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| iShares
Malaysia Fund (EWM) |
Published: July 27, 2004
The Morgan Stanley Capital International (MSCI)
Malaysia iShares (EWM) is an exchange-traded fund (ETF) that is meant to
track the MSCI Malaysia Index. MSCI indices are meant to closely reflect
the overall direction of the area or country noted in the index. EWM
holds shares of more than 60 companies that trade on the Malaysian stock
market.
Malaysia is a relatively small country with a
population of about 23 million people. In size, it is similar to the
state of New Mexico. The Malaysian stock market is fairly liquid and
combines strong weightings in financials, agriculture and technology
production. The country produces a good deal of electronic equipment,
although I would not consider it a technology play. It is closer to a
general industrial or cyclical market.
Although Malaysia is sometimes referred to as an emerging or developing
market, it is not a very poor country. Carved out of the UK, much of its
population is English speaking and it has a fairly high literacy rate,
as well as a low poverty rate. Its Central Bank, Bank Negara, is famous
for speculation in the currency markets, although it has not been as
active in recent years as it was prior to the Asian crisis of 1997.
| MSCI
iShares Malaysia Fund (EWM) |
|
| Type: |
Foreign |
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| Similar funds: |
MSCI
iShares Taiwan (EWT) |
|
|
MSCI
iShares Japan (EWJ) |
|
|
MSCI
iShares Hong Kong (EWH) |
|
| Options?: |
No |
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| Performance
Data |
|
|
|
|
| 52-week High: |
$7.41 |
3/18/2004 |
|
Annualized
return since: |
| 52-week Low: |
$5.67 |
7/28/2003 |
|
One-year |
11.55% |
| YTD Return: |
0.78% |
(as
of 7/23/2004) |
Three-year |
5.92% |
|
|
|
|
Five-year |
2.03% |
| Dividends: |
$0.10 |
past 12-mos |
Life of fund* |
-7.70% |
| Expense Ratio: |
0.59% |
|
|
*
- Started trading 3/18/96 |
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|
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| Correlation
Data* |
(1/02/02-6/30/04) |
Holdings* |
(as of
06/04) |
| Dow
Jones Industrials |
25.5% |
|
Malayan
Banking Bhd (MLYNF) |
10.79% |
| S&P 500 |
|
26.0% |
|
Telekom
Malaysia Bhd (MYTEF) |
5.61% |
| Nasdaq
Composite |
27.5% |
|
Tenaga
Nasional Bhd (TNABF) |
5.18% |
| Nasdaq-100 |
|
25.4% |
|
Commerce
Asset Hld BHD |
4.69% |
|
|
|
|
Public
Bank Bhd (PUBNF) |
4.38% |
| EWT |
|
27.1% |
|
Sime
Darby Bhd (SIDBH) |
4.28% |
| EWJ |
|
33.1% |
|
Brit.
Amer. Tob (Malaysia) |
3.82% |
| EWH |
|
31.7% |
|
Malaysian
Intl. Shipping |
3.69% |
|
|
|
|
Maxis
Comm. Bhd (MXISF) |
3.56% |
|
|
|
|
Genting
Bhd |
3.55% |
|
|
|
|
Percent
top ten are of total |
49.55% |
|
|
|
|
*
Ticker symbols where available are Pink Sheet, Bhd=Inc. |
|
|
|
| Average
Daily Volume |
|
Average
Daily Price Range |
| Jun-04 |
278,376 |
|
|
Jun-04 |
1.6% |
| 2004 YTD |
516,931 |
|
|
2004 YTD |
1.8% |
| 2003 |
177,763 |
|
|
2003 |
1.7% |
| *
- Correlation measures how closely the two items track each
other |
|
*
Includes prior day's close (true range) |
The Malaysian currency, the ringgit, is pegged to the
dollar at a rate of 3.8 ringgit per U.S. dollar. This means that changes
in the dollar's value do not directly alter the value of
this fund.
Of course, the dollar is very important in the bigger
picture, as are the U.S., Japanese and Chinese economies to this stock
market. Malaysia exports to all of these countries. Slowdowns in any one
of them can become a major problem for this nation's markets. The news
that China might try to slow its economy helped take EWM down nearly 20%
between March and May 2004.
|
|
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