CHAPTER 1

INTRODUCTION

Background

Stock market has a notable impact on the economy of every

country. In the stock market stocks of publicly listed

companies are traded. Practically stock market is divided

into two kinds of activities. Primary market to perform

activity to trade IPO's and secondary market is a market in

which subsequent trading of shares takes place. The prices

of the stock exchange measured in indexes. In Pakistan

there are three fundamental stock exchanges, Karachi stock

exchange (KSE), Lahore stock exchange (LSE) and Islamabad

stock exchange (ISE). Three kinds of indexes are used in

these stock markets KSE 100 index, KSE 30 index and KSE all

share index. Index is a way to measure the performance of

the whole stock market. Basically there are two types of

factors which influence the stock prices micro factors and

macro factors. One factor which influence price of equity

share is demand and supply factor. In case of bullish trend

when people start to buy than prices go up similarly in a

bullish trend when people selling shares than prices fall

down. Other things like government policies, industry and

firm's reputation along with its performance influence

demand behavior of investors. Macro and micro factors affect

the price of an equity share can be viewed various economic

perspectives. Some macro economic factors include politics,

general economic conditions like performance of an economy,

government regulations, etc. Then there are some other

microeconomic factors like demand and supply conditions the

1

performance of the different companies and comparison of

industries with each another. Interest is an integral macro

economic factor which affect the economy of a country

domestically and international level. Interest depends

directly on inflation. A study Nigerian market also shows

that inflation is inversely related to stock prices

behavior. If inflation increases in an economy interest rate

automatically will go up (Udegbunam & Eriki, 2001.).

As the interest rate has different trend in past because of

inflation, political factors or economic crises, the

changing impact of this macroeconomic factor on stock prices

will be studied in this study. A model was defined to

regress some variables (stock price, earning per share,

gross domestic products, and interest rates and exchange

rates) . The multicollinarity test showed very strong

relationship between gross domestic products and prices,

exchange rates, interest rates and inflation rate (Tamimi,

2007).

Rationale of study

This study investigates the impact of macroeconomic factor

interest on stock market prices. As past historical trend

show very dynamic interest rate trend so as the stock market

capitalization. So interest rate change results in stock

market performance.

2

The purpose of this study is to meet following outcomes

1. To investigate the interest rate trends in history of

Pakistan 2. To investigate the market prices trend in the

past history of KSE 100 index. 3. Investigating the

relationship between interest rate and market prices.

Problem identification

Sometimes stock market shows very dynamic changes in our

economy. So different macro factors are influencing the

performance of stock market, interest rate depends on

inflation and various other factors. Inflation keeps on

changing in previous era in economy of Pakistan. Its Impact

is substantial in the stock market performance of

capitalization.

Research Question

“What is the impact of interest rate on stock prices?”

3

Objective of the Study

To know the impact of interest rate on stock prices by

collecting secondary data from sources of economy of

Pakistan and than developing a relationship between interest

rate and stock price.

Theoretical framework and hypothetical statement This study

consists of two variables interest rate and stock prices.

Secondary data will be collected to prove the relationship

between stock prices and interest rate in Pakistani economy.

Similar research was conducted by (Ibrahim, 2003) and

(Chaudhuri & Smiles, 2004). They studied effect of macro

economic factor on stock prices and one of the macroeconomic

factors was interest rate. Interest rate is an independent

variable and stock prices are dependent variable. They

tested on their variable on regression analysis and this

showed negative relationship between interest rate and stock

prices.

4

IV’s DV

hyphothesis testing

Measure of association

Dependency

Causal relationship

IV DV

Simple regression

5

Interest rateStock prices

Interest Stock price

Scope of the study

Macro economic measures differ from economy to economy. The

scope of study is only limited to Pakistan with Karachi

stock exchange because it is biggest stock market in

Pakistan’s economy and almost all big players play through

Karachi stock exchange. Data from Karachi stock exchange

represents performance of LSE and ISE also. Even

geographically neighbor countries are maintaining their own

policies for interest rates and inflation. Stock indices may

have different index measure. This study conducted only

considering circumstances of Pakistan.

6

CHAPTER NO. 2

LITERATURE REVIEW

Stock markets are the backbone of economy and economy

functions because of its macroeconomic factors, economist

determines that price of commodities in an economy

determined through forces of demand and supply factors of

that economy because of “the free economy concept”. But in

the security markets whether primary or secondary the prices

of share equity are determined through a number of micro and

macro factors. Prices in the stock markets are significantly

influenced by dividend per share earning per share, price to

earning ratio and dividend cover (Gompers, et al., 2003).

Attitude of people also influence the prices of stock market

e.g. if people are more towards purchasing the shares of

certain company than prices of shares goes up and similarly

if selling trend prevail in the market the prices goes down.

Irrespective of microeconomic factors there are

macroeconomic factors prevailing the economy which influence

the stock prices very much e.g. inflation and interest rate.

As inflation is the part of interest rate so increase or

decrease in inflation directly affects the interest rate

prevailing in an economy and interest rate has an inverse

relationship with stock prices.

Impact of monetary policy on asset prices in the long run

was noted. Any change in interest rates especially

unanticipated change directly affects on growth expectations

7

and the rates for discounting investment future cash flows

(Clerc & Pfister, 2001).

Interest rate is extremely important macro economic factor.

It shows very dynamic response in the history of any economy

especially in Pakistani economy. Structure of interest rate

varies from time to time. At some time period it shifts

upward may be because of high future inflation prediction.

While sometimes it tilts with the short rate rising and long

rate falling and it may be result of a monetary policy. Some

literature found which gained the existence of acceptance of

versatile model of interest rate dynamics (Miltersen &

sondermann, 1997).

In response to change in interest rate in the history of

Pakistan there is also change in KSE 100 index prices which

vary because of variance in interest rate because of

inflation or monetary policies. As inflation is the very

integral part of interest rate and change in interest rate

is a mere reflection of change in inflation rates and this

will impact on stock returns. Some recent research showed

its findings as a negative correlation of stock returns with

inflation in developed countries in post war period (Bodie,

1976).

This flow of correlation was accepted as an outstanding

research results after testing it in the light of Fisher

hypothesis and view against that was accepted as the common

stock should be a hedge against inflation.

8

That phenomenon was known as ‘stock return inflation

puzzle’. Some studies were conducted to decrease this puzzle

with the alternative theory that the negative correlation

between stock returns and inflation is a substitute for the

positive relationship between stock return and real activity

(Fama, 1981).

Many more theoretical and empirical economists also made

their hypothesis as causal relations and dynamic relations

between real asset returns and inflation rate. Pakistani

economy is constantly facing the classic dilemma of

constitutional instability. Share prices also show the

dynamic behavior in the era of political instability. As

political instability will automatically impacts on

inflation rates, interest rates and external reserve rates

so stock returns also influenced by that impact.

Nevertheless, the majority of existing studies concentrate

on the effect of economic measures on stock prices and there

are some practical works that investigate the effect of

legislative measures on the stock markets. Stock price

behaviors during elections in different developed countries,

and they find ineffectiveness in share prices around the

period of elections (Niederhoffer et al., 1970).

They argue that changes in government management caused by

elections circumstances to adopt financial policies, by

significantly affecting stock prices. Impact of different

political procedures on stock prices (Cutler et al., 1989)

9

No indications of major impact of non-economic events on

stock market performance was found in one study(Peel & Pope,

1983).

Sometimes stock market shows very interesting trend.

Experimental evidence suggests that speculation

professionals employ a range of practices in diverse markets

and various techniques are used for market forecasting

across different time horizons (Lui & Mole, 1998).

It also affects the prices of stock returns because of micro

economic demand and supply factor along with macro economic

factors. Individuals' investment behavior has explored

through a large body of practical studies over the past few

decades. Quick profits through investments, rapid growth,

and investment for saving purposes, dividends, expert risk

operation and long-term sustainable growth that affect

individual investors ‘attitudes towards their investment

decisions (Potter, 1971).

Investors are mostly concerned with expectations about the

near future, considering earnings projection and actual data

to be of high returns to investors (Baker & Haslem, 1973).

Another study reveals that the overall population faces

troubles in understanding financial reporting in the stock

market (Lee & Tweedie, 1977).

KSE starts with a 50 shares index with the passage of time

market grew a representative index was needed. At November

1st, 91 the KSE-100 index was introduced and that was most

10

generally accepted measure which still working. Karachi

Stock Exchange 100 Index (KSE-100 Index) used as a benchmark

to compare prices after re composition periods, those

companies are selected which have the highest market

capitalization. To ensure true market representation, those

companies are selected which have highest market

capitalization in its sector. In 1995 the need was felt for

confirmation of all market share index of KSE-100 and also

to provide the basis of index trading to reconfirm in

future. On August the 29th, 1995 the KSE all share index was

practically constructed and then introduced on September 18,

1995. Although financial system in Pakistan still requires

many adjustment to compete with developed countries just

like other developing countries (Gurley & Shaw, 1955).

Pakistan's economy has delivered solid economic growth in

the previous decade in the midst of an extraordinary

shortage in oil prices and the dynamic earthquake of October

8, 2005, With economic growth at 6.6 % in 2005-06, just from

that time Pakistani economy has shown a progress at an

average rate of almost 7.0% per year during the previous

eight years, thus positioning itself as one of the growing

economies of Asian region in the world. Monetary policy

shows very dynamic attitude in the history of Pakistan in

previous decade which has been made to control the inflation

or interest rate to boost the economy. Some of the decisions

are gone against the economic boost like expansion of

monetary policy and contraction of budget policy in 2004

which showed its results in 2007 when oil prices gone up and

also inflation increases in the early 2008 which directly

influenced the interest rate and so as to economic condition

11

of Pakistan. Stock market is very important source of

measuring the economic condition of any country and in

Pakistan KSE is the best sample of stock markets operating

in Pakistan (Fama, 1970).

12

CHAPTER NO. 3

METHODOLOGY

Sample

This study based on secondary data. Data is collected from

Karachi stock exchange for market prices and returns. Data

for interest rates is collected from various sources like

state bank of Pakistan and federal bureau of statistics of

Pakistan. Data of previous five years was collected from the

economy of Pakistan relating to stock prices and interest

rate.

The reason for collecting data of previous 5 years is

because; in previous decade Pakistani economy faced many

fluctuations and interest rate show very disturbed trend.

Measure

This study is secondary based research and based on

historical based measures of interest rate and stock market

performance. For that purpose KSE 100 index is taken as

measure of stock market.

Procedure

Basic objective to acquire data is to examine the

relationship of interest rate on stock prices. As causal

relationship exists between interest rate and stock prices

so to measure the results regression analysis along with

correlational check up was applied. Data analyzed through

SPSS by using regression analysis.

13

CHAPTER NO. 4

RESUTLS AND DISCUSSIONS

Table 4.1

Model Summary

.114a .013 .012 2601.40599

Model

1

R R SquareAdjusted R

SquareStd. Error ofthe Estimate

Predictors: (Constant), intratea.

The results indicate the correlation (0.114) and the r-

square (.013) this show how much variation is explained. It

is clear that if it is 1 % change in interest rate there

will be .114% change in stock index which is used to measure

the stock performance.

14

Table 4.2

ANOVAb

141316335.714 1 141316335.7 20.882 .000a

10773562460.5 1592 6767313.103

10914878796.3 1593

Regression

Residual

Total

Model

1

Sum of Squares df Mean Square F Sig.

Predictors: (Constant), intratea.

Dependent Variable: stockindb.

The sig. value in ANOVA is .000 which shows 100% confidence

of data.

15

Table 4.3

Coefficientsa

11833.568 318.824 37.116 .000

-134.312 29.392 -.114 -4.570 .000

(Constant)

intrate

Model

1

B Std. Error

UnstandardizedCoefficients

Beta

StandardizedCoefficients

t Sig.

Dependent Variable: stockinda.

Negative sign of beta shows the negative relationship

between interest rate and stock index and value show the

moderate relationship between interest rate and stock

prices.

Sig.: This is the p-value. The significant levels should

below .05. In above case value is .000 which shows 100%

significance.

16

Correlation:

Table 4.4

Correlations

1 -.114**

. .000

1594 1594

-.114** 1

.000 .

1594 1594

Pearson Correlation

Sig. (2-tailed)

N

Pearson Correlation

Sig. (2-tailed)

N

intrate

stockind

intrate stockind

Correlation is significant at the 0.01 level (2-tailed).**.

Interdependency of stock index, based on interest rates, is

checked and according to results it is clear that there is

moderate relationship between interest rates and stock

index.

17

CHAPTER NO. 5

CONCLUSION AND RECOMMENDATION

Stock markets are important indicators to measure economic

condition of any country. Many factors are affecting stock

markets (macro and micro factors). Each factor influence on

the stock market but the intensity is different. Interest

rate is very important factor which affects stock market.

Interest rate itself is a macroeconomic factor, which

depends upon many different factors like inflation premium

etc. influencing impact is different from country to country

and economy to economy.

In our economy moderately negative impact is found between

interest rate and stock prices. In the previous year

economic indicators for Pakistan were very bad, but now

Pakistani market' is grooming because of the role of foreign

investors. Influence on the confident of local investors but

law and political instability always a negative factor

anyhow at some points interference of foreign investors is

hopeful for economy and government step of lowering down

interest rate is motivator factor for investors. Some

internal factors like badla are also positive as well as at

the same time negatively impact on some of the investors.

As the trend has showed that interest rate and stock index

has a negative relationship. This means when government

applies expansionary monetary policy to boost up the economy

the direct impact is on the stock market. As lowering

interest rates are favorable for economy so best time for

18

new and small scale investors to invest in the stock market

is when interest rates are relaxed.

Moderate relationship means other factors like company's

performance, earning per share, GDP growth dividend policy

and other micro and macro factors are also considered which

influence or can influence stock market. So investor should

have a good track of all these things while making

investment.

19

REFRENCES

Al – Tamimi, Hussein (2007), “Factors Affecting Stock Prices

in The UAE Financial Markets”, Singapore Economic

Review Conference,

https://editorialexpress.com/conference/SERC2007.

Bodie, Z. (1976) Common stocks as a hedge against inflation,

Journal of Finance, 31.

Baker, H.K. and Haslem, J.A. (1973), “Information needs of

individual investors”, Journal of Accountancy, Vol. 136

No. 5.

Chaudhuri, K. and Smiles, S. (2004), “Stock Market and

Aggregate Economic Activity: Evidence from Australia,”

Applied Financial Economics,

Clerc, Laurent and Christian Pfister (2001) “The Role of

Financial Factors in the Transmission of Monetary

policy” Bank for International Settlements, BIS Papers

No 19, and

http://www.bis.org/publ/bppdf/bispap19h.pdf.

20

Cutler, D. M., J. M. Poterba, and L. H. Summers, (1989),

“What Moves Stock Prices?” Journal of Portfolio

Management 15.

Fama, E. F. (1981) Stock returns, real activity, inflation,

and money, American Economic Review, 71.

Gompers, Paul A., Joy L. Ishii, and Andrew Metrick (2003)

“Corporate Governance and Equity Prices”

Gurley, J., and E. Shaw (1955), “Financial Aspects of

Economic Development,” American Economic Review, Vol.

45.

Udegbunam, R.I. and P. O. Eriki (2001), “Inflation and Stock

Price Behavior: Evidence from Nigerian Stock Market,”

Journal of Financial Management & Analysis.

Ibrahim, Mansor H. (2003), “Macroeconomic Forces and Capital

Market Integration: A VAR Analysis for Malaysia,”

Journal of the Asia Pacific Economy, 8 (1)

Lui, Y.H. and Mole, D. (1998), “The use of fundamental and

technical analyses by foreign exchange dealers: Hong

Kong evidence”, Journal of International Money and

Finance, Vol. 17 No. 3.

21

Lee, T.A. and Tweedie, D.P. (1977), The Private Shareholder

and the Corporate Report, Institute of Chartered

Accountants in England and Wales, London.

Miltersen k,k sandmann and D sondermann (1997) “closed form

solution for term structure derivativies with long

normal interest rates”. Journal of finanace 52.

Niederhoffer, V., S. Gibbs, and J. Bullock, (1970),

“Presidential Elections and the Stock Market,”

Financial Analysts Journal.

Potter, R.E. (1971), “An empirical study of motivations of

common stock investors”, Southern Journal of Business.

Peel, D. and P. Pope, (1983) “General Election in the U.K.

in the Post-1950 Period and the Behavior of the Stock

Market,” Investment Analysis.

22

APPENDIX

DAY DATE KIBORSTOCK INDEX DAY DATE KIBOR

STOCK INDEX

Mon 3-Jan-05 5.81 6220.28 Thu 3-Mar-05 6.39 8,496.73Tue 4-Jan-05 5.82 6,297.70 Fri 4-Mar-05 6.42 8,793.69

Wed 5-Jan-05 5.80 6,285.68 Sat 5-Mar-05 6.42 8,793.69Thu 6-Jan-05 6.00 6,353.27 Sun 6-Mar-05 6.42 8,793.69

Fri 7-Jan-05 6.07 6,318.90 Mon 7-Mar-05 6.48 8,863.48Sat 8-Jan-05 6.11 6,318.90 Tue 8-Mar-05 6.49 9,218.68

Mon 10-Jan-05 6.15 6,484.14 Wed 9-Mar-05 6.52 9,588.47Tue 11-Jan-05 6.09 6,710.03 Thu 10-Mar-05 6.47 9,571.92

Wed 12-Jan-05 6.12 6,657.40 Fri 11-Mar-05 6.48 9,603.73Thu 13-Jan-05 6.05 6,424.80 Sat 12-Mar-05 6.39 9,603.73

Fri 14-Jan-05 6.01 6,559.83 Sun 13-Mar-05 6.39 9,603.73Sat 15-Jan-05 5.99 6,633.01 Mon 14-Mar-05 6.40 9,998.05

Mon 17-Jan-05 5.99 6,633.01 Tue 15-Mar-05 6.39 10,303.13Tue 18-Jan-05 6.00 6,603.55 Wed 16-Mar-05 6.44 10,077.89

Wed 19-Jan-05 5.98 6,746.40 Thu 17-Mar-05 6.49 9,636.37Mon 24-Jan-05 6.19 6,861.97 Fri 18-Mar-05 6.51 9,499.42Tue 25-Jan-05 6.23 6,887.58 Sat 19-Mar-05 6.52 9,499.42

Wed 26-Jan-05 6.37 6,904.56 Sun 20-Mar-05 6.52 9,499.42Thu 27-Jan-05 6.45 6,952.82 Mon 21-Mar-05 6.54 9,097.92

Fri 28-Jan-05 6.42 6,798.01 Tue 22-Mar-05 6.56 8,694.61Sat 29-Jan-05 6.38 6,780.58 Wed 23-Mar-05 6.56 8,694.61

Mon 31-Jan-05 6.33 6,747.39 Thu 24-Mar-05 6.59 8,314.10Tue 1-Feb-05 6.37 6,869.28 Fri 25-Mar-05 6.59 7,964.95

Wed 2-Feb-05 6.40 6,949.88 Sat 26-Mar-05 6.63 7,964.95Thu 3-Feb-05 6.32 7,014.71 Sun 27-Mar-05 6.63 7,964.95

Fri 4-Feb-05 6.23 6,968.46 Mon 28-Mar-05 6.64 7,708.29Mon 7-Feb-05 6.26 7,091.14 Tue 29-Mar-05 6.68 7,855.14Tue 8-Feb-05 6.36 7,154.83 Wed 30-Mar-05 6.67 8,085.56

Wed 9-Feb-05 6.37 7,156.55 Thu 31-Mar-05 6.78 7,770.33Thu 10-Feb-05 6.39 7,196.63 Fri 1-Apr-05 6.74 7,596.87

Fri 11-Feb-05 6.37 7,238.76 Sat 2-Apr-05 6.75 7,596.87Sat 12-Feb-05 6.38 7,238.76 Sun 3-Apr-05 6.75 7,596.87

Sun 13-Feb-05 6.38 7,238.76 Mon 4-Apr-05 6.71 8,050.25Mon 14-Feb-05 6.36 7,341.69 Tue 5-Apr-05 6.74 7,820.81Tue 15-Feb-05 6.40 7,402.80 Wed 6-Apr-05 6.74 7,613.63

Wed 16-Feb-05 6.37 7,508.80 Thu 7-Apr-05 6.74 7,784.34Thu 17-Feb-05 6.35 7,579.98 Fri 8-Apr-05 6.73 7,593.30

Fri 18-Feb-05 6.36 7,734.03 Sat 9-Apr-05 6.74 7,593.30Sat 19-Feb-05 6.36 7,734.03 Sun 10-Apr-05 6.74 7,593.30

Sun 20-Feb-05 6.36 7,734.03 Mon 11-Apr-05 6.83 7,244.49Mon 21-Feb-05 6.39 7,865.94 Tue 12-Apr-05 7.31 6,939.03Tue 22-Feb-05 6.41 7,925.70 Wed 13-Apr-05 7.30 7,123.62

Wed 23-Feb-05 6.44 8,180.79 Thu 14-Apr-05 7.80 7,202.84Thu 24-Feb-05 6.44 8,253.12 Fri 15-Apr-05 7.84 7,512.91

Fri 25-Feb-05 6.44 8,285.40 Sat 16-Apr-05 7.84 7,512.91

23

Sat 26-Feb-05 6.38 8,285.40 Sun 17-Apr-05 7.84 7,512.91Sun 27-Feb-05 6.38 8,285.40 Mon 18-Apr-05 7.84 7,234.21Mon 28-Feb-05 6.39 8,260.06 Tue 19-Apr-05 7.87 6,952.72Tue 1-Mar-05 6.41 8,404.52 Wed 20-Apr-05 7.89 7,030.83

Wed 2-Mar-05 6.44 8,206.14 Thu 21-Apr-05 7.86 7,101.38Fri 22-Apr-05 7.86 7,101.38 Sat 11-Jun-05 8.68 7,345.29

Sat 23-Apr-05 7.83 7,101.38 Sun 12-Jun-05 8.68 7,345.29Sun 24-Apr-05 7.83 7,101.38 Mon 13-Jun-05 8.69 7,441.77Mon 25-Apr-05 7.86 6,996.82 Tue 14-Jun-05 8.67 7,368.95Tue 26-Apr-05 7.97 7,164.73 Wed 15-Jun-05 8.70 7,488.73

Wed 27-Apr-05 8.07 7,275.74 Thu 16-Jun-05 8.69 7,330.91Thu 28-Apr-05 8.16 7,144.48 Fri 17-Jun-05 8.67 7,398.73

Fri 29-Apr-05 8.25 7,104.65 Sat 18-Jun-05 8.66 7,398.73Sat 30-Apr-05 8.30 7,104.65 Sun 19-Jun-05 8.66 7,398.73

Sun 1-May-05 8.30 7,104.65 Mon 20-Jun-05 8.65 7,663.04Mon 2-May-05 8.46 6,832.74 Tue 21-Jun-05 8.65 7,489.71Tue 3-May-05 8.44 6,887.93 Wed 22-Jun-05 8.66 7,409.07

Wed 4-May-05 8.50 6,898.72 Thu 23-Jun-05 8.66 7,417.70

Thu 5-May-05 8.54 7,098.22 Fri 24-Jun-05 8.70 7,350.0

0

Fri 6-May-05 8.59 7,183.25 Sat 25-Jun-05 8.74 7,350.0

0

Sat 7-May-05 8.61 7,183.25 Sun 26-Jun-05 8.74 7,350.0

0

Sun 8-May-05 8.61 7,183.25 Mon 27-Jun-05 8.76 7,255.0

0

Mon 9-May-05 8.62 7,384.98 Tue 28-Jun-05 8.80 7,432.0

0

Tue 10-May-05 8.64 7,367.69 Wed 29-Jun-05 8.77 7,495.0

0

Wed 11-May-05 8.67 7,497.62 Thu 30-Jun-05 8.71 7,450.0

0

Thu 12-May-05 9.05 7,284.05 Fri 1-Jul-05 8.71 7,465.0

0

Fri 13-May-05 9.13 7,284.05 Sat 2-Jul-05 8.64 7,465.0

0

Sat 14-May-05 9.29 7,284.05 Sun 3-Jul-05 8.64 7,465.0

0

Sun 15-May-05 9.29 7,284.05 Mon 4-Jul-05 8.69 7,409.0

0

Mon 16-May-05 9.35 7,315.50 Tue 5-Jul-05 8.74 7,518.0

0

Tue 17-May-05 9.35 7,437.95 Wed 6-Jul-05 8.75 7,530.0

0

Wed 18-May-05 9.32 7,348.06 Thu 7-Jul-05 8.75 7,589.0

0

Thu 19-May-05 9.33 7,413.70 Fri 8-Jul-05 8.77 7,589.0

0

Fri 20-May-05 9.35 7,300.09 Sat 9-Jul-05 8.73 7,589.0

0

Sat 21-May-05 9.34 7,300.09 Sun 10-Jul-05 8.73 7,589.0

0

24

Sun 22-May-05 9.34 7,300.09 Mon 11-Jul-05 8.78 7,554.0

0

Mon 23-May-05 9.26 6,983.30 Tue 12-Jul-05 8.80 7,512.0

0

Tue 24-May-05 9.27 7,034.84 Wed 13-Jul-05 8.80 7,481.0

0

Wed 25-May-05 9.27 6,942.42 Thu 14-Jul-05 8.84 7,472.0

0

Thu 26-May-05 9.15 6,664.86 Fri 15-Jul-05 8.86 7,536.0

0

Fri 27-May-05 9.10 6,467.15 Sat 16-Jul-05 8.93 7,536.0

0

Sat 28-May-05 9.09 6,467.15 Sun 17-Jul-05 8.93 7,536.0

0

Sun 29-May-05 9.09 6,467.15 Mon 18-Jul-05 8.95 7,438.0

0

Mon 30-May-05 8.97 6,707.56 Tue 19-Jul-05 8.98 7,320.0

0

Tue 31-May-05 8.84 6,857.67 Wed 20-Jul-05 8.96 7,411.0

0

Wed 1-Jun-05 8.86 7,019.60 Thu 21-Jul-05 8.98 7,411.0

0

Thu 2-Jun-05 8.76 7,322.38 Fri 22-Jul-05 9.07 7,354.0

0

Fri 3-Jun-05 8.63 7,213.17 Sat 23-Jul-05 9.05 7,354.0

0

Sat 4-Jun-05 8.58 7,213.17 Sun 24-Jul-05 9.05 7,354.0

0

Sun 5-Jun-05 8.58 7,213.17 Mon 25-Jul-05 9.06 7,305.0

0

Mon 6-Jun-05 8.53 7,104.40 Tue 26-Jul-05 9.09 7,302.0

0

Tue 7-Jun-05 8.59 7,391.18 Wed 27-Jul-05 9.11 7,218.0

0

Wed 8-Jun-05 8.58 7,263.56 Thu 28-Jul-05 9.08 7,215.0

0

Thu 9-Jun-05 8.82 7,307.02 Fri 29-Jul-05 9.09 7,179.0

0

Fri 10-Jun-05 8.66 7,345.29 Sat 30-Jul-05 9.10 7,179.0

0

Sun 31-Jul-05 9.10 7,179.0

0 Mon 19-Sep-05 8.89 7,973.0

0

Mon 1-Aug-05 9.10 7,195.0

0 Tue 20-Sep-05 8.92 8,066.0

0

Tue 2-Aug-05 9.07 7,325.0

0 Wed 21-Sep-05 8.91 8,187.00

Wed 3-Aug-05 9.00 7,442.0

0 Thu 22-Sep-05 8.95 8,186.0

0

Thu 4-Aug-05 8.94 7,405.0

0 Fri 23-Sep-05 8.96 8,180.0

0

Fri 5-Aug-05 8.89 7,419.0

0 Sat 24-Sep-05 8.93 8,180.0

0 Sat 6-Aug-05 8.92 7,419.0 Sun 25-Sep-05 8.93 8,180.0

25

0 0

Sun 7-Aug-05 8.92 7,419.0

0 Mon 26-Sep-05 8.93 8,218.00

Mon 8-Aug-05 8.90 7,315.0

0 Tue 27-Sep-05 8.94 8,195.00

Tue 9-Aug-05 8.91 7,184.0

0 Wed 28-Sep-05 8.92 8,196.00

Wed 10-Aug-05 8.92 7,064.0

0 Thu 29-Sep-05 8.91 8,152.00

Thu 11-Aug-05 8.94 6,971.0

0 Fri 30-Sep-05 8.94 8,226.00

Fri 12-Aug-05 8.88 7,151.0

0 Sat 1-Oct-05 8.92 8,226.00

Sat 13-Aug-05 8.94 7,151.0

0 Sun 2-Oct-05 8.92 8,226.00

Sun 14-Aug-05 8.94 7,151.0

0 Mon 3-Oct-05 8.94 8,329.70

Mon 15-Aug-05 8.95 7,123.0

0 Tue 4-Oct-05 8.95 8,427.0

0

Tue 16-Aug-05 8.96 7,139.0

0 Wed 5-Oct-05 8.98 8,582.0

0

Wed 17-Aug-05 8.94 7,099.0

0 Thu 6-Oct-05 8.98 8,540.0

0

Thu 18-Aug-05 8.94 7,099.0

0 Fri 7-Oct-05 8.98 8,542.0

0

Fri 19-Aug-05 8.94 7,312.0

0 Sat 8-Oct-05 8.96 8,542.0

0

Sat 20-Aug-05 8.95 7,312.0

0 Sun 9-Oct-05 8.96 8,542.0

0

Sun 21-Aug-05 8.95 7,312.0

0 Mon 10-Oct-05 8.99 8,521.0

0

Mon 22-Aug-05 8.95 7,590.0

0 Tue 11-Oct-05 9.01 8,622.0

0

Tue 23-Aug-05 8.94 7,512.0

0 Wed 12-Oct-05 8.99 8,792.0

0

Wed 24-Aug-05 8.93 7,512.0

0 Thu 13-Oct-05 9.02 8,762.0

0

Thu 25-Aug-05 8.92 7,554.0

0 Fri 14-Oct-05 9.01 8,864.0

0

Fri 26-Aug-05 8.91 7,586.0

0 Sat 15-Oct-05 9.01 8,864.0

0

Sat 27-Aug-05 8.83 7,586.0

0 Sun 16-Oct-05 9.01 8,864.0

0

Sun 28-Aug-05 8.83 7,586.0

0 Mon 17-Oct-05 9.04 8,901.0

0

Mon 29-Aug-05 8.86 7,691.0

0 Tue 18-Oct-05 9.02 8,669.0

0

Tue 30-Aug-05 8.88 7,744.0

0 Wed 19-Oct-05 9.03 8,873.0

0

Wed 31-Aug-05 8.87 7,797.0

0 Thu 20-Oct-05 9.05 8,558.0

0 Thu 1-Sep-05 8.90 7,769.0 Fri 21-Oct-05 9.08 8,290.0

26

0 0

Fri 2-Sep-05 8.89 7,790.0

0 Sat 22-Oct-05 9.07 8,290.0

0

Sat 3-Sep-05 8.84 7,790.0

0 Sun 23-Oct-05 9.07 8,290.0

0

Sun 4-Sep-05 8.84 7,790.0

0 Mon 24-Oct-05 9.09 8,409.0

0

Mon 5-Sep-05 8.85 7,849.0

0 Tue 25-Oct-05 9.05 8,317.0

0

Tue 6-Sep-05 8.86 7,807.0

0 Wed 26-Oct-05 9.07 8,235.0

0

Wed 7-Sep-05 8.85 7,804.0

0 Thu 27-Oct-05 9.06 8,317.0

0

Thu 8-Sep-05 8.87 7,884.0

0 Fri 28-Oct-05 9.05 8,317.0

0

Fri 9-Sep-05 8.86 7,889.0

0 Sat 29-Oct-05 9.10 8,317.0

0

Sat 10-Sep-05 8.91 7,889.0

0 Sun 30-Oct-05 9.10 8,317.0

0

Sun 11-Sep-05 8.91 7,889.0

0 Mon 31-Oct-05 9.10 8,247.0

0

Mon 12-Sep-05 8.89 7,895.0

0 Tue 1-Nov-05 9.08 8,247.0

0

Tue 13-Sep-05 8.88 7,895.0

0 Wed 2-Nov-05 9.13 8,437.0

0

Wed 14-Sep-05 8.89 7,957.0

0 Thu 3-Nov-05 9.13 8,437.0

0

Thu 15-Sep-05 8.90 7,979.0

0 Fri 4-Nov-05 9.13 8,437.0

0

Fri 16-Sep-05 8.89 7,935.0

0 Sat 5-Nov-05 9.13 8,437.0

0

Sat 17-Sep-05 8.88 7,935.0

0 Sun 6-Nov-05 9.13 8,437.0

0

Sun 18-Sep-05 8.88 7,935.0

0 Mon 7-Nov-05 9.11 8,664.0

0

Tue 8-Nov-05 9.11 8,694.0

0 Wed 28-Dec-05 9.02 9,467.0

0

Wed 9-Nov-05 9.11 8,694.0

0 Thu 29-Dec-05 9.10 9,497.0

0

Thu 10-Nov-05 9.16 8,795.0

0 Fri 30-Dec-05 9.03 9,557.0

0

Fri 11-Nov-05 9.18 8,794.0

0 Mon 2-Jan-06 9.05 9,557.0

0

Sat 12-Nov-05 9.14 8,794.0

0 Tue 3-Jan-06 9.01 9,557.0

0

Sun 13-Nov-05 9.14 8,794.0

0 Wed 4-Jan-06 9.01 9,766.90

Mon 14-Nov-05 9.15 8,838.0

0 Thu 5-Jan-06 9.05 9,853.31

Tue 15-Nov-05 9.16 8,890.0

0 Fri 6-Jan-06 9.06 9,907.14

Wed 16-Nov-05 9.18 8,896.0

0 Sat 7-Jan-06 9.04 9,886.30

27

Thu 17-Nov-05 9.15 8,864.0

0 Sun 8-Jan-06 9.04 9,886.30

Fri 18-Nov-05 9.10 8,934.0

0 Mon 9-Jan-06 9.08 9,886.30

Sat 19-Nov-05 9.11 8,934.0

0 Tue 10-Jan-06 9.08 9,990.19

Sun 20-Nov-05 9.11 8,934.0

0 Wed 11-Jan-06 9.08 9,990.19

Mon 21-Nov-05 9.11 8,961.0

0 Thu 12-Jan-06 9.08 9,990.19

Tue 22-Nov-05 9.14 9,006.0

0 Fri 13-Jan-06 9.07 9,990.19

Wed 23-Nov-05 9.11 9,016.0

0 Sat 14-Jan-06 9.13 9,990.19

Thu 24-Nov-05 9.16 9,073.0

0 Sun 15-Jan-06 9.13 9,990.19

Fri 25-Nov-05 9.12 9,064.0

0 Mon 16-Jan-06 9.14 9,990.19

Sat 26-Nov-05 9.14 9,064.0

0 Tue 17-Jan-06 9.15 10,093.52

Sun 27-Nov-05 9.14 9,064.0

0 Wed 18-Jan-06 9.22 10,165.91

Mon 28-Nov-05 9.18 9,147.0

0 Thu 19-Jan-06 9.15 10,235.17

Tue 29-Nov-05 9.20 9,136.0

0 Fri 20-Jan-06 9.15 10,259.86

Wed 30-Nov-05 9.19 9,026.0

0 Sat 21-Jan-06 9.19 10,227.87

Thu 1-Dec-05 9.16 9,081.0

0 Sun 22-Jan-06 9.19 10,227.87

Fri 2-Dec-05 9.20 9,226.0

0 Mon 23-Jan-06 9.16 10,227.87

Sat 3-Dec-05 9.19 9,226.0

0 Tue 24-Jan-06 9.21 10,346.47

Sun 4-Dec-05 9.19 9,226.0

0 Wed 25-Jan-06 9.16 10,170.40

Mon 5-Dec-05 9.18 9,345.0

0 Thu 26-Jan-06 9.21 10,214.01

Tue 6-Dec-05 9.22 9,397.0

0 Fri 27-Jan-06 9.22 10,304.80

Wed 7-Dec-05 9.25 9,375.0

0 Sat 28-Jan-06 9.22 10,447.56

Thu 8-Dec-05 9.25 9,418.0

0 Sun 29-Jan-06 9.22 10,447.56

Fri 9-Dec-05 9.25 9,432.0

0 Mon 30-Jan-06 9.22 10,447.56

Sat 10-Dec-05 9.09 9,432.0

0 Tue 31-Jan-06 9.23 10,527.85

Sun 11-Dec-05 9.09 9,432.0

0 Wed 1-Feb-06 9.21 10,524.10

Mon 12-Dec-05 9.18 9,460.0

0 Thu 2-Feb-06 9.18 10,496.95Tue 13-Dec-05 9.12 9,451.0 Fri 3-Feb-06 9.18 10,466.40

28

0

Wed 14-Dec-05 9.05 9,404.0

0 Sat 4-Feb-06 9.20 10,726.46

Thu 15-Dec-05 9.10 9,489.0

0 Sun 5-Feb-06 9.20 10,726.46

Fri 16-Dec-05 9.09 9,515.0

0 Mon 6-Feb-06 9.22 10,726.46

Sat 17-Dec-05 9.25 9,515.0

0 Tue 7-Feb-06 9.24 10,802.32

Sun 18-Dec-05 9.25 9,515.0

0 Wed 8-Feb-06 9.24 10,913.78

Mon 19-Dec-05 9.16 9,380.0

0 Thu 9-Feb-06 9.24 10,913.78

Tue 20-Dec-05 9.13 9,482.0

0 Fri 10-Feb-06 9.20 10,913.78

Wed 21-Dec-05 9.15 9,504.0

0 Sat 11-Feb-06 9.21 11,052.86

Thu 22-Dec-05 9.13 9,471.0

0 Sun 12-Feb-06 9.21 11,052.86

Fri 23-Dec-05 9.14 9,491.0

0 Mon 13-Feb-06 9.20 11,052.86

Sat 24-Dec-05 9.12 9,491.0

0 Tue 14-Feb-06 9.19 11,218.03

Sun 25-Dec-05 9.12 9,491.0

0 Wed 15-Feb-06 9.21 10,920.09

Mon 26-Dec-05 9.11 9,372.0

0 Thu 16-Feb-06 9.21 11,259.29

Tue 27-Dec-05 9.09 9,447.0

0 Fri 17-Feb-06 9.22 11,176.81Sat 18-Feb-06 9.25 11,352.63 Sun 9-Apr-06 9.39 11,936.59

Sun 19-Feb-06 9.25 11,352.63 Mon 10-Apr-06 9.40 11,936.59Mon 20-Feb-06 9.29 11,352.63 Tue 11-Apr-06 9.40 11,992.23Tue 21-Feb-06 9.30 11,441.85 Wed 12-Apr-06 9.45 11,992.23

Wed 22-Feb-06 9.35 11,537.02 Thu 13-Apr-06 9.46 11,992.23Thu 23-Feb-06 9.36 11,444.12 Fri 14-Apr-06 9.46 12,060.73

Fri 24-Feb-06 9.32 11,609.37 Sat 15-Apr-06 9.49 12,136.83Sat 25-Feb-06 9.30 11,546.79 Sun 16-Apr-06 9.49 12,136.83

Sun 26-Feb-06 9.30 11,546.79 Mon 17-Apr-06 9.50 12,136.83Mon 27-Feb-06 9.31 11,546.79 Tue 18-Apr-06 9.55 12,273.77Tue 28-Feb-06 9.39 11,191.75 Wed 19-Apr-06 9.53 12,115.46

Wed 1-Mar-06 9.32 11,456.27 Thu 20-Apr-06 9.53 12,048.11Thu 2-Mar-06 9.32 11,473.99 Fri 21-Apr-06 9.54 12,075.75

Fri 3-Mar-06 9.26 11,381.61 Sat 22-Apr-06 9.52 12,007.60Sat 4-Mar-06 9.30 11,415.29 Sun 23-Apr-06 9.52 12,007.60

Sun 5-Mar-06 9.30 11,415.29 Mon 24-Apr-06 9.54 12,007.60Mon 6-Mar-06 9.35 11,415.29 Tue 25-Apr-06 9.55 11,802.68Tue 7-Mar-06 9.35 10,947.09 Wed 26-Apr-06 9.57 11,941.82

Wed 8-Mar-06 9.35 11,085.03 Thu 27-Apr-06 9.59 11,910.09Thu 9-Mar-06 9.33 10,594.00 Fri 28-Apr-06 9.60 11,683.72

Fri 10-Mar-06 9.34 10,803.99 Sat 29-Apr-06 9.60 11,342.17Sat 11-Mar-06 9.32 10,474.20 Sun 30-Apr-06 9.60 11,342.17

29

Sun 12-Mar-06 9.32 10,474.20 Mon 1-May-06 9.60 11,342.17Mon 13-Mar-06 9.34 10,474.20 Tue 2-May-06 9.63 11,342.17Tue 14-Mar-06 9.31 10,474.20 Wed 3-May-06 9.67 11,572.58

Wed 15-Mar-06 9.31 10,433.17 Thu 4-May-06 9.68 11,728.14Thu 16-Mar-06 9.29 10,392.91 Fri 5-May-06 9.69 11,690.25

Fri 17-Mar-06 9.29 10,689.20 Sat 6-May-06 9.69 11,686.44Sat 18-Mar-06 9.34 10,951.08 Sun 7-May-06 9.69 11,686.44

Sun 19-Mar-06 9.34 10,951.08 Mon 8-May-06 9.70 11,686.44Mon 20-Mar-06 9.34 10,951.08 Tue 9-May-06 9.69 11,775.52Tue 21-Mar-06 9.34 11,032.31 Wed 10-May-06 9.69 11,576.83

Wed 22-Mar-06 9.35 11,129.77 Thu 11-May-06 9.70 11,571.83Thu 23-Mar-06 9.35 11,278.48 Fri 12-May-06 9.66 11,531.37

Fri 24-Mar-06 9.39 12,007.60 Sat 13-May-06 9.68 11,511.54Sat 25-Mar-06 9.38 11,459.58 Sun 14-May-06 9.68 11,511.54

Sun 26-Mar-06 9.38 11,459.58 Mon 15-May-06 9.70 11,511.54Mon 27-Mar-06 9.38 11,459.58 Tue 16-May-06 9.69 11,096.86Tue 28-Mar-06 9.35 11,402.11 Wed 17-May-06 9.70 10,706.96

Wed 29-Mar-06 9.37 11,449.44 Thu 18-May-06 9.65 11,094.41Thu 30-Mar-06 9.38 11,414.37 Fri 19-May-06 9.63 10,687.88

Fri 31-Mar-06 9.43 11,568.64 Sat 20-May-06 9.69 10,861.31Sat 1-Apr-06 9.44 11,485.90 Sun 21-May-06 9.69 10,861.31

Sun 2-Apr-06 9.44 11,485.90 Mon 22-May-06 9.69 10,861.31Mon 3-Apr-06 9.41 11,485.90 Tue 23-May-06 9.70 10,930.55Tue 4-Apr-06 9.41 11,573.97 Wed 24-May-06 9.69 10,932.58

Wed 5-Apr-06 9.39 11,664.97 Thu 25-May-06 9.68 11,116.88Thu 6-Apr-06 9.38 11,666.38 Fri 26-May-06 9.66 11,018.85

Fri 7-Apr-06 9.39 11,685.44 Sat 27-May-06 9.66 10,660.39Sat 8-Apr-06 9.39 11,936.59 Sun 28-May-06 9.66 10,660.39

Mon 29-May-06 9.62 10,660.39 Tue 18-Jul-06 9.53 9,947.80Tue 30-May-06 9.61 10,247.60 Wed 19-Jul-06 10.07 10,191.84

Wed 31-May-06 9.66 10,118.73 Thu 20-Jul-06 10.07 10,198.78Thu 1-Jun-06 9.66 9,800.69 Fri 21-Jul-06 10.16 10,198.32

Fri 2-Jun-06 9.65 10,183.77 Sat 22-Jul-06 10.50 10,257.63Sat 3-Jun-06 9.63 10,346.23 Sun 23-Jul-06 10.50 10,257.63

Sun 4-Jun-06 9.63 10,346.23 Mon 24-Jul-06 10.57 10,257.63Mon 5-Jun-06 9.63 10,346.23 Tue 25-Jul-06 10.54 10,350.63Tue 6-Jun-06 9.67 10,373.86 Wed 26-Jul-06 10.51 10,401.13

Wed 7-Jun-06 9.65 10,531.86 Thu 27-Jul-06 10.44 10,343.67Thu 8-Jun-06 9.71 10,202.30 Fri 28-Jul-06 10.42 10,430.73

Fri 9-Jun-06 9.70 9,775.04 Sat 29-Jul-06 10.40 10,353.00Sat 10-Jun-06 9.71 9,849.83 Sun 30-Jul-06 10.40 10,353.00

Sun 11-Jun-06 9.71 9,849.83 Mon 31-Jul-06 10.65 10,353.52Mon 12-Jun-06 9.72 9,849.83 Tue 1-Aug-06 10.60 10,497.60Tue 13-Jun-06 9.66 9,732.86 Wed 2-Aug-06 10.55 10,507.09

Wed 14-Jun-06 9.71 9,314.91 Thu 3-Aug-06 10.44 10,558.32Thu 15-Jun-06 9.68 8,766.98 Fri 4-Aug-06 10.43 10,667.49

Fri 16-Jun-06 9.69 9,177.46 Sat 5-Aug-06 10.36 10,772.58Sat 17-Jun-06 9.74 9,607.11 Sun 6-Aug-06 10.36 10,772.58

Sun 18-Jun-06 9.74 9,607.11 Mon 7-Aug-06 10.44 10,772.58

30

Mon 19-Jun-06 9.74 9,607.11 Tue 8-Aug-06 10.43 10,846.74Tue 20-Jun-06 9.72 9,943.83 Wed 9-Aug-06 10.43 10,828.39

Wed 21-Jun-06 9.70 10,105.17 Thu 10-Aug-06 10.46 10,655.54Thu 22-Jun-06 9.69 10,103.31 Fri 11-Aug-06 10.45 10,525.09

Fri 23-Jun-06 9.70 10,171.00 Sat 12-Aug-06 10.43 10,406.40Sat 24-Jun-06 9.70 9,807.53 Sun 13-Aug-06 10.43 10,406.40

Sun 25-Jun-06 9.70 9,807.53 Mon 14-Aug-06 10.43 10,406.40Mon 26-Jun-06 9.65 9,807.53 Tue 15-Aug-06 10.41 10,406.40Tue 27-Jun-06 9.63 9,404.70 Wed 16-Aug-06 10.41 10,317.41

Wed 28-Jun-06 9.66 9,041.62 Thu 17-Aug-06 10.40 10,576.71Thu 29-Jun-06 9.67 9,434.15 Fri 18-Aug-06 10.47 10,557.25

Fri 30-Jun-06 9.61 9,841.43 Sat 19-Aug-06 10.43 10,562.88Sat 1-Jul-06 9.61 9,989.41 Sun 20-Aug-06 10.43 10,562.88

Sun 2-Jul-06 9.61 9,989.41 Mon 21-Aug-06 10.43 10,562.88Mon 3-Jul-06 9.61 9,989.41 Tue 22-Aug-06 10.43 10,481.64Tue 4-Jul-06 9.62 9,603.65 Wed 23-Aug-06 10.39 10,220.70

Wed 5-Jul-06 9.60 9,829.40 Thu 24-Aug-06 10.37 10,220.70Thu 6-Jul-06 9.57 9,936.33 Fri 25-Aug-06 10.35 9,955.20

Fri 7-Jul-06 9.59 9,916.08 Sat 26-Aug-06 10.40 9,584.79Sat 8-Jul-06 9.58 9,836.04 Sun 27-Aug-06 10.40 9,584.79

Sun 9-Jul-06 9.58 9,836.04 Mon 28-Aug-06 10.38 9,584.79Mon 10-Jul-06 9.57 9,836.04 Tue 29-Aug-06 10.38 9,876.51Tue 11-Jul-06 9.53 9,504.47 Wed 30-Aug-06 10.33 9,942.87

Wed 12-Jul-06 9.52 9,655.93 Thu 31-Aug-06 10.37 10,086.15Thu 13-Jul-06 9.51 9,920.66 Fri 1-Sep-06 10.38 10,064.13

Fri 14-Jul-06 9.50 10,014.80 Sat 2-Sep-06 10.36 10,170.97Sat 15-Jul-06 9.55 10,027.09 Sun 3-Sep-06 10.36 10,170.97

Sun 16-Jul-06 9.55 10,027.09 Mon 4-Sep-06 10.35 10,170.97Mon 17-Jul-06 9.53 10,027.09 Tue 5-Sep-06 10.36 10,125.91Wed 6-Sep-06 10.37 10,001.79 Thu 26-Oct-06 10.54 11,566.80Thu 7-Sep-06 10.37 10,068.70 Fri 27-Oct-06 10.56 11,566.80

Fri 8-Sep-06 10.37 9,927.10 Sat 28-Oct-06 10.57 11,566.80Sat 9-Sep-06 10.34 9,965.21 Sun 29-Oct-06 10.57 11,566.80

Sun 10-Sep-06 10.34 9,965.21 Mon 30-Oct-06 10.55 11,566.80Mon 11-Sep-06 10.33 9,965.21 Tue 31-Oct-06 10.58 11,528.27Tue 12-Sep-06 10.35 9,892.77 Wed 1-Nov-06 10.56 11,327.70

Wed 13-Sep-06 10.35 10,157.17 Thu 2-Nov-06 10.60 11,010.59Thu 14-Sep-06 10.36 9,988.63 Fri 3-Nov-06 10.55 10,945.35

Fri 15-Sep-06 10.35 10,028.50 Sat 4-Nov-06 10.55 11,012.40Sat 16-Sep-06 10.31 9,984.57 Sun 5-Nov-06 10.55 11,012.40

Sun 17-Sep-06 10.31 9,984.57 Mon 6-Nov-06 10.58 11,012.40Mon 18-Sep-06 10.36 9,984.57 Tue 7-Nov-06 10.55 11,012.40Tue 19-Sep-06 10.39 9,876.40 Wed 8-Nov-06 10.56 11,017.51

Wed 20-Sep-06 10.39 9,908.85 Thu 9-Nov-06 10.56 10,973.08Thu 21-Sep-06 10.38 10,032.57 Fri 10-Nov-06 10.56 10,973.08

Fri 22-Sep-06 10.39 10,155.10 Sat 11-Nov-06 10.55 10,739.00Sat 23-Sep-06 10.39 10,306.75 Sun 12-Nov-06 10.55 10,739.45

Sun 24-Sep-06 10.39 10,306.75 Mon 13-Nov-06 10.56 10,739.45Mon 25-Sep-06 10.39 10,306.75 Tue 14-Nov-06 10.55 10,743.84

31

Tue 26-Sep-06 10.37 10,252.15 Wed 15-Nov-06 10.55 10,869.32Wed 27-Sep-06 10.40 10,305.43 Thu 16-Nov-06 10.55 10,811.86Thu 28-Sep-06 10.39 10,386.52 Fri 17-Nov-06 10.56 10,850.04

Fri 29-Sep-06 10.39 10,528.69 Sat 18-Nov-06 10.56 10,705.87Sat 30-Sep-06 10.40 10,512.48 Sun 19-Nov-06 10.56 10,705.87

Sun 1-Oct-06 10.40 10,512.48 Mon 20-Nov-06 10.56 10,705.87Mon 2-Oct-06 10.43 10,512.48 Tue 21-Nov-06 10.57 10,430.66Tue 3-Oct-06 10.43 10,616.24 Wed 22-Nov-06 10.58 10,622.55

Wed 4-Oct-06 10.43 10,592.72 Thu 23-Nov-06 10.57 10,646.26Thu 5-Oct-06 10.46 10,743.55 Fri 24-Nov-06 10.58 10,867.10

Fri 6-Oct-06 10.48 10,855.82 Sat 25-Nov-06 10.55 10,870.90Sat 7-Oct-06 10.49 10,926.91 Sun 26-Nov-06 10.55 10,870.90

Sun 8-Oct-06 10.49 10,926.91 Mon 27-Nov-06 10.56 10,870.90Mon 9-Oct-06 10.50 10,926.91 Tue 28-Nov-06 10.56 10,750.41Tue 10-Oct-06 10.51 10,942.75 Wed 29-Nov-06 10.57 10,762.16

Wed 11-Oct-06 10.52 10,959.71 Thu 30-Nov-06 10.57 10,594.57Thu 12-Oct-06 10.53 10,886.42 Fri 1-Dec-06 10.54 10,618.75

Fri 13-Oct-06 10.52 10,880.29 Sat 2-Dec-06 10.53 10,388.19Sat 14-Oct-06 10.51 10,924.55 Sun 3-Dec-06 10.53 10,388.19

Sun 15-Oct-06 10.51 10,924.55 Mon 4-Dec-06 10.55 10,388.19Mon 16-Oct-06 10.54 10,924.55 Tue 5-Dec-06 10.59 10,416.00Tue 17-Oct-06 10.54 10,909.31 Wed 6-Dec-06 10.60 10,550.16

Wed 18-Oct-06 10.52 11,167.04 Thu 7-Dec-06 10.59 10,677.30Thu 19-Oct-06 10.55 11,399.80 Fri 8-Dec-06 10.58 10,642.68

Fri 20-Oct-06 10.53 11,566.80 Sat 9-Dec-06 10.57 10,646.39Sat 21-Oct-06 10.54 11,566.80 Sun 10-Dec-06 10.57 10,646.39

Sun 22-Oct-06 10.54 11,566.80 Mon 11-Dec-06 10.59 10,646.39Mon 23-Oct-06 10.54 11,566.80 Tue 12-Dec-06 10.58 10,584.48Tue 24-Oct-06 10.54 11,566.80 Wed 13-Dec-06 10.60 10,644.36

Wed 25-Oct-06 10.54 11,566.80 Thu 14-Dec-06 10.60 10,587.09Fri 15-Dec-06 10.62 10,604.44 Sat 3-Feb-07 10.55 11590

Sat 16-Dec-06 10.61 10,551.87 Sun 4-Feb-07 10.55 11590Sun 17-Dec-06 10.61 10,551.87 Mon 5-Feb-07 10.55 11590Mon 18-Dec-06 10.62 10,551.87 Tue 6-Feb-07 10.52 11632Tue 19-Dec-06 10.66 10,341.41 Wed 7-Feb-07 10.50 11728

Wed 20-Dec-06 10.65 10,055.65 Thu 8-Feb-07 10.49 11868Thu 21-Dec-06 10.65 10,182.33 Fri 9-Feb-07 10.49 11845

Fri 22-Dec-06 10.60 9,923.11 Sat 10-Feb-07 10.46 11845Sat 23-Dec-06 10.63 9,923.11 Sun 11-Feb-07 10.46 11845

Sun 24-Dec-06 10.63 9,893.99 Mon 12-Feb-07 10.47 11630Mon 25-Dec-06 10.63 9,893.99 Tue 13-Feb-07 10.47 11644Tue 26-Dec-06 10.62 9,893.99 Wed 14-Feb-07 10.49 11455

Wed 27-Dec-06 10.65 10,025.34 Thu 15-Feb-07 10.51 11468Thu 28-Dec-06 10.66 10,031.46 Fri 16-Feb-07 10.50 11379

Fri 29-Dec-06 10.65 10,058.46 Sat 17-Feb-07 10.51 11379Sat 30-Dec-06 10.65 10,058.46 Sun 18-Feb-07 10.51 11379

Sun 31-Dec-06 10.65 10,058.46 Mon 19-Feb-07 10.49 11577Mon 1-Jan-07 10.65 10041 Tue 20-Feb-07 10.50 11463Tue 2-Jan-07 10.65 10041 Wed 21-Feb-07 10.49 11576

32

Wed 3-Jan-07 10.65 10066 Thu 22-Feb-07 10.48 11543Thu 4-Jan-07 10.63 10185 Fri 23-Feb-07 10.44 11608

Fri 5-Jan-07 10.58 10147 Sat 24-Feb-07 10.44 11608Sat 6-Jan-07 10.60 10147 Sun 25-Feb-07 10.44 11608

Sun 7-Jan-07 10.60 10147 Mon 26-Feb-07 10.44 11394Mon 8-Jan-07 10.55 10236 Tue 27-Feb-07 10.44 11376Tue 9-Jan-07 10.54 10405 Wed 28-Feb-07 10.48 11180

Wed 10-Jan-07 10.54 10377 Thu 1-Mar-07 10.46 11208Thu 11-Jan-07 10.56 10359 Fri 2-Mar-07 10.47 11133

Fri 12-Jan-07 10.56 10425 Sat 3-Mar-07 10.46 11133Sat 13-Jan-07 10.56 10425 Sun 4-Mar-07 10.46 11133

Sun 14-Jan-07 10.56 10425 Mon 5-Mar-07 10.45 10900Mon 15-Jan-07 10.55 10506 Tue 6-Mar-07 10.45 10924Tue 16-Jan-07 10.54 10591 Wed 7-Mar-07 10.43 11146

Wed 17-Jan-07 10.54 10617 Thu 8-Mar-07 10.44 11283Thu 18-Jan-07 10.56 10641 Fri 9-Mar-07 10.44 11413

Fri 19-Jan-07 10.55 10641 Sat 10-Mar-07 10.43 11413Sat 20-Jan-07 10.56 10641 Sun 11-Mar-07 10.43 11413

Sun 21-Jan-07 10.56 10641 Mon 12-Mar-07 10.44 11408Mon 22-Jan-07 10.53 10706 Tue 13-Mar-07 10.43 11405Tue 23-Jan-07 10.55 10705 Wed 14-Mar-07 10.43 11277

Wed 24-Jan-07 10.55 10857 Thu 15-Mar-07 10.42 11311Thu 25-Jan-07 10.54 11031 Fri 16-Mar-07 10.42 11374

Fri 26-Jan-07 10.52 11105 Sat 17-Mar-07 10.42 11374Sat 27-Jan-07 10.55 11105 Sun 18-Mar-07 10.42 11374

Sun 28-Jan-07 10.55 11105 Mon 19-Mar-07 10.43 11141Mon 29-Jan-07 10.55 11105 Tue 20-Mar-07 10.44 11331Tue 30-Jan-07 10.55 11105 Wed 21-Mar-07 10.43 11297

Wed 31-Jan-07 10.53 11272 Thu 22-Mar-07 10.42 11295Thu 1-Feb-07 10.55 11349 Fri 23-Mar-07 10.42 11295

Fri 2-Feb-07 10.54 11590 Sat 24-Mar-07 10.43 11295

Sun 25-Mar-07 10.43 11295 Mon 14-May-07 10.18 12346Mon 26-Mar-07 10.38 11302 Tue 15-May-07 10.18 12371Tue 27-Mar-07 10.39 11328 Wed 16-May-07 10.19 12259

Wed 28-Mar-07 10.38 11234 Thu 17-May-07 10.16 12251Thu 29-Mar-07 10.39 11222 Fri 18-May-07 10.15 12340

Fri 30-Mar-07 10.40 11272 Sat 19-May-07 10.16 12340Sat 31-Mar-07 10.39 11272 Sun 20-May-07 10.16 12340

Sun 1-Apr-07 10.39 11272 Mon 21-May-07 10.17 12283Mon 2-Apr-07 10.38 11277 Tue 22-May-07 10.16 12436Tue 3-Apr-07 10.33 11433 Wed 23-May-07 10.16 12496

Wed 4-Apr-07 10.30 11414 Thu 24-May-07 10.17 12663Thu 5-Apr-07 10.34 11596 Fri 25-May-07 10.16 12732

Fri 6-Apr-07 10.29 11656 Sat 26-May-07 10.15 12732Sat 7-Apr-07 10.31 11656 Sun 27-May-07 10.15 12732

Sun 8-Apr-07 10.31 11656 Mon 28-May-07 10.14 12831Mon 9-Apr-07 10.29 11677 Tue 29-May-07 10.14 12831Tue 10-Apr-07 10.28 11774 Wed 30-May-07 10.13 12831

33

Wed 11-Apr-07 10.26 11895 Thu 31-May-07 10.10 12831Thu 12-Apr-07 10.26 11905 Fri 1-Jun-07 10.04 12831

Fri 13-Apr-07 10.24 11978 Sat 2-Jun-07 10.03 12831Sat 14-Apr-07 10.25 11978 Sun 3-Jun-07 10.03 12831

Sun 15-Apr-07 10.25 11978 Mon 4-Jun-07 10.02 12831Mon 16-Apr-07 10.26 12005 Tue 5-Jun-07 10.03 12831Tue 17-Apr-07 10.26 12003 Wed 6-Jun-07 10.05 13212

Wed 18-Apr-07 10.24 12189 Thu 7-Jun-07 10.09 13237Thu 19-Apr-07 10.21 12121 Fri 8-Jun-07 10.07 13275

Fri 20-Apr-07 10.18 12092 Sat 9-Jun-07 10.06 13275Sat 21-Apr-07 10.18 12092 Sun 10-Jun-07 10.06 13275

Sun 22-Apr-07 10.18 12092 Mon 11-Jun-07 10.05 13268

Mon 23-Apr-07 10.16 12018 Tue 12-Jun-07 10.04 13326Tue 24-Apr-07 10.19 12151 Wed 13-Jun-07 10.04 13477

Wed 25-Apr-07 10.19 12166 Thu 14-Jun-07 10.02 13462Thu 26-Apr-07 10.21 12209 Fri 15-Jun-07 10.00 13438

Fri 27-Apr-07 10.22 12235 Sat 16-Jun-07 10.03 13438Sat 28-Apr-07 10.23 12235 Sun 17-Jun-07 10.03 13438

Sun 29-Apr-07 10.23 12235 Mon 18-Jun-07 10.04 13495Mon 30-Apr-07 10.23 12370 Tue 19-Jun-07 10.02 13557Tue 1-May-07 10.23 12370 Wed 20-Jun-07 10.02 13546

Wed 2-May-07 10.21 12433 Thu 21-Jun-07 10.01 13479Thu 3-May-07 10.20 12430 Fri 22-Jun-07 10.02 13479

Fri 4-May-07 10.20 12512 Sat 23-Jun-07 10.00 13479Sat 5-May-07 10.19 12512 Sun 24-Jun-07 10.00 13479

Sun 6-May-07 10.19 12512 Mon 25-Jun-07 9.99 13540Mon 7-May-07 10.18 12080 Tue 26-Jun-07 9.99 13571Tue 8-May-07 10.20 12332 Wed 27-Jun-07 10.02 13669

Wed 9-May-07 10.21 12395 Thu 28-Jun-07 10.00 13728Thu 10-May-07 10.21 12347 Fri 29-Jun-07 10.00 13772

Fri 11-May-07 10.19 12228 Sat 30-Jun-07 10.02 13772Sat 12-May-07 10.16 12228 Sun 1-Jul-07 10.02 13772

Sun 13-May-07 10.16 12228 Mon 2-Jul-07 10.02 13930Tue 3-Jul-07 10.01 13810 Wed 22-Aug-07 10.13 12321

Wed 4-Jul-07 10.02 13869 Thu 23-Aug-07 10.10 12001Thu 5-Jul-07 9.99 13942 Fri 24-Aug-07 10.11 12053

Fri 6-Jul-07 9.98 13986 Sat 25-Aug-07 10.10 12053Sat 7-Jul-07 9.97 13986 Sun 26-Aug-07 10.10 12053

Sun 8-Jul-07 9.97 13986 Mon 27-Aug-07 10.09 11955Mon 9-Jul-07 9.98 14019 Tue 28-Aug-07 10.10 12041Tue 10-Jul-07 9.98 13917 Wed 29-Aug-07 10.10 12228

Wed 11-Jul-07 9.97 13967 Thu 30-Aug-07 10.10 12370Thu 12-Jul-07 9.96 14131 Fri 31-Aug-07 10.09 12214

Fri 13-Jul-07 10.01 14202 Sat 1-Sep-07 10.09 12214Sat 14-Jul-07 9.93 14202 Sun 2-Sep-07 10.09 12214

Sun 15-Jul-07 9.93 14202 Mon 3-Sep-07 10.07 12233Mon 16-Jul-07 9.95 13945 Tue 4-Sep-07 10.09 12393Tue 17-Jul-07 9.95 14054 Wed 5-Sep-07 10.06 12666

34

Wed 18-Jul-07 9.93 13660 Thu 6-Sep-07 10.02 12567Thu 19-Jul-07 9.95 13193 Fri 7-Sep-07 10.02 12406

Fri 20-Jul-07 9.98 13352 Sat 8-Sep-07 10.01 12406Sat 21-Jul-07 9.96 13352 Sun 9-Sep-07 10.01 12406

Sun 22-Jul-07 9.96 13352 Mon 10-Sep-07 10.01 12546Mon 23-Jul-07 9.96 13660 Tue 11-Sep-07 10.00 12562Tue 24-Jul-07 9.96 13553 Wed 12-Sep-07 10.02 12784

Wed 25-Jul-07 9.95 13595 Thu 13-Sep-07 10.01 12866Thu 26-Jul-07 9.93 13683 Fri 14-Sep-07 10.01 12779

Fri 27-Jul-07 9.95 13631 Sat 15-Sep-07 10.00 12779Sat 28-Jul-07 9.96 13631 Sun 16-Sep-07 10.00 12779

Sun 29-Jul-07 9.96 13631 Mon 17-Sep-07 10.01 12791Mon 30-Jul-07 9.95 13634 Tue 18-Sep-07 10.00 12952Tue 31-Jul-07 9.96 13739 Wed 19-Sep-07 10.00 13127

Wed 1-Aug-07 10.26 13689 Thu 20-Sep-07 10.01 13045Thu 2-Aug-07 10.20 13771 Fri 21-Sep-07 10.00 13065

Fri 3-Aug-07 10.18 13763 Sat 22-Sep-07 10.00 13065Sat 4-Aug-07 10.20 13763 Sun 23-Sep-07 10.00 13065

Sun 5-Aug-07 10.20 13763 Mon 24-Sep-07 9.98 13220Mon 6-Aug-07 10.19 13511 Tue 25-Sep-07 10.00 13198Tue 7-Aug-07 10.13 13434 Wed 26-Sep-07 9.98 13271

Wed 8-Aug-07 10.12 13564 Thu 27-Sep-07 9.97 13328Thu 9-Aug-07 10.11 13179 Fri 28-Sep-07 9.97 13353

Fri 10-Aug-07 10.12 13013 Sat 29-Sep-07 9.97 13353Sat 11-Aug-07 10.12 13013 Sun 30-Sep-07 9.97 13353

Sun 12-Aug-07 10.12 13013 Mon 1-Oct-07 9.99 13737Mon 13-Aug-07 10.14 12749 Tue 2-Oct-07 10.00 13921Tue 14-Aug-07 10.14 12749 Wed 3-Oct-07 10.00 14045

Wed 15-Aug-07 10.12 12787 Thu 4-Oct-07 10.00 14099Thu 16-Aug-07 10.10 12709 Fri 5-Oct-07 10.00 14099

Fri 17-Aug-07 10.10 12698 Sat 6-Oct-07 10.00 14099Sat 18-Aug-07 10.13 12698 Sun 7-Oct-07 10.00 14099

Sun 19-Aug-07 10.13 12698 Mon 8-Oct-07 10.00 14368Mon 20-Aug-07 10.12 12692 Tue 9-Oct-07 10.00 14484Tue 21-Aug-07 10.12 12245 Wed 10-Oct-07 9.99 14484Thu 11-Oct-07 10.00 14466 Fri 30-Nov-07 9.95 13998

Fri 12-Oct-07 10.01 14466 Sat 1-Dec-07 9.97 13998Sat 13-Oct-07 10.01 14466 Sun 2-Dec-07 9.97 13998

Sun 14-Oct-07 10.01 14466 Mon 3-Dec-07 9.95 13925Mon 15-Oct-07 10.01 14466 Tue 4-Dec-07 9.94 14037Tue 16-Oct-07 10.01 14466 Wed 5-Dec-07 9.96 14137

Wed 17-Oct-07 10.00 14591 Thu 6-Dec-07 9.95 14329Thu 18-Oct-07 10.00 14755 Fri 7-Dec-07 9.96 14473

Fri 19-Oct-07 10.01 14787 Sat 8-Dec-07 9.97 14473Sat 20-Oct-07 9.99 14787 Sun 9-Dec-07 9.97 14473

Sun 21-Oct-07 9.99 14787 Mon 10-Dec-07 9.98 14571Mon 22-Oct-07 10.00 14526 Tue 11-Dec-07 9.98 14633

Tue 23-Oct-07 9.99 14260 Wed 12-Dec-07 9.97 14556

35

Wed 24-Oct-07 10.00 14361 Thu 13-Dec-07 9.96 14534Thu 25-Oct-07 10.00 14449 Fri 14-Dec-07 9.96 14556

Fri 26-Oct-07 9.99 14449 Sat 15-Dec-07 9.96 14556Sat 27-Oct-07 9.98 14449 Sun 16-Dec-07 9.96 14556

Sun 28-Oct-07 9.98 14449 Mon 17-Dec-07 9.98 14544Mon 29-Oct-07 9.98 14396 Tue 18-Dec-07 9.98 14508Tue 30-Oct-07 9.98 14028 Wed 19-Dec-07 9.98 14660

Wed 31-Oct-07 9.98 14321 Thu 20-Dec-07 9.98 14660Thu 1-Nov-07 9.94 13932 Fri 21-Dec-07 9.98 14660

Fri 2-Nov-07 9.94 13915 Sat 22-Dec-07 9.98 14660Sat 3-Nov-07 9.96 13915 Sun 23-Dec-07 9.98 14660

Sun 4-Nov-07 9.96 13915 Mon 24-Dec-07 9.98 14788Mon 5-Nov-07 9.95 13279 Tue 25-Dec-07 9.98 14788Tue 6-Nov-07 9.96 13426 Wed 26-Dec-07 9.98 14814

Wed 7-Nov-07 9.95 13500 Thu 27-Dec-07 9.99 14772Thu 8-Nov-07 9.96 13423 Fri 28-Dec-07 10.00 14772

Fri 9-Nov-07 9.96 13423 Sat 29-Dec-07 10.00 14772Sat 10-Nov-07 9.95 13423 Sun 30-Dec-07 10.00 14772

Sun 11-Nov-07 9.95 13423 Mon 31-Dec-07 10.00 14077Mon 12-Nov-07 9.96 13620 Tue 1-Jan-08 10.00 13666Tue 13-Nov-07 9.96 13315 Wed 2-Jan-08 10.00 13353

Wed 14-Nov-07 9.98 13110 Thu 3-Jan-08 9.99 13996Thu 15-Nov-07 9.99 13082 Fri 4-Jan-08 9.96 14259

Fri 16-Nov-07 9.99 13082 Sat 5-Jan-08 9.97 14259Sat 17-Nov-07 9.99 13082 Sun 6-Jan-08 9.97 14259

Sun 18-Nov-07 9.99 13082 Mon 7-Jan-08 9.97 14163Mon 19-Nov-07 9.99 13239 Tue 8-Jan-08 10.01 14324Tue 20-Nov-07 9.99 13316 Wed 9-Jan-08 10.02 14267

Wed 21-Nov-07 9.98 13509 Thu 10-Jan-08 10.02 14083Thu 22-Nov-07 9.97 13543 Fri 11-Jan-08 10.04 13915

Fri 23-Nov-07 9.97 13732 Sat 12-Jan-08 10.04 13915Sat 24-Nov-07 9.98 13732 Sun 13-Jan-08 10.04 13915

Sun 25-Nov-07 9.98 13732 Mon 14-Jan-08 10.06 14049Mon 26-Nov-07 9.97 13776 Tue 15-Jan-08 10.05 14056Tue 27-Nov-07 9.97 13797 Wed 16-Jan-08 10.06 13847

Wed 28-Nov-07 9.96 13884 Thu 17-Jan-08 10.06 13674Thu 29-Nov-07 9.96 13965 Fri 18-Jan-08 10.05 13875Sat 19-Jan-08 10.05 13875 Sun 9-Mar-08 10.26 15085

Sun 20-Jan-08 10.05 13875 Mon 10-Mar-08 10.27 14913Mon 21-Jan-08 10.03 13850 Tue 11-Mar-08 10.27 14944Tue 22-Jan-08 10.04 13759 Wed 12-Mar-08 10.28 15171

Wed 23-Jan-08 10.04 13787 Thu 13-Mar-08 10.31 15075Thu 24-Jan-08 10.03 13719 Fri 14-Mar-08 10.33 15087

Fri 25-Jan-08 10.01 13856 Sat 15-Mar-08 10.34 15087Sat 26-Jan-08 10.01 13856 Sun 16-Mar-08 10.34 15087

Sun 27-Jan-08 10.01 13856 Mon 17-Mar-08 10.36 15043Mon 28-Jan-08 10.01 13880 Tue 18-Mar-08 10.36 14729Tue 29-Jan-08 10.01 14009 Wed 19-Mar-08 10.37 14964

Wed 30-Jan-08 10.11 13990 Thu 20-Mar-08 10.37 14994

36

Thu 31-Jan-08 10.06 14017 Fri 21-Mar-08 10.37 14994Fri 1-Feb-08 10.34 13974 Sat 22-Mar-08 10.37 14994

Sat 2-Feb-08 10.34 13974 Sun 23-Mar-08 10.37 14994Sun 3-Feb-08 10.34 13974 Mon 24-Mar-08 10.39 15182Mon 4-Feb-08 10.31 13974 Tue 25-Mar-08 10.38 15122Tue 5-Feb-08 10.31 13974 Wed 26-Mar-08 10.39 15199

Wed 6-Feb-08 10.31 14018 Thu 27-Mar-08 10.35 15275Thu 7-Feb-08 10.31 13993 Fri 28-Mar-08 10.32 15268

Fri 8-Feb-08 10.31 13938 Sat 29-Mar-08 10.34 15268Sat 9-Feb-08 10.31 13938 Sun 30-Mar-08 10.34 15268

Sun 10-Feb-08 10.31 13938 Mon 31-Mar-08 10.32 15125Mon 11-Feb-08 10.27 13938 Tue 1-Apr-08 10.35 15210Tue 12-Feb-08 10.27 14097 Wed 2-Apr-08 10.34 15333

Wed 13-Feb-08 10.25 14116 Thu 3-Apr-08 10.32 15345Thu 14-Feb-08 10.26 14283 Fri 4-Apr-08 10.34 15472

Fri 15-Feb-08 10.26 14354 Sat 5-Apr-08 10.33 15472Sat 16-Feb-08 10.25 14354 Sun 6-Apr-08 10.33 15472

Sun 17-Feb-08 10.25 14354 Mon 7-Apr-08 10.35 15469Mon 18-Feb-08 10.25 14797 Tue 8-Apr-08 10.35 15474Tue 19-Feb-08 10.27 14830 Wed 9-Apr-08 10.35 15404

Wed 20-Feb-08 10.29 14830 Thu 10-Apr-08 10.36 15304Thu 21-Feb-08 10.29 14830 Fri 11-Apr-08 10.38 15430

Fri 22-Feb-08 10.27 14830 Sat 12-Apr-08 10.36 15430Sat 23-Feb-08 10.26 14830 Sun 13-Apr-08 10.36 15430

Sun 24-Feb-08 10.26 14830 Mon 14-Apr-08 10.38 15437Mon 25-Feb-08 10.25 14948 Tue 15-Apr-08 10.39 15538Tue 26-Feb-08 10.26 15056 Wed 16-Apr-08 10.40 15540

Wed 27-Feb-08 10.27 15020 Thu 17-Apr-08 10.38 15622Thu 28-Feb-08 10.26 15078 Fri 18-Apr-08 10.38 15676

Fri 29-Feb-08 10.27 14934 Sat 19-Apr-08 10.38 15676Sat 1-Mar-08 10.26 14934 Sun 20-Apr-08 10.38 15676

Sun 2-Mar-08 10.26 14934 Mon 21-Apr-08 10.39 15654Mon 3-Mar-08 10.25 14816 Tue 22-Apr-08 10.39 15543Tue 4-Mar-08 10.26 14736 Wed 23-Apr-08 10.36 15470

Wed 5-Mar-08 10.26 14957 Thu 24-Apr-08 10.35 15304Thu 6-Mar-08 10.27 15143 Fri 25-Apr-08 10.37 15434

Fri 7-Mar-08 10.26 15085 Sat 26-Apr-08 10.39 15434Sat 8-Mar-08 10.26 15085 Sun 27-Apr-08 10.39 15434

Mon 28-Apr-08 10.37 15479 Tue 17-Jun-08 13.11 12497Tue 29-Apr-08 10.38 15317 Wed 18-Jun-08 13.22 12261

Wed 30-Apr-08 10.40 15122 Thu 19-Jun-08 13.22 11870Thu 1-May-08 10.40 15122 Fri 20-Jun-08 13.17 11655

Fri 2-May-08 10.38 14956 Sat 21-Jun-08 13.35 11655Sat 3-May-08 10.34 14956 Sun 22-Jun-08 13.35 11655

Sun 4-May-08 10.40 14956 Mon 23-Jun-08 13.50 11162Mon 5-May-08 10.40 14673 Tue 24-Jun-08 13.74 12122Tue 6-May-08 10.40 14408 Wed 25-Jun-08 13.88 12430

Wed 7-May-08 10.40 14455 Thu 26-Jun-08 14.05 12452Thu 8-May-08 10.48 14388 Fri 27-Jun-08 14.10 12353

37

Fri 9-May-08 10.47 14228 Sat 28-Jun-08 14.15 12353Sat 10-May-08 10.48 14228 Sun 29-Jun-08 14.15 12353

Sun 11-May-08 10.48 14228 Mon 30-Jun-08 14.19 12289Mon 12-May-08 10.53 14286 Tue 1-Jul-08 14.19 12221Tue 13-May-08 10.59 14542 Wed 2-Jul-08 14.13 12126

Wed 14-May-08 10.74 14593 Thu 3-Jul-08 14.01 12035Thu 15-May-08 10.87 14479 Fri 4-Jul-08 14.03 11961

Fri 16-May-08 11.08 14232 Sat 5-Jul-08 14.05 11961Sat 17-May-08 11.16 14232 Sun 6-Jul-08 14.05 11961

Sun 18-May-08 11.16 14232 Mon 7-Jul-08 14.07 11878Mon 19-May-08 11.19 13921 Tue 8-Jul-08 14.08 11813Tue 20-May-08 11.33 13903 Wed 9-Jul-08 14.13 11796

Wed 21-May-08 11.36 13974 Thu 10-Jul-08 14.11 11773Thu 22-May-08 11.40 13627 Fri 11-Jul-08 14.10 11695

Fri 23-May-08 13.33 13011 Sat 12-Jul-08 14.12 11695Sat 24-May-08 13.80 13011 Sun 13-Jul-08 14.12 11695

Sun 25-May-08 13.80 13011 Mon 14-Jul-08 14.11 11177Mon 26-May-08 13.93 12584 Tue 15-Jul-08 14.15 10959Tue 27-May-08 13.64 12822 Wed 16-Jul-08 14.15 10491

Wed 28-May-08 13.44 12822 Thu 17-Jul-08 14.21 10212Thu 29-May-08 13.26 12235 Fri 18-Jul-08 14.27 10234

Fri 30-May-08 13.15 12235 Sat 19-Jul-08 14.31 9824.7Sat 31-May-08 13.07 12235 Sun 20-Jul-08 14.31 9561.4

Sun 1-Jun-08 13.07 12235 Mon 21-Jul-08 14.34 10374Mon 2-Jun-08 13.15 12281 Tue 22-Jul-08 14.36 10784Tue 3-Jun-08 13.06 12479 Wed 23-Jul-08 14.35 11018

Wed 4-Jun-08 13.01 12479 Thu 24-Jul-08 14.37 11156Thu 5-Jun-08 13.06 13053 Fri 25-Jul-08 14.36 11032

Fri 6-Jun-08 12.98 13134 Sat 26-Jul-08 14.24 11032Sat 7-Jun-08 13.00 13134 Sun 27-Jul-08 14.24 11032

Sun 8-Jun-08 13.00 13134 Mon 28-Jul-08 14.24 10578Mon 9-Jun-08 12.97 12908 Tue 29-Jul-08 13.48 10448Tue 10-Jun-08 12.94 12878 Wed 30-Jul-08 13.49 10853

Wed 11-Jun-08 12.96 13016 Thu 31-Jul-08 13.48 10583Thu 12-Jun-08 12.94 13025 Fri 1-Aug-08 13.47 10171

Fri 13-Jun-08 12.97 12941 Sat 2-Aug-08 13.47 10171Sat 14-Jun-08 13.04 12941 Sun 3-Aug-08 13.47 10171

Sun 15-Jun-08 13.04 12941 Mon 4-Aug-08 13.45 9853Mon 16-Jun-08 13.14 12444 Tue 5-Aug-08 13.43 10042Wed 6-Aug-08 13.45 9678 Thu 25-Sep-08 14.18 9184Thu 7-Aug-08 13.46 9707 Fri 26-Sep-08 14.19 9184

Fri 8-Aug-08 13.47 9909 Sat 27-Sep-08 14.28 9184Sat 9-Aug-08 13.48 9909 Sun 28-Sep-08 14.28 9184

Sun 10-Aug-08 13.48 9909 Mon 29-Sep-08 14.39 9182Mon 11-Aug-08 13.50 10171 Tue 30-Sep-08 14.52 9179Tue 12-Aug-08 13.50 9963 Wed 1-Oct-08 14.52 9179

Wed 13-Aug-08 13.50 9902 Thu 2-Oct-08 14.52 9179Thu 14-Aug-08 13.50 9902 Fri 3-Oct-08 14.52 9179

Fri 15-Aug-08 13.51 10258 Sat 4-Oct-08 14.64 9179

38

Sat 16-Aug-08 13.53 10258 Sun 5-Oct-08 14.64 9179Sun 17-Aug-08 13.53 10258 Mon 6-Oct-08 14.80 9179Mon 18-Aug-08 13.55 10719 Tue 7-Oct-08 14.92 9179Tue 19-Aug-08 13.59 10919 Wed 8-Oct-08 15.00 9179

Wed 20-Aug-08 13.62 10525 Thu 9-Oct-08 14.94 9179Thu 21-Aug-08 13.63 10236 Fri 10-Oct-08 14.92 9179

Fri 22-Aug-08 13.62 9993 Sat 11-Oct-08 14.90 9179Sat 23-Aug-08 13.63 9993 Sun 12-Oct-08 14.90 9179

Sun 24-Aug-08 13.63 9993 Mon 13-Oct-08 14.88 9179Mon 25-Aug-08 13.67 9813 Tue 14-Oct-08 14.85 9179Tue 26-Aug-08 13.72 9430 Wed 15-Oct-08 14.84 9184

Wed 27-Aug-08 13.70 9144 Thu 16-Oct-08 14.86 9184Thu 28-Aug-08 13.77 9203 Fri 17-Oct-08 14.88 9184

Fri 29-Aug-08 13.74 9208 Sat 18-Oct-08 14.67 9184Sat 30-Aug-08 13.76 9208 Sun 19-Oct-08 14.67 9184

Sun 31-Aug-08 13.76 9208 Mon 20-Oct-08 14.64 9184Mon 1-Sep-08 13.80 9210 Tue 21-Oct-08 14.64 9186Tue 2-Sep-08 13.80 9229 Wed 22-Oct-08 14.61 9183

Wed 3-Sep-08 13.79 9239 Thu 23-Oct-08 14.61 9182Thu 4-Sep-08 13.79 9239 Fri 24-Oct-08 14.60 9182

Fri 5-Sep-08 13.81 9342 Sat 25-Oct-08 14.61 9182Sat 6-Sep-08 13.84 9342 Sun 26-Oct-08 14.61 9182

Sun 7-Sep-08 13.84 9342 Mon 27-Oct-08 14.60 9182Mon 8-Sep-08 13.88 9296 Tue 28-Oct-08 14.58 9182Tue 9-Sep-08 13.90 9279 Wed 29-Oct-08 14.59 9182

Wed 10-Sep-08 13.89 9315 Thu 30-Oct-08 14.80 9182Thu 11-Sep-08 13.88 9263 Fri 31-Oct-08 15.10 9182

Fri 12-Sep-08 13.90 9253 Sat 1-Nov-08 15.20 9182Sat 13-Sep-08 13.93 9253 Sun 2-Nov-08 15.20 9182

Sun 14-Sep-08 13.93 9253 Mon 3-Nov-08 15.21 9182Mon 15-Sep-08 13.93 9233 Tue 4-Nov-08 15.24 9183Tue 16-Sep-08 13.97 9223 Wed 5-Nov-08 15.27 9183

Wed 17-Sep-08 13.99 9216 Thu 6-Nov-08 15.58 9183Thu 18-Sep-08 14.00 9202 Fri 7-Nov-08 15.63 9183

Fri 19-Sep-08 14.03 9200 Sat 8-Nov-08 15.63 9183Sat 20-Sep-08 14.03 9200 Sun 9-Nov-08 15.63 9183

Sun 21-Sep-08 14.03 9200 Mon 10-Nov-08 15.71 9,183.14Mon 22-Sep-08 14.05 9200 Tue 11-Nov-08 15.76 9,183.14Tue 23-Sep-08 14.10 9199 Wed 12-Nov-08 15.68 9,183.14

Wed 24-Sep-08 14.15 9190 Thu 13-Nov-08 15.69 9184Fri 14-Nov-08 15.69 9184 Sat 3-Jan-09 15.68 5815

Sat 15-Nov-08 15.69 9184 Sun 4-Jan-09 15.68 5815Sun 16-Nov-08 15.69 9184 Mon 5-Jan-09 15.68 5917Mon 17-Nov-08 15.69 9184 Tue 6-Jan-09 15.68 6078Tue 18-Nov-08 15.69 9184 Wed 7-Jan-09 15.68 6078

Wed 19-Nov-08 15.68 9184 Thu 8-Jan-09 15.68 6078Thu 20-Nov-08 15.67 9184 Fri 9-Jan-09 15.66 6143

Fri 21-Nov-08 15.69 9184 Sat 10-Jan-09 15.61 6143Sat 22-Nov-08 15.67 9184 Sun 11-Jan-09 15.61 6143

39

Sun 23-Nov-08 15.67 9184 Mon 12-Jan-09 15.58 6038Mon 24-Nov-08 15.64 9187 Tue 13-Jan-09 15.57 6067Tue 25-Nov-08 15.65 9187 Wed 14-Jan-09 15.57 6051

Wed 26-Nov-08 15.65 9187 Thu 15-Jan-09 15.54 5780Thu 27-Nov-08 15.65 9187 Fri 16-Jan-09 15.51 5517

Fri 28-Nov-08 15.65 9187 Sat 17-Jan-09 15.49 5517Sat 29-Nov-08 15.67 9187 Sun 18-Jan-09 15.49 5517

Sun 30-Nov-08 15.67 9187 Mon 19-Jan-09 15.46 5282Mon 1-Dec-08 15.67 9187 Tue 20-Jan-09 15.43 5272Tue 2-Dec-08 15.67 9187 Wed 21-Jan-09 15.40 5144

Wed 3-Dec-08 15.66 9187 Thu 22-Jan-09 15.36 5018Thu 4-Dec-08 15.67 9187 Fri 23-Jan-09 15.33 4930

Fri 5-Dec-08 15.66 9187 Sat 24-Jan-09 15.31 4930Sat 6-Dec-08 15.64 9187 Sun 25-Jan-09 15.31 4930

Sun 7-Dec-08 15.64 9187 Mon 26-Jan-09 15.33 4810Mon 8-Dec-08 15.64 9187 Tue 27-Jan-09 15.31 4974Tue 9-Dec-08 15.64 9187 Wed 28-Jan-09 15.30 5147

Wed 10-Dec-08 15.64 9187 Thu 29-Jan-09 15.25 5180Thu 11-Dec-08 15.66 9187 Fri 30-Jan-09   5367

Fri 12-Dec-08 15.64 9187 Sat 31-Jan-09 15.10 5367Sat 13-Dec-08 15.64 9187 Sun 1-Feb-09 15.10 5367

Sun 14-Dec-08 15.64 9187 Mon 2-Feb-09 14.93 5336Mon 15-Dec-08 15.65 8927 Tue 3-Feb-09 14.77 5379Tue 16-Dec-08 15.65 8509 Wed 4-Feb-09 14.72 5521

Wed 17-Dec-08 15.65 8105 Thu 5-Feb-09 14.72 5521Thu 18-Dec-08 15.67 7785 Fri 6-Feb-09 14.63 5597

Fri 19-Dec-08 15.68 7514 Sat 7-Feb-09 14.59 5597Sat 20-Dec-08 15.68 7514 Sun 8-Feb-09 14.59 5597

Sun 21-Dec-08 15.68 7514 Mon 9-Feb-09 14.53 5597Mon 22-Dec-08 15.68 7217 Tue 10-Feb-09 14.50 5597Tue 23-Dec-08 15.68 6924 Wed 11-Feb-09 14.45 5597

Wed 24-Dec-08 15.69 6660 Thu 12-Feb-09 14.41 5597Thu 25-Dec-08 15.69 6660 Fri 13-Feb-09 14.33 5597

Fri 26-Dec-08 15.68 6487 Sat 14-Feb-09 14.28 5597Sat 27-Dec-08 15.68 6487 Sun 15-Feb-09 14.28 5597

Sun 28-Dec-08 15.68 6487 Mon 16-Feb-09 14.26 5764Mon 29-Dec-08 15.68 6294 Tue 17-Feb-09 14.26 5827Tue 30-Dec-08 15.68 6037 Wed 18-Feb-09 14.25 5876

Wed 31-Dec-08 15.70 5885 Thu 19-Feb-09 14.18 6030Thu 1-Jan-09 15.70 5751 Fri 20-Feb-09 14.10 5961

Fri 2-Jan-09 15.68 5815 Sat 21-Feb-09 14.07 5961Sun 22-Feb-09 14.07 5961 Mon 13-Apr-09 13.55 7872Mon 23-Feb-09 14.03 5842 Tue 14-Apr-09 13.47 7832Tue 24-Feb-09 14.02 5874 Wed 15-Apr-09 13.47 7807

Wed 25-Feb-09 13.98 5584 Thu 16-Apr-09 13.50 7670Thu 26-Feb-09 13.31 5664 Fri 17-Apr-09 13.51 7794

Fri 27-Feb-09 13.03 5727 Sat 18-Apr-09 13.51 7794Sat 28-Feb-09 13.01 5727 Sun 19-Apr-09 13.51 7794

Sun 1-Mar-09 13.01 5727 Mon 20-Apr-09 13.51 7902

40

Mon 2-Mar-09 12.85 5727 Tue 21-Apr-09 13.26 7834Tue 3-Mar-09 12.71 5606 Wed 22-Apr-09 13.28 7574

Wed 4-Mar-09 12.54 5815 Thu 23-Apr-09 13.35 7347Thu 5-Mar-09 12.50 5788 Fri 24-Apr-09 13.35 7619

Fri 6-Mar-09 12.48 5748 Sat 25-Apr-09 13.34 7619Sat 7-Mar-09 12.51 5748 Sun 26-Apr-09 13.34 7619

Sun 8-Mar-09 12.51 5748 Mon 27-Apr-09 13.36 7344Mon 9-Mar-09 12.50 5681 Tue 28-Apr-09 13.35 7404Tue 10-Mar-09 12.50 5681 Wed 29-Apr-09 13.35 7271

Wed 11-Mar-09 12.46 5569 Thu 30-Apr-09 13.35 7196Thu 12-Mar-09 12.45 5707 Fri 1-May-09 13.35 7196

Fri 13-Mar-09 12.44 5750 Sat 2-May-09 13.35 7196Sat 14-Mar-09 12.43 5750 Sun 3-May-09 13.35 7196

Sun 15-Mar-09 12.43 5750 Mon 4-May-09 13.34 7061Mon 16-Mar-09 12.44 6063 Tue 5-May-09 13.35 7081Tue 17-Mar-09 12.44 6138 Wed 6-May-09 13.35 7206

Wed 18-Mar-09 12.47 6266 Thu 7-May-09 13.35 7125Thu 19-Mar-09 12.52 6266 Fri 8-May-09 13.34 7129

Fri 20-Mar-09 12.52 6340 Sat 9-May-09 13.34 7129Sat 21-Mar-09 12.48 6340 Sun 10-May-09 13.34 7129

Sun 22-Mar-09 12.48 6340 Mon 11-May-09 13.35 7122Mon 23-Mar-09 12.48 6340 Tue 12-May-09 13.35 7297Tue 24-Mar-09 12.47 6617 Wed 13-May-09 13.35 7242

Wed 25-Mar-09 12.46 6674 Thu 14-May-09 13.35 7142Thu 26-Mar-09 12.51 6674 Fri 15-May-09 13.36 7177

Fri 27-Mar-09 12.58 6826 Sat 16-May-09 13.45 7177Sat 28-Mar-09 12.62 6826 Sun 17-May-09 13.45 7177

Sun 29-Mar-09 12.62 6826 Mon 18-May-09 13.60 7172Mon 30-Mar-09 12.62 7015 Tue 19-May-09 13.69 7067Tue 31-Mar-09 12.85 6860 Wed 20-May-09 13.78 7067

Wed 1-Apr-09 12.87 6948 Thu 21-May-09 13.80 6969Thu 2-Apr-09 12.88 7191 Fri 22-May-09 13.76 7146

Fri 3-Apr-09 12.85 7432 Sat 23-May-09 13.77 7146Sat 4-Apr-09 12.85 7432 Sun 24-May-09 13.77 7146

Sun 5-Apr-09 12.85 7432Mon 6-Apr-09 12.85 7518Tue 7-Apr-09 12.89 7635

Wed 8-Apr-09 12.93 7340Thu 9-Apr-09 13.52 7295

Fri 10-Apr-09 13.50 7620Sat 11-Apr-09 13.51 7620

Sun 12-Apr-09 13.51 7620

Sources:

41

State Bank of Pakistan

www.sbp.org.pk

Secp Pakistan

www.secp.gov.pk

Business recorder

www.brecorder.com

Federal board of statistics.

www.statpak.gov.pk

Karachi stock exchange

www.ksc.com.pk

42