The joy of profit fades and I bt h

For the first time since the end of the year, the Dow Jones Industrial Average has fallen below 10,000 points (in April there was a long change between 30 stocks in the near index), the steadily rising price of oil and equally year-on-year rates will push stock markets down for another week. The prices of mutual funds, which the investor is also losing, also fell downwards. Will the following weeks be meant in black?

The fall in the stock market did not stop even in the last week, when the US did not help even better macroeconomic at first, especially for unemployment – the first better indicators strengthened concerns about two years of rising rates. Investors were hit by such a sharp increase in oil prices, which could slow down the entire global economy. For stocks, there is a bag and a glue at first. Some technical indicators, e.g. nrst sweat action, which reached a new 52-week low, point to the bottom of the pessimistic mood. Since the current correction, cheap shares could again go upwards. Even the price of oil may not rise in the future (about record oil prices more HERE). The demand for oil is matched by high growth in oil production, especially in the countries of the former Soviet Union. Even the decline in the amount of oil in the US may not be conducive to further price increases, as well as to a permanent persistence of prices at the current level.

All equity funds from UNIS statistics ended the week with a loss. The best thing to mean with the least loss was the P swap of the sectors. PI Nov economy (-0,38 %), PI Biotechnology Farming Fund (-1,0 %) a PI globlnch znaek (-1.6%). The two largest equity funds lost the most ISS Sporotrend (-6,6 %) a SOB Stock mix (-3.3%). Both of these funds have still got a jump in

Dow Jones
Industrial Average

The index of 30 events with a tradition of 107 years for the first time since November 1999 (for example, Microsoft and Intel were included in the index) joined the change of their composition. AIG, Pfizer and Verizon Communications released Eastman Kodak, AT&T and International Paper in the near future. The change took place on April 8, 2004.

ron vkonnosti (+32,5 %, resp. 25,2 %).

Other types of funds ended up with the same unfavorable results. Bonds and exchanges. All bond funds for retail clients thus remained in the red, as a result of the growth of bond yields throughout the region from Germany to Poland and Hungary. Funds ended up at the bottom of the bottom line ISS Trendbond (-1,3 %) a IKS Plus bondov (-0.97%). The only bond funds that perform positively in the year are SOB Bond mix (+ 0.28%) and mainly PI corporate bonds (+1,51 %).

Even that does not apply to money market funds, which have all earned more in the long run. On the pizza stle dr ISS Sporoinvest with less than 2.2%, i ivnobanka Sporokonto, which with its 1.61% in five cities, achieves higher yields. The ivnobanka Sporokonto fund outperformed other retail monetary funds this week, gaining 0.03%, while two funds IKS Penn trh (-0,04 %) a PI OPF Penn (-0.05%) ended with questionable performance.

For exchange funds, which were only slightly better than the equity fund (average performance and -1.26%), there are interesting data on sales and redemptions

Specialized surface PODLOV FONDY 2004 here

catch leaves. Last week, because all exchange funds, investors withdrew more pensions, not invested them. 124 million K flowed from domestic funds. Another 116 million K disappeared from bond funds. Surprises could be sales for equity funds, or 64 million K flowed from them in a week. This turnover from relatively high fingers in last mscch m bag to account for only 76 million outflows from the ISS Sporotrend fund. Compared to the size of the fund (1.32 billion K), the bag is not a significant leak at all. Because new investments were added to other funds (a total of K 12 million), it is not possible to fully associate the outflow from ISS Sporotrend with the current decline of domestic and foreign markets.

Total sales for UNIS funds ended (over 301 million new investments in UNIS) ISS Sporoinvestu) in the disputed territory to -31 million K. The outflow from domestic funds contrasts with a total of +132 million CZK for funds from the KBC Group (of which newly offered hedge funds gained 85 million CZK). A total of K 67 million was raised in the ING fund, in a somewhat different structure, we were not used to from the past. To ING eskho equity fund less than 77 million CZK (for reinvestin i dividendovou mutations), but investors have left the fund further.

Trading according to UNIS

Type of fundThe bestThe worst
Nzev fondAs a resultNzev fondAs a result
SharesPI F. new economy-0,38%ISS SPOROTREND-6,59%
PI F. farmacie a biotech.-1,00%SOB Stock Mix-3,29%
PI globlnch znaek-1,60%ivnobanka equity fund-2,33%
Bondsivnobanka NADAN0,03%ISS TRENDBOND-1,31%
SOB Bond Mix-0,22%IKS Plus bondov-0,96%
ivnobanka obligan fond-0,30%SOB nadan-0,92%
Funds fundICS Fund Fund-3,47%
Pennho MarketSOB entries0,03%PI OPF Penn-0,05%
ivnobanka Sporokonto0,02%IKS Penn trh-0,04%
SmenJ&T OPPORTUNITY SKK0,07%IKS Balancovan-4,11%
AKRO energetic0,02%UNDER stedoevroprosk-3,56%
AKRO kapitlovch vnos0,00%SOB Kilov fond-2,24%
is sales of mil. KISS SPOROINVEST301,5ISS SPOROTREND-76,5
PI corp. bond7,5ISS SPOROBOND-66,2
IKS Svtovch index3,9AKRO energetic-52,9

Zdroj: UNIS R