The global equity market was
largely positive as major indices closed the week on a positive note. The US
S&P 500 and NASDAQ indices rose 2.2% and 4.5% w/w respectively. Likewise,
the UK's FTSE 100, Germany's DAX and Japan's Nikkei 225 indices gained 0.4%,
1.6% and 2.2% correspondingly.
In Europe, autos were top
performer of the day, ending 3.2%, while utilities closed 0.6% lower. In
emerging markets like China, Shanghai composite index declined to 0.9% w/w
which is attributed to the uncertainty on the approach major banks would use to
tackle inflation without causing a recession.
Weekly Currency Update
Emerging market currencies under
our coverage extended their losses against US Dollar w/w. However, the dollar
fell against the Yen (0.1%), Euro (-2.4%) and Naira (-0.3%).
Domestic Equity & Fixed Income Markets
The local bourse dipped 0.5% w/w
to settle at 51,557.41 points. Accordingly, YTD return of the market improved
to 20.7%. Across market indices, performance was largely bearish with all
indices declining. The insurance index was the biggest loser, down 250bps w/w,
followed by the Consumer Goods Index, down 140bps w/w, Oil and Gas Index, down
40bps w/w, Banking Index, down 30bps w/w and Industrial Goods, down 20bps w/w.
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