Category: 阿拉爱上海

Bond yields seen tad lower on marginal borrowing cut; RBI decision key

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Indian government bond yields are expected to open marginally lower on Friday, after New Delhi slightly trimmed its planned borrowing, although the Reserve Bank of India’s (RBI) policy decision due later in the day would dictate further moves. The benchmark Indian 10-year government bond yield is seen in a 7.31%-7.36% band until the monetary policy decision due at 0430 GMT, a trader with a private bank said. The yield ended at 7.3405% on Thursday. B

India has cut its gross borrowing to 14.21 trillion Indian rupees ($174.41 billion) from 14.31 trillion rupees for 2022/23, and aims to borrow 5.92 trillion rupees during October-March, compared with 8.29 trillion rupees in the first half of the fiscal year. Supplies during October-March would also include 160 billion rupees of green bonds.

Also read| RBI Monetary Policy LIVE: MPC likely to hike repo rate by 50 bps; may cut growth forecast

“There should be a marginal impact of lower borrowing which also includes green bonds, but after the initial move, market will be reacting to monetary policy decision and more importantly (to) the guidance from the (RBI) Governor,” the trader said.A majority of market participants are expecting the central bank to raise its key interest rate by 50 basis points for a third consecutive time.

Also read| Share Market LIVE: Nifty, Sensex likely to open in red amid weak cues; RBI MPC eyed, 50 bps rate hike on cards

The RBI has already raised rates by 140 basis points between May and August to 5.40%, to tackle inflation that has stayed above its tolerance level for eight straight months through August.Meanwhile, global index provider FTSE Russell said, India will be retained on the watch list for a potential upgrade to Market

Accessibility Level ‘1’ and for consideration toward inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI). “Though the country didn’t get added to the EMGBI, we expect the reaction in the G-Sec to be modest today as the AUM following EMGBI is small. The more consequential index decision would be JPM’s (JPMorgan) announcement,” DBS Bank said in a note.

Indian bonds yields have not reacted significantly to the recent spike in U.S. yields, as many market participants believe that an announcement regarding inclusion may happen soon. A recent Reuters said a decision may only happen in 2023.

Crude oil may fall to Rs 6500/bbl, recession, rate hike talks may weigh on oil prices; adopt sell on rise

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By Royce Vargheese Joseph

WTI Crude oil futures ended the previous week 2.34% lower and closed at $84.76 per bbl as demand concerns once again took center stage. A strong dollar also added downward pressure on energy prices as it makes commodities more expensive for buyers holding other currencies. Better than expected CPI data from the US improved the conviction of jumbo rate hikes from the Fed, inducing a demand-sapping recession. Comments regarding refilling US Strategic petroleum reserves added to the market volatility. Meanwhile, last week witnessed the most significant weekly SPR drawdown in US history, taking the emergency oil reserves to the lowest level since October 1984, as the government set a plan in March to release 1 million barrels per day over six months to tackle high fuel prices. 

Almost 8.4 million barrels of oil have been released from reserves, equivalent to 1.2 mbpd of release. Once again the momentum has picked up and this is the reason why we are seeing a rise in commercial crude inventories. On the supply side, the risk of disrupted rail shipments for crude and other products in the US amid the prospects of a labour dispute limited the downside.

Outlook: Oil might come under pressure ahead of the FOMC meeting

Crude oil has started the week on a positive note, amid reports that the Chinese city of Chengdu lifted a two-week lockdown, raising hopes of wider reopening throughout the country and boosting the demand outlook in the world’s largest crude importer. Stimulus measures are helping the recovery in China, which has been dampened by the zero covid policy and lockdowns. 

Also read: Gold Price Today, 20 Sep 2022: MCX gold falls ahead of US Fed policy decision; check support, resistance

Meanwhile, Iraq has resumed crude oil exports from Basrah oil terminal after an oil spill that occurred late 15th September halted loadings from the facility, curbing some 1 million b/d of exports from OPEC’s second biggest producer. Global oil consumption is being threatened by a darkening economic outlook. A hawkish US Federal Reserve, looming recession in Eurozone and China’s zero covid policy might add to demand concerns. Investors await two major central bank meetings this week – the Fed and the Bank of England. Fed is expected to deliver another jumbo-sized 75 bps hike, while BoE might go for 50 bps and raise concerns of a recession. Talks of recession and aggressive rate hikes might weigh down on oil demand and prices. We recommend a sell on rise strategy and expect prices to decline towards Rs.6,500 per bbl for the week. A bounce back could be seen in the event of a less hawkish Fed. 

(Royce Vargheese Joseph is a Research Analyst, Commodity at Anand Rathi. The views expressed are the author’s own. Please consult your financial advisor before investing.)

Sensex ends in green, Nifty support seen at 17450, may hit 17800 again; Is Nifty on track for a new high?

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BSE Sensex and NSE Nifty 50 ended in a positive territory amid volatile trade on Monday, as investors awaited US Federal Reserve’ policy outcome due later this week. BSE Sensex ended 300 points or 0.5 per cent up at 59,141, while NSE Nifty 50 index at 17,622, up 91 points or 0.5 per cent. Index heavyweights such as Housing Development Finance Corporation (HDFC), Bajaj Finance, Hindustan Unilever (HUL), HDFC Bank, Infosys, and State Bank of India (SBI) among others contributed the most to the indices gain. Broader markets underperformed equity frontliners. S&P BSE Midcap index fell 0.2 per cent or 0.4 per cent to settle at 25518, while S&P BSE Smallcap index ended at 29150, down 50 points or 0.2 per cent. India VIX, the volatility index, rose 0.6 per cent to settle at 19.94 levels.

Also read: Harsha Engineers IPO share allotment: Check grey market premium, status via BSE, registrar; listing on 26 Sep

While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty. Technically, after an early morning fall, the Nifty found support near 17450 (which is double bottom support level) and bounced back sharply and hovered between 17580-17665 levels. If the index trades above 17550 then the pull back formation is likely to continue. Above which, the index could touch the 20 day SMA level at 17675. On further upside, the index may rally up to 17800. On the flip side, below 17550 the index could retest 17450- 17400 levels.

Also read: FOMC meeting this week: Jumbo rate hike of 75-100 bps on cards as US Fed focused on taming red hot inflation

Vinod Nair, Head of Research, Geojit Financial Services

The global market was expected to battle volatility as we approach the Fed policy announcement, while the latest inflation data remained above the estimates. The policy tone indicates hawkish measures, suggesting elevated hikes, leading to the pull-out of FIIs money from the Indian equities. However, this trend is expected to be short-lived, as future inflation trend forecast a clampdown, bringing stability in policy stance by the end of this year.

Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

Markets witnessed a smart recovery as Nifty gained traction amid a cautious tone. The recovery was seen even as investors reassess aggressive Fed tightening bets amid looming recession risks. Traders now look forward to the important FOMC monetary policy meeting on September 20-21. Technically speaking, the biggest support to watch out will be at 17429 and below the same, Nifty could simply drift lower to 17161 mark. Nifty’s hurdles are placed at 17867 and then at 18115 mark.

US Stocks: Wall St heads for mixed open as rate worries linger

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Wall Street’s main indexes were set for a mixed open on Thursday as a slew of economic data pointed to resilience in the U.S. economy, likely keeping the Federal Reserve on track for aggressive interest rate hikes to tame inflation.

U.S. retail sales unexpectedly rose 0.3% in August as lower gasoline prices supported spending, data showed, in a sign that the economy could tolerate higher interest rates as the Fed tightens monetary policy.

“The economic conditions are quite good in the U.S. and it’s pretty compatible with the path of the 75-basis-point hike for the next meeting,” said Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers Solutions.

“If investors are still underestimating the Fed’s determination to fight against inflation, one of the key concerns is that we’ll see volatility increase in the coming weeks.”

The CBOE Volatility index, also know as Wall Street’s fear gauge, edged up to 26.19 points, above its long-term average of 20.

The main stock indexes closed slightly higher on Wednesday after wavering throughout the session as an on-target inflation print provided relief after Tuesday’s hotter-than-expected consumer prices data sparked the biggest percentage decline on Wall Street since June 2020.

Investors fear steep rate hikes by the Fed will drive the economy into a recession, with many market observers concerned over the lagging effects of the central bank’s tightening phase.

Also Read: US stocks suffer their worst day in more than two years

Money markets are pricing in a 74% chance of a 75-basis-point hike, while placing 27% odds of a 100-bps hike next week.

The yield on two-year Treasury notes, a bellwether for interest rate expectations, touched new 14 year highs at 3.85%.

Shares of rate-sensitive growth and technology stocks slipped alongside a rise in bond yields.

Apple Inc, Meta Platforms and Tesla Inc were down 0.2% in premarket trading. Netflix Inc , however, gained 2.7% as Evercore ISI upgraded the stock to “outperform”.

At 08:53 a.m. ET, Dow e-minis were up 55 points, or 0.18%, S&P 500 e-minis were down 1.75 points, or 0.1%, and Nasdaq 100 e-minis were down 21.25 points, or 0.17%.

Union Pacific and CSX Corp jumped nearly 3% each after U.S. railroad operators and unions secured a tentative deal to avert a rail shutdown that could have hit food and fuel supplies across the United States.

Adobe Inc slumped 10.2% after the photoshop maker said it would buy Figma in a cash-and-stock deal that valued the online design startup at about $20 billion.

How to tide stock market volatility: Invest in Nifty on meaningful correction to create long-term wealth

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By Manish Jain

2022 has been anything but kind to the global economy. The US is slowly slipping into a recession, the European economy is in shambles and China stares at a stagflation sort of situation. The issues at hand are the fragile geo-political situation, the Russia-Ukraine war, and the pandemic, which has all taken a toll on the global economy. US GDP has already witnessed two successive quarters of negative growth, the EU has been flattish but waiting now to slip into a negative zone and China, which witnessed an abysmal 0.4% growth in 2QCY22, is likely to struggle to grow at 4% also in the current year.

Also read: RBI Monetary Policy: MPC to hike repo rate by 35-50 bps; global recession may risk growth forecast

The second issue that we have been fairly proactive in tackling before it went out of control, is inflation. India remains the best place in the world as far as inflation is concerned. Our CPI inflation at ~7% is just ~ 200bps away from the long-term average. The repo rate at 5.4% is just a hop, skip and jump away from making the real rates neutral. This is a far cry from the rest of the world, which continues to struggle. The proactive approach now puts RBI as one of the best central banks in the world.

The domestic capex cycle is showing signs of revival. Corporates have been cautious, and rightly so, but the green shoots now are visible. Balance sheets are strong, cash flow positions comfortable and capacity utilization higher than the longer average. This essentially means that soon enough we shall the private sector capex come back and will come back strong, thereby pushing the system credit growth even higher than the current trajectory. This improves the overall outlook for the economy quite a bit.

Also read: Gautam Adani slips to third place in world’s rich list, Mukesh Ambani out of top-10 after Monday’s D-St rout

Lastly, they say every dark cloud has a silver lining. The recession in USA and EU may be bad for the overall economy but helps India quite a bit. It is true that it impacts the BoP but there are ways to tackle that (Hint: Gold import curbs), however, the softening of the commodity prices help us quite a bit. The margin concerns are now a thing of the past and confidence that Nifty will be able to deliver strong double-digit growth is now fairly high.

So, the crux of the matter is India stands tall amidst ruins. In a volatile market, do not miss the opportunity. Invest every time the Nifty shows meaningful correction and you shall create wealth for yourself in the long term. However, remember to invest only in Good & Clean companies.

(Manish Jain is a Fund Manager at Coffee Can PMS, Ambit Asset Management. The views expressed in the article are of the author and do not reflect the official position or policy of FinancialExpress.com.)

BSE, NSE, MSE to provide market data of listed securities as early as possible

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Leading bourses — BSE, National Stock Exchange (NSE) and Metropolitan Stock Exchange (MSE) — on Friday decided to provide daily price related information of the listed securities on their websites as early as possible after the markets close.

Also Read| Sensex, Nifty erase all yearly gains; Nifty support at 17166, investors poorer by Rs 5 lakh crore

“In view of the larger interest of investors and various market participants who use the daily price related information like open price, day’s high, day’s low, closing price etc. of securities for their downstream processes, the exchanges have jointly decided to provide such information on their website as early as possible after the close of markets,” BSE, NSE and MSE said in a joint statement.

Also Read| Nifty turns negative for 2022, Sensex falls 1.5%, Bank Nifty tumbles 3%; what is dragging markets today?

The three exchanges provide platform for trading in capital market, Futures & Options (F&O), interest rate derivatives, currency derivatives and exchange traded funds (ETFs).

Nifty may hit 15,400 in medium term; BFSI, infra sectors, HDFC, RIL, Titan stocks look strong on charts

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By Dharmesh Shah

Equity benchmarks snapped the past two weeks’ winning streak amid volatile global cues. The Nifty concluded the week on a subdued note at 14678, down 1%. The Nifty midcap lost 0.7% while small-cap gained 0.3%. Sectorally, pharma, FMCG and PSE outshone while metal, IT underwent profit-booking.

The Nifty midcap and small cap indices displayed inherent strength and scaled to fresh 52-weeks high despite minor profit booking in the benchmark

– Structurally, we do not expect the index to breach the key support threshold of 14200. Despite elevated volatility owing to concern over second Covid-19 wave, it has managed to hold the key support of 14200 and formed a higher base. Hence 14200 would continue to act as a key support as it is confluence of:a) 100 days EMA placed at 14300b) last month’s low placed at 14151

Bank Nifty outlook

– The Index snapped two weeks up move and closed the week down by more than 2%. The weekly price action formed a bear candle which mostly remained within previous week high-low range signalling consolidation and lack of follow through to previous two weeks up move– Going ahead, we expect the index to continue with its last two weeks consolidation with positive bias in the broad range of 31500-33300. The lack of faster retracement on either side signifies extended consolidation that would help the index to form a higher base.– The index has immediate support at 32000-31500 levels being the confluence of the last two weeks low and the 61.8% retracement of the previous up move (30405-34287).– The index has maintained the rhythm of not correcting more than 20% as witnessed since March 2020. In the current scenario, it rebounded after correcting 19% from the all-time high (37708). Hence it provides favourable risk-reward setup for the next leg of up move

Structurally, we do not expect the index to breach the key support threshold of 30000-30500

– Structurally, we do not expect the index to breach the key support threshold of 30000-30500. Despite elevated volatility owing to concern over second Covid-19 wave, it has managed to hold the key support of 30500 and formed a higher base. Hence 30500-30000 would continue to act as a key support as it is confluence of:a. 200 days EMA placed at 30259b. last month’s low placed at 30405c. Price equality with the two major decline in the last 14 months from the all-time high (37708) also highlights major support around 30000 levels– Among the oscillators, the weekly stochastic remains in uptrend and is seen oscillating around the neutral reading of 50 indicating consolidation with positive bias in the coming weeks

(Dharmesh Shah is the Head – Technical at ICICI Direct. Please consult your financial advisor before investing.)

ICICI Securities Limited is a SEBI registered Research Analyst having registration no. INH000000990. It is confirmed that the Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 22/04/2021 or have no other financial interest and do not have any material conflict of interest. I-Sec or its associates might have received any compensation towards merchant banking/ broking services from the subject companies mentioned as clients in preceding 12 months

Nafed sells chana below MSP to liquidate surplus stocks

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Saddled with 3 million tonne (mt) of stocks procured mostly in the last two years, the government has started to sell chana (gram) below the minimum support price (MSP) from the buffer held with the National Agricultural Cooperative Marketing Federation of India (Nafed).

Sources told FE that farmer cooperative Nafed has sold chana through open auction at the price ranging between Rs 4,416-4,751/quintal in Rajasthan, Karnataka, Andhra Pradesh and Madhya Pradesh in the last few weeks to bulk buyers. The price realised through open auction by Nafed was against the MSP of Rs 5,230/quintal and Rs 5,100/quintal for the 2021-22 and 2022-23 seasons paid to farmers.

Currently, mandi prices of chana are ruling at Rs 4,300-4,600/quintal and traders say that the government move to sell surplus pulses below MSP will put further pressure on chana prices. Chana price declined by 1.28% in August compared to a year ago.

To dispose of surplus stock, on August 31, the Cabinet had approved the disposal of 1.5 mt of chana from the surplus buffer stock held with Nafed, at a discount of `8 per kg over the issue price, to states for supplying through various social sector schemes.

Sources said that several states such as Karnataka, Gujarat, Himachal Pradesh and Tamil Nadu have envisaged buying pulses at the discounted prices from the government stock.

Also Read: Govt to soon announce sugar export quota for 2022-23 market year: Food Secretary 

The government’s expenses are expected to be around Rs 1,200 crore for implementation of this scheme.

Prior to the beginning of the next chana harvest season in April 2023, officials said that the government aims to create storage facilities.

At present, against the government’s buffer stock norm of 2.3 mt, Nafed has 3.7 mt of pulses. Of this, the chana stock is close to 3 mt. A portion of the stock is close to two years old.

However, in the case of other varieties of pulses, because of lower procurement, the government’s stocks are smaller — moong (0.56 mt), urad (0.08 mt), tur (0.12 mt) and masoor (0.07 mt) — at present.

Due to a record chana production of 13.75 mt in the 2021-22 crop year (July-June), Nafed procured more than 2.5 mt of pulses in the 2022-23 (April-June) season under the price support scheme (PSS), aimed at providing MSP to farmers.

Chana has a share of close to 50% in the country’s production of 27.69 mt in the 2021-22 crop year.

Stating that there is paucity of systematic clearance of pulses procured by Nafed under the PSS, the Commission for Agricultural Costs and Prices (CACP), in its price policy for rabi crops marketing season (2022-23), had stated that “they are found often offloaded in the market at discounted price and this leads to sharp decline in market prices while dampening the prospect for private procurement directly from the farmers”. The CACP has recommended fixing of a reserve price which is linked to MSP for disposal of stocks similar to wheat and rice under the open market sale scheme, carried out by Food Corporation of India.

Investing in 20s: This investment tool may help you pocket 12% profit, beat hot inflation

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By Deepak Singh

Every investor has a dream to grow their wealth consistently over the long term. While some succeed in their efforts, others end up either losing money or making small gains despite the overall market posting handsome gains. Have you ever thought about what successful investors do? They use their intelligence and start investing at an early age and distribute the available investable fund smartly in a way that could yield profits. However, other sets of investors make decisions based on market grapevine and rumours. Most of the time, such trades result in a loss for the new investor and only the operators make money.

There is no benchmark yardstick in which you diligently get returns but if you start investing at an early age and diversify your portfolio among varied asset classes like equity, debt, and commodities, fixed income instruments like bank deposits then you are bound to make good returns over time. It is very important to start investing early and the thumb rule to invest is to have 100 minus your age in equity and the remaining investable amount in other assets like debt, real estate and gold ETF which can lead to your portfolio at around a CAGR of 11-12%

Most people at the age of 25 years enter the earning sphere either through a job or ancestral businesses, immediately after completing higher education. Hence, they remain mostly unaware of investment tricks. Around this age, a financial advisor approaches you with an assured return offer which sometimes works but often fails. This is where investors start losing money and building a negative perception about the equity market and prefer to move to an option with fixed income like bank deposits and life insurance policies. New investors get into the trap of ‘high returns in the short term’ and the worst part of this impression is that such investors change their decisions within a few initial months of investing which ideally should not happen, you should trust the process of investing.

Investors need to spend some time in the equity market to understand profit-making gimmicks and then make a decision. This will allow you to choose stocks and sectors which may yield you better returns and help you in wealth creation. A Systematic Investment Plan (SIP) is a better instrument for entry-level investors who can carve out a portion of their salary and pump in every month. Over a long-period horizon – say after 20 years- the SIP investment yields profit between 11-12%. Even if the stock market moves in a downward direction, the recovery will certainly help beat even extremely high inflation with a wide margin.

Also read: Gold prices to remain under pressure till US Fed; trend looks bearish, support seen at Rs 48800

Fund managers distribute your SIP amount in a number of specific stocks and sectors. They also pick up some commodities and fixed income asset classes from the SIP amount so that even if one stock or sector sinks, profits from sectors would square off this loss and eventually give you a good return. Normally, equity investment decisions are taken by your investment advisors whether to go directly into primary or secondary markets or choose a sector with high returns potential. Options are also available for investors to take decisions directly and invest in emerging sectors or individual stocks for better profit. It is immaterial who takes the decision, but your active involvement and continuous watch on your investment would help you in wealth creation over a period of time.

(Deepak Singh is the Chief Business Officer at Reliance Securities. The views expressed in the article are of the author and do not reflect the official position or policy of FinancialExpress.com.)

Rupee likely to depreciate on strong dollar, elevated crude prices; USDINR may trade in this range

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The Indian Rupee is expected to depreciate amid strong dollar, elevated crude prices. However, rise in risk appetite in equity markets, and foreign fund inflows is expected to provide some support to the local unit. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.30 in the next couple of sessions, according to analysts. In the previous session, rupee pared its initial gains and settled lower against the US dollar, weighed down by the strength of the greenback in the overseas market. A fall in crude oil prices and foreign fund inflows into equity markets, however, restricted the rupee losses. At the interbank forex market, the local unit opened at 79.70 against the greenback, and ended at 79.81, down 3 paise from its previous close.

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

Also Read: Will bulls manage to push Nifty past 18000 amid uncertainty? 5 things to know before market opening bell

Anuj Choudhary – Research Analyst, Sharekhan by BNP Paribas

“Indian rupee appreciated by 0.06% on Monday on positive domestic markets and a weak crude oil. However, strong US Dollar capped sharp gains. Domestic markets surged by 0.55% while US Dollar is trading 0.33% higher at 110.129 amid expectations of a hawkish US Federal Reserve. There are rising concerns of an aggressive rate hike in the upcoming FOMC meeting on September 21 on the back of hotter-than-expected inflation. There are rising odds of a big 100 bps rate hike from earlier expectations of a 75 bps rate hike.”

“Overall, we expect Rupee to trade with a negative tone as rate hike expectations are likely to keep the Dollar index strong which will be negative for Rupee. A large rate hike may put pressure on global equities which may lead to outflows by FIIs from emerging markets to the US. However, volatility may remain subdued on absence of any major economic data today. USDINR spot price is expected to trade in a range of Rs 79.20 to Rs 80.30 in next couple of sessions.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee continued to consolidate in a narrow range as market participants remain cautious ahead of FOMC policy statement that is scheduled to release later this week. Expectation of a big rate hike pushed the benchmark 10-year Treasury yield to hit its highest in over a decade. Investors heard a hawkish message from Fed Chair Jerome Powell at the Jackson Hole banking symposium in August, but then remained in denial until it became clear inflation was stubbornly high. Most central banks that will be releasing their policy statements are expected to raise rates. Oil prices edged slightly higher in volatile trading as worries of tight supplies outweighed fears that global demand could slow due to a strong U.S. dollar and possible large increases to interest rates. Today, volatility could remain low as no major economic data is expected t be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.40 and 80.05.”

Dilip Parmar, Research Analyst, HDFC Securities

“Overnight weakness in the dollar index and stronger Asian currencies indicates a higher opening for the rupee at domestic bourses. The dollar erased its gain as equities rose and Treasury yields advanced amid US corporate bond supply, higher oil and positioning ahead of this week’s Fed decision. The dollar index was last quoted at 109.63 with a loss of one-third percentage. USDCNH is up 0.05% to 7.0166 after touching the high of 7.0257. The People’s Bank of China set the daily reference rate for the yuan at a level stronger than the average estimate in a Bloomberg survey with analysts and traders for the 19th day. Spot USDINR started the week on a positive note and closed at 79.77 with a gain of 3 paise. Trading volumes are subdued ahead of the events. The pair is expected to trade in the range of 79.90 to 79.40 in the near term.”

Also Read: Wall Street ends volatile session higher with focus firmly on US Fed rate hike decision

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)