Rises of Global Stock Markets (3/16-3/31) Rises and Falls of global stock markets in Source: IOM Asset Management

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2 Rises of Global Stock Markets (3/16-3/31) 16.00% Global stock market indices (as of 3/31) 14.00% Dow Jones % 10.00% 8.00% 6.00% 4.00% 2.00% % 0.00% 道那 S 費墨巴阿德倫法義俄歐台日東東南上上上深深深香新菲印泰馬印紐澳 瓊斯 & 城西西根國敦國大羅洲灣經証証韓証証証証証証港加律尼國來度西洲 指達 P 半哥數克 5 導 廷 D 金 C 利斯道加 2 一二綜綜 A B 綜 A B 恆坡賓綜 S 西 A 融 A M R 瓊權 2 部部合合股股合股股生海綜合 E 亞 蘭 A S 0 體 0 X C I T B S 5 峽合 T X 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% ustralia ASX Index New Zealand India Malaysia Thailand SET Index Indonesia Composite Philippine Composite Stock Index (PHISIX) Singapore Strait Index Hong Kong Heng Seng Index ShangZhen B-Share ShangZhen A-Share ShangZhen Composite (SZCSPI) Shanghai B-Share Shanghai A-Share ShangHai Composite (SHCSPI) Korea Composite (KOPSI) Tokyo Stock Exchange Second Section Index TOPIX Index Japanese Nikkei 225 index Taiwan Weighted Index Jones STOXX index Pan-European Dow Russian RTS Index Italian MIB Index French CAC Index Index London Financial Times German DAX Index Argentina Brazil Mexico Philadelphia Semi- Conductor Index S&P 500 NASDAQ Index Dow Jones Index Rises and Falls of global stock markets in % 道那 S 費墨巴阿德倫法義俄歐台日東東南上上上深深深香新菲印泰馬印紐澳 瓊斯 & 城西西根國敦國大羅洲灣經証証韓証証証証証証港加律尼國來度西洲 指達 P 半哥數克 5 導 廷 D 金 C 利斯道加 2 一二綜綜 A B 綜 A B 恆坡賓綜 S 西 A 融 A M R 瓊權 2 部部合合股股合股股生海綜合 E 亞 蘭 A S 0 體 0 X C I T B S 5 峽合 T X ustralia ASX Index New Zealand India Malaysia Thailand SET Index Indonesia Composite Philippine Composite Stock Index (PHISIX) Singapore Strait Inde Hong Kong Heng Seng Index ShangZhen B-Share ShangZhen A-Share ShangZhen Compos (SZCSPI) Shanghai B-Share Shanghai A-Share ShangHai Composite (SHCSPI) Korea Composite (KOPSI) Tokyo Stock Exchang Second Section Inde TOPIX Index Japanese Nikkei 225 index Taiwan Weighted Index Jones STOXX index Pan-European Dow Russian RTS Index Italian MIB Index French CAC Index Index London Financial Times German DAX Index Argentina Brazil Mexico Philadelphia Semi- Conductor Index S&P 500 NASDAQ Index Dow Jones Index 3 Nasdaq S&P SOX Mexico Brazil Argentina German DAX FTSE French CAC Italian MIB Russian RTS DJ EuroStoxx TAIEX Nikkei Topix 1st section Topix 2nd section Kospi composite Shanghai Composite Source: IOM Asset Management Shanghai A Shanghai B Shenzhen Composite Shenzhen A Shenzhen B Hang Seng STI PSEi IDX Composite Thailand SET Malaysia India NZX Australian ASX

3 Rises and Fall of the U.S. Dollar (3/16-3/31) 2.0% 1.0% Depreciation 0.674% 1.100% 1.919% 0.0% % % % % % % -1.0% % % % % -2.0% % % % US Dollar Exchange Rates (as of 3/31) NT Dollar British Pound Euro Japanese Yen % -4.0% -5.0% % % Appreciation % % Australian Dollar Canadian Dollar % 12.0% 10.0% 8.0% 台英歐日澳加瑞港人印俄巴墨印馬紐瑞新泰美 幣鎊元幣幣拿郎幣民度盧西披尼來幣典加幣元 大幣 幣幣布幣索幣幣 幣坡幣 指數 9.031% 6.803% 6.254% 5.496% 5.590% 5.422% 4.232% 3.327% 3.357% 3.559% 3.311% 3.500% 1.962% 2.271% 1.708% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Taiwan new dollar British pound Euro Japanese yen Australian dollar Canadian dollar Swiss franc Hong Kong dollar Rises and Fall of the U.S. Dollar in % % 0.116% % 台英歐日澳加瑞港人印俄巴墨印馬紐瑞新泰美 幣鎊元幣幣拿郎幣民度盧西披尼來幣典加幣元 大幣 幣幣布幣索幣幣 幣坡幣 指數 Taiwan new dollar British pound Euro Japanese yen Australian dollar Canadian dollar Swiss franc Depreciation Appreciation Hong Kong dollar Renminbi Renminbi Indonesian rupiah Indonesian rupiah Malaysian ringgit Malaysian ringgit dollar dollar New Zealand New Zealand Swedish krona Swedish krona Singapore dollar 4 Thai baht US Dollar Index % Singapore dollar Thai baht US Dollar Index Swiss Franc Hong Kong Dollar Renminbi Indian Rupee Russian Rubble Brazilian Real Mexican Peso Indonesian Rupiah Malaysian Ringgit New Zealand Dollar Swedish Krona Singapore Dollar Baht U.S. Dollar Index Source: IOM Asset Management

4 Market Analysis America In this month (March), the Feds claimed its commitment to buy as much as USD300 billion of long-term U.S. treasury securities and again purchase USD850 billion of Fannie Mae and Freddie Mac related securities. At the same time, the Federal base rates among banks have remained at a target range between 0 and 0.25%. Later on, the U.S. Ministry of Finance announced the latest enforcement details of a financial stabilization plan, in which the government would provide an amount between USD75 billion and USD100 billion as the guarantee for private investors to purchase financial institution s toxic assets, in an attempt to draw as much as USD1,000 billion of purchase demand. U.S. stocks continued their rallies for three weeks in a row, in which S&P 500 rebounded for more than 30% from the low in March and financials stock index also surged for more than 50%, illustrating the largest gains amid past several bear market rebounds. For the Public-private Partnership Investment Program (PPIP), it requires further consideration as to whether the nonperforming assets are priced at a level agreed by both buyer and seller, yet, the Program got positive responses on the market. Reduction of banks non-performing assets may encourage banks to expand their credit loans. In a medium and long-term, it may eliminate the uncertainty brought by financial institutions in the market. Even though U.S. stocks still have to meet the subsequent challenge resulting from business earnings and outlook, their risk to be pulled back to test the low point in March is greatly reduced. Technically, U.S. stocks may see setback from recent sharp gains and seek the support of MA5 average line. Europe On the front of European stock markets, sine their rallying from the low point in March, DJ Euro Stoxx 50 rebounded 14% which was weaker than that ofu.s. stocks and would take on a challenge ofthe quarterly line. Even though Europe s financial stocks were up as led by the strong gains of U.S. financial stocks, the problem of their non-performing assets has still remained unsolved and, so far, the European governments have yet to put forth any effective countermeasures. Thus, before fundamentals being improved, any rise of European stocks shall be deemed as a bear market rebound. Technically, European stocks may see setback from recent sharp gains to seek the support of MA5 average line.

5 Market analysis Asia Japan: Japan s February consumer price index (excluding fresh foods) was 100.4, sliding 0.1% from January, but the annual increase rate remained unchanged for the second straight month. In addition, Japan s February trading statistic data shows a substantial decline of 49.9% in exports and 43% in imports from the same period oflast year, giving a record-setting ofdeclines. Taiwan: In view of the market environment and sentiment, low interest rates have created resourceful capital. Compounding the effect of urgent orders which shows a good omen for prosperity, Taiwan s stocks have broken through the neckline pressure and continued to draw capital back to the market. With continuous supply of short squeeze topics, the originally bleak-looked market has taken shape in a medium rebound frame. However, by viewing the short-term technical indicators, the overall stocks and electronic stocks have all come to an extreme overbought level, and pulling back with large volume is likely to occur at any moment. The market will still fall in strengthening consolidation if the gap between 5124 points and 5205 points can be safeguarded in pulling back. Korea: Given that foreigner investors were the net buyers, Korean stocks continued their rallies last week. China and Hong Kong: The global economic confidence survey report released in March by N-Dynamic, a worldwide well-known market research institute, shows that 45% of respondents think that China s economy is on the rise as opposed to 8% showing confidence in the global economy. On the other hand, there are 82% of respondents respectively in Japan and the U.K. believe that their local economies are on the decline, while 72% of U.S. respondents feel the same way. It is evident that, throughout the 19 countries involved in the survey, Chinese show strongest economic confidence in their local economy. Hong Kong s Hang Seng Index has soared 19.67% from the low in March, performing a third consecutive week gain. Hong Kong s stocks have greatly benefitted from the stock markets surrounding Hong Kong. Singapore, Malaysia, Thailand and India: Capital is coming back to these countries. As a result, the emerging Asian markets have all totally rallied. Russia and Brazil As prompted by the favorable view held by Citi Securities towards the Russian stock market and rise of oil prices, RTS U.S. Dollar index rose 21.49% during March and closing at points. On the other hand, Brazil s Bovespa index was also up 13.92% at the same time. As Mantega, Brazil s financial minister, said, Brazil s government prepares to offer 60 billion reals to elevate its local economy for 2%, which is, at the same time, expected to create 1.5 million of jobs and improve the unemployment problem. With the stimulus plan, the Brazil s government will provide 34 billion reals to help constructors build one million houses for low-income families, and appropriate 4 billion reals as the house loan subsidy. Upon the news going public, the Brazil s construction stocks surged as led by Gafisa, a construction enterprise specializing in construction of medium and low priced constructions. On top of it, Brazil s financial stocks also rebounded following the coming out of the details ofthe U.S. financial rescue plan. 資料來源 : IOM Asset Management

6 Market analysis Commodities and Futures World Oil Prices: Following the nose-diving performance last year, the price of Brent crude oil in March recovered to over US$50 per barrel. Compared with the previous lowest point at US$36 per barrel, the gain is over 40%. Thus, we have reason to say that the trough of the global oil market is gone and, basically, the bottom has been built. In a medium and long-term, as driven by inflation, tight supply and speculative capital, world oil prices are expected to upwardly fluctuate as the mainstream. World Oil Prices World Gold Prices: World gold prices have significantly slid, drawing the market concern about the possibility for IMF to sell their gold so as to get more capital on hand. To compound matters, the rise of U.S. stocks has also whittled down investors gold hedge demand. As a result, the gold price declined US$7 this month closing at US$919 on March 31. The G-20 summit requested IMF to sell gold to finance poor countries. Such a move has exacerbated the decline of the gold price. World Gold Prices

7 America Dow Jones Index NASDAQ Index The Dow Jones industrial average closed at points on 3/31 as a result of pulling back from substantial gains. In a long run, the bear trend continues although there are short-term rallies. On the short-term technical front, the market rallies are still taken as bear market rebounds. Following substantial gains, the index will move sideways and consolidate for a short period of time. When the index pulls back to test the resistance of the MA5 average line and the volume contracts, more buying will be recommended. The shortterm pressure is at 8000 points whereas the resistance is at 7285 points. S&P500 Index The Nasdaq Composite closed at points on 3/31 as a result of pulling back from substantial gains. In a long run, the bear trend continues. However, on the short-term technical front, when the index stabilizes above the three moving average lines, the volume contracts, and the index does not break the resistant of MA5 average line, more buying will be recommended. The short-term pressure is at 1600 points whereas the resistance is at 1445 points. Philadelphia Semi-Conductor Index The S&P500 index closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has pulled back when encountering the pressure of MA20 average line in its rebounding, but the rebound trend still remains unchanged. When the index pulls back without breaking MA5 average line and the volume contracts, more buying will be recommended. The shortterm pressure is at 827 points whereas the resistance is at 762 points. The SOX closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, more buying will be recommended when the index stabilizes above three moving average lines and pulls back with contracted volume without breaking MA5 average line. The short-term pressure is at 250 points whereas the resistance is at 220 points

8 Europe and Austrualia German DAX Index London Financial Times Index The German DAX closed at points as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has come back to test the resistance of MA5 average line. If resistance of the line can be maintained or a stop-falling sign can be formed, rebounds will continue. The short-term pressure is at 4330 points whereas the resistance is at 3970 points. France s CAC Index The London s FTSE closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has come back to test the resistance of MA5 average line. If resistance of the line can be maintained or a stop-falling sign can be formed, mid-term rebounds are expected to continue. Currently, the short-term pressure is at 4062 points whereas the resistance is at 3757 points. Sydney ASX Index The French CAC closed at on 3/31 as a result of pulling back from pressure. Technically, the bear trend continues in a long run. In a short run, the index has encountered pressure of average lines and has pulled back to test the resistance of MA5. The weekly KD value still continues to move up. If MA5 average line can resist the pulling-back test or a stop-falling sign can be formed, it is expected that the index will continue to rebound. The shortterm pressure is at 2967 points whereas the resistance is at 2700 points. The Sydney s AS30 closed at points as a result of pulling back from substantial gains. As observing technically, the bear trend continues in a long run. In a short run, when the index stabilizes above the three moving average lines, the volume contracts, and the index does not break the resistant of MA5 average line, more buying will be recommended. The short-term pressure is at 3700 points whereas the resistance is at 3400 points.

9 Middle East and Asia-1 Japanese Nikkei 225 Index MSCI GCC COUNTRIES The Nikkei 225 closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has come back to test the average lines to see if it would stabilize above the three moving average lines. Observation is required. When the volume contracts and the index does not break the resistance of MA5 average line, more buying will be recommended. The short-term pressure is at 8600 points whereas the resistance is at 7900 points. Vietnamese Index MSCI GCC COUNTRIES index closed at points on 3/31. The index has fluctuated in lows. Technically, the bear trend continues in a long run. In a short run, the index is still restrained from reverse pressure of the average lines and setback of global stocks, so the rebound will be limited. Observation is required to see if the index will break through pressure of the average lines to pave way for rebounds. The short-term pressure is at around 310 points whereas the resistance is at around 295 points, Heng Seng Index The Vietnam s stock index closed at points as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has pulled back from pressure of the average lines. Observation is required. When the volume contracts and the index stabilizes above MA5 average line in pulling back, rebounds are expected to continue. The short-term pressure is at 291 points whereas the resistance is at 266 points. The Hang Sheng index closed at points as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has come back to test the average lines to see if it would stabilize above the three moving average lines. Observation is required. When the volume contracts and the index does not break the resistance of MA5 average line, more buying will be recommended. The short-term pressure is at points whereas the resistance is at points.

10 Asia-2 Korean Index Taiwan Weighted Index The KOSPI Composite closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has come back to test the average lines to see if it would stabilize above the three moving average lines. Observation is required. When the volume contracts and the index does not break the resistance of MA5 average line, more buying will be recommended. The short-term pressure is at 1300 points whereas the resistance is at 1157 points. Singapore Strait Index The Taiex closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, given that the index has broken through the average lines and stood above all the average lines, it is expected to pull back to test MA5 moving average line. Observation is required. When the volume contracts and the index does not break the resistance of MA5 average line, more buying will be recommended. The shortterm pressure is at 5500 points whereas the resistance is at 5000 points. Thailand SET Index The STI closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has broken through all the average lines and shown a sign of strengthening. The weekly KD value still continues to move up. Observation is required. When the volume contracts and the index does not break the resistance of MA5 average line, more buying will be recommended. The short-term pressure is at 2000 points whereas the resistance is at 1620 points. The Thai SET index closed at points on 3/31, and moved sideways. Technically, the bear trend continues in a long run. In a short run, there is no big room for rebounds. The volume shall continue to increase and the index shall stand above the average line so as to pave way for continual rallies. The short-term pressure is at 450 points whereas the resistance is at 400 points.

11 Asia-3 and Latin America Indonesian index Philippine index The IDX composite closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has broken through pressure of the average lines but pulled back due to the setback of global stocks. Observation is required. The volume shall contract and the index shall stabilize above MA5 average line so as to pave way for continual rallies. The shortterm pressure is at 1463 points whereas the resistance is at 1370 points. Malaysian index The PSEi composite closed at points, rebounding from lows. Technically, the bear trend continues in a long run. In a short run, the index has broken through all the average lines due to recent substantial gains. Observation is required. When the index pulls back to test the average lines and the volume contracts, more buying will be recommended. The short-term pressure is at 2100 points whereas the resistance is at 1934 points. Mexican Index The Malaysia stock composite closed at points on 3/31, rebounding from lows. Technically, the bear trend continues in a long run. In a short run, even though the index gained more strength after breaking through the average lines last week, it has pulled back this week due to weakened global stocks. It is expected that the index will continue to hover around the average lines, and rebounds will have to wait until global stocks go steady. The wave pressure is at 900 points whereas the resistance is at 830 points. The Mexico BOLSA closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has broken through the three average lines even though, as affected by the setback of global stocks, it has pulled back to test the average lines. When the volume contracts and the index stabilizes above MA5 average line, more buying will be recommended. The short-term pressure is at points whereas the resistance is at 19,137 points.

12 BRIC Brazil BOVESPA Index 俄羅斯 RTS 美元指數 ( 週線 ) Russian RTS index The Brazil BOVESPA closed at points, rebounding from lows. Technically, the bear trend continues in a long run. In a short run, the index got pressure and pulled back as impacted by the setback of global stocks. However, if the volume contracts when the index comes back to test the resistance around points and stop-falling sign shows up, more buying will be recommended. The short-term pressure is at points whereas the resistance is at points. Indian index SENSEX 30K The RTSI closed at points on 3/31 as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short urn, the index has pulled back after breaking through the average lines due to the setback of oil prices and global stocks. However, if the index can stabilize above MA5 average line and the volume can contract, more buying will be recommended. The short-term pressure is at 800 points whereas the resistance is at 665 points. Chinese Shanghai A-Share Index The India SENSEX30 closed at points as a result of pulling back from substantial gains. Technically, the bear trend continues in a long run. In a short run, the index has broken through pressure of the average lines. However, it will pull back to test the resistance of the average lines, and the resistance is expected to be maintained. The short-term pressure is at points whereas the resistance is at 9133 points. China s Shanghai composite closed at points on 3/31. The index has hovered to consolidate. Technically, the index has started bottoming in a long run. In a short run, the index has pulled back from substantial gains to test the resistance of the average lines. It is expected that the index will fluctuate between 2500 and 2200 points in a short term. The wave pressure is at 2500 points whereas the resistance is at 2200 points.

13 Commodities and Energy CRB Index Recent crude oil index (weekly) The CRB index closed at points on 3/31. The index has consolidated in lows. Technically, the long-term trend shows downward. However, it also shows a sign of bottoming consolidation and it is unlikely to break the bottom. The index is expected to hover around the average lines for bottoming. The short-term wave pressure is at 220 points whereas the resistance is at 200 points. The price of the crude oil futures closed at US$48.6 on 3/31. Technically, due to the substantial gains, it is expected to pull back to US$45 seeking the support. Investors may buy more around US$45. The short-term wave pressure isat US$53 whereas the resistance is at US$45. SPDR Energy Fund (weekly) OIH Fund (weekly) The SPDR Energy index closed at points on 3/30, falling 3.71% this week. The index pulled back after rebounding. Technically, in a short run, the index has pulled back from substantial gains when running into reverse pressure of the average lines. However, it will be a good buying signal when the oil price comes to US$45. The short-term pressure is at 45 points whereas the resistance is at 40 points. The OIH closed at points on 3/30, falling 4.36% this week. The index has consolidated in lows. Technically, the index has broken through reverses pressure of the average lines in a short run. It is currently coming back to test the average lines, and a good buying signal will show up when global stocks and oil prices become stable. The short-term wave pressure is at 82 points whereas the resistance is at 70 points.

14 Gold, Bonds, and Currencies GLD Fund (weekly) US 10-year Government Bond Yields The GLD closed at on 3/30, falling 0.78% this week. Technically, the strength of the index has weakened and the index is expected to fluctuate between 95 and 90 points in a short run. Buying in phases is recommended when the index pulls back to somewhere around 87 points. The short-term wave pressure is at 95 points whereas the resistance is at 87 points. The US 10-year Government Bond Yields closed at 2.71 on 3/30. While bond yields are currently going down, bond prices may, on the other hand, show strengthening. After the index meeting reverse pressure of MA20 average line and fluctuating here, the second foot may be formed. It signals the possibility for strengthening and breakthrough again. Those who hold US Government bonds shall pay attention to the bond price and sell at highs. The short-term pressure is at 3.0 whereas the resistance is at 2.5. USD/NTD (weekly)) USDX (weekly) The USD/NTD closed at NT$ on 3/31 showing NTD s appreciation. Technically, the appreciation has been expected. Observation is required. If it can not stand above 34.2 in a short run, the prediction of NTD s mid-term appreciation to somewhere around 33 will remain unchanged. The short-term pressure is at 34.2 whereas the resistance is at The USDX closed at points on 3/31. In a short run, the technical indicators show deviation in highs and the index begins weakening. In addition, a Doji line and a shooting star line are all in highs, long black bars in highs give a sign of evident reversion, and the indicators show a downward phenomenon. Thus, if the greenback can not stand above 88 points in the near future, the mid-term depreciation trend will be formed. The short-term pressure is at 88 points whereas the resistance is at 82.5 points.