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Tracking Errors of Exchange Traded Funds in Bursa Malaysia
Munich Personal RePEc Archive Tracking Errors of Exchange Traded Funds in Bursa Malaysia Ku, Alfred Ing-Soon and Liew, Venus Khim-Sen and Puah, Chin-Hong RHB Investment Bank Berhad, 102, Pusat Pedada, Jalan Pedada, 96000 Sibu, Sarawak, Malaysia., Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak., Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. 2019 Online at https://mpra.ub.uni-muenchen.de/107990/ MPRA Paper No. 107990, posted 27 May 2021 07:20 UTC Tracking Errors of Exchange Traded Funds in Bursa Malaysia Alfred Ing-Soon Ku RHB Investment Bank Berhad, 102, Pusat Pedada, Jalan Pedada, 96000 Sibu, Sarawak, Malaysia. Tel: 6-084-329214 E-mail: [email protected] Venus Khim-Sen Liew Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. Tel: 6-082-584291 (Corresponding Author) E-mail: [email protected] Chin-Hong Puah Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. Tel: 6-082-584294 E-mail: [email protected] Citation: Liew, V.K.-S, Ku, A. I.-S., & Puah, C.-H. 2019. Tracking Errors of Exchange Traded Funds in Bursa Malaysia. Asian Journal of Accounting and Finance, 11(2), 96-109. Abstract This study measures the tracking errors of exchange traded funds (ETFs) listed in Bursa Malaysia. Five measures of tracking errors are estimated in this study for the seven ETFs involved. Overall, the best ETF is METFAPA with the least tracking error. -
Monthly Economic Update
122 Winnebago Street, Decorah, IA 52101 309 HWY 150 N, West Union, IA 52175 1-877-566-9468 Text: 563-412-4770 [email protected] Visit us at www.knoxfin.com In this month’s recap: stocks stay in rally mode, helped by hints that the U.S. and China may be closing in on a phase-one trade deal; hiring bounces back; key real estate indicators look stronger. Monthly Economic Update Presented by Jason Knox, AIF®, CRC®, December 2019 THE MONTH IN BRIEF The S&P 500 rose 3.4% in November and attained a series of record closes in the process. Earnings results helped stocks, as did intermittent signals that the first stage of a U.S.-China trade agreement might be near at hand. Job creation improved, and consumer spending lived up to market expectations; consumer confidence and business activity, not so much. Housing indicators communicated good news, and the rally in stocks made the commodity sector look less attractive. DOMESTIC ECONOMIC HEALTH Were the U.S. and China close to signing off on the first phase of a new trade deal? According to officials from both countries, the answer was yes. When would this phase- one deal be finalized? No definite answer emerged. On November 8, President Donald Trump said that such an agreement was near, and six days later, White House economic advisor Larry Kudlow said that negotiators were “getting close” to an accord. On November 26, China’s commerce ministry announced that trade representatives had “reached a consensus” on remaining issues, and President Trump said that negotiators were in the “final throes of a very important deal.” Still, November ended without any announcement that a phase-one pact had been reached.2,3 The Department of Labor’s latest employment report found that the economy generated 128,000 net new jobs in October. -
Malaysia Wakala Sukuk Berhad (The “Trustee”) in Such Jurisdiction
IMPORTANT NOTICE This offering is available only to investors who are either (1) QIBs (as defined below) under Rule 144A who are also QPs (as defined below) or (2) non-U.S. persons (as defined in Regulation S) outside the United States. IMPORTANT: This e-mail is intended for the named recipient(s) only. If you are not an intended recipient, please delete this e-mail from your system immediately. You must read the following before continuing. The following applies to the offering memorandum (the “Offering Memorandum”) following this page and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Memorandum. In accessing the Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them, any time you receive any information from us as a result of such access. Nothing in this electronic transmission constitutes an offer of securities for sale or solicitation in any jurisdiction where it is unlawful to do so. The securities described in the attached Offering Memorandum (the “Securities”) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Offering Memorandum may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. -
Bursa Malaysia Derivatives Clearing Berhad Principles for Financial
BURSA MALAYSIA DERIVATIVES CLEARING BERHAD PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES DISCLOSURE FRAMEWORK This document shall be used solely for the purpose it was circulated to you. This document is owned by Bursa Malaysia Berhad and / or the Bursa Malaysia group of companies (“Bursa Malaysia”). No part of the document is to be produced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system, without permission in writing from Bursa Malaysia. Bursa Malaysia Derivatives Clearing Disclosure Framework BMDC/RC/2019 Responding Institution: Bursa Malaysia Derivatives Clearing Berhad Jurisdiction(s) in which the FMI operates: Malaysia Authority regulating, supervising, or overseeing the FMI: Securities Commission Malaysia The date of this disclosure is 30 June 2019 This disclosure can also be found at: https://www.bursamalaysia.com/trade/risk_and_compliance/pfmi_disclosure For further information, please contact Bursa Malaysia Derivatives Clearing Berhad at: Name Email Address 1. Siti Zaleha Sulaiman [email protected] 2. Sathyapria Mahaletchumy [email protected] Bursa Malaysia Derivatives Clearing Disclosure Framework BMDC/RC/2019 Abbreviations: AUD Australian Dollar BCP Business Continuity Plan BMD Bursa Malaysia Derivatives Berhad (the derivatives exchange) BMDC Bursa Malaysia Derivatives Clearing Berhad (the derivatives clearing house) BM Depo Bursa Malaysia Depository Sdn Bhd (the central depository) BMS Bursa Malaysia -
Darkest Before Dawn – Shariah Perspective
Malaysia July 29, 2021 Strategy Darkest before dawn – Shariah perspective by Ivy NG Lee Fang, CFA │ T: (60) 3 2261 9073 │ E: [email protected] This report delineates our 2H21F equity strategy outlook from a Shariah perspective. The market was hit by a perfect storm in 1H21 with persistently high Covid-19 cases, multiple lockdowns, ESG concerns and political uncertainty. At the current run rate, we project Malaysia to be on track to inoculate around 70-80% of the population by 4Q21. We expect recovery stocks to see renewed interest in 4Q and the market to re-rate to our KLCI target of 1,604 pts, after an anticipated lacklustre 3Q21. We provide six trading themes for 2H21F in this report; our top Shariah sector picks are Islamic banking, healthcare, media, oil & gas, packaging, semiconductor, EMS, transport and utilities. Our top three Shariah stock picks are Gamuda, Telekom Malaysia and Unisem. IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN THE UNITED STATES IT IS DISTRIBUTED BY CGS-CIMB SECURITIES (USA), INC. Powered by the EFA AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. Platform Malaysia │ Strategy │ July 29, 2021 Content Page Key takeaways of our views on the outlook for 2H21F 3 Shariah-compliant investments 4 1H21 review 6 Outlook 17 Malaysian retail investors’ survey 27 ESG ratings from F4GBM index perspective 28 Key trading thematics 29 Risks 37 Market valuations 42 Economic outlook 44 Technical analysis 49 Top picks and sector ratings 51 2 Malaysia │ Strategy │ July 29, 2021 Key takeaways of our views on the outlook for 2H21F The market was hit by a perfect storm in 1H21 with persistently high Covid-19 cases, multiple lockdowns, ESG concerns and political uncertainty. -
Doingbusiness Malaysia Xyyx9.Pdf
2 | Doing Business in Malaysia A LEGAL FACT SHEET GOVERNMENT AND LEGAL SYSTEM CONTRACTS AND LEGAL DOCUMENTATION Malaysia is a constitutional monarchy headed by a Commercial contracts are mainly written in English Yang Di Pertuan Agong (“King”) who is elected although certain government related contracts may every 5 years by a Council of Rulers. A federal be written in Bahasa Malaysia as well as in English. system of government links together 13 states and Malaysian courts will recognise contracts regulated the federal territories of Kuala Lumpur (financial and by a foreign law provided that the foreign law can be commercial capital of Malaysia), Putrajaya clearly presented and explained. Malaysian courts (administrative centre of the Federal Government) will generally also recognise a valid judgment of a and Labuan (International Offshore Financial Centre foreign court. of Malaysia). Freedom of contract is the underlying philosophy of Malaysia’s legal system is based upon English contract law and as such the terms of contracts may common law. The Civil Law Act, 1956 incorporated be agreed between the parties after negotiations. principles of English common law as at 1957 However, certain statutes may incorporate (Malaysia’s year of independence). As a result, compulsory terms into certain contracts for common law doctrines have been adopted into consumer protection. Provided that the contract is Malaysian jurisprudence and applied by Malaysian not for an illegal purpose or consideration or courts. English cases as at 1957 are immediately contrary to public policy, the reasonable contractual binding on Malaysian courts but cases after 1957 intention of parties which has been clearly together with decisions of courts of other expressed or evidenced will be upheld regardless of Commonwealth countries continue to have the nationality of the contracting parties. -
Emergence of World-Stock-Market Network
Emergence of world-stock-market network M. Saeedian1, T. Jamali2, M. Z. Kamali1, H. Bayani3, T. Yasseri4,5, and G.R. Jafari1,6,7 1Department of Physics, Shahid Beheshti University, G.C., Evin, Tehran 19839, Iran 2School of Physics, Institute for Research in Fundamental Sciences (IPM), P.O. Box 19395-5531, Tehran, Iran 3Faculty of physics, Tehran Science and Research Branch, Islamic Azad University, Tehran, Iran 4Oxford Internet Institute, University of Oxford, 1 St Giles, OX13JS Oxford, UK 5Alan Turing Institute, London, UK 6The Institute for Brain and Cognitive Science (IBCS), Shahid Beheshti University, G.C., Evin, Tehran 19839, Iran 7Center for Network Science, Central European University, H-1051, Budapest, Hungary ABSTRACT In the age of globalization, it is natural that the stock market of each country is not independent form the other markets. In this case, collective behavior could be emerged form their dependency together. This article studies the collective behavior of a set of forty influential markets in the world economy with the aim of exploring a global financial structure that could be called world-stock-market network. Towards this end, we analyze the cross-correlation matrix of the indices of these forty markets using Random Matrix Theory (RMT). We find the degree of collective behavior among the markets and the share of each market in their structural formation. This finding together with the results obtained from the same calculation on four stock markets reinforce the idea of a world financial market. Finally, we draw the dendrogram of the cross-correlation matrix to make communities in this abstract global market visible. -
Financial Market Data for R/Rmetrics
Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof. -
ETF/ETN Monthly Report May-2012
issue date ETF/ETN Monthly Report May-2012 ◆Market Summary TSE's Newly Listed Inverse/Leveraged ETFs made a good start and scored #3 and #6, respectively in terms of Trading Volume. ■ TSE's ETF market in April reflected the overall market sentiment and closed 18.09% down in terms of volume. However, since the stock market closed down 20.73%, the ETF market was hit less badly. ■ Nevertheless, with the market being in doldrums, the newly listed "TOPIX Bull 2x ETF" [1568] and the "TOPIX Bear -1x ETF" [1569] as well as the "Thai Stock SET50 ETF" [1559] and the "Bursa Malaysia KLCI ETF" [1560] of the Next Funds family showed strong growth throughout the past month. ■ In terms of volatility, ETF Securities' Natural Gas ETF [1689] once again scored the top position. ◆Trading Value - Monthly(Auction) (Apr-2012) Total(JPY) Daily Average (JPY) ◆Trading days:20 Month on Month 117,384,578,555 5,869,228,928 -18.09% ◆Ranking ETF 110 ● Monthly Volume (Apr-2012) ETN 10 Volume Fund # Code Name Benchmark index Category Month on Month (UNIT: 1,000Yen) Administrator Japanese Equitiy Index 1 1330 Nikko Exchange Traded Index Fund 225 Nikkei 225 43,246,090 -3.34% Nikko AM (market) Japanese Equitiy Index 2 1306 TOPIX Exchange Traded Fund TOPIX 40,312,794 -21.01% Nomura AM (market) 3 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse Index 5,714,807 -100.00% Simplex AM 4 1308 Nikko Exchange Traded Index Fund TOPIX TOPIX Japanese Equitiy Index (market)4,617,333 -57.38% Nikko AM World Gold 5 1326 SPDR® Gold Shares Gold Commodity/Commodity Index -
Final Report Amending ITS on Main Indices and Recognised Exchanges
Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12 -
BM Bonds Disclosure Framework BM Bonds/RC/2019
BURSA MALAYSIA BONDS SDN BHD PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES DISCLOSURE FRAMEWORK This document shall be used solely for the purpose it was circulated to you. This document is owned by Bursa Malaysia Berhad and / or the Bursa Malaysia group of companies (“Bursa Malaysia”). No part of the document is to be produced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system, without permission in writing from Bursa Malaysia. BM Bonds Disclosure Framework BM Bonds/RC/2019 Responding Institution: Bursa Malaysia Bonds Sdn Bhd Jurisdiction(s) in which the FMI operates: Malaysia Authority regulating, supervising, or overseeing the FMI: Securities Commission Malaysia The date of this disclosure is 30 June 2019 This disclosure can also be found at: https://www.bursamalaysia.com/trade/risk_and_compliance/pfmi_disclosure For further information, please contact Bursa Malaysia Bonds Sdn Bhd at: Name Email Address 1. Siti Zaleha Sulaiman [email protected] 2. Sathyapria Mahaletchumy [email protected] BM Bonds Disclosure Framework BM Bonds/RC/2019 Abbreviations: BCP Business Continuity Plan BIDS Bond Information and Dissemination System BM Bonds Bursa Malaysia Bonds Sdn Bhd Board Bursa Malaysia Board of Directors Bursa Malaysia Bursa Malaysia Berhad (the exchange holding company) CEO Chief Executive Officer CMSA Capital Market and Services Act 2007 CPU Central Processing Unit DR Disaster Recovery EHC Exchange Holding Company -
CHAPTER 1 BACKGROUND and MOTIVATION of STUDY This
CHAPTER 1 BACKGROUND AND MOTIVATION OF STUDY This chapter begins with the discussion on the cost of equity of Malaysian firms and brings out the reasons why accurate measures of cost of equity unique to the Malaysian firms are needed. A brief history and background of the Malaysian stock market and its widely used stock index, Kuala Lumpur Composite Index (KLCI) is given in the following section. Before the chapter continues with the motivation of the study, the problem statement and the objectives of the study are outlined, the cost of equity is defined and two of the more popular measures of cost of equity are discussed. The last section provides the organization of this thesis. 1.1 Introduction Malaysia’s open trade policies and high rates of investment have seen the country achieving impressive growth and continuous economic transformation in the 1990s. Exports and imports of goods averaged 90 percent of Gross Domestic Products (GDP) while non-factor services averaged 91 percent of GDP. Nevertheless, high tariff protection in some agricultural sub-sectors and in the automobile industry in addition to the access restrictions on foreign investors to much of the services sector have reduced competition and impaired the potential efficiency for the sectors. In a trade policy review of the World Trade Organization (WTO) for Malaysia released in December 1997, the report (para. 6) stated “… Malaysia’s recent growth has largely been based on increases in the volume of capital rather than in its efficient allocation. Total factor productivity growth has slowed, with adverse implications for resource allocation.” It seems that the WTO has the view that Malaysia is lacking efficiency in resource allocation.