(Tiểu luận) factors influence on the vni stock market and recommendations for foreign investors

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG *** BÁO CÁO TỔNG KẾT CƠNG TRÌNH THAM GIA XÉT GIẢI THƯỞNG “SINH VIÊN NGHIÊN CỨU KHOA HỌC” NĂM 2023 FACTORS INFLUENCE ON THE VNI STOCK MARKET AND RECOMMENDATIONS FOR FOREIGN INVESTORS Thuộc nhóm ngành: Khoa học tự nhiên h BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG *** BÁO CÁO TỔNG KẾT CÔNG TRÌNH THAM GIA XÉT GIẢI THƯỞNG “SINH VIÊN NGHIÊN CỨU KHOA HỌC” NĂM 2023 FACTORS INFLUENCE ON THE VNI STOCK MARKET AND RECOMMENDATIONS FOR FOREIGN INVESTORS Sinh viên thực hiện: Trần Hoài An Nam/ Nữ: Nữ Bùi Thị Thùy An Phạm Ngọc Anh Nguyễn Đặng Hoài Thương Nguyễn Đào Ngọc Bích Dân tộc: Kinh Lớp, khóa học: K59CLC3/ K59CLC5 Năm thứ: 3/ Số năm đào tạo: Ngành học: Kinh tế đối ngoại Người hướng dẫn chính: Tiến sĩ Nguyễn Quỳnh Hương h Table of Contents Table of Contents .i Abstract iii LIST OF ABBREVIATIONS iv LIST OF TABLES v CHAPTER INTRODUCTION 1.1 Reasons for choosing the topic .1 1.2 Research question 1.3 Objectives of the study 1.4 Object and scope of the study .2 1.5 Research Methods 1.6 Research Significance 1.7 Research structure CHAPTER LITERATURE REVIEW .3 2.1 Background theory 2.1.1 VN-Index: 2.1.2 Interest rate (%, IR) 2.1.3 Exchange rate (%, Exc) 2.1.4 Index of industrial production ( %, IIP) 2.1.5 Money supply (billion VND, MS2) .6 2.1.6 World oil price (USD, OP) 2.1.7 World gold price (USD/Oz, GoldEx) 2.1.8 Treasury bills of the Vietnamese government (USD, RF) .7 2.1.9 Foreign Direct Investment (million USD, FDI) .8 2.1.10 Consumer Price Index (%, CPI) CHAPTER METHODOLOGY & DATA 3.1 Data 3.2 Methodology 10 h 3.2.1 Expectation 10 3.2.2 Regression model 17 CHAPTER RESULTS 18 4.1 Checking for multicollinearity by the correlation coefficient 18 4.2 Checking for heteroskedasticity 19 4.3 Checking for hypothesis .20 4.4 Time series regression 22 CHAPTER CONCLUSION 24 5.1 Summary of the research process and results 24 5.2 Limitations of the study and further directions for future research: 25 5.2.1 Limitations of the study 25 5.2.2 Further directions for future research: .26 REFERENCES I APPENDIX: DATA DISPLAY .V h iii Abstract One of the few sectors with a higher potential for growth than others is the stock market, both generally and in Vietnam particularly, and it has made some notable advancements considering the Covid-19 pandemic International investors will benefit greatly from using the research on the effects of macroeconomic factors on stock prices in the Vietnamese stock market, the VNIndex, which displays the pattern of price movements for all stocks listed on the Stock Exchange, the HOSE stock exchange, or Ho Chi Minh City Stock Exchange in the period before and after the Covid-19 pandemic A source of reference for the government, domestic investors, and particularly foreign investors to get more evidence on which factors directly or indirectly affect the stock market environment, the research focuses on the period from 01/01/2012 to 31/12/2022, and results drawn from the actual situation of factors affecting the price of shares listed on the Vietnamese stock market The characteristics of Vietnam's stock market, with a large capitalization of companies in the oil sector, and the structure of Vietnam's economy, with export heavily dependent on the FDI sector, are to suspect of the differences in the regression results on the impact of exchange rate and oil price h iv LIST OF ABBREVIATIONS CPI Consumer Price Index Exc Exchange Rate FDI Foreign Direct Investment GoldEx World Gold Price IIP Index Of Industrial Production IR Interest Rate MS2 Money supply M2 OP World Oil Price (WTI) RF Treasury Bills of Government VNI VN-Index h v LIST OF TABLES Table 1: Expected effect of the variables on VNI flatform in Vietnam stock market Table 2: Table of correlation between variables Table Stata results of time series regression, full set of variables Table Stata results of time series regression during Covid, full set of variables h CHAPTER INTRODUCTION 1.1 Reasons for choosing the topic The stock market, both globally and in Vietnam specifically, is one of the few industries with greater potential for development compared to others and has made a number of noteworthy strides in light of the Covid-19 pandemic Regarding worldwide stocks and those of other nations in the area, Vietnam's stock market is still essentially on par with the global market, but with a minor lag Despite the Covid epidemic's impact on Vietnam's economy, the stock market has been able to grow steadily, and go deeper, with stability and high specialization during this challenging period Vietnam's stock market is a frontier market with rapid development and a solid economic base, indicating that it might be a prospective investment channel for foreign investors Stock markets in different countries will have different influencing factors The stock market in Vietnam has fluctuations from time to time Therefore, foreign investors must always be aware of the factors affecting stock prices so that they can make profitable investment decisions and limit risks Many economic conditions have an impact on investor profit or loss either directly or indirectly These elements can forecast how it may affect investors' returns As a result, for many years, the factors affecting stock prices have always been the topic of financial researchers as well as investors in general and foreign investors in specific The research on the impact of macroeconomic factors on stock prices in the Vietnamese stock market, particularly the VNIndex, which displays the pattern of price movements for all stocks listed on the Stock Exchange, the HOSE stock exchange or Ho Chi Minh City Stock Exchange in the period before and after Covid-19 pandemic will be highly beneficial for international investors to utilize as a source to make the appropriate decision about whether or not to pour capital flow into investing stocks in the Vietnamese market h 1.2 Research question - What factors affect the stock price? - What level of impact economic indicators have on share prices? - How did VNI perform during Covid-19? - Is Vietnam an attractive place to make investments? 1.3 Objectives of the study - Find models that explain how economic conditions affect stock market pricing - Test the model's performance and the effect of economic data on stock prices 1.4 Object and scope of the study - Research object: macroeconomics factors affecting the stock market price of VNIndex - Scope of the study: research focuses on the period from 01/01/2012 to 31/12/2022 1.5 Research Methods The study utilizes two main methods, which are qualitative and quantitative methods: - Qualitative method: Based on previous studies and theoretical basis system to identify influencing factors and their impact on stock prices of companies listed on VNIndex - Quantitative method: observations recorded as numbers, database, secondary research 1.6 Research Significance Research results drawn from the actual situation of factors affecting the price of shares listed on the Vietnamese stock market will be a source of reference for the government, domestic investors, and especially foreign investors to get more evidence on which factors directly or indirectly affect the stock market environment 1.7 Research structure The structure of this study is divided into five main chapters: h - Chapter 1: Introduction - Chapter 2: Literature review - Chapter 3: Methodology and Data - Chapter 4: Results - Chapter 5: Conclusion CHAPTER LITERATURE REVIEW 2.1 Background theory More papers that investigate components using the OLS regression model have been discovered in recent years Hanif and Bhatti (2019) accurately described the correlation, unit solution, OLS regression, and Granger test of variables The author has specifically gathered eight macroeconomic variables in Pakistan, including gold prices, industrial production, inflation, money supply, interest rates, and remittances from Islamic and stock markets The study's time frame is July 2011 to October 2016 According to research findings, there is no correlation between the two categories of stock indexes over the short term While gold prices and exchange rates have little impact on the domestic stock index, industrial production and the amount of money in circulation have a significant impact on the price of securities We are indeed interested in empirical research that has been done on Vietnam's new stock exchanges According to one the research conducted by Hussainey and Khanh Ngoc (2009), there is a subtle connection between variables like domestic manufacturing, the money market, and stock prices in Vietnam Also, DAO et al (2022) have examined the impact of macro factors on Vietnam's stock market in the short and long run from 2010 to 2021 through the ARDL model In the long run, the money supply had a positive effect on the VN-Index, while the exchange rate had the opposite effect In the short term, interest rates and exchange rates had a negative impact, while the world oil price and the fluctuation of money supply M2 had an impact in the same h 22 When looking at the regression, R-squared = 75.01% which means this model explains approximately 765 percent of the variation in VNI point At a 5% significance level, the Fstatistic of the regression, F (6,124) = 62.02, rejects the null hypothesis of no explanatory power for the regression as a whole Individual coefficients are statistically significant at a 5% significance level, except for the Foreign Direct Investment and Worl Gold Price, whose pvalues are significantly higher than 0.05, at 0.223 and 0.113, respectively In terms of effects, the exchange rate, Global Oil Prices, and foreign direct investment will have a positive impact on VNI, whereas interest rate, Treasury bills of the government, and World Gold Price would have a negative impact These results are compatible with our expectations Furthermore, our group has an analysis of the VNI platform when the economy suffers from the Covid pandemic (01/02/2020 - 01/01/2022): Table Stata results of time series regression during Covid, full set of variables According to the table, we have the estimated Multiple Linear regression (2): log( VNI) = 28.779 - 0.012IR - 2.532 log(Exc) + 0.003OP - 0.0263 log(GoldEX) (15.46) (0.017) (1.527) (0.0008) (0.0122) - 0.333 log(RF) - 0.011log(FDI) (0.227) (0.015) h 23 N= 24, R2 = 0.9633, R2=0.9504 Looking at the regression, R-squared equals 0.9633 which means this model explains approximately 96.33 percent of the variation in the VNI point At a 5% significance level, the F-statistic of the regression, F (6,17) = 74.39, rejects the null hypothesis of no explanatory power for the regression Besides, with small observations (obs=24), some results are not totally exact, especially the p-value of the variables, when there are only two variables: World Gold price and oil prices that own the P-value at 0.045 and 0.002, respectively are significant at the 5% level The other variables have P-values higher than 0.05, which leads to the statistical insignificance at a 5% significance level During the Covid-19 pandemic, the head of the Ministry of Planning and Investment stated that the foreign-invested business community praised the Vietnamese Government's response to the epidemic, expressed optimism about Vietnam's economic recovery, and pledged to keep investing and conducting business in the country over the long term, particularly after the Vietnamese Prime Minister gave instructions to create a safe adaptation roadmap and determine a new viewpoint on anti-epidemic measures Also, it is partially attributable to the State's timely support policies, which include preserving the steady and active, and effective trading system, securities depository, and payment system, even in the case of stock exchanges Due to the impact of the Covid-19 pandemic, the Vietnam Securities Depository and the Vietnam Securities Depository Center were shut down, which enabled the stock market to make progress The stock market has become a more appealing investment channel than deposits due to the current condition of the stock market continuing to rise and the low-interest rates, which has created a strong investment attractiveness The stock market has attracted a large number of investors, including foreign investors, individuals, and companies As can be seen, Vietnam has a stock market that can sustain disruptions and rebound when facing the Covid-19 pandemic h 24 CHAPTER CONCLUSION 5.1 Summary of the research process and results In this study, we presented the results of an exploratory empirical examination of five economic variables that could affect the stock price of VNIndex on HOSE Finally, utilizing the most important econometric approach time-series studies, and looking at data from HOSE from January 1, 2012, to December 1, 2022, we analyze our findings and suggest further research directions IIP - index of industrial products - is not an appropriate variable for the model, according to our report Furthermore, the global gold price and foreign investment have a minor but non-significant impact on VNI Treasury bills of government are a new variable that we also introduce in our report for the model (RF) In order to maximize the sustainability of the stock market, nations should also pay more attention to appropriately regulating their monetary policy, including interest rates and exchange rates, while carefully assessing other factors like the global gold price, global oil price, and foreign direct investment In Vietnam, the government did a fantastic job of maintaining the stock market's stability and preventing fluctuations Vietnam is a healthy and attractive market for foreign investors given its sustainable governance system, capacity to engage effectively in Covid-19, and development of FDI flow 5.2 Limitations of the study and further directions for future research: 5.2.1 Limitations of the study One limitation of this study is the limited number of variables that were investigated, which may affect the comprehensiveness of the findings In particular, the study identified world gold price and FDI as insignificant variables with less impact on the VN-Index While the study did identify important variables such as interest rate and exchange rate, it may have missed other potential factors that could impact the VN-Index, such as political instability or sector-specific events h 25 Furthermore, the study's focus on the pre-and post-COVID-19 period may not provide a complete understanding of the effects of macroeconomic factors on the VN-Index over time While this period is significant due to the pandemic's economic impact, it is important to note that the stock market's behavior can be influenced by long-term economic trends and events Therefore, the findings may not be generalizable to other time periods, and future studies should consider incorporating a more extended period to provide a more comprehensive analysis of the impact of macroeconomic factors on the VN-Index Additionally, the COVID19 pandemic's economic impact on Vietnam may differ from other countries, so the study's results may not be easily extrapolated to other markets, highlighting the need for caution when interpreting the results Accordingly, due to the limitation of research data availability, in this study, we have only included macro-factors in the Multiple linear regression model to estimate their influence on the profitability of stocks In fact, stock returns can be influenced by other factors Moreover, the quality of data and the transparency of published information really play a prerequisite role and affect the accuracy of the data set of this research This limitation of this study is also an interesting research aspect that further studies could use a more extensive data sample, covering all factors that influence the stock market, to obtain results that are more comprehensive Lastly, there are still limitations due to the chosen scope of our research since the study focused solely on the influence of macroeconomic factors on the Vietnam stock marketVNIndex, which may not provide a comprehensive picture of the stock market While Vietnam is still a small and ongoing developed market, it is easily affected by many microeconomic and macroeconomic or domestic and international factors Future studies can overcome this limitation by conducting a broader analysis to analyze the research problem concluding the fundamental factors that influence the Vietnam stock market 5.2.2 Further directions for future research: From the limitations mentioned in section 5.2.1, our team has identified a number of directions for further research topics: h 26 Firstly, according to the authors, a more suitable sampling procedure with a larger size is required in order to improve the generalizability of the suggested study model for upcoming studies To improve the study's population representation, the 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https://doi.org/10.1016/j.resourpol.2022.102602 h V APPENDIX: DATA DISPLAY Date 01/01/2012 01/02/2012 01/03/2012 01/04/2012 01/05/2012 01/06/2012 01/07/2012 01/08/2012 01/09/2012 01/10/2012 01/11/2012 01/12/2012 01/01/2013 01/02/2013 01/03/2013 01/04/2013 01/05/2013 01/06/2013 01/07/2013 01/08/2013 01/09/2013 01/10/2013 01/11/2013 01/12/2013 01/01/2014 VNI 351 55 387 97 423 64 441 03 473 77 429 422 37 414 48 396 02 392 57 388 42 377 82 413 73 479 79 474 56 491 04 474 51 518 39 481 13 491 85 472 492 63 497 41 507 78 504 logVNI 2.5459 87 2.5887 98 2.6269 97 2.6444 68 2.6755 68 2.6326 2.6256 93 2.6175 04 2.5977 17 2.5939 17 2.5893 02 2.5772 85 2.6167 17 2.6810 51 2.6762 91 2.6911 17 2.6762 45 2.7146 57 2.6822 62 2.6918 33 2.6745 86 2.6925 21 2.6967 15 2.7056 76 2.7029 IR CPI 15 77.18 15 78.24 15 78.36 14 78.41 13 78.55 12 78.34 10 78.11 10 78.61 10 80.34 10 81.02 10 81.4 10 81.62 82.64 83.73 83.57 83.59 83.54 83.58 83.8 84.5 85.39 85.82 86.11 7 86.55 87.15 MS2 268476 266797 282740 318484 324718 330664 333882 337165 340887 344187 351937 370286 376629 378654 384242 386625 389915 397344 398111 403975 408549 413726 421769 440069 449418 OP 112.1 111.5 126.2 125.4 119.6 98.43 97.34 105.9 115.7 112.1 108.1 110.9 112.4 116.7 110.4 111.0 99.95 102.0 103 109.5 114.3 107.9 105.9 111.4 110.9 h logRF 1.0795 43 1.0583 88 1.0578 18 1.0341 87 0.9955 91 0.9960 1.0055 24 0.9986 52 0.9945 37 1.0030 29 0.9987 82 0.9927 74 0.9880 24 0.9689 96 0.9682 03 0.9641 65 0.9511 43 0.9493 41 0.9506 57 0.9451 24 0.9508 51 0.9471 0.9494 88 0.9489 99 0.9467 log_FDI 5.99146 log_GoldEX log_Exc log_IIP 7.333676 9.953991 4.968423 6.39693 6.25382 7.64012 6.80239 6.80239 6.80239 6.90775 6.68461 6.80239 6.90775 6.21460 6.04025 7.463937 9.953991 5.087596 7.478735 9.945589 5.165928 7.416078 9.945589 5.139322 7.409288 9.948938 5.178407 7.351158 9.947026 5.136974 7.376821 9.944054 5.159055 7.391415 9.946548 5.171052 7.407621 9.946548 5.146913 7.482119 9.947504 5.200705 7.449498 9.945828 5.245444 7.453562 9.946068 5.271974 7.413066 9.945589 4.786658 6.44572 7.40853 7.00306 6.68461 7.00306 6.90775 6.80239 6.90775 6.90775 6.90775 6.80239 6.14203 7.41743 9.945828 4.488636 7.370545 9.951324 4.772378 7.376665 9.950371 4.769837 7.292337 9.950371 4.787492 7.240291 9.953991 4.765587 7.083388 9.963171 4.779123 7.181211 9.960813 4.795791 7.24047 9.961285 4.763028 7.190299 9.958922 4.829913 7.188413 9.957975 4.844187 7.133296 7.09382 9.957691 9.95826 4.886583 4.764735 VI 01/02/2014 01/03/2014 01/04/2014 01/05/2014 01/06/2014 01/07/2014 01/08/2014 01/09/2014 01/10/2014 01/11/2014 01/12/2014 01/01/2015 01/02/2015 01/03/2015 01/04/2015 01/05/2015 01/06/2015 01/07/2015 01/08/2015 01/09/2015 01/10/2015 01/11/2015 01/12/2015 01/01/2016 01/02/2016 01/03/2016 01/04/2016 63 556 52 586 48 591 57 578 562 02 578 13 596 07 636 65 598 600 84 566 58 545 63 576 07 592 57 551 13 562 569 56 593 05 621 06 564 75 562 64 607 37 573 579 03 545 25 559 37 561 73 2.7454 81 2.7682 53 2.7720 06 2.7619 28 2.7497 52 2.7620 26 2.7752 97 2.8039 01 2.7772 82 2.7787 59 2.7532 61 2.7368 98 2.7604 75 2.7727 2.7412 54 2.7500 45 2.7555 39 2.7730 91 2.7931 34 2.7518 56 2.7502 31 2.7834 53 2.7583 06 2.7627 01 2.7365 96 2.7476 99 2.7491 87.62 87.24 6.5 87.31 6.5 87.48 6.5 87.75 6.5 87.95 6.5 88.14 6.5 88.49 6.5 88.59 6.5 88.35 6.5 88.14 6.5 87.96 6.5 87.92 6.5 88.05 6.5 88.17 6.5 88.31 6.5 88.62 6.5 88.74 6.5 88.67 6.5 88.49 6.5 88.59 6.5 88.65 6.5 88.66 6.5 88.66 6.5 89.03 6.5 6.5 89.54 89.84 447560 452488 456505 460842 470829 470192 477668 484701 488787 497357 517921 519219 530801 530081 532823 537643 549273 550564 559161 569576 572296 580944 601960 610794 613861 626795 632633 105.7 111.2 105.6 107.7 108.8 112.2 104.8 102.7 94.16 84.78 72.54 56.42 54.75 59.54 57.1 66.46 64.88 62.01 49.52 49.56 47.69 48.79 44.44 37.22 34.24 36.81 38.67 h 47 0.9378 19 0.9291 63 0.9276 27 0.9392 0.9333 35 0.9256 21 0.9080 56 0.8234 74 0.8010 61 0.8384 08 0.8543 06 0.8224 95 0.8109 71 0.8121 78 0.8124 45 0.8154 45 0.8315 0.8309 73 0.8452 22 0.8476 34 0.8489 28 0.8488 05 0.8483 12 0.8473 88 0.8365 14 0.8368 0.8415 6.48463 7.45587 7.04751 7.131699 9.957265 4.637637 7.190299 9.957975 4.812997 7.163753 9.957975 4.849684 6.39693 7.04751 6.95654 7.00306 6.90775 7.161234 9.957265 4.8489 7.131299 9.960813 4.8434 7.181592 9.969275 4.83866 7.158709 9.964112 4.85515 7.159098 9.962935 4.855929 7.17012 6.90775 7.09007 6.22455 6.54391 7.52294 7.04751 6.62007 7.103733 9.964582 4.908972 7.059833 9.966697 4.938065 7.075597 9.97138 4.983607 7.095064 9.97138 4.938781 7.139065 9.969509 4.678421 7.101676 9.970445 4.91852 7.079185 9.980217 4.923624 7.073482 9.981836 4.956531 7.20786 7.082884 9.991498 4.955827 7.065613 9.99104 4.971894 7.00161 9.991498 4.959342 7.034388 10.02194 4.995183 7.015712 10.02149 5.040194 7.040843 10.01436 5.047931 6.967815 10.0226 5.086979 6.966024 10.02305 5.104125 7.013736 10.01369 4.853591 7.118745 7.120444 10.01458 10.01346 5.100476 5.094976 7.69621 7.83992 6.63331 7.24422 9.16534 6.91869 6.79570 6.72743 7.75876 VII 01/05/2016 01/06/2016 01/07/2016 01/08/2016 01/09/2016 01/10/2016 01/11/2016 01/12/2016 01/01/2017 01/02/2017 01/03/2017 01/04/2017 01/05/2017 01/06/2017 01/07/2017 01/08/2017 01/09/2017 01/10/2017 01/11/2017 01/12/2017 01/01/2018 01/02/2018 01/03/2018 01/04/2018 01/05/2018 01/06/2018 01/07/2018 22 598 37 618 44 632 26 652 23 674 63 685 73 675 665 07 664 87 697 28 710 79 722 33 717 73 737 82 776 47 783 55 782 76 804 42 837 28 949 93 984 24 110 36 1121 54 1174 46 1050 26 971 25 960 33 2.7769 2.7912 98 2.8008 96 2.8144 01 2.8290 66 2.8361 53 2.8298 18 2.8228 67 2.8227 37 2.8434 07 2.8517 41 2.8587 36 2.8559 61 2.8679 2.8901 25 2.8940 67 2.8936 29 2.9054 83 2.9228 71 2.9776 92 2.9931 01 2.0428 12 3.0498 15 3.0698 38 3.0212 97 2.9873 31 2.9826 6.5 90.33 6.5 90.74 6.5 90.86 6.5 90.96 6.5 91.44 6.5 92.2 6.5 92.65 6.5 92.86 6.5 93.28 6.5 93.5 6.5 93.7 6.5 93.7 6.5 93.2 6.5 93.04 6.5 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 93.15 94 94.56 94.95 95.07 95.27 95.75 96.45 96.2 96.28 96.8 97.39 97.3 642739 659239 660944 668221 682989 686345 697106 712580 730874 725237 737430 740311 746676 761685 766885 776237 787775 790146 806257 819254 829647 840153 852109 866125 875758 887958 884255 45.83 49.72 50.35 42.14 45.45 50.89 48.14 53.94 56.82 56.8 56.36 53.12 51.52 50.63 49.68 51.78 52.75 56.12 60.49 63.73 66.57 69.65 63.83 67.64 73.13 76.79 77.3 h 47 0.8415 47 0.8387 86 0.8401 69 0.8347 39 0.7936 51 0.7760 47 0.7814 68 0.7849 74 0.7788 74 0.7695 25 0.7653 0.7630 53 0.7667 85 0.7508 17 0.7213 98 0.7404 42 0.7296 51 0.7255 03 0.7313 47 0.7035 49 0.6315 45 0.6340 74 0.6228 35 0.6703 39 0.6681 06 0.6759 62 0.6921 8.53247 7.159019 10.01324 5.111988 7.10011 10.02038 5.11259 7.185955 10.01413 5.117994 7.201916 10.01369 5.131672 7.17721 10.01369 5.134621 7.09116 6.15613 7.95310 7.26052 6.40522 7.30921 8.14844 8.33615 9.25119 9.34810 9.39905 9.48622 9.60757 9.81885 9.89731 7.187279 10.01391 5.172187 7.148346 10.0148 5.17162 7.071658 10.03144 5.216022 7.043946 10.03386 5.260096 7.100687 10.02703 5.254888 7.135369 10.03627 5.42715 7.12677 10.03408 5.47437 7.143973 10.0332 5.473111 7.143775 10.03144 5.444148 7.12468 10.0332 5.454894 7.144841 10.03276 5.521461 7.179117 10.03298 5.564903 7.157034 10.03276 5.572914 7.14689 10.0321 5.574433 7.154772 10.03232 5.587997 6.09131 6.85540 6.59304 7.26682 7.00669 8.87374 7.24850 7.163172 10.03166 4.842611 7.204186 10.0321 4.622027 7.183757 10.03386 4.842611 7.1883 10.03539 4.828314 7.180222 10.03452 4.857484 7.174226 7.131259 10.03583 10.04281 4.846547 4.864453 7.02616 7.41197 7.26283 7.63211 VIII 01/08/2018 01/09/2018 01/10/2018 01/11/2018 01/12/2018 01/01/2019 01/02/2019 01/03/2019 01/04/2019 01/05/2019 01/06/2019 01/07/2019 01/08/2019 01/09/2019 01/10/2019 01/11/2019 01/12/2019 01/01/2020 01/02/2020 01/03/2020 01/04/2020 01/05/2020 01/06/2020 01/07/2020 01/08/2020 01/09/2020 01/10/2020 78 956 39 989 54 1017 13 914 76 926 54 892 54 910 65 965 47 980 76 979 64 959 88 949 94 991 66 984 06 996 56 998 82 970 75 960 99 936 62 882 19 662 53 769 11 864 47 825 11 798 39 881 65 905 24 2.9806 35 2.9954 33 3.0073 76 2.9613 07 2.9668 64 2.9506 28 2.9593 51 2.9847 39 2.9915 63 2.9910 67 2.9822 17 2.9776 96 2.9963 63 2.9930 22 2.9985 03 2.9994 87 2.9871 07 2.9827 19 2.9715 63 2.9455 62 2.8212 06 2.8859 88 2.9367 2.9165 12 2.9022 15 2.9452 96 2.9567 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 97.74 98.32 98.65 98.36 98.12 98.21 99 98.79 99.1 99.59 99.5 99.67 99.95 100.2 100.8 101.8 103.2 104.5 104.3 103.6 102 101.9 102.6 103.0 102.8 103.0 103.1 6 6 4.5 4.5 4.5 4.5 888838 893343 899903 906168 912158 948808 937663 947815 954660 970688 986648 986008 994913 100837 35 101386 30 102749 60 105737 25 107580 24 106728 80 107555 72 107798 51 109284 85 111184 23 111633 61 113159 94 114858 45 115564 72.39 78.15 84.98 72.89 61.69 54.91 62.75 65.07 69.01 72.18 61.28 65.06 60.5 58.66 58.89 61.69 60.92 66.25 54.45 51.9 24.74 26.44 38.32 42.03 44.15 45.58 40.93 h 42 0.7147 49 0.7013 95 0.7144 97 0.7131 54 0.7131 54 0.6883 31 0.6771 51 0.6836 77 0.6778 81 0.6721 0.6678 26 0.6489 45 0.6193 02 0.6082 05 0.5659 66 0.5524 25 0.5285 31 0.4991 37 0.4623 98 0.5461 72 0.4840 15 0.5040 63 0.4817 29 0.4720 25 0.4640 42 0.4443 57 0.4166 5.62040 6.46614 6.80682 6.63331 7.69074 7.107385 10.05728 4.908233 7.092116 10.05792 4.90082 7.079395 10.05921 4.937347 7.102458 10.05964 4.963544 7.104596 10.05899 4.977423 7.34601 7.46679 7.50659 6.36475 7.57558 8.44397 7.20860 7.25827 7.88057 7.83865 9.51044 8.73230 8.57546 7.09007 7.64969 8.21608 7.37775 7.49554 8.03915 7.153834 10.05385 4.898586 7.187846 10.05363 4.685828 7.184743 10.05406 4.903792 7.166575 10.05406 4.902308 7.156411 10.0575 4.932313 7.166691 10.06369 4.898586 7.250636 10.0575 4.953006 7.263715 10.05471 5.005958 7.331977 10.05406 5.001258 7.303372 10.05492 5.029784 7.320494 10.05471 4.988389 7.286294 10.05385 4.99315 7.323006 10.0532 4.81462 7.367835 10.05642 4.859037 7.383896 10.05664 4.924351 7.383337 10.07112 4.757891 7.44 10.06518 4.872139 7.455125 10.05835 4.942357 7.477661 10.05578 4.992471 6.55108 7.43838 7.74066 10.06989 10.05492 5.026509 7.579347 7.542691 10.05492 10.05535 5.058155 5.081404 IX 01/11/2020 01/12/2020 01/01/2021 01/02/2021 01/03/2021 01/04/2021 01/05/2021 01/06/2021 01/07/2021 01/08/2021 01/09/2021 01/10/2021 01/11/2021 01/12/2021 01/01/2022 01/02/2022 01/03/2022 01/04/2022 01/05/2022 01/06/2022 01/07/2022 01/08/2022 01/09/2022 01/10/2022 01/11/2022 01/12/2022 01/01/2012 21 925 47 1003 08 1103 87 1056 61 1168 47 1191 44 1239 39 1328 05 1408 55 1310 05 1331 47 1342 06 1444 27 1478 44 1498 28 1478 96 1490 13 1492 15 1348 68 1299 52 1198 1231 35 1280 51 1086 44 1033 75 1036 28 351 49 2.9663 62 3.0013 36 3.0429 18 3.0239 15 3.0676 18 3.0760 72 3.0932 08 3.1232 14 3.1487 72 3.1172 88 3.1243 31 3.1277 72 3.1596 48 3.1698 04 3.1755 93 3.1699 56 3.1732 24 3.1738 12 3.1299 09 3.1137 83 3.0787 83 3.0903 82 3.1073 83 3.0360 06 3.0144 16 3.0154 77 2.5459 4 4 4 4 4 4 4 4 4 4 4 6 15 103.3 103.4 103.2 104.8 104.5 104.5 104.6 104.8 105.5 105.7 105.1 104.9 105.2 105.0 105.2 106.3 107.0 107.2 107.6 108.4 108.8 108.8 109.2 109.4 109.8 109.9 77.18 45 117301 40 121106 06 122022 17 122282 11 123497 50 124650 12 125585 73 126477 03 126922 56 127576 48 128790 90 129075 67 130408 42 134020 97 137487 40 136447 50 138640 61 138717 51 138482 64 139083 38 138280 44 137610 19 138323 97 138151 45 138785 03 268476 38.97 47.42 51.09 56.35 63.69 64.86 67.56 70.25 75.84 72.89 71.59 79.28 84.71 68.87 78.98 89.16 104.9 104.3 107.5 116.2 111.6 100.0 92.36 88.86 94.65 86.88 112.1 h 41 0.3839 95 0.4050 05 0.3577 44 0.3682 87 0.3712 53 0.3802 11 0.3527 61 0.3346 55 0.3486 94 0.3159 0.3265 41 0.3342 53 0.3213 91 0.3412 37 0.3330 44 0.3705 13 0.3981 14 0.4931 79 0.5134 84 0.5269 85 0.5665 55 0.5678 49 0.6967 93 0.7155 02 0.7133 23 0.7025 17 1.0795 7.97246 7.64969 7.60090 8.14902 8.44891 7.65917 7.46737 7.14677 7.27931 7.78322 8.01631 7.37149 7.90838 8.45318 8.03915 7.54960 8.27129 7.54960 6.80239 7.74932 7.31986 7.12286 7.58578 8.21878 7.89357 7.85554 5.99146 7.54001 10.05492 5.055609 7.474517 10.0532 5.072044 7.543061 10.05255 5.037602 7.530373 10.04889 4.784988 7.463277 10.04802 4.967031 7.433105 10.05061 4.962145 7.477406 10.04932 4.98155 7.549583 10.04953 4.968423 7.474857 10.04802 4.964941 7.509746 10.04542 4.925077 7.503758 10.03802 4.953712 7.463248 10.03714 5.018603 7.478254 10.03671 5.075799 7.497983 10.03495 5.110179 7.498786 10.03977 5.073297 7.492899 10.03364 4.951593 7.55478 10.04107 5.108367 7.571551 10.04238 5.132853 7.596121 10.0198 5.164215 7.533646 10.05126 5.152713 7.499312 10.05612 5.156754 7.477005 10.05861 5.165928 7.447839 10.06246 5.148076 7.435379 10.08008 5.17162 7.427067 10.12021 5.142248 7.478384 7.333676 10.10871 9.953991 5.132263 4.968423 X 01/02/2012 01/03/2012 01/04/2012 01/05/2012 01/06/2012 01/07/2012 55 387 97 423 64 441 03 473 77 429 422 37 87 2.5887 98 2.6269 97 2.6444 68 2.6755 68 2.6326 2.6256 93 15 78.24 15 78.36 14 78.41 13 78.55 12 78.34 10 78.11 266797 282740 318484 324718 330664 333882 111.5 126.2 125.4 119.6 98.43 97.34 h 43 1.0583 88 1.0578 18 1.0341 87 0.9955 91 0.9960 1.0055 24 6.39693 6.25382 7.64012 6.80239 6.80239 6.80239 7.463937 9.953991 5.087596 7.478735 9.945589 5.165928 7.416078 9.945589 5.139322 7.409288 9.948938 5.178407 7.351158 9.947026 5.136974 7.376821 9.944054 5.159055