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The report titled “Middle East Real Estate Market Outlook to 2013- Surging Tenant’s Bargaining Power” discusses in details various aspects of Middle East’s real estate market   tenants along with the rising domestic population, government initiatives to attract foreign investors and the changing tastes and preference of the tenants and the investors. The report covers the comprehensive analysis on the market size of the real estate sector in the Middle East with a focus on seven countries such as Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar on the basis of supply and revenue, market segmentation, competitive landscape and company profiles of major developers operating in these seven countries. The report also entails the SWOT analysis of the real estate sector. The future projections and outlook provide an insight on the future growth drivers and challenges in the real estate sector of Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman, Kuwait and Qatar.

The real estate market in the Middle East has entered a correction phase in the year 2010 with a major portion of demand inflow from the residential segment. The demand is primarily generated by the low and medium income segment of the population and therefore the developers were focusing towards building affordable and economic housing properties to cater to their requirement. The future of the Middle East real estate market is expected to be favorable with stable growth in the long run due to mounting domestic demand for affordable residential properties, friendly government laws and surging government investments and inclining inbound travelers in the region.

The real estate market in Saudi Arabia has showcased a remarkable growth in 2010, primarily due to an increasing domestic demand for real estate properties. In addition, the arrival of religious and leisure tourists and travelers to the country has driven the market in the recent past and has resulted into lower vacancy rates of the retail shopping malls and hotel rooms. On account of these prevalent market conditions, the value of the real estate market has increased by ~% to USD ~ million in 2010.

The Egypt real estate market in the midst of global economic unrest has showcased a sustainable performance as compared to the other countries in the Middle East, who have been trying to overcome the prevailing market and economic conditions. A consistent increase in the demand for housing units has been recorded over the years, which has surpassed the supply due to the growing need for housing facilities to accommodate an increasing population. In addition, the traditional approach of the Egyptians to hold their properties rather than selling it during odd economic conditions along with the conservative mortgage market have restricted the country’s real estate market’s exposure to the global economic slowdown.

The real estate market in Egypt is dominated by few major players who contribute around ~% of the total revenue of the market in 2010. Of these, Talaat Mostafa Group Holdings (TMG) with contribution of ~% leads the share due to the company’s successful project execution track and a strong brand name.

Jordan’s real estate market supply had increased at a CAGR of 3% from 2005-2010. In 2010, the market recorded a cumulative supply of ~ thousand square meter of GLA as compared to ~ thousand square meters in 2005. This increase in the supply was influenced by the growing demand for affordable and middle end residential buildings and demand for better and quality office buildings in Amman as a result of increased business activities in the country. Moreover, an increasing population is one of the major drivers of the real estate market on which the supply of residential units majorly depends.

In the recent years, it has been observed that the Iraqi government has announced several schemes and incentives to attract the Iraqis who have migrated to Jordan because of the instability and unsafe political and economic conditions in Iraq. If these schemes prove to be attractive to the Iraqis then they may return back to their land which will in turn increase the vacancy rates of the residential spaces in Jordan.

The real estate market in UAE has been significantly dominated by the Northern Emirates with a market share of ~% in 2010. This share has been contributed majorly by the real estate developments in the cities such as Sharjah, Ajman, Umm Al Quwain and Ras Al Khaimah (RAK).

The Dubai real estate market follows the Northern Emirates, with a share contribution of ~% in 2010 and with several real estate development projects in the pipeline. Moreover, an increasing demand for affordable housing units and the reviving economy has resulted in the marginal growth of the real estate market in Dubai.

In addition, Abu Dhabi, which contributed around ~% of the real estate market in UAE in 2010, suffered a setback due to the higher prices and rental rates as compared to other neighboring cities in the UAE.

UAE real estate market is highly fragmented and competitive with about ~ brokers in Dubai alone currently listed by Real Estate Regulatory Authority (RERA). Dubai Holdings is the largest real estate developer in the UAE with a market share of ~ % in 2010 and revenue of USD ~ billion.

Oman’s real estate market value has grown at a CAGR of 12% for the period 2005-2010. This growth has been supplemented by the rising expatriate population in the country which has driven the demand for residential units over the years. In fact, the growing young population of Oman has also increased the requirement for residential properties in the country.

The real estate market in Kuwait is highly saturated amongst ~ public listed companies of which ~ are Sariah compliant and several other small and private developers. In 2010, the ~ listed companies recorded total assets of USD ~ million and total debt of USD ~ million. Amongst the top players, where Salhia Real Estate Company, United Real estate Company, Commercial Real estate Company and Tamdeen Real Estate Company registered net profits in the year 2010, companies like National Real estate Company and Al Mazaya recorded losses for the period 2010.

The Qatar real estate market is expected to have bright future with the FIFA world 2022 bid win due to which the country will undergo an impressive development in the real estate activities. The government of Qatar has recently announced the investment of USD ~ billion on the development of the infrastructure and USD ~billion in the construction of ~ stadiums and the renovation of three existing stadiums with more than ~ seating capacities along with ~ modular seats. The construction is expected to use better technologies which will encompass carbon neutral air-conditioned stadiums that will benefit the environment and pose ideal conditions for players and the spectators during the games. The real estate market will experience an additional supply of ~ thousand square meter of GLA in the residential, office and retail and hospitality segment of the market by 2013.

Key Topics Covered in the Report:

The market size of the real estate sector in the Middle East including 7 countries, Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar on the basis of total supply and revenue, 2005-2010.
Market segmentation of Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar real estate market by residential, office, retail and hotel on the basis of total supply, 2005-2010
Recent trends and developments of the Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar real estate market
SWOT analysis of the real estate market in all the 7 countries
Market share of the major real estate developers operating in Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar, 2010
Company profiles of leading developers in the real estate market in Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar
Future outlook and projections of the supply of residential, office, retail and hotel spaces in all countries, 2011-2013
Cause and effect relationship analysis between industry factors and expected industry prospects in the Middle East real estate market
Historical and future forecast of several macro-economic and industry factors including Population, GDP, number of tourist arrivals, inflation and housing finance

For more information please refer to the below mentioned link:

http://ammindpower.com/report.php?A=250&T=D&S=97

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The report gives an in-depth analysis of Ukraine wind power market and provides forecasts up to 2015. The research analyzes the growth, evolution of Ukraine wind power market up to 2009 and gives historical and forecast statistics for the period 2001-2015. This research also gives detailed analysis of the market structures of the technology and regulatory policies that govern it. Detailed information on key current and upcoming assets give a roadmap to this industry’s development.

Scope

Detailed market opportunities and challenges for present and potential Ukraine Wind Power market.
Detailed qualitative analysis of the market scenario and analysis of the market
Covers detail analysis of producers share, and geographic distribution of generation and installed capacity.
Historical and forecast statistics along with growth estimates for production from Ukraine wind power generation from 2001 to 2015
Information on key current and upcoming Plants
Information on the major companies in the Ukraine wind power market. Key plaers include Beten International, ESTA Ltd, Konkord Group Ltd, Nova-Eco LLC, Turbowinds NV, and Windenergo Ltd.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow the user to:

Identify key growth and investment opportunities in Ukraine wind power market
Identify key partners and business development avenues
Position yourself to gain the maximum advantage of the industry’s growth potential by developing strategies based on the latest operational and regulatory events
Facilitate decision-making based on strong historic and forecast data

Table of Content:

1 Table of contents 2
1.1 List of Tables 4
1.2 List of Figures 5

2 Introduction to Renewable Energy 6

2.1 Greenhouse Gas Emissions 6
2.2 Burgeoning Energy Demand 7
3 Ukraine Power Market 9

3.1 Ukraine Power Market, Overview 9

3.2 Ukraine Power Market, Installed Capacity According to Fuel Type 10

4 Ukraine Renewable Power Market 11

4.1 Ukraine Renewable Power Market, Historical Cumulative Installed Capacity (Including Hydro), 2001-2009 11
4.2 Ukraine Renewable Power Market, Cumulative Installed Capacity Split by Renewable Type (Including Hydro), 2009 12
4.3 Ukraine Renewable Power Market, Historical Cumulative Installed Capacity by Renewable Type (Including Hydro), 2001-2009 13

5 Ukraine Wind Power Market, Total Market Analysis 14

5.1 Ukraine Wind Power Market, Market Dynamics 14
5.2 Ukraine Wind Power Market, Market Forces Analysis 16
5.2.1 Ukraine Wind Power Market, Key Driver 16
5.2.2 Ukraine Wind Power Market, Key Restraint and Challenges 17
5.3 Ukraine Wind Power Market, Wind Turbine Purchase Criteria for End-users 17
5.4 Ukraine Wind Power Market, Infrastructure Analysis 18
5.5 Ukraine Wind Power Market, Supply Chain Analysis 18
5.6 Ukraine Wind Power Market, Human Resources Analysis 19
5.7 Ukarine Wind Market, Capital Expenditure Split for Wind Farms, 2009 19
5.8 Ukarine Wind Market, Average Wind Turbine Size, 2001-2015 21
5.9 Ukraine Wind Power Market, Total Active Wind Farms, Split by Power Range of Turbines,
2001-2009 22

6 Ukraine Wind Power Market, Historical and Forecast Statistics 23

6.1 Ukarine Wind Market, Historical and Forecast Installed Capacity, 2001-2015 23
6.2 Ukraine Wind Power Market, Historical and Forecast Power Generation, GWh, 2001-2015 25
6.3 Ukraine Wind Power Market, Historical and Forecast Cumulative Carbon Savings, 2001-2015 26
6.4 Ukraine Wind Power Market, Historical and Forecast Average Number of Homes Powered, 2001-2015 27

7 Ukraine Wind Power Market, Equipment Revenues 28

7.1 Ukraine Wind Turbine Market, Historical and Forecast Revenues, 2003-2013 28
7.2 Ukraine Wind Turbine Gearbox Market, Historical and Forecast Revenues, 2003-2013 29

8 Ukraine Wind Power Market, Key Assets 31

8.1 Ukraine Wind Power Market, Active Wind Farms 31
8.2 Ukraine Wind Power Market, Major Planned/ Under Construction Wind Farms 31

9 Ukraine Wind Power Market, Regulatory Framework 32

9.1 Ukraine Wind Power Market, Major Policies Influencing Wind Market 32
9.1.1 Kyoto Protocol 32
9.1.2 The Law on Alternative Energy Sources 32
9.1.3 Feed-in Tariff Program/Green Tariff Law 33

10 Key Market Participant – Beten International 34

10.1 Key Information 34
10.2 Company Overview 34
10.3 Business Description 34
10.3.1 Business Overview 34
10.4 Major Products and Services 35
10.5 Competitors 36
10.6 Locations And Subsidiaries 36
10.6.1 Head Office 36
10.7 Other Locations & Subsidiaries 37

11 Key Market Participant – ESTA Ltd 38

11.1 Company Overview 38
11.2 Key Information 38
11.3 Financial Performance 38
11.4 Major Products and Services 38
11.5 Competitors 39
11.6 Locations And Subsidiaries 39
11.6.1 Head Office 39

12 Key Market Participant – Konkord Group Ltd 40

12.1 Key Information 40
12.2 Major Products & Services 40
12.3 Competitors 40
12.4 Key Employees 40
12.5 Locations And Subsidiaries 41
12.5.1 Head Office 41
12.6 Other Locations & Subsidiaries 41

13 Key Market Participant, Nova-Eco LLC 42

13.1 Key Information 42
13.2 Company Overview 42
13.3 Financial Performance 42
13.4 Major Products and Services 42
13.5 Competitors 42
13.6 Locations and Subsidiaries 43
13.6.1 Head Office 43

14 Key Market Participant, Turbowinds NV 44

14.1 Key Information 44
14.2 Company Overview 44
14.3 Major Products and Services 44
14.4 Competitors 44
14.5 Key Employees 45
14.6 Locations and Subsidiaries 45
14.6.1 Head Office 45
14.6.2 Other Locations 45

15 Key Market Participant, Windenergo Ltd. 46

15.1 Key Information 46
15.2 Company Overview 46
15.3 Financial Performance 46
15.4 Major Products and Services 46
15.5 Competitors 46
15.6 Locations and Subsidiaries 47
15.6.1 Head Office 47

16 Financial Deals Landscape 48

16.1 Detailed Deal Summary 48
16.1.1 Acquisition 48
16.1.2 Asset Finance 49

17 Recent Developments 50

17.1 New Contracts 50
17.1.1 Aug 27, 2007: ICF Wins EUR4.5 Million Contract From European Commission To Advise On Renewable Energy Issues 50
17.2 Strategy and Business Planning 50
17.2.1 Jul 20, 2009: Ukraine Signs LOI With Mitsubishi Heavy Industries And Sumitomo For Wind Power Units 50
17.2.2 Apr 06, 2009: Nova-Eco Becomes Member Of Wholesale Electricity Market Of Ukraine 50
17.2.3 Jan 09, 2008: Nova-Eco Receives Approval From Ministry For Environmental Protection Of Ukraine For Wind Power Project 50

18 Appendix 52

18.1 About Alternative Energy eTrack 52
18.2 Methodology 52
18.2.1 Coverage 53
18.2.2 Secondary Research 53
18.2.3 Primary Research 53
18.2.4 Expert Panel Validation 54
18.3 Contact Us 54
18.4 Disclaimer 54

Biopharmaceutical products are the key to the future of the pharmaceutical market. Even before the market stagnation seen in 2009 due to the recession, conventional pharmaceuticals were facing drastic consequences from the loss of patent cover for many blockbusters, and the continued failure of the R&D departments in big pharma to produce replacement candidates.
Although the conventional, small-molecule segment of the market will continue to hold a larger share, their growth is expected to be in low single figures, while biopharma products are forecast to grow at rates up to 10% per annum.
This report analyses the three main components of the biopharma market – monoclonal antibodies, therapeutic proteins and vaccines – to show why these groups have such a positive future. It provides the most up-to-date discussion of the whole biopharma market and explores new clinical indications beyond those already targeted.

Key features of this report

• Monoclonal antibodies will build on recent market growth as new product candidates come onstream and new indications are confirmed, extending the usefulness of Mabs beyond cancers and autoimmune disease to CNS conditions, infections and others.
• The Therapeutic Proteins class will continue to be dominated by hematopoietic growth factor products for cancer-related neutropenia and anemia.
• Cytokines are another important contributor to the Therapeutic Proteins sector, and new uses for them are under investigation, including cancers, benign prostatic hyperplasia, gout, wound healing and inflammatory diseases such as Crohn’s.
• Buoyancy in the Vaccines sector is driven by anxiety over bioterrorism, the ongoing risk of a global influenza pandemic and new targets for prevention.
• The prospect of therapeutic vaccines, especially against cancers, is another major driver in the vaccines market.

Scope of this report

• The report gives a realistic picture of the strengths and limitations of the biopharma marketplace, indicating those product groups whose strengths are set to last while avoiding over-optimistic forecasts of growth over the next five years.
• In terms of R&D activity, the report aims to give the reader a perspective on the important research avenues now being pursued, while updating the reader with an overview of recent R&D developments .
• By covering all the three major segments of the biopharma market, the report gives a better perspective of the contribution of biopharma to the management of some major diseases than would be gleaned from studying only a single product type.

Key Market Issues

• Monoclonal antibodies are forecast to grow at a CAGR approaching 10% over the next five years, driven largely by good results in the clinic
• Cancers and immune-related inflammatory diseases will continue to be leading iuses of Mabs during the five-year forecast period
• New indications offer the prospect of major market growth for cytokines; these include cancers and inflammatory diseases
• Other therapeutic proteins such as growth factors, coagulation factors and erythropoietins, have limited opportunities for growth through excpanding indications, and depend instead on product improvements

Key findings from this report

• In terms of market size, therapeutic proteins are the leaders, but monoclonal antibodies (MAbs) are the fastest growing sector
• Cancer still ranks high among targets for new MAb development, along with treatments for inflammation/immune related diseases including rheumatoid arthritis and multiple sclerosis
• Cytokines in advanced development include treatments for cancers, benign prostatic hyperplasia, gout and inflammatory conditions such as Crohn’s disease.
• By the end of 2009 there were 29 monoclonal antibodies approved and marketed for therapeutic use. This product class is now approaching maturity.
• Therapeutic protein products which have been success stories include insulin, erythropoietin, growth hormone, the interferons, and the fusion protein Enbrel (etanercept)

Key questions answered

• What indications will be the main market drivers for Mabs during the next five years?
• What are the most important market trends in the vaccines market?
• Will the biopharma market perform any better than the overall pharma market during the next five years, and why?
• Which segments of the therapeutic protein market are likely to see the best growth?
• What are the major drivers for M&A activity in the biopharma market?

Table of Contents
The future of the biologicals market
Executive Summary 10
Introduction to biopharmaceuticals 10
Developments in technology and clinical applications 11
Market analysis 12
The biopharmaceutical industry 13

Chapter 1 Introduction to biopharmaceuticals 16
Summary 16
Introduction 17
Definition 18
Main product classes 19
Monoclonal antibodies (MAbs) 19
Therapeutic proteins 21
Hemopoietic growth factors 22
Cytokines 23
Blood factors 24
Vaccines 25
Traditional vaccines 25
Novel vaccine technologies 25
Current status: uses and markets 26
Monoclonal antibodies 26
Anti-cancer 27
Anti-TNF 30
Market status of mAbs 31
Therapeutic proteins 33
Insulin 33
Erythropoietin 33
Growth hormone 34
Cytokines 35
Blood factors 37
Market status of therapeutic proteins 37
Vaccines 39

Chapter 2 Developments in technology and clinical applications 42
Summary 42
Introduction 43
Monoclonal antibodies 43
Technology 43
Human antibodies 44
Antibody fragments 44
Conjugated antibodies 45
Antibodies in advanced development 46
Pipeline activity 47
Oncology 47
Abagovomab 47
Anyara 48
Humax EGFr 48
Rencarex 49
Ipilimumab 49
Others 50
Inflammation and immunology 52
Benlysta 52
Epratuzumab 53
Ocrelizumab 53
Reslizumab 54
Others 55
Other indications 55
Bapineuzumab 56
Otelixizumab 57
Pagibaximab 58
Tanezumab 58
Others 58
Therapeutic proteins 59
Technology 59
Multikine 60
Cintredekin Besudotox 61
Rilonacept (IL-1 Trap) 62
Prevascar 63
PRX302 63
Hemopoietic growth factors 64
Recent pipeline activity 65
Replagal 66
Joulferon 68
CYT107 68
Talactoferrin 69
Taspoglutide 70
Vaccines 71
Technology 72
Heterologous prime-boost schemes 72
New adjuvants 73
New vaccines against existing targets 74
Vaccines against new targets 76
HIV vaccines 76
Cancer vaccines 77
Malaria 78
Tuberculosis 79
Vaccines pipeline 80
Menveo 81
Cervarix 81
Ixiaro/Jespect 82
Stimuvax 82

Chapter 3 Market analysis 86
Summary 86
Introduction 87
Market status by product group 88
Monoclonal antibodies 88
Therapeutic proteins 90
Cytokines 91
Anti-hemophilia products 92
Growth hormones 93
Vaccines 93
Production issues 94
Opportunities in emerging markets 94
Adjuvant developments 95
Therapeutic vaccines 95
Influenza 96
Market by geographic region 97
The threat from biosimilars 98
Rationale for biosimilar development 99
Selected biosimilar developments and introductions 100
EPO 100
G-CSF 101
Interferons 101
HGH 101
Monoclonal antibodies 102

Chapter 4 The biopharmaceutical industry 104
Summary 104
Evolution 105
Amgen, Biogen and Genentech 106
Involvement of big pharma 108
Biopharma specialist companies 110
M&A activity 110
Key findings 111
Future M&A trends 113

Chapter 5 Company profiles 116
Introduction 116
Companies marketing/researching Monoclonal Antibodies: 116
Industry leaders 116
Abbott Laboratories 116
Bayer Schering Pharma Ag 117
Biogen Idec Inc. 118
Genzyme Corporation 118
Imclone Systems Inc. 120
UCB S.A. 121
F. Hoffmann-La Roche Ltd 122
Medarex Inc. 123
Other companies involved in MAb research 124
Amgen Inc 124
Apogenix GmbH 125
Bioinvent International AB 126
Celldex Therapeutics Inc 127
Debiopharm Group 128
Genmab A/S 129
Glycotope GmbH 130
ImmunoGen Inc 131
Innate Pharma 132
Pfizer Inc. 133
Seattle Genetics Inc. 134
Tolerx Inc. 135
Trubion Pharmaceuticals Inc. 136
Wilex AG 137
Companies involved in Therapeutic Proteins 138
Industry Leaders 138
CSL Behring 138
Eli Lilly & Co. 139
Ipsen 140
Merck Serono S.A. 140
Novartis AG 141
Novo Nordisk A/S 143
Baxter International Inc 144
Other companies involved in Therapeutic Protein research 144
Agennix AG 144
Akebia Therapeutics, Inc. 145
Biovitrum AB 146
Cytheris SA 147
Dyax Corp 147
ERYtech Pharma 148
Helix BioPharma Corp. 149
Human Genome Sciences Inc. 149
Immutep S.A. 150
H. Lundbeck A/S 152
Octapharma AG 152
Phosphagenics Limited 153
Proteon Therapeutics, Inc. 154
Shire plc 154
Teva Pharmaceutical Industries Ltd 155
ThromboGenics NV 156
ZymoGenetics, Inc. 157
Companies involved in Vaccines 158
Industry Leaders 158
Merck & Co Inc. 158
GlaxoSmithKline plc 159
Sanofi-Aventis 160
Other companies involved in Vaccine Research 161
Advaxis Inc 161
Hawaii Biotech, Inc. 162
ImmunoVaccine Technologies Inc. 163
Intercell AG 164
Soligenix, Inc. 165
Stallergenes 166
Tripep AB 167
Vical Inc 167
Xcellerex, Inc 169
Index 170

List of Figures
Figure 1.1: Global biopharmaceutical market ($bn), 2009 19
Figure 1.2: Diagram of typical antibody structure 20
Figure 1.3: MAb market 2009, market share by use 26
Figure 1.4: Therapeutic proteins market, 2009 market, sales by class, $bn 38
Figure 3.5: Evolution of the biologics market 2009-2015 87
Figure 3.6: Geographic breakdown of the global biopharmaceutical market 98

List of Tables
Table 1.1: Marketed Anti-TNF MAbs 31
Table 1.2: Global market forecast for mAbs, 2009-2015, $bn 32
Table 1.3: mAb market leaders, 2009 32
Table 1.4: Human growth hormone products 35
Table 1.5: Approved cytokines 36
Table 1.6: Blood factors for hemophilia treatment 37
Table 1.7: Global therapeutic proteins market and forecast, $bn 38
Table 1.8: Leading vaccine product sales, 2009; $bn 40
Table 1.9: Global vaccines market and forecast, 2009-2015, $bn 40
Table 2.10: MAbs near to market launch, 2010 46
Table 2.11: Anti-cancer monoclonal antibody products in Phase III trials 47
Table 2.12: Immune system related monoclonal antibody products in Phase III trials 52
Table 2.13: mAb products in clinical development for novel indications 56
Table 2.14: Therapeutic proteins in development 65
Table 2.15: Therapeutic proteins in development (continued) 66
Table 2.16: Vaccines in late stage development 80
Table 3.17: Biopharmaceutical market, estimated value and forecast 2009-2015; $bn 87
Table 3.18: Leading monoclonal antibody products in 2009 89
Table 3.19: Hemopoietic growth factors 90
Table 3.20: Cytokines sales. 2009 91
Table 3.21: Anti-hemophilia products sales, 2009 92
Table 3.22: Growth factor product sales, 2008 93
Table 3.23: Leading vaccine products, sales 2009, $bn 97
Table 3.24: Biologics facing the launch of biosimilars 100
Table 4.25: Company dependence on biopharmaceuticals 109
Table 4.26: Leading specialist biotech companies 110

Abstract

This paper explains the relationship between foreign exchange reserves of Pakistan and KSE market capitalization on the basis of quarterly gathered data from fiscal year 2001 to 2009. Both of the variables under consideration are very important because foreign exchange reserve is one out of the major supports to stable the value of home currency against foreign currencies and market capitalization shows the overall investment in stock market. This study uses simple linear regression model to measure the relationship between these two important variables. Results of this study show that there is positive (not significant positive) relationship between variables. The results show that foreign exchange reserves of Pakistan have a positive impact on KSE Stock Market that is the principal stock market of Pakistan.

Introduction

This research is carried out to find the impact of foreign exchange reserves held by the State Bank of Pakistan on the investment and performance of stock markets of Pakistan. There are three stock exchanges (Karachi Stock Exchange, Lahore Stock Exchange and Islam-Abad Stock Exchange) operating in Pakistan.  Karachi Stock Exchange (KSE) is premier, biggest and the most popular stock market of the country, so it is used as representative of all stock exchanges of Pakistan.

About KSE

KSE is hub of capital formation in Pakistan, established on September 18, 1947. KSE started with 5 companies with a paid up capital of Rs. 37 million. The first index was the 50 index and trading was done through open-out-cry system.

In spite of political issues, social, financial and other problems, it played a key role in the economy of Pakistan. KSE 100-index showed a return of 40.19% and became the sixth best performer among the emerging markets in the calendar year 2007. It achieved a major milestone by touching of KSE-100 Index psychological level of 15,000 for the first time in its history and peaked 15,737.32 on 20 April, 2008. Moreover, the increase of 7.4 per cent in 2008 made it the best performer among major emerging markets (Gulf News, 2008). It was declared the “Best Performing Stock Market of the World for the year 2002″ as declared by the international magazine “Business Week” Similarly, the US newspaper “USA Today” declared Karachi Stock Exchange as one of the best performing stock exchange in the world.  As at June 1, 2009 there were 651 companies listed at KSE with market capitalization of US $ 26.48 billion having listed capital of US $ 9.65 billion. Exchange was owned by 200 member/brokers through electronic trading system. (Karachi Stock Exchange, 2009)

Foreign Exchange Reserves

Foreign exchange is the currency of other countries and Foreign Reserves mean deposits of international currencies held by a central bank. Foreign reserves allow governments to keep their currencies stable, reserves are used as a tool of exchange rate and monetary policy, it facilitate for the payment of external debt and liabilities, it act as a defense against unexpected emergencies and economic shocks.

To know about the relationship of foreign reserves with stock market is important because of above reasons and because international reserves accumulation has been the preferred policy recently adopted by developing economies to achieve financial stability. The aim of this policy is to increase liquidity and thus reduce the risk of suffering a speculative attack. (Cruz & Walters, June 2008).

Foreign reserves can be enhanced by storing more and more international currency and this can be done through three ways, by increasing exports, by foreign remittance and by taking official grants or loans. If foreign reserves are increasing due to exports and remittances then the growth of reserves is positive but if it is increasing with the help of loans then growth will be negative. This research is not concerned with the positive or negative growth, this research examines only the foreign reserves held by central bank and their impact on stock market capitalization.

Market Capitalization

Market capitalization represents the aggregate value of a company or stock. It is obtained by multiplying the number of shares outstanding by their current price per share then by adding all the values, we get aggregate market capitalization. For example, if XYZ company has 200,000 shares outstanding with a share price of $25 per share then the market capitalization is 200,000 x $25 = $5,000,000. KSE market capitalization represents the aggregate value of whole market, in this way by measuring KSE-All shares market capitalization we can measure the overall performance of Karachi stock exchange.

Objective

The purpose of this research is to know about the impact of foreign exchange reserves of Pakistan on KSE market capitalization on the basis of previous behavior of both variables with each other.

Problem Statement

The main focus of this study is to link the foreign exchange reserves of Pakistan with its Stock Markets to see a clear picture about them as it affects many other variables.

Significance

Significance of this research work is to provide the considered necessary information that will guide the stock brokers, agents, planners, government policy makers to make decision about the stocks and stock markets of Pakistan especially about KSE by looking at the trend of foreign exchange reserves of Pakistan.  The research will also try to add value for executives, directors, researchers and other students to know about the foreign reserves and stock markets of Pakistan.

Literature Review

In the following there are some studies related to this topic that has been conducted prior by other researchers.

Hussain et al. (2009) analyzed the “Impact of Macroeconomics Variables on Stock Prices: Empirical Evidence in Case of KSE” they consider the quarterly data of several economic variables such as foreign exchange rate, foreign exchange reserve, industrial production index, whole sale price index, gross fixed capital formation, and broad money M2 , these variables are obtain from 1986 to 2008 period. The results shows that after the reforms in 1991 the influence of foreign exchange rate and reserve effects significantly to stock market whiles other variables like IIP and GFCF are not effects significantly to stock prices. This result also shows that internal factors of firms like increase production and capital formation not effects significantly while external factors like exchange rate and reserve are effects significantly the stock prices.

Nishat and Shaheen analyze long-term equilibrium relationships between a group of macroeconomic variables and the Karachi Stock Exchange Index. The macroeconomic variables are represented by the industrial production index, the consumer price index, M1, and the value of an investment earning the money market rate. They used vector error correction model to explore such relationships during 1973 to 2004. Their results indicate a “causal” relationship between the stock market and the economy and show that industrial production is the largest positive determinant of Pakistani stock prices, while inflation is the largest negative determinant of stock prices in Pakistan. They found that macroeconomic variables Granger-caused stock price movements, the reverse causality was observed in case of industrial production and stock prices. Furthermore, he found that statistically significant lag lengths between fluctuations in the stock market and changes in the real economy are relatively short (Nishat & Shaheen, 2004).

Bhattacharya et al. conduct a case study to analyze “Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance”. They used methodology of Granger non-causality recently proposed by Toda and Yamamoto (1995) for the sample period April 1990 to March 2001. In this study, the Bombay BSE Sensitive Index was used as a proxy for the Indian stock market. The three important macroeconomic variables included in the study are real effective exchange rate, foreign exchange reserves and trade balance. The analysis reveals interesting results in the context of the Indian stock market, particularly with respect to exchange rate, foreign exchange reserves and trade balance. The results suggest that there is no causal linkage between stock prices and the three variables under consideration (Bhattacharya & Mukherjee, 2001) .

Dimitrova analyzed the relationship between stock prices and exchange rates using multivariate model. He focuses on the stock markets of United States and the United Kingdom over the period January 1990 through August 2004. This study developed the hypothesis that there is a link between the foreign exchange and stock markets. The researcher asserted that relationship is positive when stock prices are the lead variable and likely to negative when exchange rates are the lead variable (Dimitrova, August 2005).

Sohail et al. conducted a research on LSE, the intention of this study was to examine long-run and short-run relationships between Lahore Stock Exchange and macroeconomic variables in Pakistan. Monthly data from December 2002 to June 2008 was used in this study. The results revealed that there was a negative impact of consumer price index on stock returns, while, industrial production index, real effective exchange rate, money supply had a significant positive effect on the stock returns in the long-run (Sohail & Hussain, winter 2009).

Robert Gay conducted study to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC) using the Box-Jenkins ARIMA model. But no significant relationship was found between respective exchange rate and oil price on the stock market index prices of either BRIC country and also there was no significant relationship found between present and past stock market returns (Gay, March 2008).

Data explanation and Methodology

Dependent Variable

KSE Market capitalization is dependent variable in this study and simply picked up from the Economic Surveys of Pakistan and from the reports of State Bank of Pakistan at the end of quarter month from the fiscal year 2001 to 2009.

Independent Variable

A foreign exchange reserve of Pakistan is independent variable in this research and calculated by following equation.

R = SDR + Fc + Nostro + TLR

Where:

R = Foreign exchange reserves

SDR= Special drawing rights held by SBP

Fc = Foreign Currency held by SBP

Nostro =  Accounts of SBP in foreign countries in foreign currencies.

TLR = Total liquid reserves

Methodology

To examine the relationship between the foreign reserves and KSE market capitalization following simple linear regression model has been tested.

Y = ?0 + ?1 X1 + €

Where:

Y = KSE market capitalization in billion Rs.

?0 = Y intercept

?1= Slope of the line

X1 = Foreign Exchange Reserves in million US $

€ = Error variable

Model Summary

Model R R Square Adjusted R Square Std. Error of the Estimate

1 .680 .463 .440 903.87372

Anova

Model Sum of Squares df Mean Square F Sig.

Regression 1.687E7 1 1.687E7 20.651 .000

Residual 1.961E7 24 816987.693

Total 3.648E7 25

Note. The data are adapted from “the SPSS software output”

After analysis results show that the value of co-efficient of correlation (R) is equal to 0.680 which shows that there is positive (not significant positive) relationship between market capitalization and foreign exchange reserves, as it is looking in the following graph.

This graph shows that an increase in foreign reserves also reflecting in KSE market capitalization but not too much.

The results show that the value of co-efficient of determination (R2) is equal to 0.463 which shows that 46.3% of the variation in the KSE market capitalization is explained by the variation in the foreign exchange reserves. The remaining 53.7% is unexplained. The value of Anova table is significant (.000) which shows that the model is overall good fit.

The value of Regression constant or intercept is -1227.56 this is the average market capitalization without independent variable. Here it shows that the average value of market capitalization is negative (below the X-axis line) with the value of 1227.56 billion Rs. when foreign exchange reserves are zero.

The value of Regression co-efficient or slope is equal to 0.303 which shows that the KSE market capitalization will increase by 0.303 billion Rs. for an increase of one million $ increase in foreign exchange reserves of Pakistan.

Conclusion

Results of this study show that there is positive (not significant) relationship between the foreign exchange reserves and KSE market capitalization. The results show that 46.3% of the variation in the KSE market capitalization is explained by the variation in the foreign exchange reserves. The results of this study also match with the result of other researchers like Suliaman et al. conduct study to measure the impact of macroeconomic variables on stock prices and write that there is positive relation between foreign reserves and stock prices in Pakistan. In other countries there are different results like in India there is no relation between these variables as showed by one researcher, but this study shows the facts about the stock market of Pakistan.

References

Bhattacharya, B., & Mukherjee, J. (2001). Causal Relationship Between Stock Market And Exchange Rate, Foreign Exchange Reserves and Value Of Trade Balance: A Case Study For India.

Bloomsbury Information Ltd. (2009). Dictionary. Retrieved February 18, 2010, from Q Finance: http://www.qfinance.com/dictionary/foreign-currency-reserves

Cruz, M., & Walters, B. (June 2008). Is the Acculmulation of International Reserves good for Development. Cambridge Journal of Economics .

Dimitrova, D. (August 2005). The Relationship between Exchange Rates and Stock Prices – Studied in Multivariate Model. Issues in Political Economy , 14.

Elizabeth. (2006). the oxford dictionary of Phrase and Fable. Retrieved February 10, 2010, from Encyclopedia: http://www.encyclopedia.com/doc/1O214-StockExchange.html

Encyclopedia. (2009). The Oxford Pocket Dictionary of Current English. Retrieved February 14, 2010, from Encyclopedia website: http://www.encyclopedia.com/doc/1O999-foreignexchange.html

Gay, R. D. (March 2008). Effect of Macroeconomic Variables on Stock Market Rturns for Four Emerging Economies – Brazil, Russia, India and China. International Business & Economics Research Jornal , 7.

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Minitry of Finance Islamabad, Govt of Pakistan. (n.d.). Capital Markets. Economic Survey of Pakistan . Islamabad, Pakistan: Govt of Pakistan.

Mohammad, S. D., Hussain, A., & Ali, A. (2009). Impact of Macroeconomics Variables on Stock Prices – Emperical Evidance in Case of KSE. European Journal of Scientific Research , 38 no. 1, 96-103.

Nishat, D. M., & Shaheen, R. (2004). Macro-Economic Factors and Pakistani Equity Market.

Reilly, F. K., & Brown, K. C. (September 2005). Investment Analysis and Portfolio Management (Eitghth ed.).

Sohail, N., & Hussain, Z. (winter 2009). Long Run and Short Run Relationship between Macro Economic Variables and Stock Prices in Pakistan – The case of Lahore Stock Exchange. Pakistan Economic and Social Review , 47, 183-198.

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State Bank of Pakistan. (2010, January). Foreign Reserves. Lahore, Pakistan: State Bank of Pakistan.