Prices

Aman-Emirates
AD Index AD Takaful first gulf bank
Investments
2/17/2007 3091.83 30.2 2.95 13
2/18/2007 3083.83 27.45 2.84 12.95
2/19/2007 3035.12 27.45 2.77 12.95

3026.74
2/20/2007 27.45 2.95 12.95
2/21/2007 3024.83 27.45 2.87 13
2/22/2007 3004.03 27.45 2.9 13

 P 
Ri  ln  t 
 Pt 1 
Returns
Aman-Emirates
AD Index AD Takaful first gulf bank
Investments
2/18/2007 -0.00259081765 -0.0954757564253 -0.03800111817861 -0.00385356932
2/19/2007 -0.01592136852 0 -0.02495673197387 0
2/20/2007 -0.00276482972 0 0.062957850152481 0
2/21/2007 -0.00063124117 0 -0.0274931405802 0.00385356932
2/22/2007 -0.00690017102 0 0.010398707220899 0

Correlation Matrix
Aman-Emirates
AD Index
Investments

AD Index
Aman-Emirates Investm -0.289582595926318
AD Takaful 0.166805338024366 0.46762895341941
first gulf bank 0.113184384497286 0.7905694150421
Etisalat -0.642971780786092 -0.173221736451
NBAD -0.047441172593976 0.71686526506007
Gulf Pharm -0.465957174210964 0.53534694971464
Dar Finance 0.312798421182939 0.40770332550155
Sudan telecom 0.336983573112597 -0.3322929254779
Fujerah cement 0.289582595926317 -1
RAK construction -0.055709455474246 -0.0886052699109
Fuj Construction -0.074264490129044 0.08599859089444
CIB -0.435935528701505 0.29165790403234
Etihad Cement -0.592483122887857 -0.3212031479417
Dar Real Estate -0.397025112129014 -0.3696000889783
Sharjah Islamic Bank 0.086893170506963 -0.075736091509
Dana Gas 0.273516304828053 0.02703638718549
 Emirates Cars -0.320808131245803 0.80286043946926
Emirates Food -0.657906773865743 -0.2257400431105
ADIB 0.781714582827157 -0.7458033817086
UmQ Cement 0.064039008589774 -0.3461999017963
ADCB 0.628501920821968 -0.0528774480249
Gulf Cement 0.643642807342841 -0.8483105208904
UNB 0.043768909568867 0.03354156696973
Sharjah Bank 0.748167865624489 0.07440479281948
RAK cement -0.73008706671133 0.03733353059564
Srooh Construction -0.350473624832338 -0.4594623125673
TAKA -0.090019970118108 0.25973046375711
Oasis Leasing -0.690727039626042 0.73259826789565
Emirates Motors -0.411414100551563 0.6593712270069
Arkan Building Materials -0.471954656345873 -0.4709810009556
Sharjah Cement 0.551366485961191 -0.3902623699111
Abar 0.056670879941252 0.89628628367682

A B
Arkan Building
Srooh Construction Materials
Returns
2/18/2007 0.0601 0.0167
2/19/2007 0.0567 0.0164
2/20/2007 0.0537 0.0081
2/21/2007 -0.0075 -0.0245
2/22/2007 0.0075 -0.0083
Avg Return 0.0341 0.0017

Xa Proportion of Aman -107.4107%

Emirates
Xb Proportion of 207.4107%
Fujerah Cement

Var B
Var A
0.0002534
0.000801380418509
 2p  x A2
SD B 0.015917205280774
SD A 0.028308663311943
Correl 0.977223371559834

Var p 0.000053
Return p -0.033145
 Single Index
William Sharpe
Model
Aman-Emirates
AD Index Investments AD Takaful first gulf bank
2/17/2007 3091.83 30.2 2.95 13
2/18/2007 3083.83 27.45 2.84 12.95
2/19/2007 3035.12 27.45 2.77 12.95
2/20/2007 3026.74 27.45 2.95 12.95
2/21/2007 3024.83 27.45 2.87 13
2/22/2007 3004.03 27.45 2.9 13

Aman-Emirates
AD Index Investments AD Takaful first gulf bank
2/18/2007 -0.0026 -0.0955 -0.0380 -0.0039
2/19/2007 -0.0159 0.0000 -0.0250 0.0000
2/20/2007 -0.0028 0.0000 0.0630 0.0000
2/21/2007 -0.0006 0.0000 -0.0275 0.0039
2/22/2007 -0.0069 0.0000 0.0104 0.0000

Correlation
Matrix Expecting economic conditions are improving, so we look at the positive co
AD Index Aman-Emirates Investments AD Takaful
AD Index
Aman-Emirates Inves -0.2896 1
AD Takaful 0.1668 0.467628953419405 1
first gulf bank 0.1132 0.790569415042101 0.08986643486926
Etisalat -0.6430 -0.173221736451041 0.23039665082129
NBAD -0.0474 0.716865265060067 0.92123593921416
Gulf Pharm -0.4660 0.535346949714634 0.71959299843564
Dar Finance 0.3128 0.407703325501547 0.75379902676136
Sudan telecom 0.3370 -0.332292925477918 -0.8166027406236
Fujerah cement 0.2896 -1 -0.4676289534194
RAK construction -0.0557 -0.088605269910877 0.168096719691
Fuj Construction -0.0743 0.085998590894441 0.10981234394458
CIB -0.4359 0.29165790403234 -0.7062977310689
Etihad Cement -0.5925 -0.321203147941694 0.08256492225514
Dar Real Estate -0.3970 -0.369600088978337 -0.5609093387823
Sharjah Islamic Bank 0.0869 -0.075736091508958 0.52525482860476
Dana Gas 0.2735 0.027036387185495 0.20801652352194
Emirates Cars -0.3208 0.802860439469258 0.56579608397903
Emirates Food -0.6579 -0.225740043110481 0.14074750723104
ADIB 0.7817 -0.745803381708599 0.01805117858431
UmQ Cement 0.0640 -0.346199901796331 0.49871609133665
ADCB 0.6285 -0.052877448024852 0.73517193342437
Gulf Cement 0.6436 -0.848310520890396 -0.1564259540538
UNB 0.0438 0.033541566969729 0.85668089318676
Sharjah Bank 0.7482 0.074404792819483 0.05178229085964
RAK cement -0.7301 0.03733353059564 0.25316204355801
Srooh Construction -0.3505 -0.459462312567347 0.10422862512541
TAKA -0.0900 0.259730463757111 0.90657943047485
Oasis Leasing -0.6907 0.732598267895653 -0.1345490615131
Emirates Motors -0.4114 0.659371227006896 0.59428588517224
Arkan Building Materi -0.4720 -0.470981000955583 0.02818036309407
Sharjah Cement 0.5514 -0.39026236991105 0.34650472813277
Abar 0.0567 0.896286283676822 0.36167204864268

Returns
Sharjah Bank AD Takaful
2/18/2007 -0.0222 -0.0380
2/19/2007 -0.0343 -0.0250
2/20/2007 -0.0117 0.0630
2/21/2007 0.0039 -0.0275
2/22/2007 -0.0358 0.0104

Correlation Matrix Risk-Taking

Sharjah Bank AD Takaful
Sharjah Bank
AD Takaful 0.051782290859638
first gulf bank 0.557434860039487 0.08986643486926
Dar Finance 0.559834432119354 0.75379902676136
Sudan telecom 0.359354827747524 -0.8166027406236
Fujerah cement -0.074404792819483 -0.4676289534194
Sharjah Islamic Bank 0.248087276508843 0.52525482860476
Dana Gas 0.690792643073305 0.20801652352194
ADIB 0.245762126933698 0.01805117858431
UmQ Cement -0.051021310857409 0.49871609133665
ADCB 0.50361708538194 0.73517193342437
Gulf Cement 0.387980015248898 -0.1564259540538
UNB -0.256623657320079 0.85668089318676
Sharjah Cement -0.128707690106778 0.34650472813277
Abar 0.50278876629578 0.36167204864268
 A B
first gulf bank Abar
Returns
2/18/2007 -0.0039 0.0114
2/19/2007 0.0000 0.0445
2/20/2007 0.0000 0.0529
2/21/2007 0.0039 0.0649
2/22/2007 0.0000 0.0426
Avg Return 0.0000 0.0432

Xa Proportion of first 114.7700%

gulf bank
Xb
Proportion of Abar -14.7700% 100.0000%

Var B 0.0003150
Var A 0.000006
SD B 0.01774875196114
SD A 0.002437211231973
Correl 0.951991584780192

Var p 0.000001
 2p  xA2 A2
Return p -0.006387
n
E ( R p )    xi E
i 1

where xi  propo
invest
n

x
i 1
i 1
 Etisalat NBAD Gulf Pharm Dar Finance
15.9 25 2.03 8.49
15.95 24.15 1.99 8.11
16.05 24.15 2.01 7.91

16.1 25.15 2.05 8.49

15.95 24.95 2 8.49
16 25 2.05 8.08

Etisalat NBAD Gulf Pharm Dar Finance

0.00313972 -0.03459144 -0.019901154317 -0.045791132196
0.00625002035 0 0.0100000833346 -0.024970086348
0.00311042241 0.040573516 0.0197050710793 0.0707612185437
-0.00936044276 -0.00798407 -0.02469261259 0
0.00312989301 0.002002003 0.0246926125904 -0.04949712779

AD Takaful first gulf bank Etisalat NBAD

0.08986643486926
0.23039665082129 -0.7261946054
0.92123593921416 0.34873921663 0.150146771753195
0.71959299843564 -0.0742068601 0.643189195914694 0.704171566328765
0.75379902676136 0.32897395939 -0.144068830354824 0.820330413295716
-0.8166027406236 0.23260860356 -0.691872196597838 -0.805205827522772
-0.4676289534194 -0.790569415 0.173221736451041 -0.716865265060067
0.168096719691 -0.0988701152 0.137789553957826 0.299674582009798
0.10981234394458 -0.1433534995 0.222115897106118 -0.080279802081228
-0.7062977310689 0.50749290165 -0.350759397900819 -0.43551429130415
0.08256492225514 -0.8139837144 0.974283042861148 -0.046594594799616
-0.5609093387823 -0.2487379977 0.174294673350035 -0.381317386966041
0.52525482860476 -0.2375068725 0.291401286091441 0.530894491921926
0.20801652352194 0.20467085954 -0.262296834568521 0.340721162833795
 0.56579608397903 0.55147198566 0.031734676923783 0.838274781186835
0.14074750723104 -0.7015622944 0.946329477509065 0.127881972969978
0.01805117858431 -0.5134973558 -0.127309765398678 -0.338627398624052
0.49871609133665 -0.6074531613 0.558545159663336 0.365541304251588
0.73517193342437 -0.0816750171 -0.061038227499774 0.578684744807089
-0.1564259540538 -0.5413100835 -0.107736288157835 -0.392508597053117
0.85668089318676 -0.4328738218 0.61068581933597 0.670410712407665
0.05178229085964 0.55743486004 -0.851489089608766 0.106940241231837
0.25316204355801 -0.4644524995 0.869225706708486 0.336867077062877
0.10422862512541 -0.7550793829 0.765469916162737 0.050541779422836
0.90657943047485 -0.2366010489 0.574959863681441 0.827724738727152
-0.1345490615131 0.62097991252 -0.051357602788481 0.242946978945788
0.59428588517224 0.31474894915 0.261117705346533 0.829924748739277
0.02818036309407 -0.8176891036 0.860450356285957 -0.035976763845028
0.34650472813277 -0.4603573895 0.126839726259301 -0.033941981413036
0.36167204864268 0.95199158478 -0.552159728291326 0.616159432491343

 B2   A B  AB
xA  2 2
 A   B  2 A B  AB

xB  1  x A
 2p  x A2 A2  xB2 B2  2 xA xB  AB A B

n
E ( R p )    xi E ( Ri ) 
i 1

where xi  proportion of portfolio

invested in security i and
n

 x 1i
 E ( R p )    xi E ( Ri ) 
i 1

where xi  proportion of portfolio

invested in security i and
n

 x 1
i 1
i

Etisalat NBAD Gulf Pharm Dar Finance

15.9 25 2.03 8.49
15.95 24.15 1.99 8.11
16.05 24.15 2.01 7.91
16.1 25.15 2.05 8.49
15.95 24.95 2 8.49
16 25 2.05 8.08

Etisalat NBAD Gulf Pharm Dar Finance

0.0031 -0.0346 -0.0199 -0.0458
0.0063 0.0000 0.0100 -0.0250
0.0031 0.0406 0.0197 0.0708
-0.0094 -0.0080 -0.0247 0.0000
0.0031 0.0020 0.0247 -0.0495

we look at the positive correlation between stocks and the index

first gulf bank Etisalat NBAD Gulf Pharm

1
-0.7261946054303 1
0.34873921662547 0.15014677175 1
-0.0742068600931 0.64318919591 0.704171566328765 1
0.32897395939393 -0.1440688304 0.820330413295716 0.207127448245483
0.23260860356372 -0.6918721966 -0.805205827522772 -0.828365865006992
-0.7905694150421 0.17322173645 -0.716865265060067 -0.535346949714634
-0.098870115199 0.13778955396 0.299674582009798 -0.161718132169067
-0.1433534995218 0.22211589711 -0.080279802081228 0.489090959353143
0.50749290165064 -0.3507593979 -0.43551429130415 -0.308291016945442
-0.8139837144496 0.97428304286 -0.046594594799616 0.543688356992757
-0.248737997658 0.17429467335 -0.381317386966041 -0.469502718711601
-0.2375068725486 0.29140128609 0.530894491921926 0.12114175718744
0.2046708595372 -0.2622968346 0.340721162833795 -0.33412643752428
0.55147198566311 0.03173467692 0.838274781186835 0.45575329467635
-0.7015622943863 0.94632947751 0.127881972969978 0.466322536719604
-0.5134973557786 -0.1273097654 -0.338627398624052 -0.362678382761704
-0.6074531612851 0.55854515966 0.365541304251588 0.225123798279231
-0.0816750171441 -0.0610382275 0.578684744807089 0.101982697004167
-0.5413100835094 -0.1077362882
-0.4328738217571 0.61068581934
0.55743486003949 -0.8514890896
-0.4644524994587 0.86922570671
-0.7550793828993 0.76546991616
-0.2366010488884 0.57495986368
0.62097991252407 -0.0513576028
0.31474894915039 0.26111770535
-0.8176891036206 0.86045035629
-0.4603573894769 0.12683972626
0.95199158478019 -0.5521597283 0.616159432491343 0.157435925865681
first gulf bank Dar Finance Sudan telecom
-0.0039 -0.0458
0.0000 -0.0250
0.0000 0.0708
0.0039 0.0000
0.0000 -0.0495
first gulf bank Dar Finance
0.32897395939393
0.23260860356372 -0.5691469231
-0.7905694150421 -0.4077033255
-0.2375068725486 0.78985290441
0.2046708595372 0.78378554415
-0.5134973557786 -0.0584761443
-0.6074531612851 0.53976607767
-0.0816750171441 0.83140482409
-0.5413100835094 0.09143517585
-0.4328738217571 0.52625932758
-0.4603573894769 -0.1108767232
0.95199158478019 0.54924130501 -0.071491653793583 -0.896286283676822
-0.392508597053117 -0.605225751597453
0.670410712407665 0.702934100128826
0.106940241231837 -0.60460612601285
0.336867077062877 0.544504383768896
0.050541779422836 0.16046411054321
0.827724738727152 0.760579307539494
0.242946978945788 0.196388858376177
0.829924748739277 0.525109330924964
-0.035976763845028 0.230901859621137
-0.033941981413036 0.197116271176853
Fujerah cement
0.0033 0.0225
0.0000 0.0000
-0.0033 0.0000
0.0055 0.0000
0.0011 0.0000
Sudan telecom Fujerah cement
0.332292925477918
-0.653857074284114 0.075736091508958
-0.185575273078543 -0.027036387185495
0.232478319782079 0.745803381708599
-0.693353448635751 0.346199901796331
-0.480239717836233 0.052877448024852
0.224004419871541 0.848310520890396
-0.886635629513533 -0.033541566969729
-0.077513501817224 0.39026236991105
  B2   A B  AB
xA  2 2
 A   B  2 A B  AB

xB  1  x A

 2p  xA2 A2  xB2 B2  2 x A xB  AB A B

n
E ( R p )    xi E ( R i ) 
i 1

where xi  proportion of portfolio

invested in security i and
n

x
i 1
i 1
 Sudan telecom Fujerah cement RAK construction Fuj Construction
9 4.4 1.37 2.71
9.03 4.5 1.4 2.49
9.03 4.5 1.45 2.25

9 4.5 1.52 2.03

9.05 4.5 1.54 1.83
9.06 4.5 1.49 1.84

Sudan telecom Fujerah cement RAK construction Fuj Construction

0.003327790092675 0.0224728558521 0.021661496781179 -0.08466592441499
0 0 0.03509131981127 -0.10135249426029
-0.003327790092675 0 0.047146778425702 -0.10289442316263
0.005540180375615 0 0.013072081567353 -0.10371982620037
0.001104362343053 0 -0.03300629646817 0.00544960476756

Gulf Pharm Dar Finance Sudan telecom Fujerah cement

0.207127448245483
-0.828365865006992 -0.569146923075588
-0.535346949714634 -0.407703325501547 0.332292925477918
-0.161718132169067 0.650474365291631 -0.388290916433826 0.088605269910877
0.489090959353143 -0.537898728227936 0.010415052215949 -0.085998590894441
-0.308291016945442 -0.539421026288684 0.611015414743835 -0.29165790403234
0.543688356992757 -0.336675543519138 -0.531851724237707 0.321203147941694
-0.469502718711601 -0.088032858897113 0.126096872115717 0.369600088978337
0.12114175718744 0.789852904406945 -0.653857074284114 0.075736091508958
-0.33412643752428 0.783785544146484 -0.185575273078543 -0.027036387185495
 0.45575329467635 0.741532280465832 -0.605648196493336 -0.802860439469258
0.466322536719604 -0.021918309746735 -0.668647711699218 0.225740043110481
-0.362678382761704 -0.058476144318723 0.232478319782079 0.745803381708599
0.225123798279231 0.539766077667709 -0.693353448635751 0.346199901796331
0.101982697004167 0.831404824088396 -0.480239717836233 0.052877448024852
-0.605225751597453 0.091435175847414 0.224004419871541 0.848310520890396
0.702934100128826 0.526259327579201 -0.886635629513533 -0.033541566969729
-0.60460612601285 0.559834432119354 0.359354827747524 -0.074404792819483
0.544504383768896 0.167128514274582 -0.763089240734755 -0.03733353059564
0.16046411054321 0.151714428720342 -0.559695040683735 0.459462312567347
0.760579307539494 0.665555565583425 -0.967559709262287 -0.259730463757111
0.196388858376177 0.030244472684209 -0.059383725831065 -0.732598267895653
0.525109330924964 0.73312862631026 -0.750268978537479 -0.659371227006896
0.230901859621137 -0.030253434526221 -0.532442056687204 0.470981000955583
0.197116271176853 -0.110876723228104 -0.077513501817224 0.39026236991105
0.157435925865681 0.549241305011801 -0.071491653793583 -0.896286283676822

 A B
 Sudan telecom Fujerah cement RAK construction Fuj Construction
9 4.4 1.37 2.71
9.03 4.5 1.4 2.49
9.03 4.5 1.45 2.25
9 4.5 1.52 2.03
9.05 4.5 1.54 1.83
9.06 4.5 1.49 1.84

Sudan telecom Fujerah cement RAK construction Fuj Construction

0.0033 0.0225 0.0217 -0.0847
0.0000 0.0000 0.0351 -0.1014
-0.0033 0.0000 0.0471 -0.1029
0.0055 0.0000 0.0131 -0.1037
0.0011 0.0000 -0.0330 0.0054

Dar Finance Sudan telecom Fujerah cement RAK construction

1
-0.569146923075588 1
-0.407703325501547 0.332292925477918 1
0.650474365291631 -0.388290916433826 0.088605269910877 1
-0.537898728227936 0.010415052215949 -0.085998590894441 -0.913721968479398
-0.539421026288684 0.611015414743835 -0.29165790403234 -0.315521657922876
-0.336675543519138 -0.531851724237707 0.321203147941694 -0.011663730213448
-0.088032858897113 0.126096872115717 0.369600088978337 0.681798607605674
0.789852904406945 -0.653857074284114 0.075736091508958 0.900970535662511
0.783785544146484 -0.185575273078543 -0.027036387185495 0.908373050972514
0.741532280465832 -0.605648196493336 -0.802860439469258 0.512237721136562
-0.021918309746735 -0.668647711699218 0.225740043110481 0.425177642583395
-0.058476144318723 0.232478319782079 0.745803381708599 -0.127221677346558
0.539766077667709 -0.693353448635751 0.346199901796331 0.707836043414413
0.831404824088396 -0.480239717836233 0.052877448024852 0.487018986939643
 0.091435175847414 0.224004419871541 0.848310520890396 0.362765450436216
0.526259327579201 -0.886635629513533 -0.033541566969729 0.244859343895796
0.559834432119354 0.359354827747524 -0.074404792819483 0.332432961719673
0.167128514274582 -0.763089240734755 -0.03733353059564 0.533513939764954
0.151714428720342 -0.559695040683735 0.459462312567347 0.672084833977127
0.665555565583425 -0.967559709262287 -0.259730463757111 0.374978911884646
0.030244472684209 -0.059383725831065 -0.732598267895653 0.106832815257125
0.73312862631026 -0.750268978537479 -0.659371227006896 0.625952319508092
-0.030253434526221 -0.532442056687204 0.470981000955583 0.517422054556354
-0.110876723228104 -0.077513501817224 0.39026236991105 -0.487739378824644
0.549241305011801 -0.071491653793583 -0.896286283676822 0.047018397539182

Sharjah Islamic Bank Dana Gas ADIB UmQ Cement

0.0000 0.0296 0.0099 0.0355
0.0000 0.0358 -0.0250 0.0116
0.0083 0.0811 -0.0041 0.0613
-0.0042 0.0568 -0.0082 -0.0274
-0.0084 -0.0439 -0.0062 -0.0168

Sharjah Islamic Bank Dana Gas ADIB UmQ Cement

0.809889723555553
0.076834440872451 -0.024224777151777
0.90373786505989 0.520083188362417 0.313295924895796
0.759812744979599 0.613156488170643 0.487323305123347 0.711884750617231
0.403860806932419 0.399967755507557 0.84233755944583 0.524661457523954
0.626604699841639 0.108378196769706 0.233153538495642 0.782595159755452
-0.122236750806975 -0.432894935765865 0.803741555880646 0.196068839097239
-0.007121214471937 0.306976282879119 -0.563885346987866 -0.379616152660495
 CIB Etihad Cement Dar Real Estate Sharjah Islamic Bank
2.53 4.25 4.2 2.39
2.51 4.29 4.41 2.39
2.6 4.34 4.7 2.39

2.51 4.33 4.79 2.41

2.6 4.17 4.93 2.4
2.63 4.2 4.88 2.38

CIB Etihad Cement Dar Real Estate Sharjah Islamic Bank

-0.0079365496 0.009367750004 0.0487901641694 0
0.03522869188 0.011587615172 0.0636878192573 0
-0.03522869188 -0.002306806098 0.0189679027068 0.008333381559144
0.03522869188 -0.037651506204 0.0288085766318 -0.004158010148664
0.01147240116 0.007168489479 -0.01019376819 -0.008368249670517

RAK construction Fuj Construction CIB Etihad Cement

-0.9137219684794
-0.3155216579229 0.024179340296719
-0.0116637302134 0.338026714914488 -0.300125263946556
0.68179860760567 -0.74191738281421 0.270093473141556 0.150293911485752
0.90097053566251 -0.68457004055777 -0.676333683052133 0.133336691396753
0.90837305097251 -0.93730230380034 -0.27806938772574 -0.409499746936756
0.51223772113656 -0.41859870652759 -0.004069859275996 -0.18791483856436
0.4251776425834 -0.09926933541274 -0.318538010615039 0.890383580012863
-0.1272216773466 0.142115194779021 -0.610992216387672 -0.003235978239747
0.70783604341441 -0.40201225991958 -0.837766203957135 0.464124773948056
0.48701898693964 -0.3249462562388 -0.871390788560606 -0.165357418320871
0.36276545043622 -0.37760703367645 -0.538046633456297 -0.034096859044617
0.2448593438958 0.138042121026996 -0.88607034102638 0.513023512608988
0.33243296171967 -0.57470597144308 -0.058331250003059 -0.900389230945206
0.53351393976495 -0.22012663507059 -0.241014662979858 0.755638335770805
0.67208483397713 -0.39308189320808 -0.490998972703497 0.709877633295722
0.37497891188465 -0.00512063336753 -0.770222064473753 0.424170273846124
0.10683281525713 -0.20130358630695 0.719357522704896 -0.161290157308671
0.62595231950809 -0.44897147640755 -0.146743437386079 0.038957327894158
0.51742205455635 -0.22804961764381 -0.403093372915891 0.832220138275669
-0.4877393788246 0.633422720632569 -0.644793014945523 0.233824753352766
0.04701839753918 -0.17966393750392 0.296506597203427 -0.694094969085211
 CIB Etihad Cement Dar Real Estate Sharjah Islamic Bank
2.53 4.25 4.2 2.39
2.51 4.29 4.41 2.39
2.6 4.34 4.7 2.39
2.51 4.33 4.79 2.41
2.6 4.17 4.93 2.4
2.63 4.2 4.88 2.38

CIB Etihad Cement Dar Real Estate Sharjah Islamic Bank

-0.0079 0.0094 0.0488 0.0000
0.0352 0.0116 0.0637 0.0000
-0.0352 -0.0023 0.0190 0.0083
0.0352 -0.0377 0.0288 -0.0042
0.0115 0.0072 -0.0102 -0.0084

Fuj Construction CIB Etihad Cement Dar Real Estate

1
0.02417934029672 1
0.33802671491449 -0.30012526394656 1
-0.7419173828142 0.270093473141556 0.150293911485752 1
-0.6845700405578 -0.67633368305213 0.133336691396753 0.354704696376144
-0.9373023038003 -0.27806938772574 -0.409499746936756 0.480951737466969
-0.4185987065276 -0.004069859276 -0.18791483856436 0.057197839836168
-0.0992693354127 -0.31853801061504 0.890383580012863 0.453938753377976
0.14211519477902 -0.61099221638767 -0.003235978239747 -0.249307908400375
-0.4020122599196 -0.83776620395714 0.464124773948056 0.261518021970395
-0.3249462562388 -0.87139078856061 -0.165357418320871 -0.240188587164846
-0.3776070336765 -0.5380466334563 -0.034096859044617 0.274230443322365
0.138042121027 -0.88607034102638 0.513023512608988 -0.334582899625052
-0.5747059714431 -0.05833125000306 -0.900389230945206 -0.004575872312609
-0.2201266350706 -0.24101466297986 0.755638335770805 0.461088953678833
-0.3930818932081 -0.4909989727035 0.709877633295722 0.598829474778471
-0.0051206333675 -0.77022206447375 0.424170273846124 -0.252328784257916
-0.2013035863069 0.719357522704896 -0.161290157308671 0.277446198800427
-0.4489714764076 -0.14674343738608 0.038957327894158 0.168581729561446
-0.2280496176438 -0.40309337291589 0.832220138275669 0.563256666050257
0.63342272063257 -0.64479301494552 0.233824753352766 -0.687249616405181
-0.1796639375039 0.296506597203427 -0.694094969085211 -0.293717000855678

ADCB Gulf Cement UNB Sharjah Cement

0.0083 0.0205 -0.0027 0.0285
-0.0083 0.0000 -0.0055 -0.0181
0.0310 0.0101 0.0109 0.0206
0.0048 0.0075 -0.0137 0.0000
-0.0016 0.0000 0.0000 0.0351

ADCB Gulf Cement UNB Sharjah Cement

0.50884297224869
0.69505462835417 0.116014866693703
0.39394861923079 0.388196215751622 0.499319969441845
0.11202160462424 -0.58230797801358 -0.154571902496985 -0.433559683917613
 Dana Gas Emirates Cars Emirates Food ADIB UmQ Cement
1.33 1.6 1.13 50.1 1.66
1.37 1.55 1.14 50.6 1.72
1.42 1.57 1.16 49.35 1.74

1.54 1.6 1.17 49.15 1.85

1.63 1.6 1.15 48.75 1.8
1.56 1.58 1.15 48.45 1.77

Dana Gas Emirates Cars Emirates Food ADIB UmQ Cement

0.02963179760637 -0.03174869831 0.008810629682 0.0099305682 0.03550668846
0.03584613177314 0.012820688429 0.017391742712 -0.02501381041 0.0115608224
0.08112554481237 0.018928009886 0.008583743691 -0.00406091929 0.06130052586
0.05679759839313 0 -0.01724180643 -0.00817164915 -0.02739897419
-0.0438941935572 -0.01257878221 0 -0.00617285911 -0.01680711832

Sharjah Islamic
Dar Real Estate Dana Gas Emirates Cars Emirates Food
Bank

0.354704696376144
0.480951737466969 0.80988972355555
 0.057197839836168 0.50094596815676 0.525500693289458
0.453938753377976 0.48586783539548 0.016994340746175 0.14019314181298
-0.249307908400375 0.07683444087245 -0.02422477715178 -0.7089753470882 -0.1894357405928
0.261518021970395 0.90373786505989 0.520083188362417 0.18586663809388 0.66953117946802
-0.240188587164846 0.7598127449796 0.613156488170643 0.26794018371035 -0.0097609912227
0.274230443322365 0.40386080693242 0.399967755507557 -0.5266295197617 0.00938677887433
-0.334582899625052 0.62660469984164 0.108378196769706 0.26868110161006 0.5296375557903
-0.004575872312609 0.24808727650884 0.690792643073305 0.18001230062168 -0.699347724074
0.461088953678833 0.56429533847734 0.159261816312767 0.42247503966712 0.95502045525445
0.598829474778471 0.71273909789024 0.332270084852809 0.06549941533753 0.90676610569249
-0.252328784257916 0.70117041767494 0.243688353282738 0.53221868199581 0.53855303543955
0.277446198800427 -0.15250552566233 0.064015478233931 0.66422005437926 0.03124768111024
0.168581729561446 0.64492764086188 0.542849174099062 0.96503171614976 0.38378297720038
0.563256666050257 0.55781651952984 0.133126117520173 -0.0277947587326 0.9569752165234
-0.687249616405181 -0.12223675080698 -0.43289493576587 -0.5728889831385 -0.1025171237921
-0.293717000855678 -0.00712121447194 0.306976282879119 0.75350965666973 -0.5267616082016
 Dana Gas Emirates Cars Emirates Food ADIB UmQ Cement
1.33 1.6 1.13 50.1 1.66
1.37 1.55 1.14 50.6 1.72
1.42 1.57 1.16 49.35 1.74
1.54 1.6 1.17 49.15 1.85
1.63 1.6 1.15 48.75 1.8
1.56 1.58 1.15 48.45 1.77

Dana Gas Emirates Cars Emirates Food ADIB UmQ Cement

0.0296 -0.0317 0.0088 0.0099 0.0355
0.0358 0.0128 0.0174 -0.0250 0.0116
0.0811 0.0189 0.0086 -0.0041 0.0613
0.0568 0.0000 -0.0172 -0.0082 -0.0274
-0.0439 -0.0126 0.0000 -0.0062 -0.0168

Sharjah Islamic Bank Dana Gas Emirates Cars Emirates Food ADIB

1
0.809889723555553 1
0.500945968156761 0.52550069328946 1
0.485867835395479 0.01699434074618 0.140193141812981 1
0.076834440872451 -0.02422477715178 -0.70897534708818 -0.1894357405928 1
0.90373786505989 0.52008318836242 0.185866638093877 0.66953117946802 0.3132959248958
0.759812744979599 0.61315648817064 0.26794018371035 -0.0097609912227 0.48732330512335
 0.403860806932419 0.39996775550756 -0.52662951976167 0.00938677887433 0.84233755944583
0.626604699841639 0.10837819676971 0.268681101610062 0.5296375557903 0.23315353849564
0.248087276508843 0.69079264307331 0.180012300621682 -0.699347724074 0.2457621269337
0.564295338477343 0.15926181631277 0.422475039667116 0.95502045525445 -0.4173075321486
0.712739097890239 0.33227008485281 0.065499415337535 0.90676610569249 0.0744239607882
0.701170417674941 0.24368835328274 0.532218681995808 0.53855303543955 -0.0219566192767
-0.152505525662326 0.06401547823393 0.664220054379255 0.03124768111024 -0.9809221974143
0.644927640861877 0.54284917409906 0.965031716149763 0.38378297720038 -0.656111284269
0.557816519529834 0.13312611752017 -0.02779475873261 0.9569752165234 0.03377659718482
-0.122236750806975 -0.43289493576587 -0.57288898313853 -0.1025171237921 0.80374155588065
-0.007121214471937 0.30697628287912 0.753509656669734 -0.5267616082016 -0.5638853469879

Abar
0.0114
0.0445
0.0529
0.0649
0.0426

Abar
 ADCB Gulf Cement UNB Sharjah Bank RAK cement
6.03 3.87 7.33 2.73 2.08
6.08 3.95 7.31 2.67 2.08
6.03 3.95 7.27 2.58 2.12

6.22 3.99 7.35 2.55 2.14

6.25 4.02 7.25 2.56 2.1
6.24 4.02 7.25 2.47 2.09

ADCB Gulf Cement UNB Sharjah Bank RAK cement

0.00825768524 0.02046107187 -0.00273224214 -0.02222313678 0
-0.00825768524 0 -0.00548698222 -0.03428907348 0.01904819497
0.03102289601 0.01007565199 0.01094402168 -0.01169603976 0.00938974035
0.004811557 0.00749067173 -0.01369884436 0.00391389932 -0.0188684843
-0.00160128137 0 0 -0.03578910785 -0.00477327875

ADIB UmQ Cement ADCB Gulf Cement UNB

 0.3132959248958
0.48732330512335 0.71188475061723
0.84233755944583 0.52466145752396 0.50884297224869
0.23315353849564 0.78259515975545 0.69505462835417 0.1160148666937
0.2457621269337 -0.0510213108574 0.50361708538194 0.3879800152489 -0.2566236573201
-0.4173075321486 0.63297561588826 0.02102771613709 -0.1709571122416 0.51932258989866
0.0744239607882 0.85660369923998 0.25286452289807 0.38964874893144 0.51905847399556
-0.0219566192767 0.75006004459498 0.66931083594059 -0.0617025084361 0.95764142673334
-0.9809221974143 -0.4326006875172 -0.528971613308 -0.8046385536916 -0.3977582741891
-0.656111284269 0.39811096380064 0.31652849984097 -0.4271177654026 0.42278503570125
0.03377659718482 0.76002481606872 0.08627052217538 0.29104622705012 0.48147893740071
0.80374155588065 0.19606883909724 0.39394861923079 0.38819621575162 0.49931996944185
-0.5638853469879 -0.3796161526605 0.11202160462424 -0.5823079780136 -0.154571902497
 ADCB Gulf Cement UNB Sharjah Bank RAK cement
6.03 3.87 7.33 2.73 2.08
6.08 3.95 7.31 2.67 2.08
6.03 3.95 7.27 2.58 2.12
6.22 3.99 7.35 2.55 2.14
6.25 4.02 7.25 2.56 2.1
6.24 4.02 7.25 2.47 2.09

ADCB Gulf Cement UNB Sharjah Bank RAK cement

0.0083 0.0205 -0.0027 -0.0222 0.0000
-0.0083 0.0000 -0.0055 -0.0343 0.0190
0.0310 0.0101 0.0109 -0.0117 0.0094
0.0048 0.0075 -0.0137 0.0039 -0.0189
-0.0016 0.0000 0.0000 -0.0358 -0.0048

UmQ Cement ADCB Gulf Cement UNB Sharjah Bank

1
0.71188475061723 1
0.52466145752396 0.50884297224869 1
0.78259515975545 0.69505462835417 0.1160148666937 1
-0.0510213108574 0.50361708538194 0.3879800152489 -0.2566236573201 1
0.63297561588826 0.02102771613709 -0.1709571122416 0.51932258989866 -0.5984575616971
0.85660369923998 0.25286452289807 0.38964874893144 0.51905847399556 -0.3777424171853
0.75006004459498 0.66931083594059 -0.0617025084361 0.95764142673334 -0.2011833489095
-0.4326006875172 -0.528971613308 -0.8046385536916 -0.3977582741891 -0.1065131687807
0.39811096380064 0.31652849984097 -0.4271177654026 0.42278503570125 0.03214693135171
0.76002481606872 0.08627052217538 0.29104622705012 0.48147893740071 -0.5580899756591
0.19606883909724 0.39394861923079 0.38819621575162 0.49931996944185 -0.1287076901068
-0.3796161526605 0.11202160462424 -0.5823079780136 -0.154571902497 0.50278876629578
Srooh Construction TAKA Oasis Leasing Emirates Motors
2.26 1.86 9.71 1.6
2.4 1.89 9.56 1.55
2.54 1.94 9.64 1.57

2.68 2.07 9.57 1.6

2.66 2.07 9.57 1.58
2.68 2.13 9.52 1.55

Srooh Construction TAKA Oasis Leasing Emirates Motors

0.060103924069706 0.016000341346 -0.01556855524 -0.0317486983146
0.056695343676545 0.026111144004 0.008333381559 0.01282068842906
0.05365271349232 0.064860634202 -0.00728790316 0.01892800988552
-0.007490671729158 0 0 -0.0125787822069
0.007490671729158 0.028573372444 -0.00523835666 -0.0191699161077

Sharjah Bank RAK cement Srooh Construction TAKA

 -0.59845756169713
-0.377742417185298 0.839102187664538
-0.201183348909486 0.611496254944083 0.50058915223814
-0.106513168780657 0.263647838573195 -0.19591156099675 -0.13939592557108
0.032146931351713 0.631485043316604 0.31808728804378 0.663975872692837
-0.558089975659056 0.862649897864088 0.97722337155983 0.444163943139124
-0.128707690106778 -0.302973149210456 -0.07067350131508 0.253256486889645
0.50278876629578 -0.25500593623997 -0.59375168246264 0.068810270153709
 Srooh Construction TAKA Oasis Leasing Emirates Motors
2.26 1.86 9.71 1.6
2.4 1.89 9.56 1.55
2.54 1.94 9.64 1.57
2.68 2.07 9.57 1.6
2.66 2.07 9.57 1.58
2.68 2.13 9.52 1.55

Srooh Construction TAKA Oasis Leasing Emirates Motors

0.0601 0.0160 -0.0156 -0.0317
0.0567 0.0261 0.0083 0.0128
0.0537 0.0649 -0.0073 0.0189
-0.0075 0.0000 0.0000 -0.0126
0.0075 0.0286 -0.0052 -0.0192

RAK cement Srooh Construction TAKA Oasis Leasing

 1
0.839102187664538 1
0.611496254944083 0.500589152238138 1
0.263647838573195 -0.195911560996746 -0.13939592557108 1
0.631485043316604 0.318087288043777 0.66397587269284 0.573840092923946
0.862649897864088 0.977223371559834 0.44416394313913 -0.166936941868332
-0.302973149210456 -0.070673501315084 0.25325648688965 -0.85881544936138
-0.25500593623997 -0.593751682462639 0.06881027015371 0.623170220299514
Arkan Building Materials Sharjah Cement Abar
1.19 3.8 1.74
1.21 3.91 1.76
1.23 3.84 1.84

1.24 3.92 1.94

1.21 3.92 2.07
1.2 4.06 2.16

Arkan Building Materials Sharjah Cement Abar

0.016667052485212 0.028536307264934 0.01143
0.016393809775676 -0.018065007397639 0.04445
0.008097210232619 0.020619287202736 0.05292
-0.024491020008296 0 0.06486
-0.008298802814695 0.03509131981127 0.04256

Arkan
Sharjah
Oasis Leasing Emirates Motors Building Abar
Cement
Materials
 0.573840092923946
-0.166936941868332 0.231322825430937
-0.85881544936138 -0.529630906858883 -0.035615
0.623170220299514 0.555814561728424 -0.676675 -0.43356
 Arkan Building Materials Sharjah Cement Abar
1.19 3.8 1.74
1.21 3.91 1.76
1.23 3.84 1.84
1.24 3.92 1.94
1.21 3.92 2.07
1.2 4.06 2.16

Arkan Building Materials Sharjah Cement Abar

0.0167 0.0285 0.0114
0.0164 -0.0181 0.0445
0.0081 0.0206 0.0529
-0.0245 0.0000 0.0649
-0.0083 0.0351 0.0426

Emirates Motors Arkan Building MaterialsSharjah Cement Abar

 1
0.231322825430937 1
-0.529630906858883 -0.035614644278535 1
0.555814561728424 -0.676674608152265 -0.43356 1
 MVP   x   x   2 xA xB  AB A B
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p
2 2
A A
2 2
B B
(A) (B)
Proporti
Proportion Correlation Portfolio
on var (A) var (B) SD (A) SD (B)
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 
AB A B