Posts for Ticker ‘IFN’

India Election Winners By ETF & Shares (PIN, EPI, IIF, IFN, INP, INFY, IBN, REDF, SAY, SLT, TTM, WIT)

India MapIt is rare that you see an election have this large of an impact, but the Indian stock market surged on the new election results.  The Congress Party won a decisive victory in India and this sent Indian stocks up 17% on average.  The move was so large that the Bombay Stock Exchange had to close after already seeing one halt.  This had a huge impact on stocks, which you can see reflected in the share prices in the high pre-market indications of the major ETF’s, closed-end funds, and active ADR’s listed below.

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Posted on: May 18, 2009 – 8:19 am in ADR, ETF, Emerging Markets, Index, Mutual Funds, Politics, Trading Alert, , , , , , , , , , ,

Satyam Turns Out to be a House of Cards (SAY, INFY, WIT, PIN, EPI, IFN)

Burning_money_picIf you are one of those who cannot stand Indian IT-outsourcing firms, you probably just got another feather in your cap. India’s Satyam Computer Services Ltd. (NYSE: SAY) is turning out to be a house of cards.  Shares closed at $9.35 yesterday after many recent troubles, and that was already down two-thirds from their highs.  Things are worse this morning.  Much, much worse.

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Posted on: January 7, 2009 – 6:38 am in ADR, Accounting, Earnings Warning, Emerging Markets, Law, Shareholder Issues, , , , , ,

India ETF’s & Funds Hold Up After Terror Attacks in Mumbai (PIN, EPI, IIF, IFN, INP)

India_map_image_2Fresh terrorist attacks targeted against foreigners in Mumbai, India have failed to thwart a market rally today.  Reports have foreigners being taken hostage at premiere hotels frequented by the wealthy and by business travelers. Some 60 deaths have been reported.  Interestingly enough, this has also failed to take the wind out of the Indian ETF’s and Indian ADR’s which are actively traded in the US. ETF and fund price moves are as follows:

  • PowerShares India (NYSE: PIN) up 4.5% at $11.31
  • WisdomTree India Earnings (NYSE: EPI) up 4.1% at $10.37
  • Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) up 1.4% at $12.39
  • India Fund, Inc. (NYSE: IFN) up 4.1% at $17.47
  • iPath MSCI India Index ETN (NYSE: INP) up 4% at $28.72

We also added in an after-report list to the ADR’s and active stocks we track that trade in the U.S. to show a broad interest as well.

Jon C. Ogg
November 26, 2008

Posted on: November 26, 2008 – 3:26 pm in ETF, Emerging Markets, , , , ,

New ETF To Track India (WSDT, IIF, IFN, INP, EPI)

WisdomTree Investments (WSDT-OTC) made a fairly significant announcement yesterday for those who trade ETF’s.  The ETF manager is going to launch an ETF in the latter part of February that tracks the Indian stock market, one of the larger emerging markets that is not exactly the easiest for Americans and non-Indians to invest in.

This will have the proposed tick of "EPI" on the NYSE.  What is most interesting is that it is said to be an "earnings weighted ETF" and it will offer pure exposure to local Indian securities rather than just the US-listed ADR securities.  This will also be more of an open-ended fund so that its assets will actually fluctuate more in-line with the underlying securities as opposed to swinging at wider premiums or discounts to the net asset values that closed-end funds and some ETF’s encounter.

EPI will select from a broad universe of approximately 150 profitable companies included in the WisdomTree India Earnings Index on the annual index screening date. EPI will be listed on the NYSE Arca.  You can access the full release here.

The current major ETF that traders use is the iPath MSCI India Index ETN (NYSE: INP) or traders go to the closed end fund called the India Fund, Inc. (NYSE: IFN) or the Morgan Stanley India Investment Fund, Inc. (NYSE: IIF). 

This may offer investors a chance to invest in a broader basket of Indian shares without the added volatility that can be caused from the premium and discount to net asset values.  Now we just have to wait about 5 or 6 weeks to see how well it works and how active the trading is.

Jon C. Ogg
January 24, 2008

Posted on: January 24, 2008 – 1:55 pm in ADR, ETF, , , , , , , ,

Financial Market Reactions On Bhutto Assassination (INP, IFN, IIF, MINDX, IBN, TTM)

It is unfortunate to have to analyze tragic international or domestic terrorism news from a financial angle on horrible news such as the murder of a foreign leader or a challenger for that leadership ahead of an election.  Pakistan opposition leader Benazir Bhutto was assassinated Thursday in a suicide attack at a campaign rally that also killed killed more 20 others (reports still vary).  The news of her death was reported after the Pakistan markets were closed. 

Investors are looking to see how far down the Karachi Stock Exchange will drop and one of the best proxies as to see how this will affect the Pakistani stocks is to look at the closest markets.  India is the closest and most tied (good and bad) to Pakistan, and the worries that this could create additional instability in the region has the ETF and the Indian funds that trade in the U.S. down considerably:

  • The major ETF that tracks India is the iPath MSCI India Index ETN (NYSE: INP), and it is trading down some 5% at $96.10 today.  Its 52-week trading range is $46.13 to $110.09.
  • There are two closed-end funds that track the performance of Indian stocks. India Fund, Inc. (NYSE: IFN) is also down some 5.1% at $59.40 today, and its 52-week trading range is $35.51 to $71.54.  The second is less actively traded, but the Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) is down some 6% at $50.75, and its 52-week trading range is $38.29 to $66.56.
  • One open-ended mutual fund that we will not know how that trades really until tomorrow after we have a chance to see how those trade is the Matthews India Fund (MINDX).  These only trade at N.A.V. at the end of each day and these traded at $24.29 yesterday.  This fund started out 2007 at $15.62, so it is also up considerably.
  • A couple of the more liquid stocks that trade as ADR’s in the U.S. are ICICI Bank Ltd. (NYSE: IBN) and Tata Motors Ltd. (NYSE: TTM), and both are down close to 5% today.

This is potentially a very large political and geopolitical event that could end up with much greater repercussions than a mere 3%or 5% move.  The hardest part of interpreting these price reactions is that Wall Street is staffed with a skeleton crew this week and part of next week.  These are the go to stock and fund names to track the financial market reactions to the situation.

Jon C. Ogg
December 27, 2007

Posted on: December 27, 2007 – 12:08 pm in ADR, ETF, Mutual Funds, , , , , , , , , ,