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16.6.2022 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES BMIT 14,000 6,776.00 1 0.484 0.484 0.484 0.484 0.008 GO 3,125 9,937.50 1 3.180 3.180 3.180 3.180 0.000 HLI 18,000 4,330.00 2 0.250 0.240 0.250 0.240 0.000 HSB 38,630 28,995.15 5 0.755 0.750 0.755 0.750 -0.020 IHI 91,288 66,640.24 8 0.730 0.730 0.730 0.730 0.030 MIA 2,250 13,387.50 4 5.950 5.950 5.950 5.950 -0.050 MMS 1,000 1,930.00 1 1.930 1.930 1.930 1.930 0.000 PG 563 1,261.12 1 2.240 2.240 2.240 2.240 0.000 SFC 355 3,071.00 3 9.000 8.400 9.000 8.400 0.150 STS 114 131.10 1 1.150 1.150 1.150 1.150 0.060 TRI 1,600 2,304.00 1 1.440 1.440 1.440 1.440 -0.020 GOVERNMENT STOCKS G45A 500,000 437,500.00 4 87.500 87.500 87.500 87.500 -0.500 CORPORATE BONDS AX29A 5,000 5,124.50 1 102.490 102.490 102.490 102.490 0.990 BR31A 15,000 15,225.00 2 101.500 101.500 101.500 101.500 0.500 DN33A 15,000 15,531.35 4 103.600 103.400 103.400 103.600 0.600 GO31A 30,000 30,000.00 3 100.000 100.000 100.000 100.000 0.000 HF27A 5,000 5,050.00 1 101.000 101.000 101.000 101.000 0.000 HM24A 4,000 4,120.00 1 103.000 103.000 103.000 103.000 0.000 HP25A 7,500 7,612.50 1 101.500 101.500 101.500 101.500 0.000 IH26A 2,000 2,012.00 1 100.600 100.600 100.600 100.600 0.100 MY31A 5,000 5,100.00 1 102.000 102.000 102.000 102.000 1.650 MY32A 30,000 30,718.00 3 102.400 102.390 102.400 102.390 -0.010 PH28A 10,000 10,025.00 1 100.250 100.250 100.250 100.250 0.000 SA32A 2,200 2,287.34 2 104.000 103.890 103.890 104.000 0.110 SM31A 23,600 24,240.00 3 103.000 102.500 102.500 103.000 2.000 SP29A 10,000 10,200.00 1 102.000 102.000 102.000 102.000 -0.500 ST27A 10,000 10,160.00 1 101.600 101.600 101.600 101.600 0.600 Malta Stock Exchange Regulated Main Market Trading Date: 15 June 2022 SMARTCARE FINANCE PLS - 4.65% SMF SEC BDS Crushing week for stocks: AMZN -16.8%, NVDA -16.3%, AAPL -10.7%, META -16.3%; What's next? THE mood of market players continues to be pessimistic in the wake of a brutal week for the eq- uities, which was accompanied by a widespread market sell-off. Stubborn inflation and worries around an increasingly aggressive Federal Reserve (Fed) continue to put pressure on the stock market and risk assets in particular. In the same way, investors are expecting the Fed to hike rates by 75 basis points during the meet- ing on June 15, while worries grow that central banks won't be able to tame the consumer pric- es without pushing the economy into a recession. us, the losses in the broader market were sharp, with the S&P 500 losing over 21% year-to-date (YTD), wiping out more than $8 trillion of market value in this year alone. Big tech stocks suffered the largest drawdowns, with Ama- zon (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), Meta (NAS- DAQ: FB), and Apple (NASDAQ: AAPL) falling, 16.8%, 16.3%, 16.3%, and 10.7% respectively. Crypto not faring any better Similarly, cryptocurrencies con- tinued to drop, with Bitcoin fall- ing below $21,000, over 30% in just one week, signaling that in- vestors are dumping their most speculative holdings. ere also seems to be some correlation between the crypto market and the stock market, as Bitcoin is apparently tracking the performance of the Nasdaq and S&P 500 indices over the past 30 days. Nonetheless, the Fed meet- ing will most probably determine the direction and possible decou- pling of this trend. What happens next for markets? roughout history, a bear mar- ket lasts on average 389 calendar days from peak to bottom, which means that currently, the market is halfway there. Some indicators may signal to market participants if more pain can be expected, such as the Cboe Volatility Index, also known as the VIX. Typically, the VIX is con- sidered to be a 'fear gauge' meas- uring the expected volatility in the markets, expressed by options prices. During the Covid drawdown, the VIX reached 85 levels, while on average, at market bottoms, it reached 37. During the market sell-off on Monday, June 13, the VIX was at 35.05. On the other hand, the volume of put options reached 2.03 million on Monday, the highest level since February 2020, as per Cboe data. Comparably, the American As- sociation of Individual Investors sentiment survey shows that investor sentiment is declining slowly, which could mean more pain in the broader markets if re- tail investors start pulling out. Eventually, buying into the stock market will probably oc- cur, as some stocks are seeming- ly becoming oversold. However, deciding when to enter may be one of the toughest choices an investor has to make in a bear market.

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