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 performance of the different companies and
1
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.

The purpose of this study is to meet following outcomes

2
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?”

Objective of the Study

3
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
 Stock
Interest rate
prices

IV’s DV

hyphothesis testing

Measure of association

Dependency

Causal relationship

Interest Stock price

IV DV

Simple regression

5
 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
7
unanticipated change directly affects on growth
expectations 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)

No indications of major impact of non-economic events on

stock market performance was found in one study(Peel &
Pope, 1983).
9
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
generally accepted measure which still working. Karachi
Stock Exchange 100 Index (KSE-100 Index) used as a
10
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 of Pakistan. Stock market is very
important source of measuring the economic condition of any
11
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

Adjusted R Std. Error of

Model R R Square Square the Estimate
a
1 .114 .013 .012 2601.40599
a. Predictors: (Constant), intrate

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

Model Sum of Squares df Mean Square F Sig.

1 Regression 141316335.714 1 141316335.7 20.882 .000a
Residual 10773562460.5 1592 6767313.103
Total 10914878796.3 1593
a. Predictors: (Constant), intrate
b. Dependent Variable: stockind

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

of data.

15
Table 4.3

Coefficientsa

Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 11833.568 318.824 37.116 .000
intrate -134.312 29.392 -.114 -4.570 .000
a. Dependent Variable: stockind

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

intrate stockind
intrate Pearson Correlation 1 -.114**
Sig. (2-tailed) . .000
N 1594 1594
stockind Pearson Correlation -.114** 1
Sig. (2-tailed) .000 .
N 1594 1594
**. 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
18
time for 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
STOCK STOCK
DAY DATE KIBOR INDEX DAY DATE KIBOR INDEX
Mon 3-Jan-05 5.81 6220.28 Thu 3-Mar-05 6.39 8,496.73
Tue 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 8,793.69
Thu 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 8,863.48
Sat 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 9,588.47
Tue 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 9,603.73
Thu 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 9,603.73
Sat 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 10,303.13
Tue 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 9,636.37
Mon 24-Jan-05 6.19 6,861.97 Fri 18-Mar-05 6.51 9,499.42
Tue 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 9,499.42
Thu 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 8,694.61
Sat 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 8,314.10
Tue 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 7,964.95
Thu 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 7,708.29
Mon 7-Feb-05 6.26 7,091.14 Tue 29-Mar-05 6.68 7,855.14
Tue 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 7,770.33
Thu 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 7,596.87
Sat 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 8,050.25
Mon 14-Feb-05 6.36 7,341.69 Tue 5-Apr-05 6.74 7,820.81
Tue 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 7,784.34
Thu 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 7,593.30
Sat 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 7,244.49
Mon 21-Feb-05 6.39 7,865.94 Tue 12-Apr-05 7.31 6,939.03
Tue 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 7,202.84
Thu 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
Sat 26-Feb-05 6.38 8,285.40 Sun 17-Apr-05 7.84 7,512.91

23
Sun 27-Feb-05 6.38 8,285.40 Mon 18-Apr-05 7.84 7,234.21
Mon 28-Feb-05 6.39 8,260.06 Tue 19-Apr-05 7.87 6,952.72
Tue 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 7,101.38
Fri 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 7,345.29
Sun 24-Apr-05 7.83 7,101.38 Mon 13-Jun-05 8.69 7,441.77
Mon 25-Apr-05 7.86 6,996.82 Tue 14-Jun-05 8.67 7,368.95
Tue 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 7,330.91
Thu 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 7,398.73
Sat 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 7,663.04
Mon 2-May-05 8.46 6,832.74 Tue 21-Jun-05 8.65 7,489.71
Tue 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
7,350.0
Thu 5-May-05 8.54 7,098.22 Fri 24-Jun-05 8.70 0
7,350.0
Fri 6-May-05 8.59 7,183.25 Sat 25-Jun-05 8.74 0
7,350.0
Sat 7-May-05 8.61 7,183.25 Sun 26-Jun-05 8.74 0
7,255.0
Sun 8-May-05 8.61 7,183.25 Mon 27-Jun-05 8.76 0
7,432.0
Mon 9-May-05 8.62 7,384.98 Tue 28-Jun-05 8.80 0
7,495.0
Tue 10-May-05 8.64 7,367.69 Wed 29-Jun-05 8.77 0
7,450.0
Wed 11-May-05 8.67 7,497.62 Thu 30-Jun-05 8.71 0
7,465.0
Thu 12-May-05 9.05 7,284.05 Fri 1-Jul-05 8.71 0
7,465.0
Fri 13-May-05 9.13 7,284.05 Sat 2-Jul-05 8.64 0
7,465.0
Sat 14-May-05 9.29 7,284.05 Sun 3-Jul-05 8.64 0
7,409.0
Sun 15-May-05 9.29 7,284.05 Mon 4-Jul-05 8.69 0
7,518.0
Mon 16-May-05 9.35 7,315.50 Tue 5-Jul-05 8.74 0
7,530.0
Tue 17-May-05 9.35 7,437.95 Wed 6-Jul-05 8.75 0
7,589.0
Wed 18-May-05 9.32 7,348.06 Thu 7-Jul-05 8.75 0
7,589.0
Thu 19-May-05 9.33 7,413.70 Fri 8-Jul-05 8.77 0
7,589.0
Fri 20-May-05 9.35 7,300.09 Sat 9-Jul-05 8.73 0
7,589.0
Sat 21-May-05 9.34 7,300.09 Sun 10-Jul-05 8.73 0
7,554.0
Sun 22-May-05 9.34 7,300.09 Mon 11-Jul-05 8.78 0
24
 7,512.0
Mon 23-May-05 9.26 6,983.30 Tue 12-Jul-05 8.80 0
7,481.0
Tue 24-May-05 9.27 7,034.84 Wed 13-Jul-05 8.80 0
7,472.0
Wed 25-May-05 9.27 6,942.42 Thu 14-Jul-05 8.84 0
7,536.0
Thu 26-May-05 9.15 6,664.86 Fri 15-Jul-05 8.86 0
7,536.0
Fri 27-May-05 9.10 6,467.15 Sat 16-Jul-05 8.93 0
7,536.0
Sat 28-May-05 9.09 6,467.15 Sun 17-Jul-05 8.93 0
7,438.0
Sun 29-May-05 9.09 6,467.15 Mon 18-Jul-05 8.95 0
7,320.0
Mon 30-May-05 8.97 6,707.56 Tue 19-Jul-05 8.98 0
7,411.0
Tue 31-May-05 8.84 6,857.67 Wed 20-Jul-05 8.96 0
7,411.0
Wed 1-Jun-05 8.86 7,019.60 Thu 21-Jul-05 8.98 0
7,354.0
Thu 2-Jun-05 8.76 7,322.38 Fri 22-Jul-05 9.07 0
7,354.0
Fri 3-Jun-05 8.63 7,213.17 Sat 23-Jul-05 9.05 0
7,354.0
Sat 4-Jun-05 8.58 7,213.17 Sun 24-Jul-05 9.05 0
7,305.0
Sun 5-Jun-05 8.58 7,213.17 Mon 25-Jul-05 9.06 0
7,302.0
Mon 6-Jun-05 8.53 7,104.40 Tue 26-Jul-05 9.09 0
7,218.0
Tue 7-Jun-05 8.59 7,391.18 Wed 27-Jul-05 9.11 0
7,215.0
Wed 8-Jun-05 8.58 7,263.56 Thu 28-Jul-05 9.08 0
7,179.0
Thu 9-Jun-05 8.82 7,307.02 Fri 29-Jul-05 9.09 0
7,179.0
Fri 10-Jun-05 8.66 7,345.29 Sat 30-Jul-05 9.10 0
7,179.0 7,973.0
Sun 31-Jul-05 9.10 0 Mon 19-Sep-05 8.89 0
7,195.0 8,066.0
Mon 1-Aug-05 9.10 0 Tue 20-Sep-05 8.92 0
7,325.0 8,187.0
Tue 2-Aug-05 9.07 0 Wed 21-Sep-05 8.91 0
7,442.0 8,186.0
Wed 3-Aug-05 9.00 0 Thu 22-Sep-05 8.95 0
7,405.0 8,180.0
Thu 4-Aug-05 8.94 0 Fri 23-Sep-05 8.96 0
7,419.0 8,180.0
Fri 5-Aug-05 8.89 0 Sat 24-Sep-05 8.93 0
7,419.0 8,180.0
Sat 6-Aug-05 8.92 0 Sun 25-Sep-05 8.93 0
7,419.0 8,218.0
Sun 7-Aug-05 8.92 0 Mon 26-Sep-05 8.93 0

25
 7,315.0 8,195.0
Mon 8-Aug-05 8.90 0 Tue 27-Sep-05 8.94 0
7,184.0 8,196.0
Tue 9-Aug-05 8.91 0 Wed 28-Sep-05 8.92 0
7,064.0 8,152.0
Wed 10-Aug-05 8.92 0 Thu 29-Sep-05 8.91 0
6,971.0 8,226.0
Thu 11-Aug-05 8.94 0 Fri 30-Sep-05 8.94 0
7,151.0 8,226.0
Fri 12-Aug-05 8.88 0 Sat 1-Oct-05 8.92 0
7,151.0 8,226.0
Sat 13-Aug-05 8.94 0 Sun 2-Oct-05 8.92 0
7,151.0
Sun 14-Aug-05 8.94 0 Mon 3-Oct-05 8.94 8,329.70
7,123.0 8,427.0
Mon 15-Aug-05 8.95 0 Tue 4-Oct-05 8.95 0
7,139.0 8,582.0
Tue 16-Aug-05 8.96 0 Wed 5-Oct-05 8.98 0
7,099.0 8,540.0
Wed 17-Aug-05 8.94 0 Thu 6-Oct-05 8.98 0
7,099.0 8,542.0
Thu 18-Aug-05 8.94 0 Fri 7-Oct-05 8.98 0
7,312.0 8,542.0
Fri 19-Aug-05 8.94 0 Sat 8-Oct-05 8.96 0
7,312.0 8,542.0
Sat 20-Aug-05 8.95 0 Sun 9-Oct-05 8.96 0
7,312.0 8,521.0
Sun 21-Aug-05 8.95 0 Mon 10-Oct-05 8.99 0
7,590.0 8,622.0
Mon 22-Aug-05 8.95 0 Tue 11-Oct-05 9.01 0
7,512.0 8,792.0
Tue 23-Aug-05 8.94 0 Wed 12-Oct-05 8.99 0
7,512.0 8,762.0
Wed 24-Aug-05 8.93 0 Thu 13-Oct-05 9.02 0
7,554.0 8,864.0
Thu 25-Aug-05 8.92 0 Fri 14-Oct-05 9.01 0
7,586.0 8,864.0
Fri 26-Aug-05 8.91 0 Sat 15-Oct-05 9.01 0
7,586.0 8,864.0
Sat 27-Aug-05 8.83 0 Sun 16-Oct-05 9.01 0
7,586.0 8,901.0
Sun 28-Aug-05 8.83 0 Mon 17-Oct-05 9.04 0
7,691.0 8,669.0
Mon 29-Aug-05 8.86 0 Tue 18-Oct-05 9.02 0

7,744.0 8,873.0
Tue 30-Aug-05 8.88 0 Wed 19-Oct-05 9.03 0
7,797.0 8,558.0
Wed 31-Aug-05 8.87 0 Thu 20-Oct-05 9.05 0
7,769.0 8,290.0
Thu 1-Sep-05 8.90 0 Fri 21-Oct-05 9.08 0
7,790.0 8,290.0
Fri 2-Sep-05 8.89 0 Sat 22-Oct-05 9.07 0
Sat 3-Sep-05 8.84 7,790.0 Sun 23-Oct-05 9.07 8,290.0

26
 0 0
7,790.0 8,409.0
Sun 4-Sep-05 8.84 0 Mon 24-Oct-05 9.09 0
7,849.0 8,317.0
Mon 5-Sep-05 8.85 0 Tue 25-Oct-05 9.05 0
7,807.0 8,235.0
Tue 6-Sep-05 8.86 0 Wed 26-Oct-05 9.07 0
7,804.0 8,317.0
Wed 7-Sep-05 8.85 0 Thu 27-Oct-05 9.06 0
7,884.0 8,317.0
Thu 8-Sep-05 8.87 0 Fri 28-Oct-05 9.05 0
7,889.0 8,317.0
Fri 9-Sep-05 8.86 0 Sat 29-Oct-05 9.10 0
7,889.0 8,317.0
Sat 10-Sep-05 8.91 0 Sun 30-Oct-05 9.10 0
7,889.0 8,247.0
Sun 11-Sep-05 8.91 0 Mon 31-Oct-05 9.10 0
7,895.0 8,247.0
Mon 12-Sep-05 8.89 0 Tue 1-Nov-05 9.08 0
7,895.0 8,437.0
Tue 13-Sep-05 8.88 0 Wed 2-Nov-05 9.13 0
7,957.0 8,437.0
Wed 14-Sep-05 8.89 0 Thu 3-Nov-05 9.13 0
7,979.0 8,437.0
Thu 15-Sep-05 8.90 0 Fri 4-Nov-05 9.13 0
7,935.0 8,437.0
Fri 16-Sep-05 8.89 0 Sat 5-Nov-05 9.13 0
7,935.0 8,437.0
Sat 17-Sep-05 8.88 0 Sun 6-Nov-05 9.13 0
7,935.0 8,664.0
Sun 18-Sep-05 8.88 0 Mon 7-Nov-05 9.11 0
8,694.0 9,467.0
Tue 8-Nov-05 9.11 0 Wed 28-Dec-05 9.02 0
8,694.0 9,497.0
Wed 9-Nov-05 9.11 0 Thu 29-Dec-05 9.10 0
8,795.0 9,557.0
Thu 10-Nov-05 9.16 0 Fri 30-Dec-05 9.03 0
8,794.0 9,557.0
Fri 11-Nov-05 9.18 0 Mon 2-Jan-06 9.05 0
8,794.0 9,557.0
Sat 12-Nov-05 9.14 0 Tue 3-Jan-06 9.01 0
8,794.0
Sun 13-Nov-05 9.14 0 Wed 4-Jan-06 9.01 9,766.90
8,838.0
Mon 14-Nov-05 9.15 0 Thu 5-Jan-06 9.05 9,853.31
8,890.0
Tue 15-Nov-05 9.16 0 Fri 6-Jan-06 9.06 9,907.14
8,896.0
Wed 16-Nov-05 9.18 0 Sat 7-Jan-06 9.04 9,886.30
8,864.0
Thu 17-Nov-05 9.15 0 Sun 8-Jan-06 9.04 9,886.30
8,934.0
Fri 18-Nov-05 9.10 0 Mon 9-Jan-06 9.08 9,886.30
Sat 19-Nov-05 9.11 8,934.0 Tue 10-Jan-06 9.08 9,990.19

27
 0
8,934.0
Sun 20-Nov-05 9.11 0 Wed 11-Jan-06 9.08 9,990.19
8,961.0
Mon 21-Nov-05 9.11 0 Thu 12-Jan-06 9.08 9,990.19
9,006.0
Tue 22-Nov-05 9.14 0 Fri 13-Jan-06 9.07 9,990.19
9,016.0
Wed 23-Nov-05 9.11 0 Sat 14-Jan-06 9.13 9,990.19
9,073.0
Thu 24-Nov-05 9.16 0 Sun 15-Jan-06 9.13 9,990.19
9,064.0
Fri 25-Nov-05 9.12 0 Mon 16-Jan-06 9.14 9,990.19
9,064.0
Sat 26-Nov-05 9.14 0 Tue 17-Jan-06 9.15 10,093.52
9,064.0
Sun 27-Nov-05 9.14 0 Wed 18-Jan-06 9.22 10,165.91
9,147.0
Mon 28-Nov-05 9.18 0 Thu 19-Jan-06 9.15 10,235.17
9,136.0
Tue 29-Nov-05 9.20 0 Fri 20-Jan-06 9.15 10,259.86
9,026.0
Wed 30-Nov-05 9.19 0 Sat 21-Jan-06 9.19 10,227.87
9,081.0
Thu 1-Dec-05 9.16 0 Sun 22-Jan-06 9.19 10,227.87
9,226.0
Fri 2-Dec-05 9.20 0 Mon 23-Jan-06 9.16 10,227.87
9,226.0
Sat 3-Dec-05 9.19 0 Tue 24-Jan-06 9.21 10,346.47
9,226.0
Sun 4-Dec-05 9.19 0 Wed 25-Jan-06 9.16 10,170.40
9,345.0
Mon 5-Dec-05 9.18 0 Thu 26-Jan-06 9.21 10,214.01
9,397.0
Tue 6-Dec-05 9.22 0 Fri 27-Jan-06 9.22 10,304.80
9,375.0
Wed 7-Dec-05 9.25 0 Sat 28-Jan-06 9.22 10,447.56
9,418.0
Thu 8-Dec-05 9.25 0 Sun 29-Jan-06 9.22 10,447.56
9,432.0
Fri 9-Dec-05 9.25 0 Mon 30-Jan-06 9.22 10,447.56
9,432.0
Sat 10-Dec-05 9.09 0 Tue 31-Jan-06 9.23 10,527.85
9,432.0
Sun 11-Dec-05 9.09 0 Wed 1-Feb-06 9.21 10,524.10
9,460.0
Mon 12-Dec-05 9.18 0 Thu 2-Feb-06 9.18 10,496.95
9,451.0
Tue 13-Dec-05 9.12 0 Fri 3-Feb-06 9.18 10,466.40
9,404.0
Wed 14-Dec-05 9.05 0 Sat 4-Feb-06 9.20 10,726.46
9,489.0
Thu 15-Dec-05 9.10 0 Sun 5-Feb-06 9.20 10,726.46
Fri 16-Dec-05 9.09 9,515.0 Mon 6-Feb-06 9.22 10,726.46

28
 0
9,515.0
Sat 17-Dec-05 9.25 0 Tue 7-Feb-06 9.24 10,802.32
9,515.0
Sun 18-Dec-05 9.25 0 Wed 8-Feb-06 9.24 10,913.78
9,380.0
Mon 19-Dec-05 9.16 0 Thu 9-Feb-06 9.24 10,913.78
9,482.0
Tue 20-Dec-05 9.13 0 Fri 10-Feb-06 9.20 10,913.78
9,504.0
Wed 21-Dec-05 9.15 0 Sat 11-Feb-06 9.21 11,052.86
9,471.0
Thu 22-Dec-05 9.13 0 Sun 12-Feb-06 9.21 11,052.86
9,491.0
Fri 23-Dec-05 9.14 0 Mon 13-Feb-06 9.20 11,052.86
9,491.0
Sat 24-Dec-05 9.12 0 Tue 14-Feb-06 9.19 11,218.03
9,491.0
Sun 25-Dec-05 9.12 0 Wed 15-Feb-06 9.21 10,920.09
9,372.0
Mon 26-Dec-05 9.11 0 Thu 16-Feb-06 9.21 11,259.29
9,447.0
Tue 27-Dec-05 9.09 0 Fri 17-Feb-06 9.22 11,176.81
Sat 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 11,936.59
Mon 20-Feb-06 9.29 11,352.63 Tue 11-Apr-06 9.40 11,992.23
Tue 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 11,992.23
Thu 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 12,136.83
Sat 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 12,136.83
Mon 27-Feb-06 9.31 11,546.79 Tue 18-Apr-06 9.55 12,273.77
Tue 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 12,048.11
Thu 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 12,007.60
Sat 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 12,007.60
Mon 6-Mar-06 9.35 11,415.29 Tue 25-Apr-06 9.55 11,802.68
Tue 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 11,910.09
Thu 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 11,342.17
Sat 11-Mar-06 9.32 10,474.20 Sun 30-Apr-06 9.60 11,342.17
Sun 12-Mar-06 9.32 10,474.20 Mon 1-May-06 9.60 11,342.17
Mon 13-Mar-06 9.34 10,474.20 Tue 2-May-06 9.63 11,342.17
Tue 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 11,728.14
Thu 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 11,686.44
Sat 18-Mar-06 9.34 10,951.08 Sun 7-May-06 9.69 11,686.44
29
Sun 19-Mar-06 9.34 10,951.08 Mon 8-May-06 9.70 11,686.44
Mon 20-Mar-06 9.34 10,951.08 Tue 9-May-06 9.69 11,775.52
Tue 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 11,571.83
Thu 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 11,511.54
Sat 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 11,511.54
Mon 27-Mar-06 9.38 11,459.58 Tue 16-May-06 9.69 11,096.86
Tue 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 11,094.41
Thu 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 10,861.31
Sat 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 10,861.31
Mon 3-Apr-06 9.41 11,485.90 Tue 23-May-06 9.70 10,930.55
Tue 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 11,116.88
Thu 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 10,660.39
Sat 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 9,947.80
Tue 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 10,198.78
Thu 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 10,257.63
Sat 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 10,257.63
Mon 5-Jun-06 9.63 10,346.23 Tue 25-Jul-06 10.54 10,350.63
Tue 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 10,343.67
Thu 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 10,353.00
Sat 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 10,353.52
Mon 12-Jun-06 9.72 9,849.83 Tue 1-Aug-06 10.60 10,497.60
Tue 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 10,558.32
Thu 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 10,772.58
Sat 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
Mon 19-Jun-06 9.74 9,607.11 Tue 8-Aug-06 10.43 10,846.74
Tue 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 10,655.54
Thu 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 10,406.40
Sat 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 10,406.40
Mon 26-Jun-06 9.65 9,807.53 Tue 15-Aug-06 10.41 10,406.40

30
Tue 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 10,576.71
Thu 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 10,562.88
Sat 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 10,562.88
Mon 3-Jul-06 9.61 9,989.41 Tue 22-Aug-06 10.43 10,481.64
Tue 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 10,220.70
Thu 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 9,584.79
Sat 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 9,584.79
Mon 10-Jul-06 9.57 9,836.04 Tue 29-Aug-06 10.38 9,876.51
Tue 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 10,086.15
Thu 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 10,170.97
Sat 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 10,170.97
Mon 17-Jul-06 9.53 10,027.09 Tue 5-Sep-06 10.36 10,125.91
Wed 6-Sep-06 10.37 10,001.79 Thu 26-Oct-06 10.54 11,566.80
Thu 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 11,566.80
Sat 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 11,566.80
Mon 11-Sep-06 10.33 9,965.21 Tue 31-Oct-06 10.58 11,528.27
Tue 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 11,010.59
Thu 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 11,012.40
Sat 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 11,012.40
Mon 18-Sep-06 10.36 9,984.57 Tue 7-Nov-06 10.55 11,012.40
Tue 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 10,973.08
Thu 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 10,739.00
Sat 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 10,739.45
Mon 25-Sep-06 10.39 10,306.75 Tue 14-Nov-06 10.55 10,743.84
Tue 26-Sep-06 10.37 10,252.15 Wed 15-Nov-06 10.55 10,869.32
Wed 27-Sep-06 10.40 10,305.43 Thu 16-Nov-06 10.55 10,811.86
Thu 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 10,705.87
Sat 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 10,705.87
Mon 2-Oct-06 10.43 10,512.48 Tue 21-Nov-06 10.57 10,430.66
Tue 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 10,646.26

31
Thu 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 10,870.90
Sat 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 10,870.90
Mon 9-Oct-06 10.50 10,926.91 Tue 28-Nov-06 10.56 10,750.41
Tue 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 10,594.57
Thu 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 10,388.19
Sat 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 10,388.19
Mon 16-Oct-06 10.54 10,924.55 Tue 5-Dec-06 10.59 10,416.00
Tue 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 10,677.30
Thu 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 10,646.39
Sat 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 10,646.39
Mon 23-Oct-06 10.54 11,566.80 Tue 12-Dec-06 10.58 10,584.48
Tue 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 10,587.09
Fri 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 11590
Sun 17-Dec-06 10.61 10,551.87 Mon 5-Feb-07 10.55 11590
Mon 18-Dec-06 10.62 10,551.87 Tue 6-Feb-07 10.52 11632
Tue 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 11868
Thu 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 11845
Sat 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 11630
Mon 25-Dec-06 10.63 9,893.99 Tue 13-Feb-07 10.47 11644
Tue 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 11468
Thu 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 11379
Sat 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 11577
Mon 1-Jan-07 10.65 10041 Tue 20-Feb-07 10.50 11463
Tue 2-Jan-07 10.65 10041 Wed 21-Feb-07 10.49 11576
Wed 3-Jan-07 10.65 10066 Thu 22-Feb-07 10.48 11543
Thu 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 11608
Sat 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 11394
Mon 8-Jan-07 10.55 10236 Tue 27-Feb-07 10.44 11376
Tue 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 11208
Thu 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 11133

32
 Sat 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 10900
Mon 15-Jan-07 10.55 10506 Tue 6-Mar-07 10.45 10924
Tue 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 11283
Thu 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 11413
Sat 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 11408
Mon 22-Jan-07 10.53 10706 Tue 13-Mar-07 10.43 11405
Tue 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 11311
Thu 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 11374
Sat 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 11141
Mon 29-Jan-07 10.55 11105 Tue 20-Mar-07 10.44 11331
Tue 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 11295
Thu 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 12346

Mon 26-Mar-07 10.38 11302 Tue 15-May-07 10.18 12371
Tue 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 12251
Thu 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 12340
Sat 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 12283
Mon 2-Apr-07 10.38 11277 Tue 22-May-07 10.16 12436
Tue 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 12663
Thu 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 12732
Sat 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 12831
Mon 9-Apr-07 10.29 11677 Tue 29-May-07 10.14 12831
Tue 10-Apr-07 10.28 11774 Wed 30-May-07 10.13 12831
Wed 11-Apr-07 10.26 11895 Thu 31-May-07 10.10 12831
Thu 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 12831
Sat 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 12831
Mon 16-Apr-07 10.26 12005 Tue 5-Jun-07 10.03 12831
Tue 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 13237
Thu 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 13275
Sat 21-Apr-07 10.18 12092 Sun 10-Jun-07 10.06 13275

33
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 13326

Tue 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 13462
Thu 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 13438
Sat 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 13495
Mon 30-Apr-07 10.23 12370 Tue 19-Jun-07 10.02 13557
Tue 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 13479
Thu 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 13479
Sat 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 13540
Mon 7-May-07 10.18 12080 Tue 26-Jun-07 9.99 13571
Tue 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 13728
Thu 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 13772
Sat 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 13930
Tue 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 12001
Thu 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 12053
Sat 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 11955
Mon 9-Jul-07 9.98 14019 Tue 28-Aug-07 10.10 12041
Tue 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 12370
Thu 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 12214
Sat 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 12233
Mon 16-Jul-07 9.95 13945 Tue 4-Sep-07 10.09 12393
Tue 17-Jul-07 9.95 14054 Wed 5-Sep-07 10.06 12666
Wed 18-Jul-07 9.93 13660 Thu 6-Sep-07 10.02 12567
Thu 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 12406
Sat 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 12546
Mon 23-Jul-07 9.96 13660 Tue 11-Sep-07 10.00 12562
Tue 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 12866
Thu 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 12779
Sat 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 12791

34
Mon 30-Jul-07 9.95 13634 Tue 18-Sep-07 10.00 12952
Tue 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 13045
Thu 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 13065
Sat 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 13220
Mon 6-Aug-07 10.19 13511 Tue 25-Sep-07 10.00 13198
Tue 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 13328
Thu 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 13353
Sat 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 13737
Mon 13-Aug-07 10.14 12749 Tue 2-Oct-07 10.00 13921
Tue 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 14099
Thu 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 14099
Sat 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 14368
Mon 20-Aug-07 10.12 12692 Tue 9-Oct-07 10.00 14484
Tue 21-Aug-07 10.12 12245 Wed 10-Oct-07 9.99 14484
Thu 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 13998
Sat 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 13925
Mon 15-Oct-07 10.01 14466 Tue 4-Dec-07 9.94 14037
Tue 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 14329
Thu 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 14473
Sat 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 14571
Mon 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

Wed 24-Oct-07 10.00 14361 Thu 13-Dec-07 9.96 14534
Thu 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 14556
Sat 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 14544
Mon 29-Oct-07 9.98 14396 Tue 18-Dec-07 9.98 14508
Tue 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 14660
Thu 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 14660
Sat 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 14788
Mon 5-Nov-07 9.95 13279 Tue 25-Dec-07 9.98 14788

35
Tue 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 14772
Thu 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 14772
Sat 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 14077
Mon 12-Nov-07 9.96 13620 Tue 1-Jan-08 10.00 13666
Tue 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 13996
Thu 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 14259
Sat 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 14163
Mon 19-Nov-07 9.99 13239 Tue 8-Jan-08 10.01 14324
Tue 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 14083
Thu 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 13915
Sat 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 14049
Mon 26-Nov-07 9.97 13776 Tue 15-Jan-08 10.05 14056
Tue 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 13674
Thu 29-Nov-07 9.96 13965 Fri 18-Jan-08 10.05 13875
Sat 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 14913
Mon 21-Jan-08 10.03 13850 Tue 11-Mar-08 10.27 14944
Tue 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 15075
Thu 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 15087
Sat 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 15043
Mon 28-Jan-08 10.01 13880 Tue 18-Mar-08 10.36 14729
Tue 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
Thu 31-Jan-08 10.06 14017 Fri 21-Mar-08 10.37 14994
Fri 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 14994
Sun 3-Feb-08 10.34 13974 Mon 24-Mar-08 10.39 15182
Mon 4-Feb-08 10.31 13974 Tue 25-Mar-08 10.38 15122
Tue 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 15275
Thu 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 15268
Sat 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 15125
Mon 11-Feb-08 10.27 13938 Tue 1-Apr-08 10.35 15210
Tue 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 15345

36
Thu 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 15472
Sat 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 15469
Mon 18-Feb-08 10.25 14797 Tue 8-Apr-08 10.35 15474
Tue 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 15304
Thu 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 15430
Sat 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 15437
Mon 25-Feb-08 10.25 14948 Tue 15-Apr-08 10.39 15538
Tue 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 15622
Thu 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 15676
Sat 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 15654
Mon 3-Mar-08 10.25 14816 Tue 22-Apr-08 10.39 15543
Tue 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 15304
Thu 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 15434
Sat 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 12497
Tue 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 11870
Thu 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 11655
Sat 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 11162
Mon 5-May-08 10.40 14673 Tue 24-Jun-08 13.74 12122
Tue 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 12452
Thu 8-May-08 10.48 14388 Fri 27-Jun-08 14.10 12353
Fri 9-May-08 10.47 14228 Sat 28-Jun-08 14.15 12353
Sat 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 12289
Mon 12-May-08 10.53 14286 Tue 1-Jul-08 14.19 12221
Tue 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 12035
Thu 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 11961
Sat 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 11878
Mon 19-May-08 11.19 13921 Tue 8-Jul-08 14.08 11813
Tue 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 11773
Thu 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 11695

37
 Sat 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 11177
Mon 26-May-08 13.93 12584 Tue 15-Jul-08 14.15 10959
Tue 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 10212
Thu 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 9824.7
Sat 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 10374
Mon 2-Jun-08 13.15 12281 Tue 22-Jul-08 14.36 10784
Tue 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 11156
Thu 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 11032
Sat 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 10578
Mon 9-Jun-08 12.97 12908 Tue 29-Jul-08 13.48 10448
Tue 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 10583
Thu 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 10171
Sat 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 9853
Mon 16-Jun-08 13.14 12444 Tue 5-Aug-08 13.43 10042
Wed 6-Aug-08 13.45 9678 Thu 25-Sep-08 14.18 9184
Thu 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 9184
Sat 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 9182
Mon 11-Aug-08 13.50 10171 Tue 30-Sep-08 14.52 9179
Tue 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 9179
Thu 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
Sat 16-Aug-08 13.53 10258 Sun 5-Oct-08 14.64 9179
Sun 17-Aug-08 13.53 10258 Mon 6-Oct-08 14.80 9179
Mon 18-Aug-08 13.55 10719 Tue 7-Oct-08 14.92 9179
Tue 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 9179
Thu 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 9179
Sat 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 9179
Mon 25-Aug-08 13.67 9813 Tue 14-Oct-08 14.85 9179
Tue 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 9184
Thu 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 9184
Sat 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 9184

38
Mon 1-Sep-08 13.80 9210 Tue 21-Oct-08 14.64 9186
Tue 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 9182
Thu 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 9182
Sat 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 9182
Mon 8-Sep-08 13.88 9296 Tue 28-Oct-08 14.58 9182
Tue 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 9182
Thu 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 9182
Sat 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 9182
Mon 15-Sep-08 13.93 9233 Tue 4-Nov-08 15.24 9183
Tue 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 9183
Thu 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 9183
Sat 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 9,183.14
Mon 22-Sep-08 14.05 9200 Tue 11-Nov-08 15.76 9,183.14
Tue 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 9184
Fri 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 5815
Sun 16-Nov-08 15.69 9184 Mon 5-Jan-09 15.68 5917
Mon 17-Nov-08 15.69 9184 Tue 6-Jan-09 15.68 6078
Tue 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 6078
Thu 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 6143
Sat 22-Nov-08 15.67 9184 Sun 11-Jan-09 15.61 6143
Sun 23-Nov-08 15.67 9184 Mon 12-Jan-09 15.58 6038
Mon 24-Nov-08 15.64 9187 Tue 13-Jan-09 15.57 6067
Tue 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 5780
Thu 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 5517
Sat 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 5282
Mon 1-Dec-08 15.67 9187 Tue 20-Jan-09 15.43 5272
Tue 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 5018
Thu 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 4930
Sat 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 4810
Mon 8-Dec-08 15.64 9187 Tue 27-Jan-09 15.31 4974
Tue 9-Dec-08 15.64 9187 Wed 28-Jan-09 15.30 5147

39
Wed 10-Dec-08 15.64 9187 Thu 29-Jan-09 15.25 5180
Thu 11-Dec-08 15.66 9187 Fri 30-Jan-09 5367
Fri 12-Dec-08 15.64 9187 Sat 31-Jan-09 15.10 5367
Sat 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 5336
Mon 15-Dec-08 15.65 8927 Tue 3-Feb-09 14.77 5379
Tue 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 5521
Thu 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 5597
Sat 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 5597
Mon 22-Dec-08 15.68 7217 Tue 10-Feb-09 14.50 5597
Tue 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 5597
Thu 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 5597
Sat 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 5764
Mon 29-Dec-08 15.68 6294 Tue 17-Feb-09 14.26 5827
Tue 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 6030
Thu 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 5961
Sun 22-Feb-09 14.07 5961 Mon 13-Apr-09 13.55 7872
Mon 23-Feb-09 14.03 5842 Tue 14-Apr-09 13.47 7832
Tue 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 7670
Thu 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 7794
Sat 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
Mon 2-Mar-09 12.85 5727 Tue 21-Apr-09 13.26 7834
Tue 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 7347
Thu 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 7619
Sat 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 7344
Mon 9-Mar-09 12.50 5681 Tue 28-Apr-09 13.35 7404
Tue 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 7196
Thu 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 7196
Sat 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 7061
Mon 16-Mar-09 12.44 6063 Tue 5-May-09 13.35 7081
Tue 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 7125
Thu 19-Mar-09 12.52 6266 Fri 8-May-09 13.34 7129

40
 Fri 20-Mar-09 12.52 6340 Sat 9-May-09 13.34 7129
Sat 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 7122
Mon 23-Mar-09 12.48 6340 Tue 12-May-09 13.35 7297
Tue 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 7142
Thu 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 7177
Sat 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 7172
Mon 30-Mar-09 12.62 7015 Tue 19-May-09 13.69 7067
Tue 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 6969
Thu 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 7146
Sat 4-Apr-09 12.85 7432 Sun 24-May-09 13.77 7146
Sun 5-Apr-09 12.85 7432
Mon 6-Apr-09 12.85 7518
Tue 7-Apr-09 12.89 7635
Wed 8-Apr-09 12.93 7340
Thu 9-Apr-09 13.52 7295
Fri 10-Apr-09 13.50 7620
Sat 11-Apr-09 13.51 7620
Sun 12-Apr-09 13.51 7620

Sources:

• 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

41
www.ksc.com.pk

42