Title: “Correlation between different stock markets”

Alisha Singh
Ashish Jain
1. Abstract

The research paper focuses on the calculation of correlation coefficient between different
stock exchanges in the world.

We are trying to see if we are able to see relation between the stock exchanges.

Equity trading is a lucrative field for investors. It generally refers to the universe of stock and
option in public market, which empowers trader’s investments, needs and can be gainful,
expensive and enjoyable. The key to enjoy this business is doing proper homework and know
what sources to believe. If a person is looking forward to get into the equity trading field,
then he needs to have a good knowledge of the basics of equity trading. Also the person
should be aware of the world economics.

In recent times many people aim to trade equities and put everything on the shoulders of
fundamentals. Though this is not a terrible approach, but it is better for investing rather than
trading. But short term traders need to keep a track of other markets of world and take actions
accordingly. Although every investment can’t be always profitable, but on the basis of
trading skills and experience, there is always good chance and scope for you as an investor to
earn the huge amount of profits from the equity trading market.

At the stock exchange, share prices rise and fall depending largely on market forces. Share
prices tend to rise or remain stable when companies and the economy in general show signs
of stability and growth. An economic recession, depression, or financial crisis could
eventually lead to a stock market crash. Therefore, the movement of share prices and in
general of the stock indexes can be an indicator of the general trend in the economy.

Indian economy has certainly done well in recent past. The study has been undertaken to
analyse the effect of the one stock exchange on all other stock exchanges. The study also
shows interdependence among the various stock exchanges of the world.

The study involves use of statistical techniques on the past data available for the stock
exchanges around the world. Correlation factor is calculated among various stock exchanges.
By reviewing the factor of correlation, a rational investor gets the knowledge about how the
exchanges around the world are performing and based on this data, the person can actually
speculate about the closing of home country and reduce risk and earn more profit.
Keywords:

• Correlation

• Stock Markets

• Trading

• Investors

2. Introduction

A stock market or equity market is a public market (a loose network of economic

transactions, not a physical facility or discrete entity) for the trading of company stock and
derivatives at an agreed price.

The stocks are listed and traded on stock exchanges which are entities of a corporation or
mutual organization specialized in the business of bringing buyers and sellers of the
organizations to a listing of stocks and securities together. These are securities listed on a
stock exchange as well as those only traded privately.

The stock market is a market where people buy and sell parts of companies. The parts being
bought and sold are a financial interest in the company called stocks. The companies
involved must be publicly held companies, which mean that they have to be companies that
sell stocks to public investors on an open market.

The size of the world stock market was estimated at about $46.8 trillion US at this point and
time. The total world derivatives market on Feb 2009 has been estimated at about $1000
trillion face or nominal value, 21 times the size of the entire world economy.

The value of the derivatives market, because it is stated in terms of notional values, cannot be
directly compared to a stock or a fixed income security, which traditionally refers to an actual
value. Moreover, the vast majority of derivatives 'cancel' each other out. Many such relatively
illiquid securities are valued as marked to model, rather than an actual market price.

Companies sell stocks to investors in order to raise capital. The capital raised is used for
things such as financing current operations and paying for expansion plans. If the company
turns the capital into profits, a share is passed on to investors. Similarly, if it loses money,
investors share the loss also.

The stock market is one of the most important sources for raising money. It allows businesses
to be publicly traded, raise additional capital for expansion by selling shares of ownership of
the company in a public market. The liquidity exchange provides investors the ability to
quickly and easily sell securities. This is an attractive feature of investing in stocks, compared
to other less liquid investments (real estate).
History has shown that the price of shares and other assets is an important part of the
dynamics of economic activity, and can influence or be an indicator of social mood. An
economy with stock market on the rise is considered to be an upcoming economy.

The stock market is often considered the primary indicator of a country's economic strength
and development. Rising share prices can be associated with increased business investment
and vice versa.

Share prices also affect the wealth of households and their consumption. Central Banks tend
to keep an eye on the control and behavior of the stock market and on the smooth operation
of financial system functions.

The largest stock market in the United States, by market cap is the New York Stock
Exchange, NYSE, and while in Canada, it is the Toronto Stock Exchange. Major European
examples of stock exchanges include the London Stock Exchange, Paris Bourse, and the
Deutsche Börse. Asian examples include the Tokyo Stock Exchange, the Hong Kong Stock
Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. 

3. Literature Review

Various studies undertaken in different parts of the world regarding linkages between the
stock markets are mentioned as under:

Wheatley (1988) analysed the data, of US and 17 other countries, by applying VAR and unit
root tests, for the period 1960-1985, and supported the notion of equity-market integration.
Dwyer and Hafer (1988) concluded that there were considerable interactions among stock
market indexes, with one-way causality running from the US to other markets, including
Hong Kong and Japan.

Eun and Shim (1989) analysed daily stock market returns of Australia, Hong Kong, Japan,
France, Canada, Switzerland, Germany, US and the UK. They found existence of substantial
interdependence among the national stock markets with US being the most influential market.

Using daily and intraday price and stock returns data, Hamao, Masulis and Ng (1990) find
that there are significant spill over effects from the US and the UK stock markets to the
Japanese market but not the other way round. Rao & Naik (1990) got same result when they
attempted to examine the inter-relatedness of US, Japanese and Indian Stock Markets. Their
findings pointed out that Japanese market acts like an independent factor in relation to the US
and Indian stock markets.

Fischer and Palasvirta (1990) also found a high level of interdependence between stock
markets of 23 countries; they further concluded that US index prices lead almost every
country index in the sample. Becker et al. (1990) too reported that the Japanese market has
only a small impact on the U.S. return during the period of study.

Mathur and Subrahmanyam (1990) used the concept of Granger causality to examine
interdependencies among the stock market indices for four Nordic countries and the U.S. The
results indicate that the Nordic stock markets are less than fully integrated. Further
Malkamäki (1992) examines the interdependence of stock markets in Sweden, Finland and
their biggest trading partners in the period 1974–89 and finds that the Scandinavian markets
seem to be led by the German and the UK market.

Chan et al. (1992) uses unit root and co-integration tests to examine the relationships among
the stock markets in Hong Kong, South Korea, Singapore, Taiwan, Japan, and the United
States. Their findings suggest that the stock prices in major Asian markets and the United
States are weak-form efficient individually and collectively in the long run. Cheung and Mak
(1992) concluded that The US market can be considered as a 'global factor' and is found to
lead most of the Asian – Pacific emerging markets with the exception of three relatively
closed markets: Korea, Taiwan and Thailand. The Japanese market is found to have a less
important influence on the Asian – Pacific emerging markets.

Confirming the previous study Smith et al (1993) also find evidence of Granger
unidirectional causality running from the US to the other countries immediately after the
October 1987 worldwide crash. Park and Fatemi (1993) examine the linkages between the
equity markets of the Pacific- Basin countries to those of the US, UK and Japan. It was again
noticed that the US market is the most influential compared to that of UK and Japan. It was
found that Australia is most sensitive to the US market. Singapore, Hong Kong and New
Zealand form the next group and exhibit moderate linkages

Another study that confirms US dominated role is done by Choudhury (1994), he examine
the relationship among the Asian Newly Industrialized Economies (NIEs), Japan and the US.
By applying variance decomposition and impulse response functions, they found that the US
led the NIEs and that there were significant linkages between the markets. Blackman et al.
(1994) further suggests that, while such relationships were unlikely before 1980, markets are
now expected to move together.

Arshanapalli, Doukas and Lang (1995) examine the possible links between the US and six
major Asian Stock Markets before and after October 1987.They concluded that the Asian
equity markets were less integrated with Japanese equity market than they were with the US
market. Working in the same direction Arshanapalli et al. (1995) documents the presence of a
common stochastic trend between the U.S. and the Asian stock market movements during the
post-October 1987 period. The evidence suggests a co-integrating structure.

Hassan and Naka (1996) investigates the dynamic linkages among the U.S., Japan, U.K. and
German stock market and found significant evidence in support of both short-run and long
run relationships among these four stock market indices. Sewell et al. (1996) also examined
five Pacific Rim countries and the US, documenting evidence of varying degrees of market
co-movements. Karolyi and Stulz (1996) study the daily return co-movements between the
Japanese and U.S. stocks from 1988 to 1992 and find evidence that correlations are high
when there are significant markets movements.

Markellos and Siriopoulos (1997) too examined the diversification benefits available to U.S.
and Japanese investors over the period 1974-94 in seven of the smaller European stock
markets. Co-integration analysis found no significant common trend shared between the U.S.
and Japanese markets. Palac-McMiken (1997) uses the monthly ASEAN market indices
(Indonesia, Malaysia, the Philippines, Singapore, and Thailand) between 1987 and 1995 and
finds that with the exception of Indonesia, all the markets are linked with each other.

Kanas (1998) discovered that the US stock market does not have pair wise co-integration
with any of the European markets.

These results imply that there are potential benefits from diversifying in US stocks as well as
stocks in European markets. Janakiramanan and Lamba (1998) empirically examine the
linkages between the Pacific-Basin stock markets.

The influence of the US market on the Australasian markets has diminished over more recent
years, and the emerging market of Indonesia is becoming more integrated with these markets.
Elyasiani et al. (1998) found No significant interdependence between the Sri Lankan market
and the equity markets of the US and the Asian markets considered. Liu et al. (1998) had
tried to examine the stability of the interrelationship among the emerging and developed
stock markets of Thailand, Taiwan, Japan, Singapore, Hong-Kong and the US. They found an
increase in the general stock market interdependence.

Ramchand and Susmel (1998) find that the correlations between the U.S. and other world
markets are on average 2 to 3.5 times higher when the U.S. market is in a high variance state
as compared to a low variance regime. They also find that, compared to a GARCH
framework, the portfolio choices resulting from their SWARCH model lead to higher Sharpe
ratios. In their paper, Gerrits and Yuce (1999) test the interdependence between stock prices
in Germany, the UK, the Netherlands and the US. Results of the tests show that the US exerts
a significant impact on European markets. Moreover, the three European markets influence
each other in the short and long run.

Masih and Masih (1999) also found high level of interdependence among markets in
Thailand, Malaysia, the U.S., Japan, Hong Kong, and Singapore from 1992 to 1997.On the
other hand Christofi and Pericli (1999) investigate the short turn dynamics between five
major Latin American stock markets (Argentina, Brazil, Chile, Columbia, and Mexico) from
1992 to 1997. They find significant first and second moment time dependencies. Cross
spectral analysis is applied by Smith (1999) to six of the G-7 markets to determine whether
frequency domain correlations have increased post-crash relative to the pre-crash period. The
results indicate that correlations have increased for most of the markets studied.

Sheng and Tu (2000) use a co-integration and variance decomposition analysis to examine
the linkages among the stock markets of 12 Asia–Pacific countries, before and during the
period of the Asian financial crisis. In addition, Granger’s causality test suggests that the US
market still ‘causes’ some Asian countries during the period of crisis, reflecting the US
market’s persisting dominant role. Ng (2000) examines the magnitude and changing nature of
volatility spill overs from Japan and the US to six Pacific-Basin equity markets. The study
finds that regional and world factors are important for market volatility in the Pacific-Basin
region, though world market influence tends to be greater.
Roca and Selvanathan (2001) analysed price linkages between the equity market of Australia
and those of Hong Kong, Singapore and Taiwan, covering the period 1975-1995. The results
show that the Australian market is not significantly linked with any of these markets.
Scheicher (2001) studied the regional and global integration of stock markets in Hungary,
Poland and the Czech Republic. The empirical result is the existence of limited interaction.

Johnson and Soenen (2002) find that the equity markets of Australia, China, Hong Kong,
Malaysia, New Zealand, and Singapore are highly integrated with the stock market in Japan.

Kumar (2002), in his study, confirmed that stock index of Indian stock market was not co-
integrated with that of developed markets. Mishra (2002) investigated the international
integration of Indian stock market. He found no co integrating vector between BSE and
NASDAQ indices that signifies there was no long-run relationship between these two stock
exchanges.

Darrat and Zhong (2002) examined the linkages between eleven emerging Asia-Pacific
markets with US and Japan. They argued that the effect of the movements in the Japan
market on the Asia-Pacific region is only transitory. Ng (2002) found no evidence to indicate
a long–run relationship among the South–East Asian stock markets. Correlation analyses also
indicate that the South–East Asian stock markets are becoming more integrated.

Nath and Verma (2003) analysed the level of capital market integration by examining the
transmission of market movements among three major stock markets in Asian region, viz.,
India, Singapore and Taiwan; they suggested that international investors could achieve long
term gains by investing in the stock markets because of the independencies of the stock
markets. Bessler and Yang (2003) concluded that The US market is highly influenced by its
own historical innovations, but it is also influenced by market innovations from the UK,
Switzerland, Hong Kong, France and Germany.

Darrat and Benkato (2003) analysed stock returns and volatility relations between the
Istanbul Stock Exchange (ISE) and the stock markets in the US, the UK, Japan and Germany.
They realized that the two matured markets of the US and the UK shoulder significant
responsibility for the stability and financial health of smaller emerging markets like the ISE.

Wang et al. (2003) uniquely examined relationships among the five largest emerging African
stock markets and the US market. There is evidence of both long-run relationships and short-
run causal linkages between these markets. Baharumshah et al. (2003) examines the dynamic
interrelationship among four Asian markets (Malaysia, Thailand, Taiwan and South Korea)
The evidence shows that the degree of integration between the Asian emerging markets and
the US increased following the deregulation period, and that the relationship has intensified
since the onset of the Asian crisis.

Hatemi and Roca (2004) examines the equity market price interaction between Australia and
the European Union. They concluded that Australia also had no causal links with Germany
and France but it had with the UK, with causality running from the UK to Australia but not
vice-versa.
Working in line with above researches Narayan et al. (2004) examines the dynamic linkages
between the stock markets of Bangladesh, India, Pakistan and Sri Lanka using Granger
causality approach. In the short run there is unidirectional Granger causality running from
stock prices in Pakistan to India, stock prices in Sri Lanka to India and from stock prices in
Pakistan to Sri Lanka. Bangladesh is the most exogenous of the four markets.

Click and Plummer (2005) concluded that ASEAN-5 stock markets are integrated in the
economic sense, but that integration is far from complete. Maghyereh (2006) investigated the
interdependence among the daily equity market returns for four major Middle Eastern and
North African (MENA) emerging markets, Jordanian, Egyptian, Moroccan and Turkish
markets. Evidence indicates that none of the MENA markets is completely isolated and
independent.

After analysing markets of 23 different countries Mukherjee and Mishra (2007) identified
increasing tendency of integration among the markets and discovered that countries of same
region are found to be more integrated than others. Present study contributes to the existing
body of literature. Research studies on the issue of Stock Markets Integration, must be
longitudinal rather than cross sectional. A continued research on the subject can help policy
makers and practitioners. The present study takes a step ahead in the same direction. It is also
an attempt to fill the time gap of researches on Asian and US markets. It also examines TA
100 of Israel for which earlier literature is scarce.

4. Exchanges
This table shows at a glance chosen ones, of the countries present in the stock market. These
are some of the major stock exchanges having high market share and relevance to the major
exchanges of India.

STOCK EXCHANGE COUNTRY OF ORIGIN

1 BSE (BOMBAY STOCK EXCHANGE) INDIA
2 NSE (NATIONAL STOCK EXCHANGE) INDIA
3 TORONTO STOCK EXCHANGE CANADA
4 DOW JONES UNITED STATES OF AMERICA
5 S&P 500 UNITED STATES OF AMERICA
6 NASDAQ-100 UNITED STATES OF AMERICA
7 TEL AVIV 100 ISRAEL
8 BOVESPA INDEX UNITED STATES OF AMERICA
9 SWISS MARKET INDEX SWITZERLAND
10 FTSE 100 UNITED KINGDOM
11 CAC 40 FRANCE
12 AMSTERDAM EXCHANGE INDEX NETHERLANDS
13 SSE (SHANGHAI) CHINA
14 HANG SENG INDEX HONG KONG
15 NIKKEI 225 JAPAN
16 JAKARTA COMPOSITE INDEX INDONESIA
17 NZX 50 NEW ZEALAND
 5. Data Collection
Collection of data for calculating correlation in this paper has been done from respective sites
of the stock exchanges. The data ranges from DEC o5 to JUL 10. The data used is of the
closing points “month end” for all the stock exchanges.
The data ranges from Dec 2005 to Jul 2010 and is secondary in nature.
From this data we have calculated correlation factor between the stock exchanges by using
correlation function present in the excel sheet.

6. Computation correlation
Correlation has been calculated using excel and is reliable while considering the input. The
correlation calculated during the period of data is as follows:
Bse Nse Toronto StockExchange

Bse 1

Nse 0.995674 1

Toronto Stock Exchange 0.514403 0.5523 1

dow jones 0.393184 0.440167 0.935026

S&P 500 0.292924 0.342439 0.919179

NASDAQ-100 0.74827 0.773952 0.891383

Tel Aviv 100 0.824333 0.841089 0.79025

Bovespa Index 0.913546 0.897019 0.441323

Swiss Market Index 0.135068 0.190222 0.804146

FTSE 100 0.319938 0.367228 0.892606

CAC 40 0.120936 0.173148 0.820912

Amsterdam Exchange index 0.165591 0.215371 0.860919

SSE (shanghai) 0.743817 0.759096 0.581771

HANG SENG INDEX 0.870806 0.888895 0.778376

NIKKEI 225 -0.03853 0.014091 0.737961

jakarta Composite Index 0.955822 0.946626 0.445776

NZX 50 0.256523 0.309778 0.82875

dow jones S&P 500 NASDAQ-100

dow jones 1

S&P 500 0.986477 1

NASDAQ-100 0.827173 0.789425 1

Tel Aviv 100 0.718695 0.667616 0.944927

Bovespa Index 0.24265 0.133594 0.652342

Swiss Market Index 0.930624 0.96427 0.666913

FTSE 100 0.964267 0.982165 0.8052

CAC 40 0.935473 0.97122 0.655108

Amsterdam Exchange index 0.948472 0.980939 0.699098

SSE (shanghai) 0.572757 0.469798 0.66585

HANG SENG INDEX 0.695166 0.610859 0.866113

NIKKEI 225 0.845253 0.915324 0.552176

jakarta Composite Index 0.283574 0.175548 0.675874

NZX 50 0.943255 0.958001 0.72166

Tel Aviv 100 Bovespa Index Swiss Market Index

Tel Aviv 100 1

Bovespa Index 0.739587 1

Swiss Market Index 0.562167 -0.05864 1

FTSE 100 0.710493 0.155885 0.959315

CAC 40 0.53519 -0.06139 0.988269

Amsterdam Exchange index 0.571249 -0.00101 0.973783

SSE (shanghai) 0.706125 0.663119 0.366673

HANG SENG INDEX 0.844407 0.781261 0.455396

NIKKEI 225 0.420509 -0.21347 0.956218

jakarta Composite Index 0.781182 0.945089 0.00993

NZX 50 0.643341 0.063169 0.97305

Amsterdam Exchange
FTSE 100 CAC 40 index

FTSE 100 1

CAC 40 0.959468 1

Amsterdam Exchange
index 0.969981 0.989471 1

SSE (shanghai) 0.440175 0.375052 0.386185

HANG SENG INDEX 0.598935 0.465255 0.507393

NIKKEI 225 0.907429 0.968774 0.959067

jakarta Composite Index 0.19997 -0.01483 0.042566

NZX 50 0.955817 0.969709 0.956412

 SSE (shanghai) HANG SENG INDEX NIKKEI 225

SSE (shanghai) 1

HANG SENG INDEX 0.873318 1

NIKKEI 225 0.201653 0.307007 1

jakarta Composite Index 0.680549 0.784654 -0.16496

NZX 50 0.508136 0.561887 0.915661

jakarta Composite Index NZX 50

jakarta Composite Index 1

NZX 50 0.127351 1

7. Analysis of data

The data collected helps us in calculating the correlation between the stock exchanges.

This correlation helps us to have an idea of the volatile market. We can use the correlation
data during the trading sessions as there is a gap between timings of the markets.

Thus from the above given data we can have that some stock exchanges share very high
correlation factor.

The interpretation of the same would be as following:

 BSE has high correlation with NSE (0.995673677), BOVESPA INDEX

(0.913546085), and JAKARTA COMPOSITE INDEX (0.955822272).
 NSE has high correlation with BOVESPA INDEX (0.897018768) and
JAKARTA COMPOSITE INDEX (0.946626213).
 TORONTO STOCK EXCHANGE has high correlation with DOW JONES
(0.935025595), S&P 500 (0.919178516), NASDAQ-100 (0.89138308) and FTSE
100 (0.892605637).
 DOW JONES has high correlation with S&P 500 (0.986477379), SWISS
MARKET INDEX (0.930624494), FTSE 100 (0.964267374), CAC 40
(0.935472788), AMSTERDAM EXCHANGE INDEX (0.948471734), NZX 50
(0.94325506).
 S&P 500 has high correlation with SWISS MARKET INDEX (0.964270231),
FTSE 100 (0.982165359), CAC 40 (0.97122033), AMSTERDAM EXCHANGE
INDEX (0.98093923), NIKKEI 225 (0.915324039) and NZX 50 (0.958000813).
 NASDAQ-100 has high correlation with TEL AVIV 100 (0.944927376).
 BOVESPA INDEX has high correlation with JAKARTA COMPOSITE
INDEX (0.945089104).
 SWISS MARKET INDEX has high correlation with FTSE 100
(0.959315305), CAC 40 (0.988268996), AMSTERDAM EXCHANGE INDEX
(0.973783176), NIKKEI 225 (0.956218268) and NZX 50 (0.973049515).
 FTSE 100 has high correlation with CAC 40 (0.959467959), AMSTERDAM
EXCHANGE INDEX (0.969980625), NIKKEI 225 (0.907429107) and NZX 50
(0.955817313).
 CAC 40 has high correlation with AMSTERDAM EXCHANGE INDEX
(0.989471472), NIKKEI 225 (0.968774058) and NZX 50 (0.969709349).
 AMSTERDAM EXCHANGE INDEX has high correlation with NIKKEI 225
(0.959067379) and NZX 50 (0.956412237).
 NIKKEI 225 has high correlation with NZX 50 (0.915660896).
 8. Limitations

This paper has used data directly available on the websites of the respective stock exchanges.
The data is secondary in nature. The data helps us in calculating correlation between them,
but does not take into account various kinds of errors that may crop in while the calculation
of correlation factor. Also, many other methods for calculating correlation factor which takes
into account errors while calculation.

In the calculation of correlation we take into account two things strength of relationship as
well as significance of the same. We can use Pearson correlation, Kendall rank correlation
and Spearman correlation methods for calculation of correlation.

Pearson r correlation: Pearson r correlation is widely used in statistics to measure the degree
of the relationship between the linear related variables. For the Pearson r correlation, both
variables should be normally distributed.

Kendall rank correlation: Kendall rank correlation is a non-parametric test that does not
assume any assumptions related to the distributions— like Pearson’s correlation.

Spearman rank correlation: Spearman rank correlation is a non-parametric test that is used to
measure the degree of association between the two variables. It was developed by Spearman,
thus it is called the Spearman rank correlation. Spearman rank correlation test does not
assume any assumptions about the distribution. Spearman rank correlation test is used when
the Pearson test gives misleading results.

We should use any of these methods in improving this paper. Also, we can have sectored
division of the stock exchanges, according to their major companies.

This would help in better understanding and better use of the data and the methods available.

9. Conclusion

This focus of this research paper is to calculate correlation factor between different stock
exchanges of the world. This would help an investor’s speculation and would provide a factor
for differentiating between these speculations.

The paper has taken into consideration 17 different stock exchanges of the world. Being an
Indian national, the major focus was to have the factor as in comparison with major indian
stock exchanges NSE and BSE.

The data used ranges from Dec 2005 to Jul 2010 and is directly copied from the sites of the
stock exchanges. This secondary data is very relevant as and because the source of data is
original websites of the exchanges.

The calculation of correlation factor between the stock exchanges is done on excel 2010.
Different methods can be used for the same.

From the correlation factors calculated we got the conclusion that the stock exchanges have
high correlation with their counterparts.

Indian stock exchange BSE has high correlation with NSE, BOVESPA INDEX, JAKARTA
COMPOSITE INDEX, whereas NSE has high correlation with BOVESPA INDEX and
JAKARTA COMPOSITE INDEX.

Thus the Indian exchanges show high correlation with Indonesian exchange and one of the
exchanges of USA.

10. References

The official website of BSE India accessed on July 2010: “http://www.bseindia.com/”

The official website of NSE India accessed on July 2010: “http://www.nse-india.com/”
The official website of TMX India accessed on July 2010: “http://www.tmx.com/”
The official website of Dow Jones accessed on July 2010:
“http://www.dowjones.com/index.asp”
The official website of S&P accessed on July 2010:
“http://www.standardandpoors.com/indices/main/en/us”
The official website of BSE India accessed on July 2010: “http://www.nasdaq.com/”
The official website of Tel Aviv accessed on July 2010: “http://www.tel-
aviv.gov.il/english/Index.htm”
The official website of Bovespa accessed on July 2010: “http://www.bmfbovespa.com.br/en-
us/home.aspx?idioma=en-us”
The official website of Swiss Market Index accessed on July 2010: “http://www.six-swiss-
exchange.com/index_en.html”
The official website of London Stock Exchange accessed on July 2010:
“http://www.londonstockexchange.com/exchange/prices-and-
markets/stocks/indices/summary/summary-indices.html?index=UKX”
The official website of SSE Shanghai accessed on July 2010:
“http://www.sse.com.cn/sseportal/en_us/ps/home.shtml”
The official website of Nikkei accessed on July 2010:
“http://e.nikkei.com/e/fr/marketlive.aspx”
The official website of Hang Seng Index accessed on July 2010:
“http://www.hsi.com.hk/HSI-Net/”
The official website of NZX accessed on July 2010: “http://www.nzx.com/home”
The official website of Jakarta Composite Index accessed on July 2010:
“http://www.idx.co.id/Home/tabid/40/language/en-US/Default.aspx”
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