b) Previous Research
a) Sudeep Jain: Indian Shares Fall on Industrial Output Data.
Indian shares fell for the fifth straight session Monday as a lower-than-expected February factory output reading sparked concerns that high interest rates and rising raw-material prices were hurting economic growth. News of an earthquake in northern Japan, which the Japan Meteorological Agency said had a magnitude of 7.0, spurred further selling late in the session.
The Bombay Stock Exchange's Sensitive Index fell 188.91 points, or 1%, to close at 19262.54 after moving between 19242.59 and 19426.30. On the National Stock Exchange, the 50-stock S&P CNX Nifty fell 56.30 points, or 1.0%, to end at 5785.70. Trading volume on the BSE fell to 25.82 billion rupees ($586 million) from Friday's 36.24 billion rupees. Gainers lagged decliners 1,134 to 1,746, while 93 stocks were unchanged.
Mr. Mathews expects Indian shares to remain under pressure due to negative macroeconomic factors such as high crude prices, until software vendor Infosys Technologies kicks off the earnings season Friday. Of the 30 Sensex constituents, 22 ended lower Monday. They were led by Reliance Industries, India's largest company by market capitalization, which fell 1.7% to 1,007.15 rupees.
b) Jim Mueller: How Interest Rates Affect The Stock Market
The first indirect effect of an increased federal funds rate is that banks increase the rates that they charge their customers to borrow money. Individuals are affected through increases to credit card and mortgage interest rates, especially if they carry a variable interest rate. This has the effect of decreasing the amount of money consumers can spend. After all, people still have to pay the bills, and when those bills become more expensive, households are left with less disposable income. This means that people will spend less discretionary money, which will affect businesses' top and bottom lines (that is, revenues and profits).
Therefore, businesses are also indirectly affected by an increase in the federal funds rate as a result of the actions of individual consumers. But businesses are affected in a more direct way as well. They, too, borrow money from banks to run and expand their operations. When the banks make borrowing more expensive, companies might not borrow as much and will pay a higher rate of interest on their loans. Less business spending can slow down the growth of a company, resulting in decreases in profit. (For extra reading on company lending, read When Companies Borrow Money.)
Clearly, changes in the federal funds rate affect the behavior of consumers and business, but the stock market is also affected. Remember that one method of valuing a company is to take the sum of all the expected future cash flows from that company discounted back to the present. To arrive at a stock's price, take the sum of the future discounted cash flow and divide it by the number of shares available. This price fluctuates as a result of the different expectations that people have about the company at different times. Because of those differences, they are willing to buy or sell shares at different prices. When a company is seen as cutting back on its growth spending or is making less profit - either through higher debt expenses or less revenue from consumers - then the estimated amount of future cash flows will drop. All else being equal, this will lower the price of the company's stock. If enough companies experience a decline in their stock prices, the whole market, or the indexes (like the Dow Jones Industrial Average or the S&P 500) that many people equate with the market, will go down.
c) M. Hashem Pesaran: Market Efficiency and Stock Market Predictability
It is often argued that if stock markets are efficient then it should not be possible to predict stock returns, namely that none of the variables in the stock market regression should be statistically significant. Some writers have even gone so far as to equate stock market efficiency with the non-predictability property. But this line of argument is not satisfactory and does not help in furthering our understanding of how markets operate.
The concept of market efficiency needs to be defined separately from predictability. In fact, it is easily seen that stock market returns will be non-predictable only if market efficiency is combined with risk neutrality.
When the Fed increases the federal funds rate, it does not have an immediate impact on the stock market. Instead, the increased federal funds rate has a single direct effect - it becomes more expensive for banks to borrow money from the Fed. However, increases in the discount rate also cause a ripple effect, and factors that influence both individuals and businesses are affected.
Minggu, 01 Mei 2011
The Comparison and Relationship
Factors Measurement
a) Interest Rates
Interest rates determine the cost of doing business for firms and return on assets such as bonds, which serve as substitutes for stocks. Thus, an increase in interest rates makes bonds more attractive relative stocks therefore the price of the stocks will fall subjectively.
b) Average Price
The average price per share is important to know for tax purposes and the average price per share also determines the break-even point for a stock. (www.investorglossary.com)
c) Volume of Transaction
The number of shares or contracts traded in a security or an entire market during a given period of time. It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a seller, then the volume for that period increases by 100 shares based on that transaction.
Investopedia explains Volume as an important indicator in technical analysis as it is used to measure the worth of a market move. If the markets have made strong price move either up or down the perceived strength of that move depends on the volume for that period. The higher the volume during that price move the more significant the move. (www.investopedia.com)
Market timers often use volume as an indicator of future price change. For instance, some traders believe that a surge in trading volume on a stock is a precursor to a rapid change in price. The theory is that important news does not reach everyone at the same time, so an unexpected increase in volume suggests important news has been leaked.
d) The Capital Market Efficiency
The assumptions about what information is available to investors and reflected in the price in the Capital Market. Hence, the economist believed and defined three levels of market efficiency:
1. Weak form: all the past prices for a stock were impounded into today’s price; price today simply followed a random walk with no correlation with the past patterns.
2. Semi-Strong form: today’s price reflected not only the all past prices, but also all publicly available information.
3. Strong form: today’s price reflected all the information that could be acquired through a close analysis of the company and the economy.
e) The Capital Market Index
A 'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy. The most regularly quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, and the British FTSE 100.
D. Comparison
Indonesia India German
Interest Rate 0,0675 0.075 0,0125
Average Closing Price 2170,14 14745,4 6171,5
Volume of Transaction 1697181152 24946,7 17054702
Market Efficiency semi-strong weak-form Semi-Strong
Market Index Capitalization- Cap-weighted Total Return
weighted
E. Relationship
Because these three countries are located in far distance from one to another as geographically in different islands, the capital markets are having a very low correlation one to another and also the events on one country have a very little impacts on the other two countries, vice versa, this is happening as the market indexes and market efficiencies from all three capital markets are likely to be semi-strong and weak-form thus all the information available in the markets are reflected lightly to the price of stocks and also the movement of the capital markets.
a) Interest Rates
Interest rates determine the cost of doing business for firms and return on assets such as bonds, which serve as substitutes for stocks. Thus, an increase in interest rates makes bonds more attractive relative stocks therefore the price of the stocks will fall subjectively.
b) Average Price
The average price per share is important to know for tax purposes and the average price per share also determines the break-even point for a stock. (www.investorglossary.com)
c) Volume of Transaction
The number of shares or contracts traded in a security or an entire market during a given period of time. It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a seller, then the volume for that period increases by 100 shares based on that transaction.
Investopedia explains Volume as an important indicator in technical analysis as it is used to measure the worth of a market move. If the markets have made strong price move either up or down the perceived strength of that move depends on the volume for that period. The higher the volume during that price move the more significant the move. (www.investopedia.com)
Market timers often use volume as an indicator of future price change. For instance, some traders believe that a surge in trading volume on a stock is a precursor to a rapid change in price. The theory is that important news does not reach everyone at the same time, so an unexpected increase in volume suggests important news has been leaked.
d) The Capital Market Efficiency
The assumptions about what information is available to investors and reflected in the price in the Capital Market. Hence, the economist believed and defined three levels of market efficiency:
1. Weak form: all the past prices for a stock were impounded into today’s price; price today simply followed a random walk with no correlation with the past patterns.
2. Semi-Strong form: today’s price reflected not only the all past prices, but also all publicly available information.
3. Strong form: today’s price reflected all the information that could be acquired through a close analysis of the company and the economy.
e) The Capital Market Index
A 'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy. The most regularly quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, and the British FTSE 100.
D. Comparison
Indonesia India German
Interest Rate 0,0675 0.075 0,0125
Average Closing Price 2170,14 14745,4 6171,5
Volume of Transaction 1697181152 24946,7 17054702
Market Efficiency semi-strong weak-form Semi-Strong
Market Index Capitalization- Cap-weighted Total Return
weighted
E. Relationship
Because these three countries are located in far distance from one to another as geographically in different islands, the capital markets are having a very low correlation one to another and also the events on one country have a very little impacts on the other two countries, vice versa, this is happening as the market indexes and market efficiencies from all three capital markets are likely to be semi-strong and weak-form thus all the information available in the markets are reflected lightly to the price of stocks and also the movement of the capital markets.
German Capital Market ( DAX )
a. History
The DAX (Deutscher Aktien IndeX, formerly Deutscher Aktien-Index (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.
b. Recent Performance
The X-DAX Index (DAX) climbed 47.53 points to 7,313.05. The measure, derived from trading in DAX Index futures, provides an estimate of German’s benchmark index. The DAX rose 46.3 points, or 0.6 percent, to 7,295.49 on April 21.
Deutsche Boerse AG (DB1) (DB1 GY): NYSE Euro next said its takeover by Deutsche Boerse to create the world’s biggest exchange operator will produce 100 million Euros ($146 million) more in cost savings than previously announced. The shares rose 0.8 percent to 55.10 Euros.
Kabel Deutschland AG (KD8 GY): Kabel Deutschland Holding AG (KD8) and ProSiebenSat.1 Media AG (PSM) are likely candidates to join the DAX Index when their owners sell more of their stakes, increasing the number of shares traded, Euro am Sonntag reported April 24. Kabel Deutschland’s shares rose 2 percent to 40.69 Euros. ProSiebenSat.1 Media (PSM GY) fell 2.6 percent to 18.05 Euros.
The DAX (Deutscher Aktien IndeX, formerly Deutscher Aktien-Index (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.
b. Recent Performance
The X-DAX Index (DAX) climbed 47.53 points to 7,313.05. The measure, derived from trading in DAX Index futures, provides an estimate of German’s benchmark index. The DAX rose 46.3 points, or 0.6 percent, to 7,295.49 on April 21.
Deutsche Boerse AG (DB1) (DB1 GY): NYSE Euro next said its takeover by Deutsche Boerse to create the world’s biggest exchange operator will produce 100 million Euros ($146 million) more in cost savings than previously announced. The shares rose 0.8 percent to 55.10 Euros.
Kabel Deutschland AG (KD8 GY): Kabel Deutschland Holding AG (KD8) and ProSiebenSat.1 Media AG (PSM) are likely candidates to join the DAX Index when their owners sell more of their stakes, increasing the number of shares traded, Euro am Sonntag reported April 24. Kabel Deutschland’s shares rose 2 percent to 40.69 Euros. ProSiebenSat.1 Media (PSM GY) fell 2.6 percent to 18.05 Euros.
Indian Capital Market ( BSE SENSEX )
a. History
The Bombay Stock Exchange SENSEX (acronym of Sensitive Index) more commonly referred to as SENSEX or BSE 30 is a free-float market capitalization-weighted index of 30 well-established and financially sound companies listed on Bombay Stock Exchange.
The 30 component companies which are some of the largest and most actively traded stocks are representative of various industrial sectors of the Indian economy. Published since January 1, 1986, the SENSEX is regarded as the pulse of the domestic stock markets in India. (www.wikipedia.com)
The Index was initially calculated based on the "Full Market Capitalization" methodology but was shifted to the free-float methodology with effect from September 1, 2003. The "Free-float Market Capitalization" methodology of index construction is regarded as an industry best practice globally. All major index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the Free-float methodology.
Due to is wide acceptance amongst the Indian investors; SENSEX is regarded to be the pulse of the Indian stock market. As the oldest index in the country, it provides the time series data over a fairly long period of time (From 1979 onwards). Small wonder, the SENSEX has over the years become one of the most prominent brands in the country.(www.tradersedgeindia.com)
b. Recent Performance
In India, inflation in the first three months of 2011 exceeded a central bank forecast. The increase in wholesale prices last month was more than all 28 estimates in a Bloomberg survey, where the median was 8.36 percent. India’s bonds slumped, driving 11-year bonds yields to a two-month high, after the inflation report. The yield on the 8.08 percent note due August 2022, the most-traded government debt, raised four basis points to 8.24 percent at the 5 p.m. close in Mumbai, according to the central bank’s trading system.
Expansion in India’s $1.3 trillion economy has boosted consumer demand and spurred manufacturing, car sales and credit growth, stoking price risks. Central bank Governor Duvvuri Subbarao on March 17 increased the repurchase rate by a quarter points to 6.75 percent. The next monetary-policy announcement is due May 3.
“Inflation remains stubbornly high and above the level expected by policy makers,” Royal Bank of Canada said in a report after yesterday’s wholesale-price release. “The RBI has been among the most proactive of emerging-market central banks in normalizing policy rates over the last 12 months, but this persistence in price pressures suggests that policy makers will need to do more. (http://www.bloomberg.com/news/2011-04-15/overheating-threatens-asia-as-china-india-rate-rises-fail-to-tame-prices.html)
The Bombay Stock Exchange SENSEX (acronym of Sensitive Index) more commonly referred to as SENSEX or BSE 30 is a free-float market capitalization-weighted index of 30 well-established and financially sound companies listed on Bombay Stock Exchange.
The 30 component companies which are some of the largest and most actively traded stocks are representative of various industrial sectors of the Indian economy. Published since January 1, 1986, the SENSEX is regarded as the pulse of the domestic stock markets in India. (www.wikipedia.com)
The Index was initially calculated based on the "Full Market Capitalization" methodology but was shifted to the free-float methodology with effect from September 1, 2003. The "Free-float Market Capitalization" methodology of index construction is regarded as an industry best practice globally. All major index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the Free-float methodology.
Due to is wide acceptance amongst the Indian investors; SENSEX is regarded to be the pulse of the Indian stock market. As the oldest index in the country, it provides the time series data over a fairly long period of time (From 1979 onwards). Small wonder, the SENSEX has over the years become one of the most prominent brands in the country.(www.tradersedgeindia.com)
b. Recent Performance
In India, inflation in the first three months of 2011 exceeded a central bank forecast. The increase in wholesale prices last month was more than all 28 estimates in a Bloomberg survey, where the median was 8.36 percent. India’s bonds slumped, driving 11-year bonds yields to a two-month high, after the inflation report. The yield on the 8.08 percent note due August 2022, the most-traded government debt, raised four basis points to 8.24 percent at the 5 p.m. close in Mumbai, according to the central bank’s trading system.
Expansion in India’s $1.3 trillion economy has boosted consumer demand and spurred manufacturing, car sales and credit growth, stoking price risks. Central bank Governor Duvvuri Subbarao on March 17 increased the repurchase rate by a quarter points to 6.75 percent. The next monetary-policy announcement is due May 3.
“Inflation remains stubbornly high and above the level expected by policy makers,” Royal Bank of Canada said in a report after yesterday’s wholesale-price release. “The RBI has been among the most proactive of emerging-market central banks in normalizing policy rates over the last 12 months, but this persistence in price pressures suggests that policy makers will need to do more. (http://www.bloomberg.com/news/2011-04-15/overheating-threatens-asia-as-china-india-rate-rises-fail-to-tame-prices.html)
Indonesian Capital Market ( Jakarta Composite Index )
a. History
Jakarta Stock Exchange (JSX) or in Indonesian Bursa Efek Jakarta (BEJ) was a stock exchange based in Jakarta, Indonesia, before it merged with the Surabaya Stock Exchange to form the Indonesian Stock Exchange. Originally opened in 1912 under the Dutch colonial government, it was re-opened in 1977 after several closures during World War I and World War II. After being reopened in 1977, the exchange was under the management of the newly created Capital Market Supervisory Agency (Badan Pengawas Pasar Modal, or Bapepam), which answered to the Ministry of Finance. Trading activity and market capitalization grew alongside the development of Indonesia's financial markets and private sector – highlighted by a major bull run in 1990. On July 13, 1992, the exchange was privatized under the ownership of Jakarta Exchange Inc. As a result, the functions of Bapepam changed to become the Capital Market Supervisory Agency. On March 22, 1995 JSX launched the Jakarta Automated Trading System (JATS). In September 2007, Jakarta Stock Exchange and Surabaya Stock Exchange merged and named Indonesian Stock Exchange by Indonesian Minister of Finance. (www.wikipedia.com)
b. Recent Performance
Indonesia’s rupiah retreated from a seven-year high as the central bank kept its key lending rate unchanged for a second month today. Benchmark bonds declined.
Bank Indonesia kept its benchmark reference rate at 6.75 percent, it said in Jakarta today, a decision predicted by all 18 economists surveyed by Bloomberg News after inflation slowed for a second month in March. Consumer prices rose 6.65 percent last month from a year earlier, compared with an increase of 6.84 percent in February, according to official data released April 1. Core inflation, which excludes food and fuel, accelerated to 4.45 percent from 4.36 percent.
The rupiah fell 0.1 percent to 8,663 per dollar as of 5:17 p.m. in Jakarta, according to data compiled by Bloomberg. The currency touched 8,637 yesterday, the strongest level since April 28, 2004.
The currency’s appreciation may continue this year, Bank Indonesia Governor Darmin Nasution told reporters in Jakarta today. Still, the central bank wants to ensure the currency won’t strengthen too fast, Deputy Governor Hartadi Sarwono said at the same briefing. (http://www.bloomberg.com/news/2011-04-12/rupiah-declines-on-speculation-central-bank-may-hold-key-rate.html)
Jakarta Stock Exchange (JSX) or in Indonesian Bursa Efek Jakarta (BEJ) was a stock exchange based in Jakarta, Indonesia, before it merged with the Surabaya Stock Exchange to form the Indonesian Stock Exchange. Originally opened in 1912 under the Dutch colonial government, it was re-opened in 1977 after several closures during World War I and World War II. After being reopened in 1977, the exchange was under the management of the newly created Capital Market Supervisory Agency (Badan Pengawas Pasar Modal, or Bapepam), which answered to the Ministry of Finance. Trading activity and market capitalization grew alongside the development of Indonesia's financial markets and private sector – highlighted by a major bull run in 1990. On July 13, 1992, the exchange was privatized under the ownership of Jakarta Exchange Inc. As a result, the functions of Bapepam changed to become the Capital Market Supervisory Agency. On March 22, 1995 JSX launched the Jakarta Automated Trading System (JATS). In September 2007, Jakarta Stock Exchange and Surabaya Stock Exchange merged and named Indonesian Stock Exchange by Indonesian Minister of Finance. (www.wikipedia.com)
b. Recent Performance
Indonesia’s rupiah retreated from a seven-year high as the central bank kept its key lending rate unchanged for a second month today. Benchmark bonds declined.
Bank Indonesia kept its benchmark reference rate at 6.75 percent, it said in Jakarta today, a decision predicted by all 18 economists surveyed by Bloomberg News after inflation slowed for a second month in March. Consumer prices rose 6.65 percent last month from a year earlier, compared with an increase of 6.84 percent in February, according to official data released April 1. Core inflation, which excludes food and fuel, accelerated to 4.45 percent from 4.36 percent.
The rupiah fell 0.1 percent to 8,663 per dollar as of 5:17 p.m. in Jakarta, according to data compiled by Bloomberg. The currency touched 8,637 yesterday, the strongest level since April 28, 2004.
The currency’s appreciation may continue this year, Bank Indonesia Governor Darmin Nasution told reporters in Jakarta today. Still, the central bank wants to ensure the currency won’t strengthen too fast, Deputy Governor Hartadi Sarwono said at the same briefing. (http://www.bloomberg.com/news/2011-04-12/rupiah-declines-on-speculation-central-bank-may-hold-key-rate.html)
Introduction of Capital Market
Investopedia.com explains Capital Market as a market in which individuals and institutions trade financial securities. Organizations/institutions in the public and private sectors also often sell securities on the capital markets in order to raise funds. Thus, this type of market is composed of both the primary and secondary markets. And as both the stock and bond markets are parts of the capital markets. For example, when a company conducts an IPO, it is tapping the investing public for capital and is therefore using the capital markets. This is also true when a country's government issues Treasury bonds in the bond market to fund its spending initiatives.
The Businessdictionary.com explains Capital Market as a financial market that works as a conduit for demand and supply of debt and equity capital. It channels the money provided by savers and depository institutions (banks, credit unions, insurance companies, etc.) to borrowers and investees through a variety of financial instruments (bonds, notes, shares) called securities. A capital market is not a compact unit, but a highly decentralized system made up of three major parts: (1) stock market, (2) bond market, and (3) money market. It also works as an exchange for trading existing claims on capital in the form of shares.
According to Indonesian Law: Article 1.13 Law No.8 1995, The Capital Market is the activity of trading and offering securities to the public, the activity of a public company with respect to securities it has issued, and the activities of securities-related institutions and professions
The Businessdictionary.com explains Capital Market as a financial market that works as a conduit for demand and supply of debt and equity capital. It channels the money provided by savers and depository institutions (banks, credit unions, insurance companies, etc.) to borrowers and investees through a variety of financial instruments (bonds, notes, shares) called securities. A capital market is not a compact unit, but a highly decentralized system made up of three major parts: (1) stock market, (2) bond market, and (3) money market. It also works as an exchange for trading existing claims on capital in the form of shares.
According to Indonesian Law: Article 1.13 Law No.8 1995, The Capital Market is the activity of trading and offering securities to the public, the activity of a public company with respect to securities it has issued, and the activities of securities-related institutions and professions
Rabu, 24 November 2010
Conclusion
In this company we can see progress of fluctuation in stock price of BNI within a year from January 2nd, 2010 up to October 29th, 2010 by seeing the average stock return with 0.00353 which means that at least the investor whom holds the stock of this company will gain 0.00353 or 0,353% profit per day. The Beta was calculated as 0.793645942. This beta means that the market will influence the stock return by 79.36%. We can take further explanation that every time the market return is increased or decreased for $1, then the stock return will have an increase or decrease in price for $ 0.7936 as a response to the beta relationship it holds.
There are some cases that we can see in the table of stock price showing that stock return has e opposite movement from the market return. When the market is increasing because special events that occurred that day, the stock return was increasing with the value greater than 1.5 and vice-versa.
PT Bank Negara Indonesia Announces Earnings Results for the First Nine Months. PT Bank Negara Indonesia reported a net profit of IDR 2.95 trillion in the first nine months of 2010, up 59.33% from the same period last year
So this company is quite the right place for risk seeker to invest their money in, since it could be classified as an aggressive stock company (Beta more than 1.0- average) but for those that does not enjoy risk or want to play it safe, it would be best not to put all of your money in this company, Although, a good investor would invest not only in one place but in several places. So in other words, do not put all your money in one basket since you might lose them and be left with nothing.
Again supported by the fact of the products which are categorized as the stars and cash cow such as: Individual, Credit Card, Corporate and BNI Syariah which will generate profit in the future, holding the investment in the Pt.Bank Nasional Indonesia.Tbk is a very compromising action that need to be taken by the investors whom are likely to receive benefits in term of monetary and also reputation.
There are some cases that we can see in the table of stock price showing that stock return has e opposite movement from the market return. When the market is increasing because special events that occurred that day, the stock return was increasing with the value greater than 1.5 and vice-versa.
PT Bank Negara Indonesia Announces Earnings Results for the First Nine Months. PT Bank Negara Indonesia reported a net profit of IDR 2.95 trillion in the first nine months of 2010, up 59.33% from the same period last year
So this company is quite the right place for risk seeker to invest their money in, since it could be classified as an aggressive stock company (Beta more than 1.0- average) but for those that does not enjoy risk or want to play it safe, it would be best not to put all of your money in this company, Although, a good investor would invest not only in one place but in several places. So in other words, do not put all your money in one basket since you might lose them and be left with nothing.
Again supported by the fact of the products which are categorized as the stars and cash cow such as: Individual, Credit Card, Corporate and BNI Syariah which will generate profit in the future, holding the investment in the Pt.Bank Nasional Indonesia.Tbk is a very compromising action that need to be taken by the investors whom are likely to receive benefits in term of monetary and also reputation.
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