8=8 " 7:!6:: 6! >7: >76 :9 >7 6= 64
Vg`fgxy+ @cutrga ==9 " 74!9:4 76!8=< 77!948 7:> >67 768 7=8 =: >: =3> 69: 7< 73
^u` Xdgrbg @cutrga :68 " :=!=6< 9!986 76!>7> =6< =6< 6 7!38> >8> 3= 773 769 76 78
www.g`jcafreoi`j.neb
Bgroct Eutaeeo
^teno Zgtnd
Lcfrugry 8=! 687>
7/29/2019 Market Outlook, 4th February, 2013
17/19
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Imcg Ncaauagr @cutrga 776 " >:!83= 67!:9: 6>!7=6 67 =: >3< 6=8 6< 6= := 94 66 68
Vneb @cutrga 47 " 76 66!84= >74 >86 69 =8 6:4 68= 83 8= 7< 66 63 66
zEtdcrs
Gffett I`mig Gnnubuagtc 7!=>> 7!398 >!8=< 7!> < 748 =4 =8 668 6== 7: 7=
Fgkgk Cacntringas Gnnubuagtc 79> 67: 7!964 >!=9: >!9:3 =3= 777 96 6< 67 6>: 66: 83 8=
NVI^IA @cutrga 993 " < >=> >=> >=> =88 698 6=9 7>7 783 389 =6= 983 7!863 =4 3> 69: 74< >6 64 77> 7 >>= 66 33> == 9> 747 748
7/29/2019 Market Outlook, 4th February, 2013
18/19
Nebpg`y @gbc Vcne NBX ]grjct Bot Ngp ^gacs $ nr ) EXB$#) CX^ $) XCV$x) X%F\$x) VeC$#) C\%^gacs$x)
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]gtg pe`jc Ire` Fuy >77 >:9 =:9 :46 474 7:= =63 :9 93 6=7 >6: 68< 736 79: 663 89 8:
]\^ rindgorg Fuy 636 >66 79> 7!=
S`itcm pirits @cutrga 7!4
7/29/2019 Market Outlook, 4th February, 2013
19/19
Bgroct EutaeeoLcfrugry 8=! 687>