ASSIGNMENT COVER SHEET

UNIVERSITY OF SUNDERLAND
BA (HONS) BANKING AND FINANCE

Student ID: 209226269/1

Student Name: Nguyen Khanh Vy

Module Code: APC313

Module Name / Title: Financial Markets

Centre / College: Banking Academy of Vietnam

Due Date: 08th Jan 2021 Hand in Date: 08th Jan 2021

Assignment Title: Coursework

Students Signature: (you must sign this declaring that it is all your own work and all sources of information have
been referenced)

Nguyen Khanh Vy

1
 Financial Markets
(APC313)

BA (Hons) Banking and Finance

Banking Academy

Academic Year 2020/21– Jan 2021 Submission

Prepared by Nguyen Khanh Vy

Student ID: 209226269/1

Word count1: 3,998 words

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Table 1,2,3 are included as main text

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 Contents

1. Market efficiency.................................................................................................................................4

1.1. Efficient market hypothesis (EMH).............................................................................................4

1.2. Assessing the efficiency of Qatar Stock Exchange (QSE)...........................................................5

1.2.1. Literature review..................................................................................................................5

1.2.2. Assessing the efficiency of Qatar stock market....................................................................6

2. Money markets and Capital markets....................................................................................................9

2.1. Definition and key features..........................................................................................................9

2.2. Roles and functions of two markets...........................................................................................10

2.3. Impact of money market activities on the capital market’s asset prices.....................................11

3. Exchange rate system........................................................................................................................12

3.1. Fixed and Floating exchange rate system...................................................................................12

3.2. Developing countries and fixed exchange rate systems in practice............................................13

4. Terms explanation.............................................................................................................................14

4.1. Euro-dollar and Asian-dollar markets........................................................................................14

4.2. Forward exchange markets........................................................................................................15

4.3. Adverse selection.......................................................................................................................16

References.................................................................................................................................................17

Appendix A: Data of QE General..............................................................................................................21

Appendix B: Data of AHCS......................................................................................................................22

Appendix C: Data of QGTS......................................................................................................................23

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1. Market efficiency

Stock exchanges are generally considered as the most sophisticated part of the capitalist system, where its
efficiency can reveal information like financial situation of the company and the prospect of the national
economy.

1.1. Efficient market hypothesis (EMH)

Most of the debates in today’s world is related to the informational efficiency – one of three types of
market efficiency. Among them, one common practice was introduced by Fama (1970) about three levels
of the EMH: weak, semi-strong and strong forms, which can be applied to equity markets. This is based
on the belief that the better the share prices reflecting information – both public and private ones, the more
efficient the market is.

Based on studies of Howells and Bain (2008) and Fama (2017), the summary of the three levels is
presented as follows.

Table 1. Levels of market efficiency

WEAK SEMI-STRONG STRONG

Share prices Only reflect all information Reflect all information Reflect all information
about past movement/ included in weak-form & included in semi-strong
changes in prices all other publicly available form & the private
information information.
Usefulness of Only fundamental analysis Only private information It is impossible to beat
analysis and private information is can be useful, not technical the market
useful, not technical analysis or fundamental analysis
Examples Russia (Kiran, Mallikarjuna United States – New York It is difficult to test the
and Rao, 2019); Stock Exchange; United strong form efficiency
Slovenia (Tsenkov and Kingdom - London Stock since it requires the use
Stoitsova-Stoykova, 2017); Exchange (Goodman, of non-public
Japan (Senthilnathan, 2015) 2016; Odendaal, 2014) information
(Potocki and Swist, 2012)
Note: private information is defined as the information obtained only from the company itself, and not yet made public.
Additionally, if a market is semi-strong form efficient, then it is also weak-form efficient (and a strong-efficient market is also a
weak and semi- strong efficient market).

Source: Author’s collection

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For those markets above, it is notable that not all research shows similar findings due to several reasons:
the time frame examined, the databases used, the statistical tests employed, and the different stock
markets involved. However, in general, those having their markets stayed in weak-form efficiency tend to
come from both emerging and developed countries (Slovenia, Russia, Japan, etc.), while those few being
concluded to be semi-strong tend to only come from developed markets (United Kingdom, United States,
etc.).

1.2. Assessing the efficiency of Qatar Stock Exchange (QSE)

1.2.1. Literature review

It is important to conduct studies on emerging economies due to its nature of having rapid growth where
the stock markets are usually less efficient than those of developed countries. This study would focus on
the Qatar Stock Market (an emerging market - based on the MSCI Market Classification).

The first step is to test whether the market is weak-form efficient. According to Fama (1970), researchers
test for return predictability (supported by the random walk hypothesis, technical trading rules), as the
efficient-form market has its price moved randomly, making it difficult to predict its time path. Next,
semi- strong form tests focus on the speed of price adjustment to the public news, also known as event
studies.

When testing the efficiency of QSE, several papers indicated that the stock market is weak-form efficient
with the use of average monthly percentage returns. First, the study of Alkees and Ghalayini (2019) tested
the efficiency with data retrieved from 2006-2018 (market indices), which confirmed weak-form
efficiency of QSE. Previously, studies also confirmed the similar results using both parametric and
nonparametric tests combined with descriptive statistics, including that of Olubiyi et al. (2020) and
Olubiyi and Olopade (2018) (2005-2016 data), and that of Nwachukwu and Shitta (2015) (2010-2010
data). The techniques used were either “Random walk model”, Run test, or seasonal pattern analysis.

However, there still exist studies rejecting the weak-form efficiency of QSE, namely the paper of
Almujamed (2018) (2004-2017 periods) and Charif and Assaf (2017) (2008-2009 periods). It is notable
that this study used the statistical analysis with the “buy and sell signals are generated by comparing a
share price’s short and long-term moving averages” instead of the above techniques. This is supported the
past study of Kharusi and Weagley (2016) with data before and after the 2007-2008 global financial
crisis. The conflicts they have with other studies, not excluding those conducted at the similar period
(2008-2017) of Aktan et al. (2017), can be due to different methods of analysis and buy/sell signals.

Further to the next level of efficiency tests, unlike the numerous papers for the weak-form ones, the semi-
strong tests have not gained as much attention from researchers.

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 1.2.2.Assessing the efficiency of Qatar stock market

In this study, two tests are conducted for the weak and semi-strong form efficiency. Since access to
companies’ private information cannot be attained here, strong-form test would be excluded. The data is
retrieved from June 03, 2020 to October 12, 2020, in which historical data are recorded daily.

Weak-form efficiency: Test for return predictability

First, the QE General Index (QSI) is used for testing the weak-form efficiency by applying random walk
theory with the use of simple return (percentage change of stock price), combined with trendline analysis
(visual representation of the prevailing direction of price and fit of data).

Figure 1: Daily changes in percentage from 03/06 – 12/10 – Market Index QE General

0.02
0.015
0.01
0.005
0
-0.005
-0.01
-0.015
-0.02

Data source: Investing.com (2020c)

The trendline shown in the graph was close to 0 and remained stable throughout the period. This also
means that for technical analysis – which looks closely into the future price by using patterns and trends,
it is impossible to predict the returns when the trend is stable over time. Therefore, it can be concluded
that the market is weak-form efficiency.

Semi-strong efficiency: Event studies

By applying the testing methods of Fama (1970), this section focuses on testing the reaction of the market
towards the public news on stock prices (the weak-form tests for shares included). The two studied shares
are AHCS and QGTS.

 Aamal Company QPSC (AHCS)

Aamal operates in four main business segments: Investment property, Trading and distribution, Industrial
Manufacturing and Managed services. It is located in Doha, Qatar and considered as one of the leading

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companies in the region. In the morning of August 16 th, 2020, the company announced that its subsidiary -
Aamal Cables for Trading and Contracting – has won a three-year contract worth QAR 694 million
(Aamal Company, 2020). It is believed that with this contract, Aamal will mostly expect an increase in
revenues and market shares.

Figure 2: Daily changes in percentage from 03/06 – 12/10 – AHCS

0.12
0.1
0.08
0.06
0.04
0.02
0
-0.02
-0.04
-0.06
-0.08

Data source: Investing.com (2020a)

Similarly, the share price also indicates a random walk where no upward or downward trend in changes is
evident, indicating that the prices are independent from each other. It is consistent with the results of
weak- form efficiency of QSI test.

Figure 3: AHCS - Changes in Stock Price and Volume 10 days before and after the news announced

Unit: Volume: million – Price: QAR

0.9 90
80
0.85 70
60
0.8 50
40
30
0.75
20
10
0.7 0

0.65

Vol. Price

Data source: Investing.com (2020b)

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Shown in the chart, both the stock price and volume surged on August 16 – 17 and remained relatively
high compared to the previous stage. The price increased from around 0.75 (before the news) to 0.841 on
the 16th and peaked at 0.886 on the 17th . The similar trend happened to the volume data, where the figure
on the 16th (55.08 million) was about 8 times higher than the previous day (7.7 million), prior to the peak
on the next day at 78.42 million. This immediate reaction to the news indicates semi-strong form
efficiency.

 Qatar Gas Transport Company (Nakilat) (QGTS)

Operating as a global company providing maritime services and energy transportation, Nakilat is
recognized as the owner of the world’s largest liquefied natural gas shipping fleet. On November 11,
2020, the company is reported to be included in the MSCI (Morgan Stanley Capital International) Qatar
Large Cap Index, which is believed to enhance the company’s global profile and attract the global
investors (Nakilat, 2020).

Figure 4: Daily changes in percentage from 03/06 – 12/10 – QGTS

Unit: Volume: million – Price: QAR

0.04
0.03
0.02
0.01
0
-0.01
-0.02
-0.03
-0.04

Data source: Investing.com (2020)

The graph indicated that the changes in stock price behaved non-randomly with a downward trend,
meaning historical data can predict the future as they were dependent on each other. Therefore, the results
reject weak-form efficiency, and semi-strong form as well. Although it contradicts the two above results,
the market is still considered to be weak-form efficient since one share can act as an anomaly and being
inefficient, even when the market is efficient. Moreover, the share can be affected more compared to the
market index due to either behavioural finance (psychological influences like herd behaviour – following
the majority irrationally) – one of the weakness and basic assumption of EMH, as the model based on
perfect investor rationality.
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Conclusion

After the two tests of efficiency, combined with the literature review above, it can be concluded that Qatar
Stock Exchange is at least in its weak-form efficiency based on the daily data stock prices of the QSI
(index) and two shares (AHCS and QGTS), while semi-strong form is not yet confirmed (which only
evident in one share).

2. Money markets and Capital markets

Financial market is generally considered as a platform that buyers and sellers can enter for the purpose of
trading (Howells and Bain, 2008). Each type of markets will use different instruments, hence, different
levels of risks and returns. One most popular classification is to divide them into capital and money
markets.

2.1. Definition and key features

The money market is defined as the segment where financial instruments with short maturities are traded,
while the capital market is for assets with initial maturity exceeding five years (Howells and Bain, 2008).
However, more generally, the initial maturity would take the benchmark of one year, instead of five,
where initial maturity indicates the length of the traded instrument when it is first made (Mishkin and
Eakins, 2018).

Based on the above authors’ studies, the main features of the two markets are presented below:

Table 2: Money and capital markets

Money markets Capital markets

Normally maximum one year More than 1 year (or 5 years in
Type of Instruments /
(sometimes extended to 5 years) some cases)
Initial maturity
 Short-term  Long-term
Interest rates Lower Higher
Risk and Returns Lower Higher
Liquidity Higher Lower
Wholesale (most transactions are
Not much wholesale.
very large: for example, $10,000
Transactions are mostly measured
minimum for US T-bills, £0.1m
Trading by volume and occur in organized
for UK commercial paper).
exchanges (instead of over-the-
Moreover, transactions can mostly
counter exchanges).
originate over the phone

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 Discount market,
Market for commercial
Examples paper, Certificate of deposit
market, Interbank market,
Repurchase agreements

Equity market, Corporate

bond market, Government
bond market, Market for asset
backed securities

Source: Author’s analysis

2.2. Roles and functions of two markets

 Similarities

Both markets allow money to flow from the surplus to the deficit via debt instruments, involving both
primary and secondary markets, which promote economic development through the coordination between
the short-term and long-term funds. This means that both markets capital allocation efficiency og
the economy.

Additionally, both markets have similar users, including governments, banks and other financial firms
and large corporations. Households is the only major stakeholder that participate in capital markets but
not money markets, due to its inability to fulfil the requirement of being of reputable quality - the nature
of the money markets instruments.

Moreover, both markets are interdependent, where activities and policies of one market can have
impacts on the other (Section 2.3).

 Differences

First, in terms of financing activities, the money markets exist primarily to provide the short-term funds
for the users better than banks thanks to a cost advantage – generating from various regulations (interest
rate, or governmental costs, et cetera) (Mishkin, 2019). Therefore, those who want to earn interests or
have (temporary) surplus will use the money markets. This means users would mostly borrow funds from
money markets for general operating expenses (working capital). Meanwhile, capital markets provide
capital formation and long-term finance (for their assets and/or operations), including purchase of
homes for individuals, purchases of land, building or machinery for businesses, and provision of
infrastructure like roads, or bridges for the government.

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Second, in terms of economic growth, both markets act as essential parts while serving different
purposes. On one hand, besides increasing the liquidity of the market, money markets also assist in
setting monetary policies to control inflation and boosting economic growth. Specifically, the money
market can assist the central bank in two ways, including (i) using short-term interest rates to indicate the
monetary conditions

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to guide the central bank (adopting an appropriate banking policy) (ii) influence the general level of low-
risk short-term interest rates for effective implementation of its policy (raising the policy rate when
inflationary pressure increase and vice versa). On the other hand, central banks take a more indirect path
in using the capital market to adopt monetary policies and use them as economic indicators, showing
performance of government policies in an attempt to expand the investor base in a country.

2.3. Impact of money market activities on the capital market’s asset prices

Although some institutions can have a particular need for a short-term or long-term lending or borrowing,
most users participate in both markets at some time, especially when money market activities can
influence the prices in the capital markets under the condition of interest rates (expectation hypothesis).

First, from the perspective of long-term borrowers (sellers), if policy interest rates (set by the central
bank via the central bank’s trade of T-bills in the open market) are expected to fall in the future, making
other short-term rates to fall as well, people would then opt for short-term borrowings where they can take
out new loans in the future when the interest rates have fallen, taking advantage of the difference in rates.
Consequently, demand for short-term borrowings will increase, and the demand for long-term one in
capital markets will decrease.

Since there are fewer users who want to sell stocks, bonds and other long-term instruments on the capital
market, the long-term instruments supply would be shifted leftward (decrease in quantity). That,
combined with the rightward-shift of the demand (due to the attraction of higher returns to
investors/lenders), would create an increase in bond prices.

Similarly, from the perspective of central banks, lowering interest rates which makes borrowing money
cheaper will boost consumers and businesses spending and investment, thus rising stock prices and
stimulating economic growth. An example for this is the case of the Federal Reserve (FED) and the U.S.
markets. In October 2019, FED cut interest rates to a range of 1.5%-1.75% due to ongoing trade disputes,
disruptions and economic slowdown caused by the rapidly spreading coronavirus (Borak, 2019). After the
three rate cuts (March, September and October 2019), the US stock market prices increase sharply, with
the S&P 500 index surging 21% a year out, as well as Dow Jones Industrial Average (up 16%), or Nasdaq
Composite Index (up 25%) (Imbert, 2019).

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Figure 5: Comparisons of S&P500, Dow Jones Industrial Average (DJI) and Nasdaq Composite Index
(IXIC)

Source: CNBC (2021)

3. Exchange rate system

3.1. Fixed and Floating exchange rate system

In the international financial system, exchange rate regimes are classified into fixed and floating regimes .
The former - fixed (pegged) exchange rate system - has its currency value tied to another currency
(anchor currency) while for the latter system, the currency value is allowed to fluctuate, being flexible
against other currencies (Mishkin and Eakins, 2018).

Based on the study of Melicher and Norton (2017) and Mishkin and Eakins (2018), the two regimes are
presented with distinct characteristics that suit different countries:

Table 3: Fixed and floating regimes

Fixed exchange rate system Floating exchange rate system

Central banks will revalue or devalue the
Central banks are less likely to
official rate:
intervene, but they may do so to
Intervention of If domestic currency is overvalued then
prevent inflation and ensure
central banks the central bank purchases domestic one,
stability.
loses international reserves and vice
versa
to keep the exchange rate fixed.

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 Determined by the central bank (setting Determined by the private market
Value determination and maintaining as the official exchange through supply and demand of the
rate) currency.
Countries do not always adopt the
reserve currency’s country monetary
Difficulties and Market-determined allow greater
policy, which complexing their capital
strains in fluctuations in exchange rates,
controls. If they adopt the policy, they
international trading generating greater risks
may result in the same inflation rate with
that country.
Source: Author’s collection

Specifically, the Bretton Woods system represented the fixed exchange rate system since the 20 th century,
where currencies were tied to the US Dollar and the countries must have it as the reserve currency.
However, in the late 1960s, the U.S. inflation began to rise, resulting in the collapse of the system and the
free float of the dollar, due to the difficulties above.

For example, system with floating currencies are the major ones, including the U.S. dollar, Japanese yen,
Euro, et cetera – which change according to the supply and demand of foreign exchange or forex markets.
In contrast, fixed regimes have currencies tied to another, like Hong Kong, Qatar, and Vietnam (to USD)
(Strohecker, 2019).

Moreover, in terms of risks caused by exchange rate fluctuation, it can be costly from the perspective of
companies where the cost of hedging is enormous, which not only damaging to the big company for their
earnings and profits but also destroy small and new firms.

3.2. Developing countries and fixed exchange rate systems in practice

Developing countries would prefer a fixed exchange regime, aiming at a predictable value for their
currency because of their needs for stability while not having adequate development of domestic financial
markets and integration with world markets (Mishkin, 2019). Moreover, many authors believe that for
emerging economies, freely floating exchange rates are not suitable because they can be extremely
volatile and go astray from the economic objectives (Haoudi and Rahbi, 2017). In detail:

First, the fixed exchange rate system helps emerging countries to achieve stable economy states.
Developing economies usually have most of their liabilities denominated in other currencies, which
means in case of unexpected depreciation in the local value, it is difficult to settle the debts and put the
whole

14
economy’s stability in danger. Instead, a fixed regime reduces the transaction costs due to uncertainty,
hence a more stable economy.

Second, fixed regimes allow trade and investments to become more predictable and easier, benefiting
the country‘s economic health. In particular, from the perspective of businesses and investors, fixed rates
can simplify the operations for businesses (less hedging cost) and attract more investment as investors are
already certain of the rates fluctuations. Moreover, the regimes help keeping inflation rates low: even
when central bank must print money to finance the budget deficit, they will simultaneously run a balance
of payments deficit, soaking up domestic money, hence, no inflationary tendencies (not possible in the
case of floating regimes). Additionally, fixed regimes create a competitive advantage for exports and
trade: a low-cost-of-production country (like Vietnam) can earn greater profitability (when translating
earnings) and more competitive production cost, hence, better prices abroad.

However, there requires trade-offs from countries to achieve stability and keeping fixed regimes.
Adopting a fixed regime also means importing monetary policy – the two countries now would have
similar macroeconomic fluctuations (Cecchetti and Schoenholtz, 2017). This results in lower natural
ability of the domestic economy to respond to macroeconomic shocks – also known as stabilizers. Despite
this drawback, developing countries still opt for fixed ones, as in the case of Qatar.

According to its Central Bank (QCB), the country has been hard pegging its currency Qatari Riyal (QR)
against the US dollar (USD) at a rate of QR 3.64 per USD since 2001 (QCB, 2014). Qatar has been
issuing foreign currency denominated sovereign and corporate debt, where external financing is
crucial to the country’s investment program (Kanady, 2020; Gulf Times, 2017). Since Qatar relies
heavily on exports of oil and natural gas, despite having one of the highest GDP per capita in the world,
they may be devastated when upward fluctuations of the exchange rate, making oil less competitive in the
international market. Therefore, a pegged system that allows currency stability and prevents volatility
with high foreign investment and low inflation is the most suitable option for Qatar.

4. Terms explanation
4.1. Euro-dollar and Asian-dollar markets

Both markets use US dollar as its currency for being most widely used in international transactions.

First, the Eurodollar market is considered as one of the most important international financial markets in
the world economy. In terms of the nature, the Eurodollar market exists when deposits in accounts in the
United States are transferred to a bank outside of the country, while still being kept in the form of USD
(Mishkin, 2019).

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Originally, European institutions exclusively held this kind of deposits, hence the name Eurodollars. Its
main centre is also located in London - the most well-known Euro-dollar market. Comparing to other
types of markets, the Eurodollar holds a competitive advantage relative to deposits issued by banks
operating under U.S. regulations where banks and other users can avoid the regulatory costs, especially
capital controls, or reserve requirements for instance.

Meanwhile, Asian-dollars market mainly functions as a regional centre for Eurodollars in Asia-Pacific –
an “Asian-based Euro-dollars” (Kim, 2020; Emery, 1975). This means that there is no basic difference
between the two markets, besides the geographical aspect. The Asian-Dollar market have its centre
located in Singapore, which is established in 1968 aiming to be a funding centre of the region due to its
well-developed financial system, stable government, and absence of inhibition controls (Kim, 2020;
Emery, 1975). Similar to the London markets, the Singapore markets include instruments like Asian
bonds of long-term loans or certificate of deposits while being connected with other international
financial centres (London and San Francisco), making a global network of Eurodollars.

4.2. Forward exchange markets

According to the External Relations Department in International Monetary Fund (1967) and Mishkin
(2019), these markets are for contracts or forex trading at a specified exchange rate in the pre-defined
future between two parties. Defined as an over-the-counter marketplace, forward exchange markets allow
the parties to trade without a central exchange or broker, in which both parties prefer avoiding price
fluctuations and opt for forward contracts – which is binding for both. The trading or dealings in this
market can be divided into three types: for interest arbitrage, for speculation and for commercial
purposes (Mishkin, 2019).

By taking the advantage of the current exchange rate between the currencies, one expects lower risks of
currency fluctuations (as it locks in the exchange rates) and the profit margins on products or services
sold overseas, serving as a hedging activity. For example, an investor buying foreign currency now to
invest in bonds in a foreign country can sell the proceeds of the investment forward and avoid the
exchange risks. However, if the currency moves in one’s favour, then one cannot benefit/ profit, making it
an inevitable disadvantage compared to other markets (Table 4).

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 Table 4: Changes of forwards exchange contracts rates

SCENARIO 1 SCENARIO 2
Contract rate 1.2 USD = 1 Euro
Domestic currency USD
Actual transaction date’s rate 1.25 USD = 1 Euro 1.18 USD = 1 Euro
Results (investor/buyer) Benefit Loss
Source: Author’s illustration

4.3. Adverse selection

Known as one of the two most popular problems caused by asymmetric information, adverse selection
occurs before the transaction takes place, which is defined as the situation when the most potential of
producing undesirable outcomes would be the most active in seeking out loans or trades, hence the most
likely to be selected (Mishkin, 2019; Cecchetti and Schoenholtz, 2017). This results in increased
possibilities of bad credit risks, meaning either the lenders would decide not to make any loans anymore
(even in the case of good credit risks) or the lenders would have to bear the information cost – where one
party is not sufficiently informed to make accurate decisions.

Aside from the banking system, adverse selection also appears in the stock market and credit market.
Looking from buyers’ perspective, they may also be put at a disadvantage in the transaction where
companies actively issue shares when they know the share price is overvalued – meaning buyers would
buy overvalued shares and lose money as well. In contrast, the credit market tends to have the buyers
have more information where high-risk borrowers would hide some information in order to get the loans
from banks, declining the quality of average borrowers as the interest rates rise. Therefore, the bank
would bear the bad credit risks that need to be written off and lower profitability, which in extreme cases
can lead to financial crisis as in the 2007-2009 (home mortgages and derivatives bubble price), followed
by moral hazard (to prevent the potential of low profitability with derivatives).

17
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21
 Appendix A: Data of QE General
Date Price Open High Low Vol. Change %
12-10-20 10056.95 10011.5 10056.95 10004.11 103.07M 0.0056
11-10-20 10001.15 10032.5 10038.44 9963.53 124.61M -0.0031
08-10-20 10032.13 9963.42 10032.13 9919.15 77.06M 0.01
07-10-20 9932.43 10013.87 10037.73 9932.43 103.92M -0.0084
06-10-20 10016.28 9965.79 10031.19 9959.02 193.23M 0.006
05-10-20 9956.66 9944.24 9971.88 9925.38 144.84M 0.0003
04-10-20 9953.51 9987.06 9987.06 9906.78 63.72M -0.0052
01-10-20 10005.9 9990.43 10046.29 9981.59 111.30M 0.0016
30-09-20 9990.39 9869.51 9990.39 9859.69 155.38M 0.008
29-09-20 9910.72 9887.1 9956.07 9887.1 206.27M 0.0027
28-09-20 9883.9 9816.87 9913.99 9816.87 90.12M 0.007
27-09-20 9815.47 9814.74 9849.26 9801.08 81.23M 0.0028
24-09-20 9788.29 9768.62 9802.85 9707.06 239.50M 0.0001
23-09-20 9787.27 9853.89 9886.04 9787.27 201.91M -0.0055
22-09-20 9841.32 9780.78 9875.69 9768.53 125.13M 0.0079
21-09-20 9764.39 9915.98 9947.12 9755.95 296.07M -0.0153
20-09-20 9915.8 9940.91 9977.19 9915.8 264.22M -0.0026
17-09-20 9942.06 9957.56 9972.78 9924.23 143.93M 0.0001
16-09-20 9941.43 9900.27 9972.54 9895.6 179.29M 0.0049
15-09-20 9892.54 9897.94 9939.34 9877.48 172.97M 0.002
14-09-20 9872.86 9880.95 9906.39 9860.46 223.58M -0.0005
13-09-20 9878.13 9814.71 9895.17 9808.76 209.06M 0.0117
10-09-20 9763.78 9738.07 9797.37 9736.43 163.97M 0.0053
09-09-20 9712.73 9718.54 9748.08 9685.38 164.27M -0.0049
08-09-20 9760.68 9735.17 9760.68 9720.33 73.84M 0.0036
07-09-20 9725.28 9713.73 9747.25 9713.11 73.12M 0.0002
06-09-20 9723.41 9826.87 9827.14 9696.59 100.55M -0.0115
03-09-20 9836.22 9827.2 9838.44 9785.37 128.05M 0.0025
02-09-20 9811.57 9851.35 9863.92 9784.82 187.27M -0.004
01-09-20 9850.68 9842.85 9924.48 9841.92 171.18M 0.0006
31-08-20 9845.17 9913.41 9930.33 9845.17 155.37M -0.0078
30-08-20 9922.52 9895.1 9932.78 9886.49 152.28M 0.004
27-08-20 9882.93 9877.41 9891.46 9869.82 72.73M -0.0016
26-08-20 9898.93 9893.18 9898.93 9871.66 74.48M -0.001
25-08-20 9909.12 9899.68 9912.62 9874.96 131.84M 0.0019
24-08-20 9890.37 9842.42 9901.18 9841.96 117.34M 0.0083
23-08-20 9809.05 9762.63 9811.86 9746.08 81.98M 0.0043
20-08-20 9767.18 9806.07 9812.23 9713.15 114.38M -0.0047
19-08-20 9813.78 9767.16 9813.78 9756.16 105.50M 0.0039
18-08-20 9775.28 9687.82 9775.28 9670.27 104.04M 0.0082
17-08-20 9695.32 9611.49 9697.76 9602.54 97.59M 0.0096
16-08-20 9603.06 9588.63 9608.34 9552.51 46.71M 0.0001
13-08-20 9602.49 9544.64 9604.64 9544.64 81.83M 0.0052
12-08-20 9553.1 9527.02 9569.7 9525.94 62.33M 0.0031
11-08-20 9523.63 9427.97 9581.18 9424.17 106.46M 0.0112
22
Date Price Open High Low Vol. Change %
10-08-20 9417.88 9396.17 9432.05 9382.25 87.02M 0.002
09-08-20 9398.9 9404.85 9413.13 9377.54 44.55M -0.0014
06-08-20 9411.83 9352.22 9411.83 9314.59 82.57M 0.0096
05-08-20 9321.96 9380.63 9392.41 9321.96 85.24M -0.0049
29-07-20 9368.17 9372.82 9384.1 9321.91 71.34M -0.0004
28-07-20 9371.75 9371.26 9389.08 9341.01 63.80M 0.0022
27-07-20 9351.36 9352.2 9369.05 9339.64 67.42M -0.0026
26-07-20 9375.4 9371.25 9396.2 9353.57 115.70M 0.0008
23-07-20 9368.29 9403.26 9403.26 9349.42 81.61M -0.0019
22-07-20 9386.16 9407.18 9420.07 9372.62 70.03M -0.0011
21-07-20 9396.4 9365.65 9396.4 9324.42 118.95M 0.0026
20-07-20 9371.73 9305.72 9371.73 9305.48 90.24M 0.0059
19-07-20 9316.51 9329.29 9353.34 9305.01 87.08M 0.0006
16-07-20 9310.66 9414.08 9416.62 9310.66 141.84M -0.0089
15-07-20 9394.59 9335.52 9394.59 9333.47 190.67M 0.0081
14-07-20 9319.4 9305.73 9346.47 9287.29 172.71M 0.0023
13-07-20 9297.8 9325.19 9325.19 9291.28 109.53M -0.0042
12-07-20 9337.12 9296.81 9349.37 9291.53 119.58M 0.0022
09-07-20 9316.44 9243.01 9325.48 9205.91 148.52M 0.0099
08-07-20 9224.8 9207.02 9229.92 9196.94 216.06M -0.0021
07-07-20 9243.83 9199.75 9259.12 9196.68 181.92M 0.0051
06-07-20 9196.47 9189.31 9244.16 9179.81 137.78M 0.001
05-07-20 9187.17 9214.78 9230.12 9180.76 124.42M -0.0027
02-07-20 9211.89 9087.05 9211.89 9072.2 149.47M 0.0137
01-07-20 9087.76 9063.62 9147.68 9063.62 204.07M 0.0099
30-06-20 8998.56 9054.61 9076.6 8998.56 221.08M -0.0059
29-06-20 9052.29 9125.78 9126.25 9051.65 196.87M -0.0083
28-06-20 9128.05 9159.08 9174.77 9107.23 60.82M -0.0062
25-06-20 9184.97 9218.89 9225.08 9184.97 58.05M -0.0044
24-06-20 9225.92 9276.34 9276.34 9219.56 60.19M -0.0038
23-06-20 9261.29 9256.29 9289.03 9239.87 84.32M 0.0001
22-06-20 9260.54 9289.21 9296.77 9245.15 76.01M -0.0026
21-06-20 9285.13 9297.72 9326.54 9243.11 80.15M -0.0038
18-06-20 9320.18 9237.37 9320.18 9218.23 217.25M 0.0098
17-06-20 9229.93 9165.32 9239.48 9164.71 82.84M 0.0076
16-06-20 9160.5 9181.43 9198.99 9160.5 116.10M 0.0029
15-06-20 9134.02 9184.91 9185.98 9108.17 117.83M -0.0055
14-06-20 9184.86 9199.15 9200.98 9125.58 116.13M -0.0053
11-06-20 9233.35 9179.99 9233.35 9091.79 77.37M 0.0051
10-06-20 9186.11 9261.79 9261.79 9186.11 66.09M -0.0078
09-06-20 9258.04 9313.87 9331.19 9209.93 109.23M -0.0062
08-06-20 9316.21 9343.06 9380.06 9311.84 118.87M -0.0035
07-06-20 9349.3 9312.63 9394.54 9310.65 111.29M 0.0105
04-06-20 9252.07 9202.93 9272.86 9178.87 78.53M 0.0042
03-06-20 9213.1 9057.34 9213.1 9053.95 107.80M 0.0161
 Appendix B: Data of AHCS

Date Price Open High Low Vol. Change % Date Price Open High Low Vol. Change %
12-10-20 0.982 0.982 0.992 0.979 7.43M 0.002 10-08-20 0.752 0.752 0.759 0.75 4.15M 0
11-10-20 0.98 0.975 0.993 0.973 8.80M 0.0062 09-08-20 0.752 0.74 0.76 0.737 7.25M 0.0176
08-10-20 0.974 0.978 0.989 0.965 5.79M 0.011 06-08-20 0.739 0.737 0.745 0.732 3.44M 0.0027
07-10-20 0.963 0.968 0.997 0.95 8.71M -0.004 05-08-20 0.737 0.729 0.744 0.721 12.46M -0.0416
06-10-20 0.967 0.94 0.999 0.94 20.45M 0.032 29-07-20 0.769 0.771 0.776 0.76 5.33M -0.0077
05-10-20 0.937 0.933 0.944 0.932 2.67M 0.01 28-07-20 0.775 0.771 0.784 0.77 3.22M -0.0077
04-10-20 0.928 0.94 0.945 0.925 2.94M -0.012 27-07-20 0.781 0.794 0.8 0.775 9.57M -0.0164
01-10-20 0.94 0.94 0.96 0.921 4.17M 0.0035 26-07-20 0.794 0.78 0.815 0.774 30.59M 0.0232
30-09-20 0.937 0.955 0.961 0.935 3.95M -0.018 23-07-20 0.776 0.775 0.818 0.76 41.98M -0.0039
29-09-20 0.955 0.969 0.973 0.95 6.58M -0.013 22-07-20 0.779 0.731 0.805 0.73 24.62M 0.0599
28-09-20 0.969 0.948 0.971 0.938 6.93M 0.039 21-07-20 0.735 0.747 0.747 0.732 7.20M -0.0054
27-09-20 0.935 0.948 0.955 0.922 5.16M 0.0144 20-07-20 0.739 0.741 0.745 0.732 1.72M -0.0027
24-09-20 0.922 0.922 0.93 0.872 7.82M 0 19-07-20 0.741 0.759 0.765 0.74 5.94M -0.0198
23-09-20 0.922 0.98 0.987 0.922 6.28M -0.057 16-07-20 0.756 0.789 0.79 0.75 12.33M -0.027
22-09-20 0.98 0.92 0.986 0.92 14.08M 0.032 15-07-20 0.777 0.779 0.79 0.762 31.20M 0.0224
21-09-20 0.95 1.002 1.003 0.906 14.92M -0.051 14-07-20 0.76 0.738 0.775 0.732 16.54M 0.0354
20-09-20 1.003 1.007 1.007 0.992 10.35M -0.001 13-07-20 0.734 0.73 0.75 0.729 8.81M 0.0069
17-09-20 1.004 1.008 1.017 0.993 15.77M 0.006 12-07-20 0.729 0.736 0.738 0.728 4.34M -0.0095
16-09-20 0.998 0.99 1.009 0.985 24.58M 0.0175 09-07-20 0.736 0.73 0.738 0.725 3.05M 0.0055
15-09-20 0.981 0.985 0.993 0.97 7.07M -0.004 08-07-20 0.732 0.74 0.74 0.728 7.01M -0.0174
14-09-20 0.985 0.97 1 0.97 29.75M 0.018 07-07-20 0.745 0.76 0.76 0.74 7.15M -0.0197
13-09-20 0.968 0.922 0.98 0.922 37.40M 0.049 06-07-20 0.76 0.768 0.78 0.76 7.04M -0.0143
10-09-20 0.924 0.923 0.931 0.905 18.40M 0.016 05-07-20 0.771 0.767 0.787 0.76 14.73M 0.0105
09-09-20 0.91 0.89 0.918 0.88 15.17M 0.017 02-07-20 0.763 0.768 0.78 0.758 16.63M -0.0013
08-09-20 0.895 0.9 0.909 0.895 5.88M -0.0078 01-07-20 0.764 0.756 0.77 0.739 19.51M 0.0269
07-09-20 0.902 0.9 0.914 0.89 6.15M -0.0022 30-06-20 0.744 0.722 0.764 0.722 12.91M 0.0348
06-09-20 0.904 0.924 0.93 0.896 10.76M -0.0216 29-06-20 0.719 0.727 0.727 0.71 10.01M -0.011
03-09-20 0.924 0.922 0.933 0.916 8.32M 0.0043 28-06-20 0.727 0.738 0.738 0.718 12.32M -0.0136
02-09-20 0.92 0.919 0.935 0.907 13.86M 0.0022 25-06-20 0.737 0.75 0.75 0.735 8.14M -0.0212
01-09-20 0.918 0.93 0.94 0.91 15.32M -0.0129 24-06-20 0.753 0.747 0.766 0.741 17.19M 0.0107
31-08-20 0.93 0.89 0.944 0.884 40.93M 0.0449 23-06-20 0.745 0.717 0.755 0.715 16.29M 0.042
30-08-20 0.89 0.884 0.897 0.884 12.14M 0.0056 22-06-20 0.715 0.703 0.718 0.693 9.19M 0.0127
27-08-20 0.885 0.88 0.905 0.867 36.48M 0.0068 21-06-20 0.706 0.712 0.712 0.7 5.91M 0.0057
26-08-20 0.879 0.898 0.899 0.879 7.76M -0.0045 18-06-20 0.702 0.697 0.715 0.691 24.15M 0.0159
25-08-20 0.883 0.88 0.893 0.87 16.17M 0.0149 17-06-20 0.691 0.668 0.7 0.666 23.95M 0.0375
24-08-20 0.87 0.883 0.89 0.87 16.81M -0.0091 16-06-20 0.666 0.661 0.672 0.661 6.26M 0.0091
23-08-20 0.878 0.842 0.898 0.842 20.70M 0.0428 15-06-20 0.66 0.661 0.67 0.66 5.65M -0.009
20-08-20 0.842 0.849 0.85 0.837 5.52M -0.0094 14-06-20 0.666 0.667 0.669 0.66 3.33M -0.006
19-08-20 0.85 0.87 0.874 0.836 22.11M -0.023 11-06-20 0.67 0.667 0.674 0.66 8.49M 0.0075
18-08-20 0.87 0.885 0.895 0.86 14.53M -0.0181 10-06-20 0.665 0.66 0.666 0.656 7.21M 0.015
17-08-20 0.886 0.86 0.91 0.841 78.42M 0.0535 09-06-20 0.655 0.666 0.675 0.655 10.55M -0.015
16-08-20 0.841 0.777 0.841 0.775 55.08M 0.0993 08-06-20 0.665 0.66 0.68 0.66 15.83M 0.012
13-08-20 0.765 0.777 0.777 0.76 7.70M -0.0103 07-06-20 0.657 0.654 0.662 0.648 9.33M 0.01
12-08-20 0.773 0.756 0.784 0.756 8.24M 0.0144 04-06-20 0.65 0.654 0.659 0.646 5.12M -0.0015
11-08-20 0.762 0.753 0.769 0.753 7.38M 0.0133 03-06-20 0.651 0.645 0.654 0.644 5.34M 0.007

23
 Appendix C: Data of QGTS

Date Price Open High Low Vol. Change % Date Price Open High Low Vol. Change %
12-10-20 2.69 2.699 2.699 2.684 11.08M -0.0011 10-08-20 2.785 2.797 2.81 2.785 2.71M -0.0036
11-10-20 2.693 2.685 2.693 2.681 4.45M 0 09-08-20 2.795 2.785 2.799 2.785 1.45M -0.0018
08-10-20 2.693 2.684 2.695 2.683 3.14M 0.003 06-08-20 2.8 2.79 2.8 2.759 3.32M 0.0076
07-10-20 2.685 2.671 2.692 2.67 5.09M 0.0019 05-08-20 2.779 2.8 2.8 2.765 8.33M -0.0071
06-10-20 2.68 2.677 2.69 2.67 2.29M 0.0011 29-07-20 2.799 2.799 2.799 2.777 1.57M 0.0014
05-10-20 2.677 2.69 2.695 2.675 1.56M -0.0048 28-07-20 2.795 2.76 2.795 2.76 3.54M 0.0145
04-10-20 2.69 2.651 2.7 2.651 5.87M 0 27-07-20 2.755 2.772 2.772 2.751 1.21M 0
01-10-20 2.69 2.697 2.697 2.666 3.49M -0.0015 26-07-20 2.755 2.75 2.758 2.725 8.33M 0.0011
30-09-20 2.694 2.665 2.697 2.665 3.99M 0.0109 23-07-20 2.752 2.775 2.775 2.715 5.47M -0.009
29-09-20 2.665 2.653 2.7 2.653 6.48M 0.0049 22-07-20 2.777 2.797 2.797 2.761 5.10M 0
28-09-20 2.652 2.615 2.67 2.615 3.90M 0.0145 21-07-20 2.777 2.798 2.92 2.777 10.94M 0
27-09-20 2.614 2.62 2.643 2.605 2.83M 0.0015 20-07-20 2.777 2.74 2.78 2.735 7.23M 0.0135
24-09-20 2.61 2.604 2.625 2.6 5.92M -0.0076 19-07-20 2.74 2.76 2.76 2.71 2.86M -0.0098
23-09-20 2.63 2.679 2.679 2.61 7.69M -0.015 16-07-20 2.767 2.799 2.799 2.752 6.40M 0.0062
22-09-20 2.67 2.63 2.69 2.62 6.68M 0.0152 15-07-20 2.75 2.74 2.785 2.74 3.12M -0.004
21-09-20 2.63 2.725 2.725 2.62 5.09M -0.0331 14-07-20 2.761 2.798 2.844 2.741 6.55M -0.0132
20-09-20 2.72 2.72 2.731 2.712 2.75M 0 13-07-20 2.798 2.813 2.825 2.771 7.46M -0.0074
17-09-20 2.72 2.73 2.73 2.712 3.09M -0.0004 12-07-20 2.819 2.739 2.88 2.739 13.89M 0.0307
16-09-20 2.721 2.718 2.73 2.718 3.17M 0.0011 09-07-20 2.735 2.747 2.747 2.673 13.84M 0.0126
15-09-20 2.718 2.72 2.73 2.715 3.45M -0.0007 08-07-20 2.701 2.657 2.74 2.64 12.39M 0.0192
14-09-20 2.72 2.72 2.724 2.709 3.06M 0.0011 07-07-20 2.65 2.63 2.65 2.625 11.08M 0.0103
13-09-20 2.717 2.704 2.744 2.704 3.15M 0.0048 06-07-20 2.623 2.64 2.645 2.622 2.02M -0.0027
10-09-20 2.704 2.676 2.722 2.676 4.95M 0.0108 05-07-20 2.63 2.625 2.645 2.58 3.30M 0.0119
09-09-20 2.675 2.668 2.689 2.65 3.64M 0.0019 02-07-20 2.599 2.6 2.6 2.55 2.57M -0.0004
08-09-20 2.67 2.665 2.678 2.651 3.16M 0.0034 01-07-20 2.6 2.612 2.612 2.6 4.18M -0.0042
07-09-20 2.661 2.601 2.662 2.601 7.72M 0.0153 30-06-20 2.611 2.61 2.629 2.61 4.49M 0.0042
06-09-20 2.621 2.659 2.67 2.581 7.76M -0.0209 29-06-20 2.6 2.617 2.64 2.595 7.57M 0
03-09-20 2.677 2.695 2.695 2.651 4.16M -0.0067 28-06-20 2.6 2.582 2.609 2.574 4.21M 0.007
02-09-20 2.695 2.726 2.727 2.691 9.19M -0.0114 25-06-20 2.582 2.555 2.61 2.545 8.47M 0.0047
01-09-20 2.726 2.716 2.738 2.716 7.37M 0.0007 24-06-20 2.57 2.56 2.57 2.535 7.61M 0.0086
31-08-20 2.724 2.75 2.75 2.72 8.05M -0.0113 23-06-20 2.548 2.56 2.56 2.532 7.19M 0.0031
30-08-20 2.755 2.758 2.765 2.751 7.96M -0.0007 22-06-20 2.54 2.521 2.57 2.521 4.64M 0
27-08-20 2.757 2.777 2.777 2.753 2.68M -0.0083 21-06-20 2.54 2.55 2.55 2.53 1.41M -0.0039
26-08-20 2.78 2.782 2.793 2.778 4.28M -0.0007 18-06-20 2.55 2.565 2.569 2.502 7.87M -0.0058
25-08-20 2.782 2.78 2.794 2.78 4.21M 0.0007 17-06-20 2.565 2.518 2.57 2.502 4.82M 0.026
24-08-20 2.78 2.793 2.8 2.775 6.14M -0.0047 16-06-20 2.5 2.47 2.5 2.47 4.13M 0.0093
23-08-20 2.793 2.79 2.8 2.784 3.26M -0.0021 15-06-20 2.477 2.488 2.488 2.456 5.97M 0.0016
20-08-20 2.799 2.8 2.8 2.789 3.48M -0.0036 14-06-20 2.473 2.48 2.485 2.46 2.60M -0.0068
19-08-20 2.809 2.795 2.814 2.795 2.06M 0.0039 11-06-20 2.49 2.491 2.56 2.476 11.17M -0.004
18-08-20 2.798 2.824 2.84 2.791 12.55M -0.0074 10-06-20 2.5 2.485 2.51 2.48 10.04M 0.0077
17-08-20 2.819 2.798 2.819 2.786 15.27M 0.0075 09-06-20 2.481 2.496 2.518 2.47 3.97M -0.0056
16-08-20 2.798 2.8 2.81 2.788 8.22M -0.0007 08-06-20 2.495 2.46 2.53 2.46 16.03M 0.0142
13-08-20 2.8 2.798 2.808 2.789 4.22M 0.0036 07-06-20 2.46 2.459 2.47 2.45 2.06M 0.0041
12-08-20 2.79 2.813 2.813 2.79 4.52M -0.0082 04-06-20 2.45 2.433 2.457 2.433 4.91M 0
11-08-20 2.813 2.789 2.84 2.785 6.02M 0.0101 03-06-20 2.45 2.407 2.46 2.407 11.16M 0.0191

24