Morning Note
Friday,13th October 2023
Day’s News Headlines
Fed pivot hopes whipsaw Treasury market as investors CBK, investor standoff drives interest rates to 16-year
hunt for rate peak high.
Shifting views on the Shifting views on the Federal Reserve's
monetary policy trajectory are roiling the U.S. Treasury
market, as investors gauge how close the central bank is to
pulling back from its aggressive monetary policy tightening.
Benchmark 10-year yields tumbled at the start of the week as
investors reacted to the widening conflict in the Middle East
and dovish comments from Fed officials, who leaned into the
possibility that interest rates may not need to go higher.But
yields, which move inversely to bond prices, rebounded on
Thursday, following a stronger-than-expected U.S. inflation
report and sparse demand at the Treasury’s 30-year
government bond auction. The 10-year yield on Thursday
afternoon stood at about 4.7%, some 18 basis points from the
16-year highs touched last week.The volatility in Treasuries -
which has rippled out into equities and other risk assets - is
likely to continue until the market gets a definitive signal that
the Fed is preparing to downshift, investors said. (Reuters)
TREASURIES-US yields rise after inflation data, weak LPG use up in first half defies high price
30-year bond auction Cooking gas, commonly referred to as liquefied petroleum gas
U.S Treasury yields advanced on Thursday after data showing
consumer prices in the world's largest economy came in
higher than expected, suggesting that the Federal Reserve
could raise interest rates one more time this year.An auction
of U.S. 30-year bonds showing poor demand also sent
Treasury yields higher. The U.S. Treasury's 30-year sale
stopped at 4.837%, up a hefty 3.7 basis points (bps) from the
expected rate at the bid deadline, suggesting investors
demanded a premium to take the long-term bond.The bid-to-
cover ratio was a soft 2.35, down from last month's 2.46 and
the 2.39 average.The weak 30-year auction followed
lackluster sales of 10-year and three-year notes this week.
U.S. yields started their ascent after data showed consumer
prices increased in September due to higher costs for rent and
gasoline, although underlying inflation matched the gain in
August, data showed.The consumer price index increased
0.4% last month, compared with expectations for a 0.3% rise.
The CPI jumped 0.6% in August, which was the largest gain in
14 months.Excluding the volatile food and energy
components, the CPI rose 0.3%, in line with forecasts. The
core CPI gained 4.1% year-on-year in September after
advancing 4.3% in August.(Reuters)
Classification: Public
Wealth Management
A standoff between investors and the Kenyan government over
interest rates escalated this week after the sale of the October
Treasury bond raised less than 20 percent of the Sh35 billion on
offer.Latest data show that the State only raised Sh6.3 billion out
of a target of Sh35 billion as investors sought higher returns,
suggesting they have better alternatives.
The rates investors are asking for are the highest in over 16 years,
surpassing the previous highs seen at the end of 2015 and early
2016 when they touched 16 percent. Analysts said that despite
the government only floating short-dated bonds in recent months,
investor preference has been to park their funds in the 91-day
Treasury bills in order to avoid exposure to losses on bonds if
yields keep going up.This applies to investors such as banks that
hold bonds for sale, with a rise in secondary market yields
translating into lower prices for their paper.
Analysts reckon that investors are also keeping their powder dry
to take advantage of a possible issuance of a tax-free
infrastructure bond in the near term.(Business Daily)
(LPG), use jumped seven percent in the first half of this year
defying price rises that were expected to depress demand.
Official data shows homes and businesses used 171,720 tonnes
of LPG between January and June from 159,900 tonnes in the
same period last year.
The rise defied price increments of the commodity as the cost of
the 13-kilogramme container averaged Sh3,100 while that of six
kilogrammes went for an average of Sh1,400.
Prices of LPG have been on a steady rise from last year driven by
high costs of crude globally and heavy taxation.
The data shows that the LPG consumption in May is the single
highest uptake of cooking gas in a month at 3,106 tonnes. This,
however, slowed down marginally to 3,036 tonnes the following
month.(Business Daily)
KRA plans system to gather data on overseas tax cheats
The Kenya Revenue Authority (KRA) plans to install a new system
that will receive and analyse information from more than 130
countries in its latest push to uncover cross-border tax cheats.
KRA says the system will strengthen the sharing and processing of
information with other tax jurisdictions in the world to benefit
from the over 130 information exchange partners that the
country currently has.The taxman says it had been receiving large
amounts of data from its partners to analyse and unearth tax
evasion but has been overwhelmed, leading to delays in
processing the data, which results in revenue loss.The KRA is now
looking for a consultant to supply and install an exchange of
information system that will among other things auto-generate
email notifications every time there is a receipt of data in the
Organisation for Economic Co-operation and Development
(OECD) common transmission system (CTS) and keep track of the
progress on every request..(Business Daily)
1
 Macro-Economic View
Fixed Income
Treasury Bonds:
CBK has released results to re-opened FXD1/2023/2 and
FXD1/2023/05 dated 16th October 2023 in a bid to raise KES
35.00Bn for budgetary support. The bonds have a tenor to
maturity of (1.9 years) and (4.8 years) while their coupon rate
stands at 16.9723% &16.8440%,respectively.FXD1/2023/002
& FXD1 2023/005 had a performance rate of 18.59% and
16.55% respectively. Meanwhile in the secondary market,
bond turnover went up by 322%. Similarly, total deals
decreased by 43.54%.
FXD2/2019/010 & IFBI/2018/20yr were the most traded
bonds.
Treasury Bills:
This week, CBK auctioned the 91-day, 182-day, and 364-
day T-bills in a bid to raise KES 24.0Bn. T-bills were
oversubscribed recording performance rate of 180.15% an
increase from 138.11 % recorded in the previous session.
CBK received bids worth KES43,236.4Mn and accepted bids
worth KES 40,941.19Mn. Preference for the 91-day paper
persisted as bids worth KES 37,496.62 Mn were received
against a target of KES 4,000Mn. Interest rates on the 91-
day,182-day & 364-day papers maintained an upward
trajectory.

Below is a summary of the T-bills Performance

Below is a summary of the T-bills Performance
Amount
Treasury Amount offered Bids Received Accepted (KES Performance
Amount Amount Bills (KES Mn) (KES Mn) Mn) Rate
offered (KES Bids Received Accepted Performance
Treasury Bonds Mn) (KES Mn) (KES Bn) Rate 91-Days 4 37,496.62 35,311.30 937.42%

FXD1/2023/002 6,506.,42 4,825.11 18.59% 182-Days 10 2,777.21 2,671.39 27.77%

35,000Mn
364-Days 10 2,962.62 2,958.51 29.63%
.FXD1/2023/005 5,72.92 1,481.78 16.55%

MPC T-Bills Current Previous % Week Change

The Monetary Policy committee met on 3rd

October 2023 and 91-Days 14.96% 14.87% 0.09%
elected to retain the Central Bank Rate (CBR) at 10.50%. The 182-Days 15.02% 14.98% 0.05%
Committee noted that inflation was within its target range
owing to reduced food inflationary pressure due to improved 364-Days 15.34% 15.19% 0.15%
supply. It also noted that core inflation has remained relatively
stable as the impact of the tightening of the monetary policy
continue to transmit to the economy. The committee expects
inflation to remain within its target range.

Currency
The KES lost 0.08%,0.97%,0.71% against the USD,GBP &
EURO respectively. We expect the KES to remain under
pressure as dollar demand from importers remains elevated.

.
Equity Market
The NSE 20, NSE 25,NASI and NSE 10 share index gained 0.61%,1%,0.74% & 1.34% respectively. Foreign investors remained
net sellers ,selling KES 27.40 Mn from the bourse.

TOP LOSER STOCKS

TOP GAINER STOCKS
Security Previous Current %∆ D/D Volumes Security Previous Current %∆ D/D Volumes

EABL 120.25 130.00 ↑ 8.1% 600 Home 0.34 0.32 ↓ 5.9% 10,800
Carbacid 15.05 15.80 ↑ 5.0% 200 Sameer 2.64 2.50 ↓ 5.3% 17,700

Bamburi 23.50 24.55 ↑ 4.5% 800 Olympia 3.06 2.90 ↓ 5.2% 1,000

TPS 12.70 13.00 ↑ 2.4% 30000 E.A.Cables 0.97 0.92 ↓ 5.2% 4,200

CIC 2.08 2.11 ↑ 1.4% 7,500 Crown 36.00 34.20 ↓ 5.0% 800

TOP TRADES (VALUE) FOREIGN INVESTOR ACTIVITY

Buys % of Share Sales % of Share

Security Security
Turnover % Day’s (KES Mn) Turnover (KES Mn) Turnover
Security 12-Oct-23 Volumes (KES.Mn) Turnover
SCOM 14.28 0.61 SCOM 18.44 0.79
Safaricom 14.00 1661300 23.26 27.66%
EQTY 7.45 0.80 EQTY 7.50 0.80
CO-OP 11.60 1291800 14.98 17.82% BAT 4.20 0.93 KEGN 1.04 0.83
KPLC 1.43 926000 1.32 1.57% KNRE 1.25 0.96 CTUM 0.30 0.95
Kenya Re 1.78 730600 2.12 2.52% KCB 0.13 0.02 KCB 0.13 0.02
TOTAL
KenGen 2.30 541400 1.25 1.48% TOTAL (BUY) 27.30 0.61 (SELL) 27.40 0.67

2
Classification: Public
 Global Market Summary
Equity Market 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD
International

Dow Jones - Industrial 33,631.14 33,804.87 -0.51% 33,147 1.46%

S&P500 4,349.61 4,376.95 -0.62% 3,840 13.29%

Nasdaq Composite 13,574.22 13,659.68 -0.63% 10,466 29.69%

FTSE -100 7,644.78 7,620.03 0.32% 7,452 2.59%

MSCI (World) 2,844.06 2,899.50 -1.91% 2,603 9.27%

MSCI (Emerging Markets Index) 962.69 956.84 0.61% 956 0.66%

MSCI (Frontier Markets Index) 488.73 488.50 0.05% 472 3.47%

Secured Overnight Financing Rate (SOFR) 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD
Overnight SOFR 5.310% 5.310% 0.00% 4.300% 1.01%
1-Month SOFR 5.335% 5.332% 0.00% 4.070% 1.26%
3-Month SOFR 5.394% 5.394% 0.00% 3.610% 1.78%
6-Month SOFR 5.440% 5.435% 0.01% 2.870% 2.57%
12-Month SOFR 5.369% 5.356% 0.01% 1.633% 3.74%

Kenyan Eurobonds 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD

KEN2024 14.93% 16.48% -1.55% 12.92% 2.01%
KEN2027 14.13% 14.78% -0.65% 10.91% 3.22%
KEN2028 13.54% 13.66% -0.13% 10.48% 3.06%
KEN2032 12.81% 12.96% -0.15% 10.76% 2.04%
KEN2034 12.46% 12.54% -0.09% 9.86% 2.60%
KEN2048 12.48% 12.55% -0.07% 10.86% 1.62%

Local Indices 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD

NSE 20 Share Index 1,496.2 1,487.2 0.61% 1,676.1 -10.73%

NSE 25 Share Index 2,462.0 2,437.5 1.00% 3,133.6 -21.43%

NASI Index 93.7 93.0 0.74% 127.5 -26.50%

Macroeconomic Data Current Previous % Change Dec-22 Dec-21

GDP (1Q23 versus 1Q22) 5.3% 6.2% -0.90% 4.8% 7.6%
Inflation (M/M:Sep-23) 6.8% 6.7% 0.10% 9.1% 5.7%
Private sector credit growth (Y/Y: Aug-23) 12.6% 10.3% 2.30% 12.5% 12.9%
Money Supply (M/M: Jul-23) 14.3% 13.4% 0.90% 7.1% 6.1%

Currency 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD

USD / KES 149.0 148.9 -0.08% 123.37 -20.78%
GBP / KES 183.3 181.5 -0.97% 148.47 -23.45%
EUR / KES 158.1 157.0 -0.71% 131.27 -20.43%
JPY (100)/ KES 99.9 99.9 -0.05% 92.28 -8.28%
ZAR/KES 7.9 7.7 -3.16% 7.22 -9.73%
KES/UGX 25.2 25.2 0.10% 30.11 -16.38%
KES/TZS 16.8 16.8 0.12% 18.92 -10.96%
KES/RWF 8.2 8.2 -0.03% 8.65 -5.47%

Interest Rates Current Previous % Week Change Dec-22 YTD

91 Day T-Bill (Weekly) 14.96% 14.87% 0.09% 9.37% 5.59%
182 Day T-Bill (Weekly) 15.02% 14.98% 0.05% 9.83% 5.20%
364 Day T-Bill (Weekly) 15.34% 15.19% 0.15% 10.31% 5.03%
Interbank rate 12.20% 12.20% 0.00% 6.49% 5.71%
CBR (Oct-23 vs Aug-23) 10.50% 10.50% 0.00% 8.75% 1.75%

Domestic Funds (NAV) 12-Oct-23 11-Oct-23 Currency Effective Annual Rate

I&M Wealth Fund(KES) 11.80% 11.55% KES 12.52%
I&M USD Fixed Income Fund(USD) 7.06% 7.70% USD 7.32%

Commodity prices (Global) 12-Oct-23 11-Oct-23 % Day Change Dec-22 YTD

Oil (Brent crude) 86.0 85.8 0.21% 85.61 0.46%

3
Classification: Public
 Offshore Corporate Bonds – 10th October 2023
USD
SECURITY ISIN COUPON MATURITY CLEAN PRICE YTM
BANK OF AMERICA CORP US06051GFB05 4.13 22/01/2024 99.57 5.78
MORGAN STANLEY US6174468W28 0.53 25/01/2024 100.04 5.68
EUROPEAN INVESTMENT BANK US298785GJ95 3.25 29/01/2024 99.37 5.41
GOLDMAN SACHS GROUP INC US38141GVM31 4.00 03/03/2024 99.26 6.03
GOLDMAN SACHS GROUP INC US38141GZP26 3.00 15/03/2024 98.82 6.02
BANK OF AMERICA CORP US06051GFF19 4.00 01/04/2024 99.13 5.95
MORGAN STANLEY US61746BDQ68 3.88 29/04/2024 98.99 5.84
GOLDMAN SACHS GROUP INC US38141EC238 3.85 08/07/2024 98.42 6.11
BANK OF AMERICA CORP US06051GFH74 4.20 26/08/2024 98.54 6.02
JPMORGAN CHASE & CO US46625HJY71 3.88 10/09/2024 98.08 6.10
MORGAN STANLEY US61761JVL06 3.70 23/10/2024 97.82 5.94
CITIGROUP INC US172967MT50 0.78 30/10/2024 99.76 6.13
JPMORGAN CHASE & CO US46647PAY25 4.02 05/12/2024 99.73 6.65

EUR
SECURITY ISIN COUPON MATURITY PRICE YTM
BNP PARIBAS XS1068871448 2.38 20/05/2024 99.06 4.07
GOLDMAN SACHS GROUP INC XS2149207354 3.38 27/03/2025 99.08 4.09
CREDIT AGRICOLE SA FR001400D0Y0 4.00 12/10/2026 99.59 4.64
SOCIETE GENERALE FR001400DZM5 4.00 16/11/2027 99.11 4.28
BANCO SANTANDER SA XS2575952697 3.88 16/01/2028 98.72 4.24
BNP PARIBAS US09659W2V59 5.13 13/01/2029 96.21 6.29
CREDIT AGRICOLE SA FR001400F1U4 4.25 11/07/2029 98.44 4.79
GOLDMAN SACHS GROUP INC XS2536502227 4.00 21/09/2029 98.01 4.43
SOCIETE GENERALE FR001400EHG3 4.25 06/12/2030 95.25 5.29
BNP PARIBAS FR001400F0V4 3.88 10/01/2031 98.14 4.34
BNP PARIBAS FR0014009HA0 2.50 31/03/2032 90.22 5.34

GBP
Name ISIN COUPON MATURITY COUPON YTW RATING
Santander UK XS1816338914 Banks 05/08/2026 2.92 7.26 A+
Volkswagen XS2562941927 Automobile 12/07/2026 5.50 6.25 BBB+
British American Tobacco XS0969309847 Tobacco 09/04/2026 4.00 6.14 A-
NatWest Group XS1970533219 Diversified Banks 03/28/2027 3.13 6.92 AAA
Lloyds Banking Group XS2100771547 Banks 01/15/2026 1.88 6.63 BBB
HSBC XS2322315727 Diversified Banks 07/24/2027 1.75 6.65 BBB+
Westfield XS2029525693 Real Estate 08/04/2026 1.64 6.88 A-
Barclays PLC XS2251641267 Diversified Banks 11/03/2026 1.70 7.01 A-

US DAILY TREASURY YIELDS

Date 1 Mo 2 Mo 3 Mo 4 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr
10/12/2023 5.61 5.59 5.63 5.63 5.58 5.43 5.06 4.82 4.69
10/11/2023 5.58 5.59 5.61 5.63 5.56 5.38 4.99 4.73 4.59
10/10/2023 5.6 5.61 5.61 5.63 5.57 5.37 4.96 4.74 4.62
10/06/2023 5.59 5.6 5.63 5.64 5.59 5.43 5.08 4.87 4.75
10/05/2023 5.57 5.59 5.61 5.62 5.56 5.39 5.03 4.82 4.68
10/04/2023 5.56 5.58 5.61 5.62 5.57 5.42 5.05 4.85 4.72
LARGEST REGIONAL AND COUNTRY ETF
FUND SIZE (US MN)
REGION TICKER ETF NAME As At 31st July Current Previous Close % change Dec-22 YTD
US SPY SPDR S&P 500 ETF TRUST 432,255 423.1 422.2 0.21% 381.0 11.05%
IVV ishares Core S7P 500 ETF 356,186 422.1 424.0 -0.46% 382.2 10.41%
VOO Vanguard S&P 500 ETF 340,836 388.7 388.0 0.18% 349.5 11.19%

VTI Vanguard Total Stock Market ETF 323,700 209.6 209.3 0.13% 190.2 10.20%
QQQ Invesco QQQ Trust Series 210,602 357.9 356.1 0.52% 264.3 35.44%

Europe VGK Vanguard FTSE Europe ETF 19,449 56.5 56.4 0.23% 55.6 1.69%
EZU Ishares MSCI Eurozone ETF 8,442 41.2 41.0 0.49% 39.5 4.27%
JP Morgan BetaBuilders Europe
BBEU ETF 7,408 49.6 49.5 0.22% 48.5 2.22%
IEUR ishares Core MSCI Europe ETF 4,390 48.4 48.3 0.02% 47.6 1.62%
Xtracker MSCI EAFE Hedged
DBEF Equity ETF 4,301 34.1 34.2 -0.35% 32.3 5.73%

Emerging
Markets VWO Vanguard FTSE Emerging Market 77,098 38.4 38.6 -0.57% 39.0 -1.44%
iShares Core MSCI Emerging
IEMG Markets ETF 75,691 46.6 46.9 -0.53% 46.8 -0.43%
iShares MSCI Emerging Markets
EEM ETF 24,941 37.2 37.3 -0.48% 37.9 -2.08%
Schwab Emerging Markets Equity
SCHE EFT 9,037 23.5 23.6 -0.51% 23.7 -1.01%
SPDR Portfolio Emerging Markets
SPEM ETF 7,748 32.9 33.0 -0.45% 33.0 -0.36%

ETFs - SECTORIAL U.S

NAME ISIN CUR PRICE YTD (%)
COMM SERV SELECT SECTOR SPDR US81369Y8527 USD 67.63 41.89
TECHNOLOGY SELECT SECT SPDR US81369Y8030 USD 169.09 36.76

CONSUMER DISCRETIONARY SELT US81369Y4070 USD 160.78 25.33

INDUSTRIAL SELECT SECT SPDR US81369Y7040 USD 102.36 5.50
ENERGY SELECT SECTOR SPDR US81369Y5069 USD 88.59 3.99
MATERIALS SELECT SECTOR SPDR US81369Y1001 USD 78.09 1.95
FINANCIAL SELECT SECTOR SPDR US81369Y6059 USD 33.06 -1.98
HEALTH CARE SELECT SECTOR US81369Y2090 USD 130.46 -2.80
REAL ESTATE SELECT SECT SPDR US81369Y8600 USD 34.00 -5.63
CONSUMER STAPLES SPDR US81369Y3080 USD 66.73 -8.81
UTILITIES SELECT SECTOR SPDR US81369Y8865 USD 57.82 -16.04

4
Classification: Public
 Offshore ETF’s – 10th October 2023
ETFs - SECTORIAL EUROPE
NAME ISIN CUR PRICE YTD (%)
LYXOR EURSTX600 RETAIL LU1834988435 EUR 46.68 22.35
LYXOR EURO STOXX BANKS DR LU1829219390 EUR 120.14 21.31
LYXOR EURSTX600 BANKS LU1834983477 EUR 24.31 20.56
LYXOR EURSTX600 AUTO&PARTS LU1834983394 EUR 84.17 19.30
LYXOR EURSTX600 MEDIA LU1834988195 EUR 52.98 16.91
LYXOR EURSTX600 TECHNLG LU1834988518 EUR 75.06 14.95
LYXOR EURSTX600 CNSTR&MAT LU1834983808 EUR 77.16 14.57
LYXOR EURSTX600 FIN SERV LU1834984798 EUR 87.00 13.22
LYXOR EURSTX600 TRVL&LEISR LU1834988781 EUR 26.61 11.52
LYXOR STX600 IND GOOD&SERV LU1834987890 EUR 86.70 8.93
LYXOR EURSTX600 HEALTHCARE LU1834986900 EUR 136.62 8.75
LYXOR EURSTX600 INSURANCE LU1834987973 EUR 52.92 8.02
LYXOR EURSTX600 TELECOM LU1834988609 EUR 32.14 4.75
LYXOR STX600 PERS&HH GOODS LU1834988351 EUR 131.12 4.64
LYXOR EURSTX600 CHEMICALS LU1834983634 EUR 148.17 3.25
LYXOR EURSTX600 UTILITIES LU1834988864 EUR 59.11 0.90
LYXOR EURSTX600 OIL&GAS LU1834988278 EUR 55.10 -0.09
LYXOR EURSTX600 F&B LU1834985845 EUR 87.84 -3.45
LYXOR STOXX EUR 600 REAL EST LU1812091194 EUR 27.24 -4.03
LYXOR STX600 BASIC RSRCES LU1834983550 EUR 85.67 -8.06

SHARIAH COMPLIANT
NAME ISIN CUR PRICE YTD (%)
SP FUNDS S&P 500 SHARIA INDUSTRY US8863648015 USD 31.52 23.47
ISHARES MSCI USA ISLAMIC ETF USD IE00B296QM64 USD 5166.00 14.40
ISHARES MSCI EM ISLAMIC ETF USD IE00B27YCP72 USD 17.05 0.58
SP FUNDS DOW JONES GLOBAL SUKUK

ETF US8863647025 USD 17.30 -1.13

SP FUNDS S&P GLOBAL REIT SHARIA ETF US8863647694 USD 17.74 -5.09
ESG
NAME ISIN CUR PRICE YTD (%)
AMUNDI MSCI EMU ESG UNIVERSAL LU2109786827 EUR 74.40 9.85
AMUNDI STOXX EU 600 ESG CLASS C LU1681040223 EUR 107.30 7.93
FT ESG-FOCUSED BALANCED FUND LU2319533886 EUR 9.22 5.21
LYXOR MSCI WATER ESG ETF FR0014002CH1 USD 5.25 4.87
AMUNDI GLOBAL ECOLOGY ESG LU1883318740 EUR 367.75 1.25
PIMCO ESG INCOME FUND IE00BMW4NH15 USD 9.47 0.00
ODDO BHF GRN PLANET - CIW USD LU2189930527 USD 975.25 -0.95
AMUNDI GLO ECO ESG-A CHF C LU1883318666 CHF 351.77 -1.25
PIMCO GIS EM. MTS BOND ESG FUND IE00B61N1B75 USD 13.99 -1.27
AMUNDI MSCI EMERGING ESG LU2109787551 EUR 46.49 -1.90
GLOBAL INV. GRADE CREDIT ESG FUND IE00BFZ89B79 EUR 9.42 -1.99
LYXOR GREEN BOND (DR) UCITS ETF LU1563454310 GBP 38.47 -2.39
LYXOR MSCI NEW ENERGY ESG ETF FR0014002CG3 USD 13.82 -25.86

AMERICAS
NAME ISIN PRICE YTD 5D
GLOBAL X MSCI ARGENTINA ETF US37950E2596 40.42 18.99 -0.21
SPDR S&P 500 ETF TRUST US78462F1030 432.29 13.04 1.17
ISHARES MSCI MEXICO ETF US4642868222 54.25 9.71 -5.95
ISHARES MSCI BRAZIL ETF US4642864007 29.79 6.51 -0.93
ISHARES MSCI PERU ETF US4642898427 29.23 1.95 -0.34
ISHARES MSCI CANADA ETF US4642865095 33.14 1.25 1.38
ISHARES MSCI CHILE ETF US4642866408 24.46 -9.71 -3.32

EUROPE
NAME ISIN PRICE YTD 5D
GLOBAL X MSCI GREECE ETF US37954Y3190 30.94 16.14 -5.15
ISHARES MSCI SPAIN ETF US4642867646 26.86 11.08 0.07
ISHARES MSCI ITALY ETF US46434G8309 29.89 10.95 0.57
ISHARES MSCI FRANCE ETF US4642867075 35.22 6.34 0.92
ISHARES MSCI GERMANY ETF US4642868065 25.91 4.77 0.66
ISHARES MSCI SWITZERLAND ETF US4642867497 43.66 4.13 1.23
ISHARES MSCI UNITED KINGDOM US46435G3341 31.52 2.80 1.55
GLOBAL X MSCI PORTUGAL ETF US37950E1929 9.21 -8.47 -2.37

ASIA/PACIFIC
NAME ISIN PRICE YTD 5D
ISHARES MSCI TAIWAN ETF US46434G7723 45.43 13.12 1.86
INVESCO INDIA ETF US46137R1095 23.45 10.15 -0.13
ISHARES MSCI JAPAN ETF US46434G8226 59.55 9.39 -0.37
ISHARES MSCI SOUTH KOREA ETF US4642867729 58.47 3.52 0.03
ISHARES MSCI AUSTRALIA ETF US4642861037 21.46 -3.46 1.85
SPDR S&P CHINA ETF US78463X4007 71.25 -9.07 -0.10
ISHARES MSCI HONG KONG ETF US4642868719 17.27 -17.80 1.11

AFRICA/MID-EAST
NAME ISIN PRICE YTD 5D
GLOBAL X MSCI NIGERIA ETF US37954Y6656 8.38 13.48 -0.30
ISHARES MSCI TURKEY ETF US4642867158 38.09 2.95 -2.96
ISHARES MSCI FRTR. & SEL EM ETF US4642861458 25.74 1.06 -0.54
ISHARES MSCI SAUDI ARABIA ET US46434V4234 37.49 -0.61 -3.43
ISHARES MSCI UAE ETF US46434V7617 14.74 -1.27 -4.96
VANECK EGYPT US92189F7758 19.82 -1.85 -2.15
ISHARES MSCI QATAR ETF US46434V7799 16.97 -7.50 -2.53
ISHARES MSCI ISRAEL ETF US4642866325 50.32 -10.13 -7.91
ISHARES MSCI SOUTH AFRICA ET US4642867802 37.00 -12.76 1.15

Prices are indicative and are as at the mentioned date

Source: Reuters, KNBS, CBK, CME Group, US Department Of The Treasury

Disclaimer: Whilst care has been taken by I&M Capital in preparation of the opinions and forecasts contained in this report, I&M Capital does not make any
representation or give any warranties as to their correctness, accuracy, or completion, nor does I&M Capital assume any liability whatsoever for any losses arising from
errors or omission in the report irrespective of whatever there has been any negligence by I&M Capital, its affiliate or any officers or employees of I&M Capital, and
whether such losses be direct, indirect or consequential”

5
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It is regulated by the Capital Markets Authority and licensed

as Fund Management license

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Classification: Public