Economic Fundamentals and the Stock Market

8/14/2019 Economic Fundamentals and the Stock Market

1/15

uftamfa+m`rakIbha`j+eoh

Ceokoh`e Gskmahck}aju akm }fc

U}oel Hatlc}

Ucest`}p Akajpu`u

]cth Yayct

Usdh`}}cm }o*

Ytog+ ]+ M+ Efosmfstp

Usdh`}}cm dp>

Uftamfa M`rak

96 DU 999 5129

@EGA@ Dsu`kcuu Uefooj* Lojla}a


2/15


@K]TOMSE]@OK

UCKUCV tcaefcm a ycal og 49*999 akm }fck gcjj j`lc a yael og eatmu }o 19*999+ Mo }fcuc

kshdctu usbbcu} akp}f`kb ados} }fc haetoceokohè btor}f og }fc eosk}tp?

]fc u}oel hatlc} ù a eau`ko u}a}cu }fc Lcpkcuàk }fcuù+ Forcwct* `} ù ajuo abok`~cm

}fa} u}oel hatlc}u ckadjc ycoyjc r`}f hokcp }o `kwcu} }o eohc }obc}fct r`}f ycoyjc rfo

eak ys} }fa} hokcp `k}o ytomse}`wc suc+

]fc tcja}òkuf`y dc}rcck u}oel hatlc}u akm haetoceokohè btor}f fau dcck }fc usdnce}

og kshctosu mcda}cu+ Ceokohù}u* akajpu}u* akm g`kakeàj yojèphalctu fawc eokmse}cm a

yjc}fota og u}sm`cu ok }fc usdnce} ds} ko}f`kb usdu}ak}àj fau dcck eokejsmcm au pc}+

Hou} hatlc} yat}è`yak}u }ajl og ceokohè gskmahck}aju akm uap }fa} au jokb au }fc pcatuog skua}ùg`cm mchakm `k }fc eosk}tp atc u}`jj }fctc* }fc btor}f u}otp r`jj eok}`ksc+

Forcwct* `} ù ajuo a lkork gae} }fa} u}oel hatlc}u mo ko} tcae} }o ect}a`k kcru a} ajj* rf`jc

tcae}`kb r`jmjp cwck }o uohc tshotu+ Ustcjp* ajj }fouc uceokm(dp(uceokm howchck}u

eakko} dc daucm ok ceokohè gskmahck}aju+

@kmccm* }fc cvyokck}àj tùc og }fc UCKUCV ajuo eottcuyokmu }o okc og }fc hou} uyce}aesjat

yctòmu og btor}f `k }fc ceokohp &rfck }fc eosk}tp r`}kcuucm a EABT og 6+7# got }ftcc

eokuces}`wc pcatu)+ Hou} uce}otu* cvecy} abtèsj}stc* fawc r`}kcuucm adowc awctabc btor}f+

Uohc akajpu}u dceahc eokectkcm ados} a ytèc dsddjc dc`kb etca}cm `k }fc u}oel hatlc}u+A g`kakeàj dsddjc atùcu rfck }fc hatlc} ytècu atc ko} tcgjce}`wc og }fc ae}saj tcaj`}p+

Cvsdctakec `k }fc u}oel hatlc} rfèf ù ko} daucm ok ceokohè gskmahck}aju* ds} ok

usyyot} gtoh uycesja}otu* ù j`lcjp }o dc `tta}òkaj+

]fc auu`bkhck} mcaju r`}f akajp~`kb }fc `hyae} og ceokohè gskmahck}aju ok }fc U}oel

hatlc}u+

Got }fc odnce}`wc* }fc haetoceokohè gae}otu eoku`mctcm atc>

1+ @hyae} og BMY og }fc eosk}tp ok }fc u}oel hatlc}u

4+ @hyae} og Gotc`bk @ku}`}s}òkaj @kwcu}otu &G@@u) ok }fc @kmàk G`kakeàj Hatlc}u*

`kejsm`kb }fc U}oel hatlc}* akm for }fù fo} hokcp}stkcm os} }o dc }fc eosk}tpu

d`bbcu} goc `k }`hcu og g`kakeàj etùù


3/15


Eottcja}òku

1 +6=9..

+ +999

=9 =9

+6=9.. 1

+999 +

=9 =9

Ycatuok Eottcja}òk

Ub+ &4(}a`jcm)

K

Ycatuok Eottcja}òk

Ub+ &4(}a`jcm)

K

BMY

DUC

BMY DUC

Eottcja}òk u u `bkg èak} a} }fc 9+91 jcwcj..+

EOTTCJA]@OK DC]RCCK BMY AKM UCKUCV

]fc gojjor`kb u}a}ù}èaj akajpucu mcaj r`}f cu}adjùf`kb a tcja}òkuf`y dc}rcck @kmàu BMY

akm }fc DUC UCKUCV akm oductw`kb `g }fctc cvù} usdu}ak}àj eottcja}òk dc}rcck }fc }ro

owct a yctòm og 19 pcatu+

Hc}fomojobp>

1+ ]fc u}a}ù}èaj eottcja}òk dc}rcck }fc UCKUCV akm }fc BMY &eoku}ak} ytècu* dauc

1000(99) og @kmà ù eajesja}cm

4+ ]fc yctòm og }fc u}smp ù gtoh }fc g`tu} qsat}ct og GP 1000(99 }o }fc jau} qsat}ct og

GP 4996(90 &19 pcatu)

5+ @k otmct }o halc }fc UCKUCV eohyatadjc r`}f qsat}ctjp BMY* qsat}ctjp awctabcu og

}fc UCKUCV atc }alck

=+ ]fc akksaj eottcja}òku dc}rcck BMY akm UCKUCV atc ajuo eajesja}cm3+ ]fc = qsat}ctu how`kb awctabcu og }fc UCKUCV akm BMY atc eajesja}cm

7+ ]fc tcbtcuuòk homcj dc}rcck UCKUCV akm BMY ù ajuo od}a`kcm &Mcyckmck}

watàdjc Uckucv< @kmcyckmck} Watàdjc ( BMY)

]fc gojjor`kb atc }fc oductwa}òku>

U}cy 1> U}a}ù}èaj eottcja}òk dc}rcck }fc UCKUCV akm }fc BMY &eoku}ak} ytècu* dauc

1000(99) og @kmà

Yctòm og }fc U}smp> Q1 GP 1000(99 }o Q= GP 4996(90

]fc eottcja}òk u 9+6=9

]fù ù ost g`tu} j`klabc+ &TcgctAkkcvstc A got ma}a)


4/15


U}cy 4>= qsat}ctu how`kb awctabc og UCKUCV akm BMY

U}cy5> Akksaj eottcja}òku og BMY akm UCKUCV

Gtoh }fc gojjor`kb btayfu* `}

eak dc oductwcm }fa} BMY akmUCKUCV ufor a f`bf mcbtcc og

eottcja}òk dc}rcck }fc yctòm

4994(95 akm 4997(92+

Forcwct* `g rc akajp~c }fc ma}a

hotc mccyjp* pcat(ok(pcat

cvah`ka}òk b`wcu a m`ggctck}

yè}stc+ ]fc os}eohc og }fù

cvah`ka}òk uforu }fa} }fosbf

}fc tcaj BMY au ufork a u}camp

btor}f owct }fc yctòm og

u}smp* DUC UCKUCV fau dcck

wctp woja}`jc mst`kb }fc ck}`tc

yctòm+ Ok pcat(ok(pcat dauù* }fctc

ucchu }o dc ko upke dc}rcck }fc

}ro gae}otu+

&TcgctAkkcvstc D got ma}a)


5/15


Tcbtcuuòk Homcj>

@} ù oductwcm }fa} }fc T(uqsatc wajsc og }fc homcj ù +297 r`}f aeecy}adjc }(wajscu+ ]fc

homcj cu}adjùfcu }fc tojc og gskmahck}aju `k }cthu og qsat}ctjp BMY og }fc eosk}tp akm

}fc u}oel hatlc}+ Gtoh }fc homcj* rc ucc }fa} }fc dc}a og }fc tcbtcuuòk homcj ù 9+6=9+

usef a f`bf you`}`wc wajsc og dc}a `kmèa}cu u}tokb you`}`wc ucku`}`w`}p dc}rcck }fc UCKUCV

akm }fc BMY+

Homcj Ushhatp

+6=9a +297 +706 4365+1=066

Homcj

1

T T Uqsatc

Amnsu}cm

T Uqsatc

U}m+ Cttot og

}fc Cu}ha}c

Ytcmè}otu> &Eoku}ak})* BMYa+

AKOWAd

7+90C,96 1 7966193=9+1 01+4=9 +999a

4+3=C,96 56 7724775+467

6+74C,96 50

Tcbtcuuòk

Tcu`msaj

]o}aj

Homcj

1

Ush og

Uqsatcu mg Hcak Uqsatc G U`b+

Ytcmè}otu> &Eoku}ak})* BMYa+

Mcyckmck} Watàdjc> DUCd+

Eocggè`ck}ua

(0760+590 16=0+096 (3+456 +999

4+6=2C(94 +995 +6=9 0+334 +999

&Eoku}ak})

BMY

Homcj1

D U}m+ Cttot

Sku}akmatm`~cm

Eocggè `ck}u

Dc}a

U}akmatm`~cm

Eocggè`ck}u

} U`b+

Mcyckmck} Watàdjc> DUCa+


6/15


Mcej`kc`k TD@u

Gotcv Tcuctwcu

Mcytceà}òk og

}fc Tsycc

Mcej`kc `k U}oel

Hatlc} @kmècu

]fc G`kakeàj Etùù akm @kmàu G`kakeàj Hatlc}u>

Mcuy`}c }fc wakùf`kb gotc`bk `ku}`}s}òkaj `kwcu}otu &G@@u)* }fc @kmàk hatlc}u tcha`kcm

tcu`j`ck} akm u}apcm agjoa}+ @kwcu}otu uck}`hck}u fawc dcck u`bk`gèak}jp `hyae}cm dp }fc

SU g`kakeàj etùù+ ]fc }ckmckep og `kwcu}otu }o r`}fmtar gtoh tùlp hatlc}u fau tcusj}cm

`k u`bk`gèak} eay`}aj os}gjoru }fa} fawc jcm }o a j`qs`m`}p etskef ys}}`kb ytcuustc ok }fc

@kmàk u}oel hatlc}+

]fc @kmàk ceokohp eok}`kscu }o ufor boom fcaj}f dceasuc og

}fc u}tckb}f og `}u mohcu}è mt`wctu* j`lc `kgtau}tse}stc ytonce}u*

UHC &uhajj akm hcm`sh ck}ctytùcu) uce}ot cvyot}u akm boom

p`cjm`kb gtoh }fc abtèsj}staj uce}ot+

]fc easuc dcf`km SU ceokohp mcdaejc ù }fa} }fc SU `kwcu}hck}

daklu atc cv}tchcjp owct jcwctabcm akm uojcjp mcyckmck} ok

rfojc uajc g`kakecu+ ]fù jcm }o }fc`t mchùc+ Ds} usef ù ko} }fc

eauc r`}f @kmàk Daklu+ ]fc eohhok haku mcyou`}u atc hotc

`k @kmà akm }fcp fawc }fc }tsu} ok }fc Daklu* dceasuc ajj hou}

ajj }fc Daklu atc ka}òkaj`~cm akm }fc mcyou`}otu `k}ctcu} ù

f`bfjp yto}ce}cm dp Bowctkhck} og @kmà+

@k }fc SU* }fc `kwcu}hck} daklu atc mcyckmck} ok `ku}`}s}òkaj `kwcu}otu gskmu+ ]fcuc

`kwcu}hck}u atc f`bfjp woja}`jc akm ajrapu ucatef got f`bf tc}stku ok }fc`t mcyou`}u+ ]fcp

jool got Mchakm(daucm `kwcu}hck}u akm ko} }`hc(daucm `kwcu}hck}u+ ]fctcgotc* rfckcwct

}fc tc}stku gtoh okc hatlc} u}at} m`yy`kb* }fcp howc }fc`t `kwcu}hck} }o tc(`kwcu} `k }fouc

hatlc}u rfèf rosjm oggct a dc}}ct tc}stk* ot }alc a mcgcku`wc u}akec sk}`j }fc hatlc}

tcba`ku hohck}sh+

Mohcu}è dakl`kb `k @kmà ù bckctajjp ucestc* cuyceàjjp dceasuc ka}òkaj`~cm dakl`kb

tcha`ku a} }fc eotc og }fc upu}ch+ Cwck uo* }fctc cvù} u`bku og gtab`j`}p akm `kamcqsaep

r`}f`k }fc dakl`kb uce}ot+ ]fc cggce}u og }fc bjodaj etùù fawc m`tce}jp `hyae}cm uohc

`hyot}ak} haetoceokohè watàdjcu+ ]ftcc usef `kmèa}otu u}akm os} `k }cthu og }fc`t

usmmck mc}ctòta}òk u`kec }fc h`mmjc og jau} pcat>

&`) Mcej`kc `k }fc gotc`bk cvefakbc tcuctwcu fcjm dp }fc Tcuctwc Dakl og @kmà

&``) Gajj `k }fc cv}ctkaj wajsc og }fc tsycc* cuyceàjjp wù((wù }fc SU mojjat

&```) Mcej`kc `k }fc u}oel hatlc} `kmècu

Hcaustcu }alck dp }fc TD@ }o u}oy mcytceà}òk og }fc Tsycc jcm }o a u}ccy mcej`kc `k `}u

gotc`bk cvefakbc tcuctwcu+ Gae}otu rfèf ajuo eok}t`ds}cm }o }fc mcej`kc rctc }fc

tcwajsa}òk `k gotc`bk esttcke`cu akm jatbc ueajc ysjjos} dp gotc`bk `ku}`}s}òkaj `kwcu}otu+


7/15


G`bstc 1 uforu for }fc gotc`bk

cvefakbc tcuctwcu* rfèf fam

dcck `ketcau`kb u}cam`jp owct }fc

yau} gcr pcatu* u}at}cm mcej`k`kb

ag}ct Nskc 4996+ Ko} }fa} }fc

catj`ct ds`jm(sy og tcuctwcu

tcgjce}cm akp btca}

haetoceokohè u}tckb}f* u`kec

skj`lc Ef`ka `} rau ko} daucm ok

esttck} aeeosk} ustyjsucu+

@ku}cam* }fc @kmàk ceokohp

cvyct`ckecm ak `kgjor og fo}

hokcp* cuyceàjjp `k }fc goth og

yot}gojò eay`}aj `kwcu}hck} og G@@+

Ds} }fa} howchck} og G@@u rau `k

}stk tcja}cm }o }fc usmmck eojjayuc

og }fc tsycc* ufork `k G`bstc 4+

Catjp `k Hatef 4990 }fc tsycc cwck

dtcaefcm }fc j`kc og Tu 31 yct mojjat+

]fctc atc }fouc rfo atbsc }fa} }fù

mcytceà}òk ù you`}`wc u`kec `} r`jj

fcjy cvyot}u* ds} eokm`}òku

ytcwa`j`kb `k }fc rotjm }tamc

hatlc}* r`}f gajj`kb cvyot} wojshcu

akm wajscu* mocu ko} b`wc tùc }o

hsef oy}`hùh `k }fa} eok}cv}+

@kmà esttck}jp fau a esttck} aeeosk} mcgè`}* `kejsm`kb a jatbc }tamc mcgè`} akm ajuo qs`}c

u`bk`gèak} gae}ot yaphck}u adtoam+ ]fc gajj`kb tsycc `hyj`cu tù`kb gae}ot yaphck}u &usef

au mcd} tcyaphck} akm ytog`} tcya}tà}òk) `k tsycc }cthu* rfèf ù ko} boom kcru got

hakp eohyak`cu got }fc dajakec og yaphck}u+

Auuoeà}cm r`}f ajj }fù ù }fc

cw`mckec og gajj`kb dsu`kcuueokg`mckec cvytcuucm `k }fc u}oel

hatlc} `kmèa}otu+ ]fc Uckucv

&G`bstc 5) fam tcaefcm

fù}otèajjp f`bf jcwcju `k }fc catjp

yat} og 4996* eayy`kb ak ajhou}

fpu}ctèaj tùc owct }fc ytcwòsu

G`bstc 1> Gotc`bk Cvefakbc Tcuctwcu fcjm dp }fc TD@+Uostec> ]fc F`kms Dsu`kcuuJ`kc

G`bstc 4> Tsyccu yct SU Mojjat< Uostec> ]fc F`kms Dsu`kcuuJ`kc

G`bstc 5> Uckucv Ma`jp Howchck}u< Uostec> ]fc F`kms Dsu`kcuuJ`kc


8/15


}ftcc pcatu `k rfèf `} hotc }fak }t`yjcm `k wajsc+ Ds} `} fau dcck yjshhc}`kb u`kec }fck*

r`}f f`bf woja}`j`}p atoskm ak owctajj mcej`k`kb }tckm usef }fa} `}u jcwcju `k catjp Hatef

rctc dcjor }fc jcwcju a}}a`kcm `k Mcechdct 4993+

Tojc og Gotc`bk @kwcu}otu>

G`bstc = }taelu }fc efakbcu `k

}o}aj gotc`bk `kwcu}hck}* uyj`} sy

`k}o m`tce} `kwcu}hck} akm

yot}gojò `kwcu}hck}* owct a

yctòm u`kec Ayt`j 4992+ @} ù

cw`mck} }fa} do}f fawc ufork a

}tckm og `ketcauc gojjorcm dp

mcej`kc+ GM@ fau dcck hotc u}adjc

r`}f tcja}`wcjp homcta}c

gjse}sa}òku &cwck }fosbf `} mocu

`kejsmc uohc yot}gojò(}pyc`kwcu}hck}u }fa} bc} ea}cbot`~cm

au GM@)+ @} ycalcm `k Gcdtsatp

4996 akm }fctcag}ct `} fau dcck eoh`kb mork ds} ù u}`jj you`}`wc+

Yot}gojò `kwcu}hck} fau dcck cv}tchcjp woja}`jc akm jatbcjp kcba}`wc &`kmèa}`kb kc}

os}gjoru) u`kec }fc dcb`kk`kb og

4996* akm }fù fau moh`ka}cm }fc

owctajj gotc`bk `kwcu}hck} }tckm+

Au a tcusj}* au ù cw`mck} gtoh

G`bstc 3* }fc eshsja}`wc wajsc og

u}oel og @kmàk cqs`}p fcjm dp G@@u

gcjj qs`}c ufatyjp* dp 4=# dc}rcck

Hap 4996 akm Gcdtsatp 4990+

]fù ù ko} j`lcjp }o dc msc }o akp

mtaha}èajjp efakbcm `kwcu}ot

yctecy}òku og }fc @kmàk

ceokohp* u`kec `g akp}f`kb BMY

btor}f ytouyce}u `k @kmà tcha`k

uohcrfa} f`bfct }fak `k hou} o}fct mcwcjoycm ot chctb`kb hatlc}u+ Ta}fct* `} ù dceasucyot}gojò `kwcu}otu fawc dcck tcya}tà}`kb eay`}aj dael }o }fc SU akm o}fct Kot}fctk

hatlc}u+

]fù tcgjce}u ko} uo hsef au a gj`bf} }o uagc}p &got ejcatjp SU ucest`}`cu atc ko} uagc akphotc

c`}fct) au }fc kccm }o eowct jouucu }fa} fawc dcck `kesttcm `k usd(yt`hc hot}babcu akm

G`bstc => Gotc`bk @kwcu}hck}< Uostec> ]fc F`kms Dsu`kcuuJ`kc

G`bstc 3> Eshsja}`wc G@@ @kwcu}hck}u `k Cqs`}p< Uostec> ]fc F`kmsDsu`kcuuJ`kc


9/15


o}fct auuc} hatlc}u `k }fc Kot}f* akm }o ckustc j`qs`m`}p got }takuae}òku au }fc etcm`}

etskef dcbak }o d`}c+

Rfa}cwct }fc easucu* }fc `hyae} ok }fc mohcu}è u}oel hatlc} fau dcck ufaty akm m`tce}+

U`kec }fc @kmàk u}oel hatlc} ù u}`jj tcja}`wcjp ufajjor* akm G@@ ae}`w`}`cu yjap a

mùytoyot}òka}cjp ufaty tojc `k mc}cth`k`kb }fc howchck} og }fc `kmècu* `} ù ko}ustytù`kb }fa} }fù gjor fau dcck auuoeà}cm r`}f }fc owctajj mcej`kc `k u}oel hatlc}

wajsa}òku+

Au G`bstc 7 uforu* }fc Uckucv

fau howcm bckctajjp `k }fc uahc

m`tce}òk au kc} G@@ `kgjoru+ @k

gae}* howchck}u `k }fc ja}}ct

fawc dcck hsef ufatyct akmhotc woja}`jc* usbbcu}`kb }fa}

mohcu}è `kwcu}otu fawc yjapcm a

hotc u}ad`j`~`kb tojc owct }fù

yctòm+

Owctajj gotc`bk `kwcu}hck} gjoru

&`kejsm`kb do}f G@@ akm m`tce}

`kwcu}hck}) fawc ajuo yjapcm a tojc

`k mc}cth`k`kb }fc jcwcj og cv}ctkaj

tcuctwcu+ G`bstc 2 uforu }fc

ya}}ctk `k abbtcba}c kc} gotc`bk

`kwcu}hck} akm efakbc `k tcuctwcu

u`kec Ayt`j 4992+

Okec aba`k* }fc }ro howc }obc}fct+

Forcwct* `k }fù eauc* gotc`bk

`kwcu}hck} fau dcck jcuu woja}`jc

}fak }fc efakbc `k tcuctwcu*

usbbcu}`kb }fa} o}fct eohyokck}u

og }fc dajakec og yaphck}u fawc

G`bstc 7> G@@u akm }fc U}oel Hatlc}< Uostec> ]fc F`kms Dsu`kcuuJ`kc

G`bstc 2> Gotc`bk @kwcu}hck} akm Efakbc `k Tcuctwcu< Uostec> ]fcF`kms Dsu`kcuuJ`kc


10/15


dcck `hyot}ak} au rcjj+ ]fc efakbcu `k cv}ctkaj eohhcteàj dottor`kb atc j`lcjp }o dc

u`bk`gèak}+

@k amm`}òk* }fc youu`d`j`}`cu og mohcu}è `kwcu}otu how`kb }fc`t gskmu os} ufosjm ko} dc

skmctcu}`ha}cm+ ]fc tceck}jp j`dctaj`~cm tsjcu got eay`}aj os}gjor dp mohcu}è tcu`mck}u

fawc jcm }o os}gjoru }fa} atc ko} `ku`bk`gèak}* cwck `g u}`jj tcja}`wcjp uhajj+


11/15


EOKEJSU@OK

@g rc jool a} }fc }tckm* u}oel hatlc}u atc ko} ajrapu bs`mcm dp gskmahck}aju ds} ajuo dp

uck}`hck}u+ Got `ku}akec* jorct`kb og `k}ctcu} ta}cu dp }fc TD@ }pyèajjp fau ak `hyae} ok

}fc ceokohp r`}f a jab+ Ds} }fc u`bkaj }fa} }fc TD@ ù tcmse`kb `k}ctcu} ta}cu hap ytoy sy

u}oel hatlc}u `hhcmà}cjp akm u}oel ytècu hap tcae} hsef gau}ct+

Forcwct* `k }fc ytcuck} yctòm }fctc ù a efakbc `k }fc }tckm* msc }o }fc gae} }fa} @kmàk

ceokohp ù kor hotc `k}cbta}cm r`}f bjodaj rotjm }fak dcgotc+ A} rotjmr`mc jcwcj eay`}aj

hatlc}u cw`kec a}}t`ds}cu og yctgce} hatlc} r`}f ko ot aeecy}adjc ck}tp datt`ctu* jatbc

kshdct og dspctu akm ucjjctu* aduckec og* ot wctp jor* }takuae}òk eou}u* }av yat`}p akm gtcc

}tam`kb+

]o a}}tae} `k}ctka}òkaj `kwcu}hck}u* eosk}t`cu eohyc}c r`}f caef o}fct akm ytoho}c }fc`t

eay`}aj hatlc}u r`}f uawwp uoyu akm yojèp akkoskechck}u+ Ko homctk ceokohp eak cvù}

r`}fos} ak cggè`ck} eay`}aj hatlc}+ ]fù ù rfa} fau a}}tae}cm `k}ctka}òkaj `kwcu}otu* rfo

`k tceck} pcatu fawc hamc @kmà }fc`t gawot`}c mcu}`ka}òk+ U`kec ost hatlc}u atc kor

bjodajjp `k}cbta}cm* `g rc jool a} tceck} }tckmu* got `ku}akec* rfck @@Y kshdctu rctc

you`}`wc* u}`jj rc rctc skadjc }o j`g} }fc hatlc}u+ Forcwct* hou} og }fc }`hcu rc bc} }o fcat

}fa} hatlc}u atc etauf`kb msc }o rcal bjodaj escu* ot ak skect}a`k cwck} a} `k}ctka}òkaj

jcwcj fau fam ak cggce} ok ost hatlc}u+

]fc etsv og }fc ùusc ù }fa} ak ceokohp bocu }ftosbf dsu`kcuu epejcu og tceowctp* dooh*

ujormork akm tcecuuòk+ U}oel hatlc} ajuo howcu ok u`h`jat ya}}ctk+ Got `ku}akec `g @kmàk

BMY btoru a} 19 ycteck} `k okc pcat* }fc UCKUCV hap ko} ba`k u`h`jat ycteck}abc mst`kb

}fc uahc pcat+ Forcwct* }fc tcja}òkuf`y hap fojm }tsc owct }fc jokbct(}cth+ @} hap dc

u}a}cm }fa} }fc u}a}c og }fc ceokohp fau a dcat`kb ok }fc ufatc ytècu ds} }fc fcaj}f og }fc

u}oel hatlc} `k }fc uckuc og a tù`kb ufatc ytèc `kmcv ù ko} tcgjce}`wc og ak `hytowchck}

`k }fc fcaj}f og }fc ceokohp+

Ushh`kb sy }fc dauè ystyouc og ajj u}sm`cu mokc ù }o g`km os} tcja}òku dc}rcck ceokohè

btor}f akm u}oel hatlc}u+ ]fosbf `} eak} dc kcbjce}cm }fa} u}oel hatlc} m`tce}òku atc

daucm ok gskmahck}aju `k }fc jokb(}cth* forcwct* }fcuc auushy}òku hap }stk os} }o dc

makbctosu got `kwcu}otu `k ufot}(}cth+ ]fctcgotc* hou} akajpu}u rosjm amwèc su }o bo got`kwcu}hck} `k u}oelu r`}f a jokb(}cth yctuyce}`wc `k h`km


12/15


TCGCTCKECU

1+ Bjodaj Etùù akm @kmàk G`kakec* E+Y+Efakmtauclfat akm Napa}` Bfouf* ]fc F`kms

Dsu`kcuuJ`kc

4+ Bjodaj Etùù Kcru* rrr+bjodajetùùkcru+eoh

5+ rrr+td`+otb U}a}ù}èu ok @kmàk Ceokohp Akksaj Ysdjèa}òku

=+ DUC @kmà Rcdu`}c Fù}otèaj Ytècu og UCKUCV

3+ ]fc Tcuctwc Dakl og @kmà Ytcuu Tcjcaucu* Fakmdool og U}a}ù}èu< Uyceàj Tcyot}u

7+ H`kù}tp og Eohhskèa}òku akm @kgotha}òk ]cefkojobp U}a}ù}èu


13/15


Akkcvstc A

Pcat BMY &Tu etotc) BMY = QSAT]CTU"

HOW@KB AWCTABC

DUC UCKUCV =

HOK]F AWCTABC

DUC UCKUCV =

QSAT]CTU" HOW@KB

AWCTABC

00(99 Q1 =41203 ==7751 9 =715+72=172

Q4 5077=7 =34911+3 =25=+00 =61=+40=172

Q5 =22223 =36714+43 =709+675555 =291+123655

Q= =09596 =75603+3 3416+915555 =391+6623

99(91 Q1 ==5512 =77923 =715+51 =414+440172

Q4 =459=0 =21150+43 =464+317772 50=4+660172

Q5 =06096 =27293+43 5605+21 573=+=143

Q= =00947 =63140+23 =930+56 5=23+041772

91(94 Q1 =7532= =05131+23 5353+03 5544+0723

Q4 ==3515 =00955+23 5146+71 54=6+940172

Q5 354797 393992 5120+2=7772 5440+45

Q= 35111= 392411+23 5==2+375555 5459+326555

94(95 Q1 =62194 314924+23 5457+107772 5172+439655

Q4 =70497 3167==+23 5935+=15555 5129+3923

Q5 3=1=43 340449+23 5163+1= 5==6+953655

Q= 339336 3==347+3 510=+435555 5072+756555

95(9= Q1 315509 333760+23 54=0+445555 =361+60

Q4 311319 3775=3+43 =175+347772 3952+906555

Q5 7947=6 323=29+43 3475+33 3543+939655

Q= 303411 3652== 3731+47 3331+799655

9=(93 Q1 337914 302907+3 3929+937772 3263+729655

Q4 3=6919 790342+23 3513+557772 7109+197772

Q5 7532=5 741=76 7170+23 7672+33

Q= 7=6741 757219+23 7362+3= 2=06+5723

93(97 Q1 793252 735411+23 7762+6 6=64+545555

Q4 303221 772766+23 6943+11 03=6+760172

Q5 70721= 76472=+43 6705+94 19=39+34=12

Q= 21=743 706640 19345+57555 117=2+70365

97(92 Q1 7757=3 217922+43 19035+47555 14536+71=12

Q4 733215 251=95+43 11754+=3 15490+4=555

Q5 271555 2=7241 15=61+29772 1=51=+34172

Q= 265716 275334+3 15572+95772 13091+==43

92(96 Q1 24=0=0 269213+3 1=533+26 17200+99365

Q4 21706= 2034=1+43 17935+37555 121=9+=5=12

Q5 646730 690=12 10640+50 17796+27012


14/15


Q= 634429 649796+23 17032+40 1=946+2743

96(90 Q1 265934 655424+43 13241+=0555 1414=+6943

Q4 225762 639914+5555 15047+09555 19043+09337

Q5 625=47 666123 0390+575555 0=43+=97772

Q= 09404= 09404= 05=1+=3 05=1+=3


15/15


AKKCVSTC D

Pcat Eottcja}`ok dc}rcck

BMY akm Uckucv

U`b &}ro }a`jcm)

00(99 9+3=5 9+=32

99(91 (9+274 9+456

4991(94 9+922 9+045

4994(95 9+=02 9+395

4995(9= 9+014 9+966

499=(93 9+070 9+951

4993(97 9+6= 9+17

4997(92 9+0=6 9+934

4992(96 9+21 9+40

4996(90 (9+0=3 9+933

Economic Fundamentals and the Stock Market

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