Readings: Emerging markets, Agricultural loans, NFOs
Stocks in developing countries advanced for a sixth day, erasing the MSCI Emerging Markets Index’s 2008 loss, as rising oil and metals prices boosted equities from Mexico City to Moscow.
The index has rebounded 20 percent from its year low, leading the steepest rally in global equities since 2004, after the Federal Reserve’s bailout of U.S. banks and a surge in commodity companies restored investor confidence in stocks.
While the market capitalization of the 1,933 companies in the MSCI World Index is down about $712 billion in 2008, the losses narrowed from $4.49 trillion in March.
Note that Indian indices remain down ~15% year-to-date.
- Business Standard: SBI stopping equipment loan to farmers
SBI has issued a circular to all its branches, saying the “bank has put on hold financing new tractor and farm mechanisation activities, which include power tiller and combine harvester, with immediate effect in view of very high overdues in this sub-segment of agri advances”.
Sources said that in the tractor segment, SBI has been facing a very high rate of non-payment from farmers and this was the main reason to stop financing temporarily.
- Economic Times: Bear Bar: MFs retain equity with investors
This year, 21 NFOs managed to collect a little over Rs 10,500 crore, compared to Rs 7,000 crore through 17 NFOs last year. The current year’s numbers may have been skewed by the fact that a single offering from Reliance Mutual Fund, the Reliance Natural Resources Fund, mopped up over Rs 5,000 crore.
High sales volume and comparatively lower redemptions have resulted in net equity inflows — both growth and ELSS schemes — of Rs 28,000 crore this quarter which is much higher than the net inflows of Rs 7,600 crore for the corresponding period last year.
. . . most retail investors still equate a new fund offering with an initial public offer (IPO). The perception that it is cheaper to purchase units in an NFO persists despite market regular Sebi’s best efforts. Secondly, distributors are only too eager to push NFOs because it earns them a high commission compared to existing mutual fund schemes.
Ah yes, those distributors! The fine folks whose incentives are least aligned with investors.
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