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Top down investment risk research on banking

sector through
Market risk metrics analysis

Prepared for;
Syed Adeel Hussain
Institute of Business Management

Prepared by;
Naureen Ahmed, Asma Ahmed

December 14, 2014

Top down investment risk research of the banking sector

Contents
CHAPTER 1: INTRODUCTION ................................................................................................................. 6
CHAPTER 2: PROBLEM STATEMENT ................................................................................................ 9
CHAPTER 3: LITERATURE REVIEW ............................................................................................ 11
CHAPTER 4: METHODOLOGY .................................................................................................. 24
CHAPTER 5: ANALYSIS AND DISCUSSION..................................................................... 30
CHAPTER 5: CONCLUSION ............................................................................................. 41

TABLE OF FIGURES
Figure 1: Skewness and kurtosis comparison ............................................................................................. 34
Figure 2: Risk measures compared ............................................................................................................. 37

Top down investment risk research of the banking sector

Letter of Acknowledgement
First, we would like to present our gratitude to Almighty Allah, the merciful, Who provided us
with the strength and intellect for the completion of this research project. Then a sincere thanks
to our instructor Mr. Adeel Hussain. Through exhibiting faith and confidence in us he provided
us with the opportunity to conduct the following research up till successful completion and with
the best of results.

Top down investment risk research of the banking sector

Letter of Transmittal

Institute of Business management,


Korangi Creek,
Karachi.
Decemeber14, 2014
Respected sir,
The following research has been conducted in relation to our course Introduction to financial
risk management term project. The report covers a through risk analysis of the banking sector
of Pakistan, providing a complete over view regarding the risks prevailing in the sector from the
broader macroeconomic risk to the industry specific risks. The strategy adopted will help
identify the following risks;

Macroeconomic risks prevailing in the economy affecting the banking sector.


Sector risks
Particular firm specific risks for a particular bank selected.

The market risk metrics has been incorporated as the data analysis technique, the technique
bring to analysis all the significant statistical measures for the identification of risks through the
use of stock returns.
We are pleased to present you our conclusion and results and our sincere thanks to you for the
provision of such an opportunity.
Sincerely
Naureen Ahmed
Asma Ahmed
IFRM-SUNDAY (9:00-12:00 Session)

Top down investment risk research of the banking sector

Executive Summary
When it comes to suitable investment avenues nearly every firm has been facing challenges
from top horizon risks impacting firms, arising from macroeconomic factors, geopolitical
changes to regulations at a local or regional level, or tax legislation changes. Therefore sound
risk management practices and procedure are essential to be devised. The purpose for the
conduct of this research study lies solely in the adoption of a sound risk identification strategy
for risk identification and present a through risk analysis using appropriate quantitative
technique.

The sector under consideration has been the banking sector of Pakistan covering about
thirteen banks listed at the Karachi Stock Exchange, the quantitative technique adopted is the
market risk metric analysis, incorporating significant statistical measures as indicators of risks
inherent in the economy. The fundamental focus has been on the market risk and investment risk
inherent in the bank equity trading and the strategic approach adopted has been the top-down risk
research. The significance of the study lies in providing a risk identification methodology that
will enable the readers to get a better understanding of the risks thereby enabling them to design
appropriate mitigation, measurement and control strategies as well as to identify the key factors
that elevate the particular risk type.

Top down investment risk research of the banking sector

CHAPTER 1: INTRODUCTION

Successful fund management business not only involves investments in asset classes that ensure
sound returns and profitability but is equally about the need for sound risk identification and
management practices. When it comes to suitable investment avenues nearly every firm has been
facing challenges from top horizon risks impacting firms, arising from macroeconomic factors,
geopolitical changes to regulations at a local or regional level, or tax legislation changes.
Investment risk arises from the promise of performance, which remains undelivered. A key
element of the overall investment risk framework is the clear identification, documentation and
communication of the clients risk appetite, for that purpose a through risk analysis is essential.
Firms are becoming independent by ensuring that investment risk is ring-fenced from bias and
conviction on the part of fund managers or founders. There is still scope for performance
improvement when applying risk budgeting, single portfolio views, risk metrics, performance
attribution, liquidity management and treatment of model risks. Since sound investment risk
management requires a clear identification and measurement of inherent risks of the asset class,
therefore the sole purpose for the conduct of this research is to gain an understanding regarding
the risk identification methodology, for which top down investment risk research approach has
been adopted incorporating the market risk metric for equity analysis as a quantitative support.
Among the many stock classes available, we concentrate on the banking sector since the banking
industry of the country is quiet growing not only locally rather international operations have
continued to grow all over the world and particularly in emerging countries. The first grew
mainly through cross-border operations and more recently also through the establishment of
branches and subsidiaries abroad. This has changed the business potential as well as the structure

Top down investment risk research of the banking sector

of risks not only faced and mitigated by the banking enterprise itself but also by the entities who
invest their capital not only for their regulatory requirements but also to earn suitable returns.
Banking crises have never been a strange episode in market economies. As long as banks are
major players in modern economies, a banking crisis would keep on emerging with its
accompanied multiple adverse consequences including out-put losses, monetary instability, and
other nonmonetary effects associated with information loss. Therefore a sound risk identification
and mitigation mechanism is essential for every banking institution. The causality between
macroeconomic conditions and financial instability goes together because declines in the value
of banks' portfolios can weaken the economy. In a world of forward looking economic agents
where everybody incorporates the eventual negative effects of a financial crash into his
economic decisions, not only financial crises, but also their likelihood of occurrence effects the
economy.
The incorporation of Market risk metrics application provides the means to establish periodic
measurements of basic risk factors, including key performance indicators (KPIs) and key risk
indicators (KRIs).For purposes of the Risk Management solution, the metrics application
facilitates the researcher in finding out key performance and risk indicators, identify their source,
and tie them to sector under consideration. The Metrics application provides the ability to
monitor quantitative metrics over time with respect to their impact on the organization as soon as
the risks are cataloged.

Top down investment risk research of the banking sector

Research question

The fundamental question to be answered under the conduct of this research is the verification of
risks inherent in the equity investment in the banking sector through the use of quantitative
techniques (market risk metric) that would provide a perspective on the various risks through its
significant indictors.

Significance of the study

The employment of top down approach for the purpose of equity investment risk analysis would
serve as tool for the understanding of significant risks inherent in the assets class as well as the
industry under consideration (banking industry).Through the use of top-down approach not only
the interaction among various risk types would be prevalent but it will also provide impetus
regarding the losses resulting through such interactions. The risk types can include broad
macroeconomic risks, industry risks, sector risk and the related asset class risk. Risk
identification will enable the readers to get a better understanding of the risks thereby enabling
them to design appropriate mitigation, measurement and control strategies as well as to identify
the key factors that elevate the particular risk type.

Limitations of the study

Limitations exist in the use of the underlying quantitative technique, the historical data may not
always be the predictor of the future and the history cannot always repeat itself, the indicators

Top down investment risk research of the banking sector

under study may not always hold true for every risk type and the interactions among various
factors might not be measurable through the method considered. The strategy under use is quiet
comprehensive but the identification of each and every inherent factor is not feasible. The
metrics only covers broader risks types but in reality a single factor never lies behind the
initiation of any risk or loss emerging from it.

Top down investment risk research of the banking sector

CHAPTER 2: PROBLEM STATEMENT


Background of the problem
The stock market is fraught with volatility, uncertainty and inherent risks that had been a
significant threat for the equity investors across the global markets, therefore risk identification
and measurement is the fundamental requirement for the equity investors pertaining to the
prevailing economic circumstances. The banking sector in particular is fraught with risks that are
quiet wide in their perspective and pertain to a variety of disciplines. The disciplines might
belong to the wider macro economic variables as well as the micro variables related to the
general industry considered. Banks are risky because their portfolio returns have their affects on
the strength of the economy which represents a non-diversifiable aggregate risk. Macroeconomic
risks affect business cycles because all agents suffer the effects of banking failures and
incorporate the endogenously determined probability of a crisis into their economic decisions.
Unforeseen interest-rate rise tends to breed banking sector problems. Furthermore, the countryspecific interest-rate spread is counter-cyclical because financial crises are less likely during
booms. All this leads to the conclusion of adopting a risk research strategy that help identify the
risks and also the interactions among various risks measures to gain a numerical perspective as
well.

Problem statement

The problem of this study lies in finding out the risks inherent in the equity investment of the
banking industry through the use of the top down risk research approach that will help identify
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Top down investment risk research of the banking sector

market risks covering all the relevant areas that include broader economy, industry, particular
institution and the asset class under consideration. The model adopted would be the market risk
metric analysis.

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Top down investment risk research of the banking sector

CHAPTER 3: LITERATURE REVIEW


Since the Investors depend heavily in equity investments to maximize their returns, the
perception of risk in equity investing have become increasingly important (DAngelo,
n.d.).Violent market moves have surprised many institutional investors and brought risk
management to the forefront (Caboodle, 2009). Some investors argue that current risk
management practices failed when they were needed most, and with multi-sigma events
extending across formerly uncorrelated asset classes. Institutional investors need to manage the
total risk of their investments, which means protecting themselves not only from asset liability
deficits, declines in broad asset classes and, non-fulfillment of investor obligations but also from
the risk of managers underperforming their benchmarks .To assess future risks, it is essential to
measure and monitor risk both at the aggregate level and at the factor level.
A risk management framework should be aligned with the investment objectives as well as the
investment horizon (Caboodle, 2009). The framework must tackle multiple aspects of risk along
with measuring, monitoring and managing exposures to economic and fundamental drivers of
risk and return across asset classes to avoid over exposures to any one risk factor. Finally, it
should also manage risk for normal times but must also recognize and aim to be prepared for
extreme events. Financial institution primarily banks are exposed to various kinds of risk due to
the nature of their business (Grundke, 2007). The responsibility of the risk management division
is to identify all these risks and find out the dependence between various risk factors. Two
theoretically sound approaches used in this regard are the top-down and bottom up approaches.
Using a "top down" approach requires the identification of key business risks that can be
compliance, business, strategic or major operational risks (Managemen, 2011). These risks can
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Top down investment risk research of the banking sector

be driven by several factors that might include major incidents or losses, regulatory compliance
requirements or systemic issues in operations of the business.

ECONOMY RISK

SECTOR RISK

INDUSTRY RISK

Macroeconomic analysis

Microeconomic analysis

co-relation with the


economy

ASSET
CLASS/ISSUER RISK
Business model/product
risk

As these risks are cataloged then the risks can be monitored over time through periodic review,
loss tracking, implementing metric or other indicators. In the end, by going through this process,
the organization has implemented a consistent, continuous practice to address major risks in the
organization.

Every individual wants to invest for returns and productivity of ones funds (Dr. Taqadus Bashir,
2013). Any potential investor invests in shares of a company for return in form of dividend and
price appreciation in the market price of his holding. There were lot of options for investment
like equity, mutual bonds, company funds, gold/silver, bank deposits, real estate and life
insurance etc. But people prefer them according to their choices which were most appropriate
and suitable for them. Asset class evaluation is based on deciding what risks explain required
rates of return (Eric Girard, 2005). Portfolio theory suggests that only systematic risks can be
associated with a premium in financial markets however it is not evident now since it is not
evident on how to measure risk. While investing, many different approaches have been proposed
for pricing local financial or real assets. The degree of integration with the world financial

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Top down investment risk research of the banking sector

market will determine what risks explain risk premiums in capital markets and a country asset
pricing model should use a multifactor framework with local and common risk attributes.

Risk Management is a discipline that covers many avenues and techniques (Managemen, 2011).
Every organization faces different risks and perhaps had differing business goals therefore their
procedures for risk management do vary. Risk management is not an exact science, thus for
implementing a comprehensive risk management program had always been a remarkable
challenge but once implemented a sustainable, consistent and thorough risk management
program can be a tremendous advantage for any organization. The cycle of cost growth, fee
competition, squeezed margins and the need for greater
Scale and acceleration trends had challenged asset managers to innovate to safeguard sustainable
profits (Anon., 2013).As change is constant, the need for proportionate risk management in the
form of appropriate governance, risk appetite, embedded procedures and effective use of risk
management frameworks/key risk indicators has became greater in the current business climate.
Given the tsunami of new directives and regulatory measures at global, regional and local levels,
the gap between risk management and regulatory management is narrowing. The recognition of
the investment risk as being ring-fenced from bias and conviction had became a badge of honor
however general views regarding the management of certain strands of investment risk, e.g., risk
budgeting, single portfolio views, advanced risk metrics, sensitivity analyses and management of
model risks still varies among potent risk researchers.

Stock market risk is the tendency of stock prices to decline due to the change in value of the
market risk factors (Sinha, 2013). The stock value is directly related to the market value of those

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investments held by the stock market. Though banking and financial services sector funds have
accelerated on generating superior risk adjusted returns, they become victim to the risk of
portfolio concentration as a single stock accounts for equity portfolio in some gear. The market
value of those investments fluctuates depending on the financial performance of the issuers and
general economic, political, tax and market conditions.
Standard market risk factors include stock prices, interest rates, foreign exchange rates, and
commodity prices. Banks play a vital role in flourishing the economic activity and boasting
growth in the wide economy therefore their tendency to get affected from the financial crisis is
quiet evident. Banking and financial services sector funds have proved to be more volatile than
the pure diversified equity funds which make some of them a high risk proposition. Since the
banking industry is controlled by the central banks of the country their chances of being
adversely affected by inflation, interest rate, and money supply are more evident and so does the
a high instability in their share prices that reduces the real investors interest.

In complex systems, no single risk identification method can realistically identify all risks (The
board of the international organization of securities commission, 2014). Instead, risk
identification frameworks consist of various risk identification methods which can then be
combined into an overall approach for the identification and monitoring of risk. The use of top
down risk research approach for the identification of risks requires to be identified at the macro
level that includes the broader economic risks then moving down to the individual asset class
level risks that incorporate the industry as well as the company represented by the asset class.
Direct and individual risk management approach aims to identify all the risks to which the
company is exposed to, determination of the level of each risk, the risk appetite of the investor

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Top down investment risk research of the banking sector

and the surety of risk monitoring and management (Methods Commission, n.d.). Global and
indirect risk management however aims to develop a security policy based on evaluating risks, to
identify certain elements that can lead to risks, classify these elements by order of importance
and determine a policy and security goals.

The asset class volatility forecasting beyond horizons of ten or fifteen trading days is important
for risk management (Peter F. Christoffersen, 1998). No single relevant risk horizon for risk
management, instead risk horizon will generally vary by asset class, industry, position in the firm
and motivation along with the rest of other things. Thought must be given to the relevant horizon
on an application-by-application basis. The fact is quiet well known that short-horizon asset
return volatility fluctuates and can be highly forecasted , a phenomenon that forms the base of
the modern risk management paradigms, however not much information exists about the
forecasting capability of long-horizon volatility, and the speed and pattern with which it decays
as the horizon lengthens. To assess long-horizon volatility forecast capability, it is necessary to
have a measure of long horizon volatility.
The Market Risk Metrics approach incorporates significant statistical measures to quantify the
risks that investment managers may need for evaluating the market risk inherent in their
portfolios or when making decisions on asset selection, portfolio allocation and portfolio
optimization. The correlation coefficient for instance is an important tool for quantitatively
assessing the linear relationship between two instruments. Other significant measures include
mean, standard deviation and coefficient of determination. Standard deviation is a common
statistical measure of portfolio volatility that measures how much a portfolios total return varies
from its mean or average. The more a portfolios returns fluctuate from month to month, the
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Top down investment risk research of the banking sector

higher its standard deviation and the greater its volatility. Correlation measures how a portfolios
asset classes move in relation to each other in response to market events (MFS, n.d.).It ranges
from +1 to -1. The closer two assets are to a +1 correlation, the more likely they are to move in
the same direction A negative correlation indicates two assets moving in opposite directions. R2
(R-Squared) calculated by squaring the correlation coefficient is that part of a portfolios
volatility that can be explained by movements in its benchmark or market. An R 2 of 100% shows
that all movements of a portfolio are completely explained by movements in the benchmark or
market. A low R2 indicates that little of the portfolios movement can be explained by
benchmark or market movements. Alpha which is the intercept of the Security market line
measures a portfolios risk-adjusted performance against that of its benchmark a positive alpha
indicates relative outperformance and vice versa. It measures the firm specific/industry risk. Beta
measures the volatility of security or portfolio to market movements and covers the broader
economic (systematic risk) .A beta less than 1.0 indicates likely lower volatility than the market.
Systemic risk is the risk of disruption to financial services that is caused by an impairment of all
or parts of the financial system and has the potential to have serious negative consequences for
the real economy (The board of the international organization of securities commission, 2014).
Factors that are essential to identify systematic risk include size of the market, degree of
interconnectedness

or

interdependence

among

market

participants,

lack

of

substitutes/concentration due to one or a few market participants providing a product or activity,


leverage, Typology and structure of assets and liabilities held in the balance sheet or off the
balance sheet: some low quality assets (downgraded or non-investment grade assets, unprofitable
loans) or highly concentrated or immediately redeemable liabilities may endanger the
profitability of the financial institution concerned , liquidity risk arising from not being able to
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Top down investment risk research of the banking sector

sell a security at its fair value, as a result either of a liquidity discount or the complete absence of
a market or buyers or of being unable to obtain funding. In addition, market liquidity risk and
funding liquidity risk can exacerbate each other, transparency about interconnections and in
information about markets or products to assess the market price, potential return, and risk
exposure and behavior of the participants can result in mispricing of assets and an accumulation
of risk in the financial system. Incorporating the

"top down" approach, the organization

identifies key business risks and catalogs those risks into a central repository (Managemen,
2011). These risks are the firm specific non systematic risks can be related to compliance,
business, strategic or major operational risks and represent the executive level risks that are "top
of mind" for the organization. The risks could be driven by several factors such as major
incidents or losses, regulatory compliance requirements or systemic issues in operations. Once
these risks are cataloged they are monitored over time. This process can be then institutionalized
to keep major risks on the radar screen. Over time, these may become inactive through
mitigation by various controls and does not warrant monitoring, or the risk becomes outdated
and not pertinent to the organization. By going through this process, the organization has
implemented a consistent, repeatable practice to address major risks in the organization. The
concept of systematic, non diversifiable risk or beta was first discussed under the frame work of
capital asset pricing model (CAPM), presented by Sharpe (Nawazish Mirza, n.d.). The CAPM
framework is very simple under ideal conditions and stipulates that systematic risk attributes its
sensitivity to macroeconomic factors is reflected in the slope () while non-systematic risk, the
unexpected component due to unexpected events that are relevant only to the security, is
reflected in the intercept (). The expected return on an asset depends only on its systematic risk.

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Top down investment risk research of the banking sector

No matter how much total risk an asset has, only the systematic portion is relevant in
determining the expected return on that asset.
Historically, the banking sector has not been a preferred choice in the capital market since the
investors like to invest in deposits and saving accounts more than they would like to go for the
stocks of a bank or a financial institution due to the higher risk involved in stock markets
(Nawazish Mirza, n.d.). Thats why the banking sector has less representation in stock markets as
compared to other sectors. However, the absence of public equity also increases the risk of a
bank. The major chunk of assets and liabilities in a bank are of a financial nature. They are
subject to interest rate changes and respond quickly to the volatility in the economy. The
sleeping nature of banking stocks makes them an alien in the financial markets and their
sensitivity to economic events makes them more volatile as compared to other industries.
However banking stocks could be possible candidates for inclusion in a diversified portfolio but
the problem arises as to how these stocks respond to the stock markets and what level of
systematic risk they are exposed to in different markets, given certain economic circumstances.
Systematic risk usually covers the broad macroeconomic factors that have the tendency to impact
the stocks under study, the basic indicators include are the rate of inflation, economic growth,
interest rates and market concentration (Sudirman, n.d.).Policy interest rates defined by the
central banks have positive effect on the profitability of the bank, because higher the interest
rate, interest rate will be utilized by the bank as an alternative placement of funds with higher
yields. Economic growth is an important variable that determines profitability because economic
growth can affect the supply and demand for banking services. It has been argued that economic
growth may result in increased business activity and increased business performance of the
borrower which will lead to increased demand for bank credit that encourages banks increase
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Top down investment risk research of the banking sector

interest rates which have implications on improving profitability. The impact of inflation on
profitability depends on whether inflation is anticipated or not by the bank. If inflation is
anticipated, then when the bank adjusts interest rates, resulting in increasing interest rate margin,
which means an increase in profitability and vice verse. The value of the banks' portfolios may
fall because of a weak economic performance of the banks' borrowers due to risks that cannot be
diversified. A slowdown of the economy bankrupts a higher proportion of borrowers compared
to normal times and the downturn will be severe enough that the banks themselves are in distress
and cannot fully repay their creditors. This reasoning along with the greater volatility of
emerging market economies can account for the higher vulnerability of these economies to
waves of banking failure (Oviedo, 2013). The causality between macroeconomic conditions and
financial instability also goes the other way around because declines in the value of banks'
portfolios can weaken the economy for instance the effect of a negative term-of-trade shock
would be a rise in the cross border bankruptcies that will ultimately raise the riskiness of the
banking sector.

Macroeconomic conditions trigger banking crises because the likelihood of a crisis is


incorporated into the decisions of every economic agent, that how both macroeconomic risk and
financial fragility effect business cycles. Out of the business-cycle paradigm, both declining
aggregate productivity and rising interest rates are capable of bringing about a banking crisis.
However, not every recession, no matter how deep, causes a crisis; it certainly does when the
down-turn is both deep and unexpected. The banking sector in Pakistan has witnessed drastic
changes over a period of 64 years since countrys independence in 1947 (FBR, n.d.). Since late
2007, Pakistan faced a difficult macroeconomic environment, not as such due to the global crisis

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Top down investment risk research of the banking sector

but rather due to the gradual build up of macroeconomic imbalances. The Global Financial Crisis
(GFC) had an indirect impact in Pakistan indeed there was a decline in exports due to recession
in economies which are Pakistans major trading partners, and there was pressure on capital
flows where strained liquidity positioning global financial markets impacted foreign portfolio
investment considerable decline in foreign direct investment due to weak economic
fundamentals, high inflation, security concerns and above all, the mounting fiscal deficit
breaching previous records in the countrys economic history, all had a role to play in keeping
the process of economic recovery in Pakistan weak at best. The leading evidence of these various
pressures on domestic firms and industries is that their loan repayment capacity has been
compromised, with a consequent rise of non-performing loans (NPLs) on the banks balance
sheets.

The risks contained in the bank's principal activities, i.e., those involving its own balance sheet
and its basic business of lending and borrowing, are not all borne by the bank itself (Santomero,
n.d.).The institution will usually eliminate or mitigate the financial risk associated with a
transaction through proper business practices and in other cases it will shift the risk to other
parties through a combination of pricing and product design. The banking industry recognizes
that an institution need not engage in business in a manner that imposes risk upon it; nor should
it absorb risk that can be efficiently transferred to other
Participants; rather, it should only manage risks at the firm level that are more efficiently
managed there than by the market itself or by their owners in their own portfolios. According to
standard economic theory, managers of value maximizing firms ought to maximize expected
profit without regard to the variability around its expected value thats why firms opt for the

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Top down investment risk research of the banking sector

implementation of risk management procedures. The necessary procedures that must be in place
to carry out adequate risk management are in essence, the techniques which are employed to both
limit and manage the different types of risk, and how are they implemented in each area of risk
control. The management of the banking firm relies on a sequence of steps to implement a risk
management system. Four broad areas regarding bank level risk management include standards
and reports, position limits or rules, investment guidelines or strategies, and incentive contracts
and compensation.

A number of studies have focused on the factors affecting the supply of banking services,
relating bank profitability and performance to the degree of economy of scale, mergers and
acquisitions, efficacy of management and the impact of market structure (Jorge A. Chan-Lau,
2012). There has been a heated debate about how bank capital affects banks stock performance.
Some studies argue that banks should hold more capital, especially during financial crises, as
more capital will help banks to raise cheaper financing, to signal credit worthiness and to borrow
less in order to support a given level of assets. However, other studies argue that forcing banks to
hold more capital would jeopardize their return on assets and thus increase their exposure to
asset risks. A stronger capital position is associated with better stock market performance, most
markedly for larger banks.

Bank international operations have continued to grow all over the world and particularly in
emerging countries. The review of developments in international banking in emerging countries
marks a change in pattern towards more local activity in emerging markets particularly in the
form of branches, versus the traditional cross-border business. Going local has probably

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Top down investment risk research of the banking sector

increased the business potential of international banks, but has also changed the risk profile of
banks balance sheets in terms of country, market and liquidity risks, although it is difficult to
determine whether those risks, on the whole, have increased compared to those which
international banks used to incur with cross-border lending to emerging countries. As a
consequence, risk management of banks international activities has also changed. The main
difficulty confronting any empirical investigation into the roles that banks play in business cycle
fluctuations involves identification of credit supply shocks. Most economic disturbances that
affect the supply of credit likely have independent effects on real variables as well; for example,
an unanticipated change in the stance of monetary policy may change the interest rate on, or
quantity of, bank loans, but at the same time, that change may also affect spending and
production through its influence on expectations and interest rates. (Divisions of Research &
Statistics and Monetary Affairs, Washington, n.d.). There has been much discussion of the
RAROC and VaR methodologies as an approach to capture total risk management. Yet,
frequently, the decisions to accept risk and the pricing of the risky position are separated from
risk analysis. If aggregate risk is to be controlled, these parts of the process need to be integrated
better within the banking firm. Both aggregate risk methodologies presume that the time
dimensions of all risks can be viewed as equivalent. Finally, operating such a complex
management system requires a significant knowledge of the risks considered and the approaches
used to measure them.

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Top down investment risk research of the banking sector

CHAPTER 4: METHODOLOGY
Research Design
This research study will comprise qualitative and quantitative research designs thereby
utilizing mixed research methodology. Mixed methodology is rational to be employed in current
research study because of current studys investigative and exploratory nature; investigation of
the risks banking sector of Pakistan is exposed to through the use of top-down risk investment
research. Using either qualitative or quantitative methodology in isolation in this scenario would
inhibit the development of a well-rounded perspective and provision of richer context. This is
effectively explicable with respect to this study where quantitative measures and results; risk
indications on selected market risk metrics, could be better explained using qualitative data or
qualitative research technique. Qualitative design compliments quantitative technique in data
collection and analysis which leads to more reliable research study through ensuring against any
biasness in the data used as well. Additionally, macroeconomic and microeconomic analysis
could be better explored through mixed methods. Using mixed methodology, research problems
and questions could primarily be looked at and explored from multiple angles, thereby
empowering the researcher such that conclusive findings could be attained through allowing the
use of prior studies and data in addition to primary data. The research design which draws on
multiple research techniques to study single phenomenon is also known as triangulation.

Research Method
As the research design also implies, primary as well as secondary data will be used for
this research study. Primary data will basically be derived from stock prices of fifty per cent of
the twenty five commercial banks listed on Karachi Stock Exchange, Pakistan, and the historical
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Top down investment risk research of the banking sector

price of KSE-100 index over similar look-back period. The stock and index prices will be used to
calculate discrete returns on which selected market risk metrics will be applied to identify the
risks focused banks are subjected to and in doing that, gauge performance of banking sector
under consideration. Market risk metrics results will therefore be the main primary data that will
be subjected to data classification and analysis so that general theme pertaining to risks
Pakistans banking sector is exposed to could be identified. Market risk metrics that will be used
to assess risks facing banking sector mainly include mean, standard deviation, skewness and,
kurtosis of stock returns, minimum and maximum returns and, maximum draw down.
Covariance, Correlation, performance, firm, co-movement and systematic risk; known as relative
indicators, will also be calculated with the independent variable in the formula being KSE-100
index returns, and dependent variable being returns on sample stocks respectively.
Secondary data will mainly include findings reported in prior studies and journal articles
relevant to the research study under consideration; in an attempt to unravel historical trends and
statistics regarding risks in the banking industry through macroeconomic and microeconomic
analysis and deliver comprehensive verdict. In-depth and comprehensive secondary data
collection will be facilitated by tree search referencing; using which references of the journal
articles already utilized for the study can also be referred in the current study. The use of this
research method is justified considering its ability to identify misjudgments in the primary data
through comparing it against secondary data to intercept major discrepancies that could then be
manually assessed to determine any factor of irrationality. Additionally, use of secondary data in
isolation from primary data would not be practical as banking industry is dynamic and hence
current figures and recent statistics; stock prices, should be used to arrive at a more accurate
findings.

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Top down investment risk research of the banking sector

Sample Size
The sample size for this research study includes fifty per cent of the commercial banks
listed on the Karachi Stock Exchange as also mentioned above. Fifty percent of the commercial
banks make up twelve and a half rounded to thirteen banks of twenty five listed commercial
banks and so this research study is focused on thirteen listed commercial banks comprising banks
belonging to all three top tier (Big-5 group), middle tier and third tier. The banks include Allied,
Bank Al-Falah, Habib, Habib Metropolitan, Bank Al-Habib, Askari, United, NIB, National Bank
of Pakistan, Faysal, KASB, JS and Samba. The look back or historical period used for the study
starts from 2nd January 2012 and continues until 31st October 2014, from which period daily
stock quotations will be used for returns calculation. This makes the total observations 701 in
number implying 702 trading days. Including all the tiers ensures fair representation of
Pakistans banking industry which is important for unbiased and hence reliable risk investment
research. The look back period is long enough to capture variations both upside as well as
downside and hence meaningful for the study under consideration.

Data Collection and Analysis


For primary data collection; where primary data comprises stock and KSE-100 index
prices or quotations for data collection purpose as prices are required for calculation of discrete
returns upon which market risk metrics will be applied to gather actual primary data, credible
websites will be used to download daily quotations for the banks selected for the study and KSE100. The number of observations will be 701 in correspondence to the number of trading days.
For the prices, http://www.ksestocks.com/QuotationsData will be used. The daily quotations of

26

Top down investment risk research of the banking sector

concerned stocks and index will then be imported into the Microsoft Excel so as to calculate their
discrete returns through excel formula and subsequently apply specified market risk metrics.

Return = (Current Price Previous Price) / Previous or last days closing price

In the excel sheet, the returns of all the scrips including composite index will
subsequently be individually subjected to various market risk measures; which will also be
applied using excel formulae, to find the level of risk any particular commercial bank; from the
entire sample, and the market in general is exposed to. For all scrips, similar market risk metrics
will be used so that measure remains uniform across the study which is imperative to deliver
unbiased findings. Once the data is collected on all the selected market risk metrics, commercial
banks stocks standing will be compared; where applicable, against index standing as per risk
metrics used, to identify general theme regarding the riskiness of Pakistans banking industry. To
ensure effective and efficient comparison however, it would be practical to classify market risk
outcomes such that meaningful information can be extracted in a manner that honors timeconstraint current research study faces.
Acknowledging this, risk metrics outcomes pertaining sample commercial banks will
essentially be transformed into maxima and minima for each of the thirteen market risk metrics
used, through applying relevant MIN and MAX MS excel function. Following this data
classification into minima and maxima for each market risk metric used, data analysis could
easily be facilitated. Data analysis will entail comparison of above calculated minima and
maxima with index risk indicators as per selected metrics where applicable, as also mentioned
above to understand riskiness of Pakistans commercial banking sector with respect to general

27

Top down investment risk research of the banking sector

market represented by composite KSE-100 index. However, for six market risk metrics which
incorporate index discrete returns as independent variable in their function making this approach
effectively invalid, maxima and minima in itself would highlight highest and lowest risk points;
or risks in their best and worst form, pertaining banking sector, in that disclosing sectors
riskiness and attractiveness for investors. The above discussed analysis technique reflects
thematic analysis that will lead towards identification of central theme representing overall
riskiness of Pakistans commercial banking sector.
This method for data collection, classification and analysis is in line with current research
topic as it comprehensively unveils risks Pakistans commercial banking sector is subjected to,
through exploring the sector in light of highest/best and lowest/worst performance on risk
indicators. The significance of this method also manifests in its ability to point out if an investor
should consider Pakistans banking sector for making equity investments, whilst also
highlighting worthy commercial banks stocks for risk takers and risk-aversive investors alike,
from risk investment research perspective.
Literature search
For literature search, Google search engine was primarily used along with various other
research databases. Google Scholar, ProQuest and EBSCO databases were accessed to view and
download relevant research studies which are also referred in the ongoing research study. Google
was used to search and navigate through to relevant peer-reviewed journal articles as well as
meta-analysis concerning current research topic. These are used in literature review of the study
as secondary data or sources. Search Tree technique was also adopted, as mentioned above, in
an attempt to undertake comprehensive data gathering through reviewing and using even those
research articles in the study that are referenced in the researches attained from databases

28

Top down investment risk research of the banking sector

indicated above. Apart from this extensive data mining, the main source of secondary data
remains Google, ProQuest and EBSCO because of humungous quantity of data on relevant
variables as well as accessibility of the articles and studies therein.

29

Top down investment risk research of the banking sector

CHAPTER 5: ANALYSIS AND DISCUSSION


This section will focus on the analysis part of the research study, analyzing the figures
and results generated by application of market risk metrics on discrete returns calculated for all
the thirteen stocks and selected index composite for a total of 702 trading days, making returns
equal 701 (n-1). As explained in chapter 3 in detail, analysis will primarily start with
classification of outcomes on selected market risk metrics for all thirteen stocks into minima and
maxima, to compare the results against indexs performance. Comparing with market
performance represented by KSE-100s performance will highlight the riskiness of banking
sectors stocks. The similar treatment could not be undertaken for market risk relative indicators,
which could be transformed into maxima and minima but could not be compared against any
benchmark. The analysis for these indicators will comprise maxima and minima investigation
and interpretation which in itself effectively highlights banking sectors risks. This thematic
analysis will be complemented by macro and microeconomic analysis to ensure identification of
predominant trend in Pakistans banking sector with respect to risk; as to whether the sector
offers highly risky or less risky stocks or even an amalgamation of both of them. At this point, it
is important to reiterate that this chapter will mainly focus on last two components of top-down
risk investment research model; that is correlation with economy and product and model risks.
For the first two components however, secondary data was more important and so it is covered in
chapter two; Literature Review, of the study to a significant extent.

30

Top down investment risk research of the banking sector

Mean

Highest Mean Discrete Return

Lowest Mean Discrete Return

Index Mean Discrete Return

SBL: .326%

NBP: .080%

KSE-100: .145%

Mean refers to the average return paid by or earned over the stock. Highest mean daily
discrete stock return among 13 stocks representing commercial banking sector is .326% whilst
lowest mean is .080%. Both the highest and the lowest mean discrete returns are positive which
indicates favorable fluctuation in stock prices or returns from investment perspective. The higher
the price fluctuation facing an equity security, however, the higher is the risk factor harbored by
that particular stock. This is explained by risk-return trade-off theory as per which risk and return
are directly proportional making an equity security that posits high return subjected to higher
risk, manifesting in increased price fluctuations. Accordingly, Samba Bank Limited having
symbol SBL earning .326% on average is most risky stock in the sample and, National Bank of
Pakistan (NBP) giving an average return of .080% to its holder/investor; that is on any given day
the stock price is expected to increase by .080% on average, exhibits least risk among all the
stocks comprising study sample. Comparing stocks maximum and minimum return against
index mean return of .145%, SBL appears to be outperforming benchmark boasting more than
two times the indexs mean return as opposed to which, NBP is underperforming. This highlights
SBL as most suitable for risk-taker and NBP as most suitable for risk-averse investor.

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Top down investment risk research of the banking sector

Standard Deviation

Highest Standard Deviation

Lowest Standard Deviation

Index Standard Deviation

SBL: 4.526%

HBL: 1.683%

.836%

Standard deviation refers to the volatility/variability of discrete daily return from mean
return for any stock or index, for that matter. The spread between discrete daily and mean return
is more stringent risk measure; accounting for total risk, implying volatility of return. The
highest standard deviation among that of sample stocks is set at 4.526% which is projected by
SBL and the lowest standard deviation is exhibited by HBL at 1.683%. Index standard deviation
(SD) appears to be .836%. Interpreting the figures for investment purposes, SBL stock could be
classified as aggressive investment/security exhibiting not only higher return but also volatility.
In contrast, HBL exhibits significantly lower volatility of 1.683% as compared to that of SBL but
despite that, HBLs stock turns out to be two times more risky; positing greater systematic and
unsystematic risk, than KSE-100 index which stands at .836% with respect to expectation
regarding upside or downside movement from the average index return of .145%. Thus, in
comparison to SBL which features variance that is 5.4 times index SD, HBL could be classified
as moderate whilst SBL as aggressive. With the lowest variance featured in the sample being
twice the indexs variance, riskiness borne by Pakistans commercial banking sector is well
starting develop, however definite shape and risk position of the sector could only be discovered
once all the metrics have been analyzed. It is also because of the fact that variance assigns
greater weight to outliers resulting in lopsided interpretations.

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Top down investment risk research of the banking sector

Skewness

Highest Skewness

Lowest Skewness

Index Skewness

NIB: 5.0245

BAHL: -3.0281

.283

Skewness assesses the tendency of data to be asymmetrical around it means; the


concentration of large number of discrete returns towards either right or left tail making
respective tail fatter, with fat right tail signifying profits and fat left tail being associated with
losses. Fat left tail event makes the distribution of the variable negatively skewed, whilst vice
versa scenario, fat right tail event, renders distribution positively skewed. The highest skewness
among sample banks of 5.0245 is exhibited by NIB and the lowest skewness of -3.0281 is faced
by BAHL. Index skewness stands at -.283. Interpreting the figures, returns on NIB denote fat
right tail indicating higher frequency of profit; higher positive than negative returns, whereas
BAHLs returns form fat left tail indicating higher incidences of loss. Returns on index itself are
negatively skewed denoting more negative than positive returns and hence losses. Using the
figures to determine riskiness of commercial banking sector, BAHL raises red flag for riskaversive investors, denoting huge 10.89 times more frequent negative returns than KSE-100
which itself posits negative skewness. NIB, on the other hand, delivers higher positive than
negative returns while also outperforming benchmark index by more than 17.75x (5.0254/.283),
in terms of frequency of positive returns, appealing to risk appetite of risk-taking and risk-averse
investors alike. Accordingly, it can be said that banking sector has the potential to deliver higher
number of positive than negative returns, reducing loss potential while building investor
confidence.

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Top down investment risk research of the banking sector

Kurtosis
70.000
60.000
50.000
40.000
Skewness

30.000

Kurtosis

20.000
10.000
0.000
-10.000

Figure 1: Skewness and kurtosis comparison

Highest Kurtosis

Lowest Kurtosis

Index Kurtosis

NIB: 67.8799

UBL: .9143

2.255

The above graph compares and subsequently summarizes risk commercial banking sector
is exposed to with respect to skewness and kurtosis. However, for a more meaningful analysis,
highest and lowest points in kurtosis will be discussed, conforming to treatment of prior risk
metrics focused earlier to facilitate risk investment research. The highest kurtosis of 67.8799 is
exhibited by NIB making the distribution leptokurtic (Kurtosis > 3) whereas lowest kurtosis of
.9143 is exhibited by UBL making the distribution platykurtic. The benchmark index is subjected
to the kurtosis of 2.255 indicating even platykurtic distribution; dispersal of volatility risk
throughout distribution of returns. High kurtosis of NIB indicates concentration of volatility risk
in fat tail events meaning overall risk of the stock is driven by extreme values or frequent large

34

Top down investment risk research of the banking sector

magnitude of returns towards tails, making it suitable for risk-takers, particularly when the
skewness of NIB is also the highest among sample banks. Preference by risk-takers is embedded
in that whilst kurtosis is higher and so risk of tail events, skewness is also higher (positive) which
means positive returns outweigh negative returns for NIB, thereby hinting on significant
likelihood of tail events to incline towards right tail making investment potentially worthwhile.
On the other hand, UBL appeals conservative investors more through its platykurtic distribution
of returns whereby overall risk resides in a predictable band exposing investors to moderate
amount of risk, as opposed to massive risk that characterizes stocks denoting leptokurtic
distribution of returns. Returns of benchmark index; denoting market, are also distributed in
platykurtic fashion, however, being less conservative than UBL with its relatively higher kurtosis
coupled with negative skewness highlights lower risk level of Pakistans commercial banking
sector, with respect to kurtosis. The deduction is reinforced by profit potential of stocks with
NIB boasting kurtosis significantly higher than index.

Maximum Draw Down

Risk Metrics

Highest

Lowest

Index

Maximum Return

NIB: 50.794%

BAHL: 4.988%

2.856%

Minimum Return

UBL: -5.966%

NBP: -22.933%

-4.456%

Maximum Draw Down

NIB: 62.460%

UBL: 10.966%

7.312%

The above chart summarizes three major market risk metrics; maximum and minimum
return and maximum draw down. Over the look-back period of 702 trading days, NIB appears to

35

Top down investment risk research of the banking sector

have earned highest maximum return of 50.794% among the sample banks whereas lowest
minimum return has been recorded by NBP which was -22.933%. This statistic confirms NIB as
aggressive; which is what previous metric (skewness and kurtosis) also indicate. The most
important risk metric in this scenario is MDD however, as it is derived using maximum and
minimum returns, they are discussed together to present better picture. Its importance reflects in
its ability to make traders/investors bring their trading/investing activities to halt, particularly due
to strong drawdown usually triggered by market sell-off and leverage conditions; prevalent
conditions across Pakistan. NIB projects highest MDD implying its investors need to have
greater risk appetite than that of any other sample banks investor. This is in conformance with
risk-return trade-off theory highlighted earlier. On the other hand, UBL provides its investors
relatively safer haven exposing them to significantly low financial risk, as implied by its lowest
MDD among sample banks; 5.7 times below NIBs MDD. Despite appealing conservative
investors though, UBL remains unable to track up to indexs MDD which is 3.654% below
UBLs MDD. Nevertheless, UBLs lowest MDD among sample banks does further its investor
confidence, which is also reinforced by its lowest kurtosis. This highlights commercial banking
sector as an amalgamation of aggressive and moderate investments catering to almost all risk
appetites appropriately.

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Top down investment risk research of the banking sector

Rsik Measures

Covariance and Correlation

1.80000
1.60000
1.40000
1.20000
1.00000
0.80000
0.60000
0.40000
0.20000
0.00000
-0.20000

Covariance
Correlation
Coefficient of Determination
Firm Risk
Comovement Risk
Performance Risk
Standard Deviation
Minimum Draw down
Banks

Figure 2: Risk measures compared

Metrics

Highest

Lowest

Covariance

NIB: .0001

HMB: .00001

Correlation

UBL: .5238

HMB: .0747

The graph above the table compares risk of sample commercial banks as per certain
absolute and all selected relative risk indicators, presenting bigger picture however, all the
absolute risk metrics have been and relative risk metrics will be analyzed separately to facilitate
effective risk investment research. As the above table indicates, NIB is subjected to highest
covariance as opposed to HMB which enjoys lowest covariance. To understand the risk banking
sector is exposed to, it is important to interpret the above figures. NIB bank is most risky with
respect to covariance because among all the sample banks, its returns are most aligned with
market returns represented by returns on benchmark index. HMB however appears to be least
37

Top down investment risk research of the banking sector

risky as despite the movement of its returns being in tandem with market returns, it depicts least
covariance or alignment with market among sample banks. The overall risk of the commercial
banking sector as dictated by Covariance is nevertheless higher due to lack of diversification,
implied by positive covariance throughout the sample. Diversification mitigates risk and
diversified portfolio; preferred by investors, comprises stocks that have negative or low
covariance with respect to each other. Focusing on correlation, it is similar to covariance except
that its deductions are purely derived from sign convention whilst covariance primarily reflects
degree of correlation. Looking at correlation statistics, it confirms the observations covariance
triggered. With both the stocks that projects highest and lowest correlation with market being
positively correlated, it can be safely deduced that commercial banking stocks moves in lockstep
with the market. This is important to be factored into portfolio formation and analysis to mitigate
risk.

Coefficient of Determination and Firm Risk

Risk Metrics

Highest

Lowest

Coefficient of Determination

UBL: 27.436%

HMB: .558%

Firm Risk

HMB: 99.442%

UBL: 72.564%

Coefficient of determination or correlation-squared (systematic risk) and Firm risk


(unsystematic risk) are complements of each other, because of which they are discussed together.
Highest systematic risk of UBL can be interpreted as the changes/variations/movements in
UBLs price are explainable by the changes/movements in benchmark index, more than that of
38

Top down investment risk research of the banking sector

any other stock. HMBs prices are least explainable by movements in benchmark index making
it less prone to market/systematic risk. However, despite UBLs performance being most in line
with market performance, it and hence the entire sector is devoid of substantial market risk as rsquared value is not significant (between 85%-100%). 27.436% systematic risk or only 27.436%
movements in UBLs stock price being explained by broader market movements is akin to lower
correlation between the security and index. Focusing on unsystematic or firm risk though, it is
significant for the entire sector, with highest firm risk among the sample banks being 99.44% for
HMBs and lowest being 72.564% facing UBL. This calls for significant caution for the
investors when investing in the banking sector. The security that faces highest systemic risk is
exposed to lowest firm unsystematic risk. But with the systematic risk profile on the whole being
low, firm risk becomes more important to be assessed. As per these two metrics, returns on
commercial banking stock comprise an element of uncertainty; depending strongly on
managerial performance in any given tenure/period. This makes the sector more preferable for
risk-takers as hedge fund managers and less so for risk-averse investors as mutual funds.

Co-movement and Performance Risk

Risk Metrics

Highest

Lowest

Co-movement Risk

JSBL: 1.6456

HMB: .1567

Performance Risk

SBL: .0023

NIB: -.001192

Co-movement risk (beta) figures are only meaningful if systematic risk is higher; that is
greater than 50%, because it measures ability of investment to respond to market swings.
39

Top down investment risk research of the banking sector

However, in our study where even highest systematic is around half of 50%, the beta or comovement risk figures stands baseless and, hence will be ignored. Focusing on performance
risk/alpha subsequently which comprehends ability of the stock to earn extra returns when
market is stationary, primarily due to organizational and managerial performance, SBL appears
to be most favorably positioned having outperformed the market by modest .0023%, whereas
NIB appears to be least so having underperformed by .001192%. This reiterates earlier deduction
derived from firm risk statistics, which also projected management as critical factor for
concerned equities performance. In the light of this metric, commercial banking sector turns out
to be risky with the propensity to underperform even when market sentiments are bullish. This
makes the sector less attractive for risk-averse investors.

40

Top down investment risk research of the banking sector

CHAPTER 5: CONCLUSION
Current research study undertaken to explore commercial banking sector with respect to selected
market risk metrics is essential to understand the position of equity securities offered by listed
commercial banks incorporated in Pakistan. Only market risk metrics are used for this research
study despite the banking sector being exposed to five risk classes/types including liquidity and
credit risk. This is primarily because market risk metric interfaces credit ad liquidity risk. When
market

is

falling,

it

becomes

challenging

for

investors

to

dispose/sell-off

their

asset/equity/security, implying positive relationship between market risk and liquidity risk.
Credit risk is not present in equity market which further endorses use of market risk metrics for
this research study as appropriate and viable. Risk investment research is particularly important
for investors, analysts and even the banks itself for the purpose of informed decision-making.
Discrete daily returns have been used as it gives fair representation of volatility and hence risk.
702 trading days have been used as look-back period which has both, positive and negative
aspects. Reliance on historical data spanning past two years could highlight volatility such From
the above analysis, it appears that commercial banking sector is not conservative, rather equity
securities pertaining commercial banking sector ranges between aggressive and moderate, as
none of the sample stocks could be termed as appropriate for mutual fund managers or riskaverse investors if decision is to be taken with relevance to the outcomes on elected market risk
metrics. The stocks posit tendency to benefit their investors from upside movement when the
market is bullish, however during bearish markets, significant downside risk prevails. Standard
deviation which denotes any securitys total risk; representing both systematic as well as
unsystematic risk, indicates lowest standard deviation among that of sample commercial banks

41

Top down investment risk research of the banking sector

as twice the benchmark indexs variance. This relation, also stated earlier, essentially reflects
high overall volatility of Pakistans commercial banking sector making it significantly risky
comprising mainly aggressive equity securities. Skewness of the index which itself is inclined
towards higher negative returns being outweighed by commercial banking sectors stocks
confirms to the elevated degree of risk commercial banking sector is exposed to. The coefficient
of determination however signifies explained variation as low, implying performance of
commercial banking securities is not mainly dependent on the performance of the market. This
result attained on coefficient of determination metric is of pivotal importance in this study as it
implies performance of equity commercial banking performance is also dictated by factors other
than market movements. This finding is further corroborated by the results attained on firm and
performance risk which indicates organizational and managerial performance impacts
movements of stocks pertaining commercial banking sector by substantial magnitude. This
makes it important for prospective investors to closely follow developments in commercial
banking organizations; they are considering for making investment into, in addition to analyzing
the sector and individual banking companies in juxtaposition with the wider market represented
by relevant benchmark index. On the basis of this nevertheless, the sector appears to be
rewarding for risk-takers who depicts greater risk appetite and tolerance levels than risk-averse
investors projecting low risk appetite and tolerance level. For risk-averse investors, use of
diversification could make sector attractive which is important for formulation of a wellbalanced portfolio with constituent assets being negatively correlated or having low correlation
between them. This will lead to the mitigation of risk inherent in highly risky commercial
banking sector, but even with the use of diversification it is essential to revisit and revise
portfolio periodically to ensure portfolio continuously corresponds to investors risk appetite.

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Top down investment risk research of the banking sector

Annexure

KSE100
11282.01
11402.04
11361.97
11187.88
11125.35
11040.31
10933.18
10930.49
10909.12
11014.46
11112.65
11305.16
11547.72
11515.59
11774.68
12037.66
11991.38
11949.75
11883.92
11960.22
11883.01
11874.89
11930.55
11929.78
11982.62
12136.92
12284.62
12263.25
12213.24
12231.6
12250
12261.85

Index
Returns

Allied Bank
(ABL)

0.011
-0.004
-0.015
-0.006
-0.008
-0.010
0.000
-0.002
0.010
0.009
0.017
0.021
-0.003
0.022
0.022
-0.004
-0.003
-0.006
0.006
-0.006
-0.001
0.005
0.000
0.004
0.013
0.012
-0.002
-0.004
0.002
0.002
0.001

53.54
56.21
54.02
57.21
55.19
54.12
57.84
57.79
54.6
55.41
55.12
56.31
56.06
57
58.86
61.03
60.6
61.14
61.04
61.03
60.47
60.51
60.9
61
60.6
61.37
62.03
62.51
62.12
62
60.63
61.02

Stock
Returns

Askari Bank
(AKBL)

Stock
Returns

0.050
-0.039
0.059
-0.035
-0.019
0.069
-0.001
-0.055
0.015
-0.005
0.022
-0.004
0.017
0.033
0.037
-0.007
0.009
-0.002
0.000
-0.009
0.001
0.006
0.002
-0.007
0.013
0.011
0.008
-0.006
-0.002
-0.022
0.006

10.11
10.25
10.01
10.01
10
9.94
10.03
10.12
10.06
10.2
10.27
10.3
10.44
10.36
10.3
10.7
10.77
10.64
10.66
10.67
10.35
10.25
10.35
10.25
10.32
11.06
12.06
11.96
11.25
11.11
11.01
11.48

0.014
-0.023
0.000
-0.001
-0.006
0.009
0.009
-0.006
0.014
0.007
0.003
0.014
-0.008
-0.006
0.039
0.007
-0.012
0.002
0.001
-0.030
-0.010
0.010
-0.010
0.007
0.072
0.090
-0.008
-0.059
-0.012
-0.009
0.043

43

Top down investment risk research of the banking sector

12311.04
12404.24
12495.68
12517.9
12544.45
12603.67
12515.92
12706.52
12743.66
12739.22
12877.88
12941.38
13088.97
13278.31
13324.34
13244.95
13271.39
13352.74
13382.54
13283.65
13360.67
13451.07
13297.12
13077.72
13303.33
13293.12
13273.29
13286.73
13449.73
13575.41
13559.1
13761.76
13663.32
13691.08
13945.3
13831.47
13875.53
13864.68
13903.12

0.004
0.008
0.007
0.002
0.002
0.005
-0.007
0.015
0.003
0.000
0.011
0.005
0.011
0.014
0.003
-0.006
0.002
0.006
0.002
-0.007
0.006
0.007
-0.011
-0.016
0.017
-0.001
-0.001
0.001
0.012
0.009
-0.001
0.015
-0.007
0.002
0.019
-0.008
0.003
-0.001
0.003

61.08
61.67
62
61.09
61.01
61.97
61.55
62.47
63.53
63.32
64.81
65.48
65.99
66.22
69.17
68.49
68.9
69.08
69
68.89
69.25
69.89
69.13
67.91
60.51
59.5
60.01
59.54
60.28
62.21
62.85
64.08
64
64.01
65.76
65.25
65
64.8
64.76

0.001
0.010
0.005
-0.015
-0.001
0.016
-0.007
0.015
0.017
-0.003
0.024
0.010
0.008
0.003
0.045
-0.010
0.006
0.003
-0.001
-0.002
0.005
0.009
-0.011
-0.018
-0.109
-0.017
0.009
-0.008
0.012
0.032
0.010
0.020
-0.001
0.000
0.027
-0.008
-0.004
-0.003
-0.001
44

11.53
11.66
11.89
11.8
12.16
12.68
12.62
12.73
13.05
12.85
12.7
12.31
12.56
12.97
13.14
12.92
13.4
13.52
13.95
13.63
13.82
14.23
13.79
13.15
13.31
11.59
11.81
12.39
12.95
13.69
14.01
14.64
14.32
14.47
14.88
14.64
13.77
14.26
14.51

0.004
0.011
0.020
-0.008
0.031
0.043
-0.005
0.009
0.025
-0.015
-0.012
-0.031
0.020
0.033
0.013
-0.017
0.037
0.009
0.032
-0.023
0.014
0.030
-0.031
-0.046
0.012
-0.129
0.019
0.049
0.045
0.057
0.023
0.045
-0.022
0.010
0.028
-0.016
-0.059
0.036
0.018

Top down investment risk research of the banking sector

13816.96
13693.74
13799.43
13770.7
13764.22
13937.95
13929.47
13936.48
14083.44
14132.59
14217.74
14066.09
14042.77
13990.38
14142.52
14419.92
14612.28
14617.97
14513.96
14613.59
14420.19
14230.49
14228.77
14313.67
14081.07
14063.08
13857.78
13875.74
14142.08
14032.82
13936.92
13925.06
14031.51
14071.85
13871.76
13786.62
13876.97
13757.92
13708.23

-0.006
-0.009
0.008
-0.002
0.000
0.013
-0.001
0.001
0.011
0.003
0.006
-0.011
-0.002
-0.004
0.011
0.020
0.013
0.000
-0.007
0.007
-0.013
-0.013
0.000
0.006
-0.016
-0.001
-0.015
0.001
0.019
-0.008
-0.007
-0.001
0.008
0.003
-0.014
-0.006
0.007
-0.009
-0.004

65
64.5
65.2
63.24
63.28
63.62
64.24
65.53
68.8
70.49
69.83
69.08
67.75
67.68
70
72.66
73.39
70.97
70.6
70.03
68.54
66.81
69.32
68.61
67.01
67
66.01
65.98
66.49
65.95
65.31
65.01
64.22
63.99
62.91
64.09
64.39
64.25
64.3

0.004
-0.008
0.011
-0.030
0.001
0.005
0.010
0.020
0.050
0.025
-0.009
-0.011
-0.019
-0.001
0.034
0.038
0.010
-0.033
-0.005
-0.008
-0.021
-0.025
0.038
-0.010
-0.023
0.000
-0.015
0.000
0.008
-0.008
-0.010
-0.005
-0.012
-0.004
-0.017
0.019
0.005
-0.002
0.001
45

14.65
14.89
14.55
14.04
14.31
14.59
14.64
14.47
15.16
15.39
15.99
15.56
15.24
15.65
15.73
15.57
15.36
15.27
15.02
15.36
15.39
15.1
15.18
15.26
14.78
14.77
14.38
14.15
15.11
14.96
14.98
15.05
14.8
14.71
14.72
14.62
14.67
14.54
14.85

0.010
0.016
-0.023
-0.035
0.019
0.020
0.003
-0.012
0.048
0.015
0.039
-0.027
-0.021
0.027
0.005
-0.010
-0.013
-0.006
-0.016
0.023
0.002
-0.019
0.005
0.005
-0.031
-0.001
-0.026
-0.016
0.068
-0.010
0.001
0.005
-0.017
-0.006
0.001
-0.007
0.003
-0.009
0.021

Top down investment risk research of the banking sector

13745.73
13717.3
13558.7
13601.46
13429.56
13368.89
13656.2
13665.8
13754.13
13682.99
13667.18
13600.6
13730.82
13642.2
13656.04
13799.12
13805.42
13801.41
14142.92
14200.79
14178.1
14170.91
14310.18
14379.54
14374.34
14380.46
14401.74
14332.29
14384.58
14445.28
14596.59
14568.21
14564.49
14527.25
14512.07
14564.68
14553.29
14526.41
14511.54

0.003
-0.002
-0.012
0.003
-0.013
-0.005
0.021
0.001
0.006
-0.005
-0.001
-0.005
0.010
-0.006
0.001
0.010
0.000
0.000
0.025
0.004
-0.002
-0.001
0.010
0.005
0.000
0.000
0.001
-0.005
0.004
0.004
0.010
-0.002
0.000
-0.003
-0.001
0.004
-0.001
-0.002
-0.001

63.55
63.16
63
63.68
63.99
63.6
63.96
64.01
64.01
63.5
64.82
64.55
64.55
64.49
64.28
64.07
63.98
64.18
64.92
64.37
64.65
64.07
64.25
64.61
64.64
65
65.79
65.51
65.93
67.02
68.74
68.26
68.97
69
70
70.11
70.52
70
70.01

-0.012
-0.006
-0.003
0.011
0.005
-0.006
0.006
0.001
0.000
-0.008
0.021
-0.004
0.000
-0.001
-0.003
-0.003
-0.001
0.003
0.012
-0.008
0.004
-0.009
0.003
0.006
0.000
0.006
0.012
-0.004
0.006
0.017
0.026
-0.007
0.010
0.000
0.014
0.002
0.006
-0.007
0.000
46

14.44
14.16
14.05
13.98
13.58
13.49
13.79
13.83
13.75
13.52
13.26
13.07
13.56
13.34
13.4
13.59
13.61
13.57
14.16
13.96
13.89
13.7
13.69
13.75
13.8
14.78
14.64
14.46
14.34
15
15.04
14.82
15.72
15.54
15.36
15.5
15.59
15.46
15.68

-0.028
-0.019
-0.008
-0.005
-0.029
-0.007
0.022
0.003
-0.006
-0.017
-0.019
-0.014
0.037
-0.016
0.004
0.014
0.001
-0.003
0.043
-0.014
-0.005
-0.014
-0.001
0.004
0.004
0.071
-0.009
-0.012
-0.008
0.046
0.003
-0.015
0.061
-0.011
-0.012
0.009
0.006
-0.008
0.014

Top down investment risk research of the banking sector

14577
14716.86
14730.67
14676.43
14673.77
14672.24
14744.14
14759.59
14761.49
14911.97
14970.93
15000.08
15080.55
15039.18
15171.66
15234.48
15151.31
15253.71
15391.58
15428.49
15388.13
15293.39
15188.53
15253.96
15240.19
15214.02
15278.48
15306.51
15449.61
15398.68
15517.19
15588.66
15452.64
15375.52
15373.46
15399.42
15357.59
15444.82
15559.94

0.005
0.010
0.001
-0.004
0.000
0.000
0.005
0.001
0.000
0.010
0.004
0.002
0.005
-0.003
0.009
0.004
-0.005
0.007
0.009
0.002
-0.003
-0.006
-0.007
0.004
-0.001
-0.002
0.004
0.002
0.009
-0.003
0.008
0.005
-0.009
-0.005
0.000
0.002
-0.003
0.006
0.007

70.52
70.5
70
70
70.61
72.19
73.04
73.96
71.13
71.66
71.71
72.2
72.98
74
73.57
72.92
72.37
72.48
72.25
71.52
70
67.88
68
67.5
67
68.31
68
69.27
68.3
67.69
68.11
67.81
67
66
66.04
64.23
63.56
63.9
63.89

0.007
0.000
-0.007
0.000
0.009
0.022
0.012
0.013
-0.038
0.007
0.001
0.007
0.011
0.014
-0.006
-0.009
-0.008
0.002
-0.003
-0.010
-0.021
-0.030
0.002
-0.007
-0.007
0.020
-0.005
0.019
-0.014
-0.009
0.006
-0.004
-0.012
-0.015
0.001
-0.027
-0.010
0.005
0.000
47

15.52
15.56
15.43
15.25
14.88
14.72
15.01
14.98
14.77
14.55
15.52
15.37
16.12
15.73
15.82
15.74
15.5
15.88
15.89
15.81
15.68
15.42
15.5
15.79
15.6
15.57
15.51
15.26
15.31
15.22
15.03
15.16
15
15.03
15.42
15.26
15.3
15.28
14.97

-0.010
0.003
-0.008
-0.012
-0.024
-0.011
0.020
-0.002
-0.014
-0.015
0.067
-0.010
0.049
-0.024
0.006
-0.005
-0.015
0.025
0.001
-0.005
-0.008
-0.017
0.005
0.019
-0.012
-0.002
-0.004
-0.016
0.003
-0.006
-0.012
0.009
-0.011
0.002
0.026
-0.010
0.003
-0.001
-0.020

Top down investment risk research of the banking sector

15648.29
15712.21
15788.96
15754.39
15652.01
15688.24
15753.82
15845.3
15694.21
15746.9
15674.3
15654.62
15679.19
15792.75
15848.63
15853.84
15865.53
15812.72
15795.93
15910.11
15962.37
16101.55
16156.36
16051.14
16218.01
16243.27
16213.68
16129.72
16120.52
16143.07
16197.74
16251.38
16251.79
16233.19
16251.01
16237.59
16270.48
16364.77
16424.03

0.006
0.004
0.005
-0.002
-0.006
0.002
0.004
0.006
-0.010
0.003
-0.005
-0.001
0.002
0.007
0.004
0.000
0.001
-0.003
-0.001
0.007
0.003
0.009
0.003
-0.007
0.010
0.002
-0.002
-0.005
-0.001
0.001
0.003
0.003
0.000
-0.001
0.001
-0.001
0.002
0.006
0.004

64.56
65.01
67.82
68.4
70.1
69.83
68.21
69
68.6
68.02
69.17
71.19
71.42
70.93
69
68.5
68.28
69.99
69.13
69.5
69.9
69.2
68.91
69.67
69.49
68.36
68.5
69
68.95
68.61
67.53
68.5
69
68.67
69
69.94
70.03
70.51
71.65

0.010
0.007
0.043
0.009
0.025
-0.004
-0.023
0.012
-0.006
-0.008
0.017
0.029
0.003
-0.007
-0.027
-0.007
-0.003
0.025
-0.012
0.005
0.006
-0.010
-0.004
0.011
-0.003
-0.016
0.002
0.007
-0.001
-0.005
-0.016
0.014
0.007
-0.005
0.005
0.014
0.001
0.007
0.016
48

15.41
15.47
15.31
15.22
15.47
15.58
15.67
15.86
15.74
15.73
15.66
15.62
15.52
16.51
16.83
16.55
16.39
16.45
16.64
16.57
16.84
16.75
16.95
16.86
16.8
16.62
16.58
16.37
16.31
16.3
16.36
16.2
16.25
16.27
16.54
16.78
16.72
16.63
16.48

0.029
0.004
-0.010
-0.006
0.016
0.007
0.006
0.012
-0.008
-0.001
-0.004
-0.003
-0.006
0.064
0.019
-0.017
-0.010
0.004
0.012
-0.004
0.016
-0.005
0.012
-0.005
-0.004
-0.011
-0.002
-0.013
-0.004
-0.001
0.004
-0.010
0.003
0.001
0.017
0.015
-0.004
-0.005
-0.009

Top down investment risk research of the banking sector

16527.08
16573.86
16537.98
16650.15
16675.7
16824.55
16807.91
16787.54
16701.69
16744.6
16806.58
16845.09
16801.02
16858.68
16869.83
16908.02
16865.34
16891.94
16927.34
16892.32
16943.19
16905.33
16794.87
16489.99
16588.54
16648.84
16502.65
16645.76
16742.22
16529.92
16634.71
16633.18
16107.89
16181.47
16291.09
16601.77
16640.81
16894.09
16908.67

0.006
0.003
-0.002
0.007
0.002
0.009
-0.001
-0.001
-0.005
0.003
0.004
0.002
-0.003
0.003
0.001
0.002
-0.003
0.002
0.002
-0.002
0.003
-0.002
-0.007
-0.018
0.006
0.004
-0.009
0.009
0.006
-0.013
0.006
0.000
-0.032
0.005
0.007
0.019
0.002
0.015
0.001

71.77
72
73.58
75
75.18
75.3
74.74
75.05
74.01
74.01
74.5
74.51
74
74
73.95
73.63
73.5
73.49
73.49
72.15
71
71
72.5
71
71.5
71.58
70.71
71.5
70.97
70.33
70
71.5
73.05
74.98
75.54
74.83
75.15
73.49
75

0.002
0.003
0.022
0.019
0.002
0.002
-0.007
0.004
-0.014
0.000
0.007
0.000
-0.007
0.000
-0.001
-0.004
-0.002
0.000
0.000
-0.018
-0.016
0.000
0.021
-0.021
0.007
0.001
-0.012
0.011
-0.007
-0.009
-0.005
0.021
0.022
0.026
0.007
-0.009
0.004
-0.022
0.021
49

16.56
16.61
16.53
16.47
16.63
16.87
16.77
17.07
16.87
16.84
16.82
16.79
16.74
16.83
16.74
16.75
16.63
16.5
16.5
16.75
17.41
17.22
17
17.06
17.25
17.63
17.84
18.84
18.85
18.67
18.69
18.79
17.82
17.79
18.12
18.72
18.71
18.79
18.57

0.005
0.003
-0.005
-0.004
0.010
0.014
-0.006
0.018
-0.012
-0.002
-0.001
-0.002
-0.003
0.005
-0.005
0.001
-0.007
-0.008
0.000
0.015
0.039
-0.011
-0.013
0.004
0.011
0.022
0.012
0.056
0.001
-0.010
0.001
0.005
-0.052
-0.002
0.019
0.033
-0.001
0.004
-0.012

Top down investment risk research of the banking sector

17056.36
17004.99
17172.04
17205.27
17242.74
17266.23
17288.07
17408.52
17383.32
17477.94
17548.54
17611.4
17696.45
17765.82
17797.22
17865.61
17817.71
17947.07
17921.02
18074.27
18020.5
17894.9
18080.91
18173.67
18185.19
18126.77
18053.32
18000.45
17992.91
17964.18
17522.56
17872.85
17760.44
17740.69
17664.83
17492
17693.37
17753.97
17913.62

0.009
-0.003
0.010
0.002
0.002
0.001
0.001
0.007
-0.001
0.005
0.004
0.004
0.005
0.004
0.002
0.004
-0.003
0.007
-0.001
0.009
-0.003
-0.007
0.010
0.005
0.001
-0.003
-0.004
-0.003
0.000
-0.002
-0.025
0.020
-0.006
-0.001
-0.004
-0.010
0.012
0.003
0.009

74.02
74
73.9
73.88
73.75
73.5
73.33
73.5
73.8
73.5
71.97
69.97
69.76
68.51
68.65
69.01
69.75
69.06
68.43
68.97
68.5
68.4
68.55
68.94
68.77
68.01
67.74
66.89
68.15
68
68.13
68
66
67.07
59.47
59.75
60
59.02
59

-0.013
0.000
-0.001
0.000
-0.002
-0.003
-0.002
0.002
0.004
-0.004
-0.021
-0.028
-0.003
-0.018
0.002
0.005
0.011
-0.010
-0.009
0.008
-0.007
-0.001
0.002
0.006
-0.002
-0.011
-0.004
-0.013
0.019
-0.002
0.002
-0.002
-0.029
0.016
-0.113
0.005
0.004
-0.016
0.000
50

18.51
18.43
18.64
18.21
18.29
18.44
18.67
18.53
18.7
19.69
19.45
19.5
19.15
19.12
19.08
19.03
18.62
18.8
18.98
18.77
18.69
18.63
18.88
18.74
19.42
19.53
19.33
19.26
19.27
19.28
18.74
18.88
18.7
18.6
18.54
18.3
18.05
18.13
18.38

-0.003
-0.004
0.011
-0.023
0.004
0.008
0.012
-0.007
0.009
0.053
-0.012
0.003
-0.018
-0.002
-0.002
-0.003
-0.022
0.010
0.010
-0.011
-0.004
-0.003
0.013
-0.007
0.036
0.006
-0.010
-0.004
0.001
0.001
-0.028
0.007
-0.010
-0.005
-0.003
-0.013
-0.014
0.004
0.014

Top down investment risk research of the banking sector

17963.12
17961.91
17872.15
17926.14
17947.76
18043.31
18272.11
18345.74
18575.88
18613.44
18636.03
18653.06
18713.61
18723.35
18764.55
18714.28
18524.5
18361.87
18394.12
18614.36
18631.21
18605.55
18647.29
18779.66
18885.61
18917.71
18822.85
18982.42
19034.53
19226.63
19256.7
19262.74
19472.55
19661.46
19916.27
20244.82
20474.62
20566.69
20416.6

0.003
0.000
-0.005
0.003
0.001
0.005
0.013
0.004
0.013
0.002
0.001
0.001
0.003
0.001
0.002
-0.003
-0.010
-0.009
0.002
0.012
0.001
-0.001
0.002
0.007
0.006
0.002
-0.005
0.008
0.003
0.010
0.002
0.000
0.011
0.010
0.013
0.016
0.011
0.004
-0.007

58.93
58.6
58.95
59.6
59.4
58.43
57.97
57.16
58
57.64
58
57.56
57.67
56.55
55.93
56
56.14
55.49
56
55.63
56.69
56.54
56.6
56
55.01
55.89
58.68
60.02
58.44
58.45
58.95
59.4
61.05
63.68
66.5
67.29
68.66
69.9
69

-0.001
-0.006
0.006
0.011
-0.003
-0.016
-0.008
-0.014
0.015
-0.006
0.006
-0.008
0.002
-0.019
-0.011
0.001
0.003
-0.012
0.009
-0.007
0.019
-0.003
0.001
-0.011
-0.018
0.016
0.050
0.023
-0.026
0.000
0.009
0.008
0.028
0.043
0.044
0.012
0.020
0.018
-0.013
51

18.39
18.61
18.66
18.67
18.66
19.16
19.28
19.05
19.04
19.24
19.13
18.77
18.96
19.08
19.1
19.08
18.77
18.72
18.71
17.71
16.71
15.71
15.3
15.75
16.75
16.74
17.47
18.45
18.4
18.2
17.34
16.91
16.83
16.68
17.07
17.4
17.59
17.23
17.2

0.001
0.012
0.003
0.001
-0.001
0.027
0.006
-0.012
-0.001
0.011
-0.006
-0.019
0.010
0.006
0.001
-0.001
-0.016
-0.003
-0.001
-0.053
-0.056
-0.060
-0.026
0.029
0.063
-0.001
0.044
0.056
-0.003
-0.011
-0.047
-0.025
-0.005
-0.009
0.023
0.019
0.011
-0.020
-0.002

Top down investment risk research of the banking sector

20537.03
20814.14
21168
21458.9
21342.65
21283.77
20958.86
21501.72
21441.12
21590.66
21823.05
22080.85
22274.51
22092.42
22276.7
22358.96
22150.74
22209.07
22324.57
22757.72
22541.64
22216.46
21919.63
22135.72
22015.04
21698.35
21048.08
21110.34
21002.57
21015.34
21005.69
21363.16
21644.17
21802.86
21966.96
22178.34
22365.72
22721.22
22984.94

0.006
0.013
0.017
0.014
-0.005
-0.003
-0.015
0.026
-0.003
0.007
0.011
0.012
0.009
-0.008
0.008
0.004
-0.009
0.003
0.005
0.019
-0.009
-0.014
-0.013
0.010
-0.005
-0.014
-0.030
0.003
-0.005
0.001
0.000
0.017
0.013
0.007
0.008
0.010
0.008
0.016
0.012

69.83
69.77
69.99
69.75
69.45
68.85
68.77
68.38
66.43
68.96
70.12
70.2
72
69.56
70.99
70.21
72.41
73.53
72.33
71.29
70.68
71.43
71
68.55
69.65
69.3
68.58
68.54
70
71
71.5
73.53
76.46
76.58
78.65
80
78.64
79
81.39

0.012
-0.001
0.003
-0.003
-0.004
-0.009
-0.001
-0.006
-0.029
0.038
0.017
0.001
0.026
-0.034
0.021
-0.011
0.031
0.015
-0.016
-0.014
-0.009
0.011
-0.006
-0.035
0.016
-0.005
-0.010
-0.001
0.021
0.014
0.007
0.028
0.040
0.002
0.027
0.017
-0.017
0.005
0.030
52

16.84
16.95
17.1
16.88
16.71
15.82
15.64
15.47
15.28
15.55
16.41
16.23
15.87
16.1
16.71
16.73
16.59
16.56
16.49
16.53
16.9
16.75
16.53
16.46
16.69
16.12
15.5
15.55
15.33
15.35
15.22
15.55
15.59
15.57
15.73
15.85
15.48
16.1
15.82

-0.021
0.007
0.009
-0.013
-0.010
-0.053
-0.011
-0.011
-0.012
0.018
0.055
-0.011
-0.022
0.014
0.038
0.001
-0.008
-0.002
-0.004
0.002
0.022
-0.009
-0.013
-0.004
0.014
-0.034
-0.038
0.003
-0.014
0.001
-0.008
0.022
0.003
-0.001
0.010
0.008
-0.023
0.040
-0.017

Top down investment risk research of the banking sector

22747.13
23037.32
23172.35
23160.89
22994.72
23114.97
23428.93
23657.81
23683.27
23776.22
23573.68
23497.07
23315.15
23284.81
23312.78
23091.87
22701.3
22621.93
23237.19
23437.99
23613.2
23687.89
23673.3
23600.23
23487.23
23015.27
22714.32
22714.68
22922.24
22523.71
22236.33
22214.73
22160.85
21724.68
21808.48
21875.83
22451.46
22765.87
22838.84

-0.010
0.013
0.006
0.000
-0.007
0.005
0.014
0.010
0.001
0.004
-0.009
-0.003
-0.008
-0.001
0.001
-0.009
-0.017
-0.003
0.027
0.009
0.007
0.003
-0.001
-0.003
-0.005
-0.020
-0.013
0.000
0.009
-0.017
-0.013
-0.001
-0.002
-0.020
0.004
0.003
0.026
0.014
0.003

81.5
81
78.69
79
78.52
77.81
80.88
80.56
80.14
78.7
78.03
78.03
78
76
77.29
78.48
77.79
78.39
79.62
78.8
78.5
79.57
78.24
77.73
78.25
77.5
77
76.66
76.95
77.47
76.47
75.5
76
77.68
78.55
77.47
77.5
77.75
77.28

0.001
-0.006
-0.029
0.004
-0.006
-0.009
0.039
-0.004
-0.005
-0.018
-0.009
0.000
0.000
-0.026
0.017
0.015
-0.009
0.008
0.016
-0.010
-0.004
0.014
-0.017
-0.007
0.007
-0.010
-0.006
-0.004
0.004
0.007
-0.013
-0.013
0.007
0.022
0.011
-0.014
0.000
0.003
-0.006
53

15.51
15.69
15.95
15.94
15.73
15.91
16.66
16.33
15.55
14.68
14.82
14.98
14.93
14.86
14.82
14.68
14.22
14.23
14.44
15.09
15.05
15.1
15.16
15.53
15.46
15.29
15.48
15.84
15.85
15.92
13.42
13.06
13.19
13.24
13.46
13.27
13.59
13.67
13.78

-0.020
0.012
0.017
-0.001
-0.013
0.011
0.047
-0.020
-0.048
-0.056
0.010
0.011
-0.003
-0.005
-0.003
-0.009
-0.031
0.001
0.015
0.045
-0.003
0.003
0.004
0.024
-0.005
-0.011
0.012
0.023
0.001
0.004
-0.157
-0.027
0.010
0.004
0.017
-0.014
0.024
0.006
0.008

Top down investment risk research of the banking sector

22992.17
23231.68
23222.21
23168.04
23242.68
23066.5
22930.06
23456.98
23595.61
23639.97
23088.49
23060.9
22780.82
22387.31
21832.68
21980.42
22189.67
22152.35
22085.96
21864.85
22080.47
21657.22
21674.98
21775.39
21599.78
21754.95
22230.43
22347.29
22360.85
22445.59
22353.2
22276.65
22310.6
22775.85
22649.09
22377.83
22790.7
23165.21
23220.21

0.007
0.010
0.000
-0.002
0.003
-0.008
-0.006
0.023
0.006
0.002
-0.023
-0.001
-0.012
-0.017
-0.025
0.007
0.010
-0.002
-0.003
-0.010
0.010
-0.019
0.001
0.005
-0.008
0.007
0.022
0.005
0.001
0.004
-0.004
-0.003
0.002
0.021
-0.006
-0.012
0.018
0.016
0.002

77
80.43
78.31
79.25
83.21
85.11
86.03
85.25
84.26
82.25
78.4
77.17
78.59
78.49
76.9
76.75
77.83
76.6
74.91
77.15
79
79.5
80
81.5
80.98
81
83.15
83.5
84.98
85.18
82
84.99
84.79
84.25
83.94
84.75
84.96
85.4
84.55

-0.004
0.045
-0.026
0.012
0.050
0.023
0.011
-0.009
-0.012
-0.024
-0.047
-0.016
0.018
-0.001
-0.020
-0.002
0.014
-0.016
-0.022
0.030
0.024
0.006
0.006
0.019
-0.006
0.000
0.027
0.004
0.018
0.002
-0.037
0.036
-0.002
-0.006
-0.004
0.010
0.002
0.005
-0.010
54

13.89
14.49
14.19
14
14.2
14.02
13.63
14.29
13.78
13.83
13.59
13.56
13.42
13.31
12.79
12.86
12.76
12.66
12.6
12.21
12.05
11.68
11.54
11.7
12.01
11.38
11.3
11.29
11.14
10.98
10.93
11.01
10.93
10.88
10.82
10.76
10.85
10.84
10.85

0.008
0.043
-0.021
-0.013
0.014
-0.013
-0.028
0.048
-0.036
0.004
-0.017
-0.002
-0.010
-0.008
-0.039
0.005
-0.008
-0.008
-0.005
-0.031
-0.013
-0.031
-0.012
0.014
0.026
-0.052
-0.007
-0.001
-0.013
-0.014
-0.005
0.007
-0.007
-0.005
-0.006
-0.006
0.008
-0.001
0.001

Top down investment risk research of the banking sector

23367.15
23381.08
23302.46
23287.06
23611.24
23819.43
23800.97
23784.18
23847.57
23978.29
23798.7
23768.35
24180.49
24302.19
24401.57
24588.47
24445.38
24800.69
24870.55
24998.89
24878.68
24972.9
25072
25256.7
25298.32
25350.2
25524.46
25472.65
25579.33
25417.63
25366.69
25370.03
25258.05
25283.96
25261.14
25608.85
25962.18
26046.71
26169.83

0.006
0.001
-0.003
-0.001
0.014
0.009
-0.001
-0.001
0.003
0.005
-0.007
-0.001
0.017
0.005
0.004
0.008
-0.006
0.015
0.003
0.005
-0.005
0.004
0.004
0.007
0.002
0.002
0.007
-0.002
0.004
-0.006
-0.002
0.000
-0.004
0.001
-0.001
0.014
0.014
0.003
0.005

85
84.9
85
85.41
86.55
85.2
86
87.9
90.23
92.7
90.15
91.05
90.63
91.02
90.04
90.25
91
90
91.88
91.66
92
91.41
91.89
88.87
90.66
90.81
90
90
90
90
91.44
90.9
91.8
90.5
90.71
93
94.51
93.06
94.4

0.005
-0.001
0.001
0.005
0.013
-0.016
0.009
0.022
0.027
0.027
-0.028
0.010
-0.005
0.004
-0.011
0.002
0.008
-0.011
0.021
-0.002
0.004
-0.006
0.005
-0.033
0.020
0.002
-0.009
0.000
0.000
0.000
0.016
-0.006
0.010
-0.014
0.002
0.025
0.016
-0.015
0.014
55

11.34
12.34
12.9
12.91
13.26
12.89
12.48
12.36
12.22
12.29
12.13
12.55
13.27
13
13.55
13.65
13.67
13.98
13.83
13.69
13.51
13.57
13.6
13.59
13.8
13.75
13.92
14.26
14.53
14.4
14.18
14.04
13.71
13.79
14
13.99
13.89
14.03
14.11

0.045
0.088
0.045
0.001
0.027
-0.028
-0.032
-0.010
-0.011
0.006
-0.013
0.035
0.057
-0.020
0.042
0.007
0.001
0.023
-0.011
-0.010
-0.013
0.004
0.002
-0.001
0.015
-0.004
0.012
0.024
0.019
-0.009
-0.015
-0.010
-0.024
0.006
0.015
-0.001
-0.007
0.010
0.006

Top down investment risk research of the banking sector

26259.57
26341.08
26373.24
26488.32
26590.69
26761.78
26730.24
26913.85
27000.95
27104.7
27015.12
27064.34
27002.89
26670.6
26653.73
26595.63
26607.64
26784.34
26946.11
26751.45
26862.51
26681.78
26255.21
26240.41
26677.27
26541.26
26394.13
26003.89
25884.38
25686.93
25506.8
25603.35
25773.81
25559.61
25500.5
25478.93
25783.28
25853.54
26209.38

0.003
0.003
0.001
0.004
0.004
0.006
-0.001
0.007
0.003
0.004
-0.003
0.002
-0.002
-0.012
-0.001
-0.002
0.000
0.007
0.006
-0.007
0.004
-0.007
-0.016
-0.001
0.017
-0.005
-0.006
-0.015
-0.005
-0.008
-0.007
0.004
0.007
-0.008
-0.002
-0.001
0.012
0.003
0.014

92.58
92.5
91.99
91.5
91.5
91
90.62
89.67
89.5
88.57
88.17
89
88.8
86.13
87.18
87.04
88
88.54
88.99
89.82
90
89.6
89.5
89.79
89
89.25
89.59
88.79
87.51
87.99
88.46
88.5
89.1
90.69
92.88
94.05
95.18
95.5
95.25

-0.019
-0.001
-0.006
-0.005
0.000
-0.005
-0.004
-0.010
-0.002
-0.010
-0.005
0.009
-0.002
-0.030
0.012
-0.002
0.011
0.006
0.005
0.009
0.002
-0.004
-0.001
0.003
-0.009
0.003
0.004
-0.009
-0.014
0.005
0.005
0.000
0.007
0.018
0.024
0.013
0.012
0.003
-0.003
56

13.99
13.97
13.84
13.94
13.83
13.86
13.7
13.73
13.73
14.06
14.48
14.28
14.2
14.11
14.04
14.04
14.08
14.04
14.03
14
14.21
14
13.81
13.83
14.78
15.14
15.14
14.34
14.31
13.91
13.9
13.87
13.79
13.37
13.37
13.52
13.65
13.65
13.83

-0.009
-0.001
-0.009
0.007
-0.008
0.002
-0.012
0.002
0.000
0.024
0.030
-0.014
-0.006
-0.006
-0.005
0.000
0.003
-0.003
-0.001
-0.002
0.015
-0.015
-0.014
0.001
0.069
0.024
0.000
-0.053
-0.002
-0.028
-0.001
-0.002
-0.006
-0.030
0.000
0.011
0.010
0.000
0.013

Top down investment risk research of the banking sector

26521.99
26842.53
26892.23
27176.26
27309.02
27115.21
27083.12
27124.47
27229.1
27246.97
27258.68
27148.52
26765.49
26391.41
26670.14
26821.92
27165.49
27116.13
27159.91
27565.5
27932.02
28336.36
28408.03
28578.96
28653.37
28941.01
29250.54
29249.45
29094.13
29095.77
29458.15
29350.34
29069.93
28878.77
29191.84
28717.19
28786.74
28850.08
28691.62

0.012
0.012
0.002
0.011
0.005
-0.007
-0.001
0.002
0.004
0.001
0.000
-0.004
-0.014
-0.014
0.011
0.006
0.013
-0.002
0.002
0.015
0.013
0.014
0.003
0.006
0.003
0.010
0.011
0.000
-0.005
0.000
0.012
-0.004
-0.010
-0.007
0.011
-0.016
0.002
0.002
-0.005

94.38
93.05
94.33
94.04
95.62
85
84.42
83.16
83.9
88.01
92.41
97.03
96.93
95.98
97.44
97.12
96
100.79
105.69
109.07
110.67
109.9
112.95
118.59
124.51
125.89
122.29
122.39
128.26
126.5
127.47
127.39
125.44
123.12
125.75
127.26
126.43
125.49
125.1

-0.009
-0.014
0.014
-0.003
0.017
-0.111
-0.007
-0.015
0.009
0.049
0.050
0.050
-0.001
-0.010
0.015
-0.003
-0.012
0.050
0.049
0.032
0.015
-0.007
0.028
0.050
0.050
0.011
-0.029
0.001
0.048
-0.014
0.008
-0.001
-0.015
-0.018
0.021
0.012
-0.007
-0.007
-0.003
57

14.61
15.37
15.36
15.42
16.04
16.11
16.77
17.32
18.22
17.86
17.5
17.31
17.2
17.01
17.1
17.02
17.12
17
17.35
17.12
16.87
17.08
16.76
17.21
17.84
17.63
18.63
18.36
18.31
18.28
18.95
19.46
20.29
19.96
19.86
19.49
18.99
18.02
17.42

0.056
0.052
-0.001
0.004
0.040
0.004
0.041
0.033
0.052
-0.020
-0.020
-0.011
-0.006
-0.011
0.005
-0.005
0.006
-0.007
0.021
-0.013
-0.015
0.012
-0.019
0.027
0.037
-0.012
0.057
-0.014
-0.003
-0.002
0.037
0.027
0.043
-0.016
-0.005
-0.019
-0.026
-0.051
-0.033

Top down investment risk research of the banking sector

28436.59
28912.98
28921.13
28629.63
28383.2
28330.03
28511.02
28494.54
28343.88
28411.49
28528.19
28843.02
28883.33
28951.38
28842.92
28760.12
28741.55
28756
29020.48
29048.21
28987.32
29543.58
29737.69
29789.85
29504.98
29452.23
29417.2
29509.11
29472.52
29540.72
29783.3
29766.38
29730.86
29651.04
29324.6
29157.98
28674.37
28691.84
28999.03

-0.009
0.017
0.000
-0.010
-0.009
-0.002
0.006
-0.001
-0.005
0.002
0.004
0.011
0.001
0.002
-0.004
-0.003
-0.001
0.001
0.009
0.001
-0.002
0.019
0.007
0.002
-0.010
-0.002
-0.001
0.003
-0.001
0.002
0.008
-0.001
-0.001
-0.003
-0.011
-0.006
-0.017
0.001
0.011

126.84
125.82
124.4
125.5
126
128.34
127.5
127.79
127
126.26
126.27
127
128.78
128.78
128.07
128.74
132.76
129.6
127.75
125.67
126.05
128.48
129.85
131.49
131.88
131
130.5
130
128.22
128.78
126.71
128
129.56
132.04
130.03
134
131.74
137.41
136.5

0.014
-0.008
-0.011
0.009
0.004
0.019
-0.007
0.002
-0.006
-0.006
0.000
0.006
0.014
0.000
-0.006
0.005
0.031
-0.024
-0.014
-0.016
0.003
0.019
0.011
0.013
0.003
-0.007
-0.004
-0.004
-0.014
0.004
-0.016
0.010
0.012
0.019
-0.015
0.031
-0.017
0.043
-0.007
58

17.6
18.59
19.01
19.13
18.96
18.9
18.79
18.99
18.48
18.58
18.66
18.65
18.71
18.99
18.9
18.83
19.12
19.53
19.95
19.68
19.42
19.4
19.34
19.23
19
19.02
18.79
18.56
18.41
18.44
19.02
18.89
18.86
18.47
18.66
18.23
17.82
17.66
18.14

0.010
0.056
0.023
0.006
-0.009
-0.003
-0.006
0.011
-0.027
0.005
0.004
-0.001
0.003
0.015
-0.005
-0.004
0.015
0.021
0.022
-0.014
-0.013
-0.001
-0.003
-0.006
-0.012
0.001
-0.012
-0.012
-0.008
0.002
0.031
-0.007
-0.002
-0.021
0.010
-0.023
-0.022
-0.009
0.027

Top down investment risk research of the banking sector

29057.44
28981.34
29188.53
29343.76
29652.53
29701.58
29676.8
29697.79
29619.84
29528.96
29497.57
29477.29
29353.12
29318.06
29705.07
29683.97
29776.17
30177.11
30224.89
30413.23
30402.09
30465.43
30474.75
30314.07
29647.83
29676.41
29382.97
29537.04
29380.5
28071.41
28304.5
28505.55
28917.75
28852.15
28630.12
28664.84
28865.25
28871.75
28519.34

0.002
-0.003
0.007
0.005
0.011
0.002
-0.001
0.001
-0.003
-0.003
-0.001
-0.001
-0.004
-0.001
0.013
-0.001
0.003
0.013
0.002
0.006
0.000
0.002
0.000
-0.005
-0.022
0.001
-0.010
0.005
-0.005
-0.045
0.008
0.007
0.014
-0.002
-0.008
0.001
0.007
0.000
-0.012

134.95
132.49
131.27
128.41
124.74
119.27
117.31
116.69
119.99
117.7
117.41
123.28
123.18
122.84
122.87
123.01
124.54
124
120.95
122.04
120.01
119.36
115.53
109.76
111.99
114.93
114.05
112.52
109.77
109.5
112.75
112.13
110.19
109.46
107
105.34
108.06
107.1
111.01

-0.011
-0.018
-0.009
-0.022
-0.029
-0.044
-0.016
-0.005
0.028
-0.019
-0.002
0.050
-0.001
-0.003
0.000
0.001
0.012
-0.004
-0.025
0.009
-0.017
-0.005
-0.032
-0.050
0.020
0.026
-0.008
-0.013
-0.024
-0.002
0.030
-0.005
-0.017
-0.007
-0.022
-0.016
0.026
-0.009
0.037
59

18.11
17.59
18.5
19.04
19.01
18.71
18.6
18.65
18.66
18.36
18.25
18.02
18
17.97
18.39
18.24
18.37
19.07
19.31
20.31
21.32
22.04
21.76
21.68
22.33
22.16
21.95
21.98
22.04
20.94
19.56
19.61
20.2
19.92
19.94
19.69
19.84
19.92
19.7

-0.002
-0.029
0.052
0.029
-0.002
-0.016
-0.006
0.003
0.001
-0.016
-0.006
-0.013
-0.001
-0.002
0.023
-0.008
0.007
0.038
0.013
0.052
0.050
0.034
-0.013
-0.004
0.030
-0.008
-0.009
0.001
0.003
-0.050
-0.066
0.003
0.030
-0.014
0.001
-0.013
0.008
0.004
-0.011

Top down investment risk research of the banking sector

28243.59
27811.35
27774.43
28567.74
28493.74
29260.29
29595.55
29604.3
29513.78
29585.6
29728.91
29691.31
29858.37
30044.89
30070.13
30180.3
30136.57
30094.16
30015.8
29993.87
30143.77
30095.8
29940.27
29705.65
29383.13
29726.39
29996.61
30071.58
30103.23
29978.94
30158.63
30394.41
30355.22
30120.99
29982.45
29883.1
29711.12
29694.27
29940.39

-0.010
-0.015
-0.001
0.029
-0.003
0.027
0.011
0.000
-0.003
0.002
0.005
-0.001
0.006
0.006
0.001
0.004
-0.001
-0.001
-0.003
-0.001
0.005
-0.002
-0.005
-0.008
-0.011
0.012
0.009
0.002
0.001
-0.004
0.006
0.008
-0.001
-0.008
-0.005
-0.003
-0.006
-0.001
0.008

112.24
112.7
110.12
109.5
109.62
108.58
108.88
108.88
107.12
107.93
107.44
107.51
107.71
107.01
107.68
107.49
107.05
108.98
108.81
113.07
113.89
116.48
115.69
115.65
120.17
121.07
121.87
120.37
120.48
120.5
119.11
117.74
120.28
121.95
123.69
121.95
121.01
122.41
120.57

0.011
0.004
-0.023
-0.006
0.001
-0.009
0.003
0.000
-0.016
0.008
-0.005
0.001
0.002
-0.006
0.006
-0.002
-0.004
0.018
-0.002
0.039
0.007
0.023
-0.007
0.000
0.039
0.007
0.007
-0.012
0.001
0.000
-0.012
-0.012
0.022
0.014
0.014
-0.014
-0.008
0.012
-0.015
60

19.32
19.4
19.34
19.72
19.72
20.18
21.15
21.31
21.15
21.13
21.16
20.8
20.91
21.13
21.44
21.68
21.8
21.88
21.89
21.66
21.75
21.73
21.34
21.21
20.99
21.55
21.52
21.97
21.81
21.8
22.08
22.59
22.51
22.56
22.11
22.11
22.12
22.35
22.36

-0.019
0.004
-0.003
0.020
0.000
0.023
0.048
0.008
-0.008
-0.001
0.001
-0.017
0.005
0.011
0.015
0.011
0.006
0.004
0.000
-0.011
0.004
-0.001
-0.018
-0.006
-0.010
0.027
-0.001
0.021
-0.007
0.000
0.013
0.023
-0.004
0.002
-0.020
0.000
0.000
0.010
0.000

Top down investment risk research of the banking sector

30025.13
30098.49
30238.96
30225.62
30113.24
30204.09
30376.53

0.003
0.002
0.005
0.000
-0.004
0.003
0.006

119.21
119.97
118.12
118.08
119.04
119.06
120

-0.011
0.006
-0.015
0.000
0.008
0.000
0.008

22.41
22.68
22.52
22.31
21.95
22.14
22.22

0.002
0.012
-0.007
-0.009
-0.016
0.009
0.004

Bank Returns
Bank
Returns Habib Returns
Habib
Returns
AlAlBank
Metropol
Falah
Habib
(HBL)
(HMB)
(BAFL)
(BAHL)
11.35
11.75
11.31
11.61
11.46
11.41
11.52
11.6
11.19
11.35
11.29
11.5
11.5
11.5
11.79
12.16
12.15
12.29
12.21
12.23
12.36
12.2
12.18
12.28
12.24
12.5
12.81

0.035
-0.037
0.027
-0.013
-0.004
0.010
0.007
-0.035
0.014
-0.005
0.019
0.000
0.000
0.025
0.031
-0.001
0.012
-0.007
0.002
0.011
-0.013
-0.002
0.008
-0.003
0.021
0.025

28.45
28.72
28.67
28.94
29.25
28.86
28.57
28.76
28.85
28.91
29.51
29.76
30.39
30.26
30.47
31.55
31.74
31.99
32.67
32.49
31.48
31.72
31.8
32.21
32.16
32.23
32.31

0.009
-0.002
0.009
0.011
-0.013
-0.010
0.007
0.003
0.002
0.021
0.008
0.021
-0.004
0.007
0.035
0.006
0.008
0.021
-0.006
-0.031
0.008
0.003
0.013
-0.002
0.002
0.002

107.2
111.05
106.39
108.22
107.81
106.88
107.85
108.87
105.54
106.15
106.73
108.05
109.95
109.01
110.49
114.45
116.41
115.93
114.78
114.82
114.11
114.23
114.3
114.76
116.02
117.14
118.86
61

0.036
-0.042
0.017
-0.004
-0.009
0.009
0.009
-0.031
0.006
0.005
0.012
0.018
-0.009
0.014
0.036
0.017
-0.004
-0.010
0.000
-0.006
0.001
0.001
0.004
0.011
0.010
0.015

16.9
17.19
17
17.2
17.05
17.05
17.03
17.15
17
17
17
17
17.12
17.11
17.08
17.82
17.98
18
17.94
17.69
17.1
17.32
17.25
17.29
17.45
17.61
17.78

0.017
-0.011
0.012
-0.009
0.000
-0.001
0.007
-0.009
0.000
0.000
0.000
0.007
-0.001
-0.002
0.043
0.009
0.001
-0.003
-0.014
-0.033
0.013
-0.004
0.002
0.009
0.009
0.010

Top down investment risk research of the banking sector

12.57
12.41
12.4
12.35
12.5
12.83
12.95
13.2
13.59
13.45
13.88
13.84
14.27
14.04
14.08
13.68
13.53
14.53
15.53
15.98
15.37
15.59
16.11
15.8
16.03
16.46
16.25
15.79
15.18
15.9
14.32
14.23
14.58
15.18
16.06
16.11
16.2
15.79
16.5

-0.019
-0.013
-0.001
-0.004
0.012
0.026
0.009
0.019
0.030
-0.010
0.032
-0.003
0.031
-0.016
0.003
-0.028
-0.011
0.074
0.069
0.029
-0.038
0.014
0.033
-0.019
0.015
0.027
-0.013
-0.028
-0.039
0.047
-0.099
-0.006
0.025
0.041
0.058
0.003
0.006
-0.025
0.045

32.48
32.34
32.37
32.47
32.33
32.22
32.05
32.14
32.1
32.52
32.77
32.75
32.74
32.57
32.51
32.5
32.39
32.5
32.5
32.43
32.45
32.79
33
33.08
32.74
32.79
33.02
26.69
26.66
26.91
27.01
27.01
26.95
27.16
27.04
27.4
27.66
27.14
27.41

0.005
-0.004
0.001
0.003
-0.004
-0.003
-0.005
0.003
-0.001
0.013
0.008
-0.001
0.000
-0.005
-0.002
0.000
-0.003
0.003
0.000
-0.002
0.001
0.010
0.006
0.002
-0.010
0.002
0.007
-0.192
-0.001
0.009
0.004
0.000
-0.002
0.008
-0.004
0.013
0.009
-0.019
0.010

119.18
119.39
121.88
121.95
121.24
119.24
117.57
118.94
118.49
118.7
123.5
125.17
122.56
121.4
120.47
120.6
120.01
120.2
120.49
120.25
119.21
119.97
118.81
119.11
118.62
119.42
119.78
103.89
101.79
103.4
100.74
100.7
102.05
103.29
108.06
109.86
111.37
110
112.82
62

0.003
0.002
0.021
0.001
-0.006
-0.016
-0.014
0.012
-0.004
0.002
0.040
0.014
-0.021
-0.009
-0.008
0.001
-0.005
0.002
0.002
-0.002
-0.009
0.006
-0.010
0.003
-0.004
0.007
0.003
-0.133
-0.020
0.016
-0.026
0.000
0.013
0.012
0.046
0.017
0.014
-0.012
0.026

17.8
17.69
17.51
17.5
17.47
17.36
17.28
17.22
17.02
17.29
18.29
18.49
19.11
18.41
17.41
17.71
17.57
17.66
17.68
17.89
17.6
17.68
17.77
17.88
17.75
17.75
17.57
17.32
17.03
17.51
17.2
16.18
16.47
16.21
16.21
16.2
16.44
16.75
16.75

0.001
-0.006
-0.010
-0.001
-0.002
-0.006
-0.005
-0.003
-0.012
0.016
0.058
0.011
0.034
-0.037
-0.054
0.017
-0.008
0.005
0.001
0.012
-0.016
0.005
0.005
0.006
-0.007
0.000
-0.010
-0.014
-0.017
0.028
-0.018
-0.059
0.018
-0.016
0.000
-0.001
0.015
0.019
0.000

Top down investment risk research of the banking sector

16.9
16.6
16.11
16.18
16.23
16.08
15.78
16.08
15.72
15.82
16.06
16.9
16.83
17.49
17.58
17.62
17.22
17.37
17.27
18.02
18.44
18.21
18.19
17.81
17.75
17.55
17.35
17.42
17.17
16.92
16.98
16.52
16.73
17.24
17.77
17.89
17.48
17.55
17.28

0.024
-0.018
-0.030
0.004
0.003
-0.009
-0.019
0.019
-0.022
0.006
0.015
0.052
-0.004
0.039
0.005
0.002
-0.023
0.009
-0.006
0.043
0.023
-0.012
-0.001
-0.021
-0.003
-0.011
-0.011
0.004
-0.014
-0.015
0.004
-0.027
0.013
0.030
0.031
0.007
-0.023
0.004
-0.015

28.37
28.02
28.26
29.16
29.26
28.52
28
28.16
28.4
28.27
28.43
28.47
28.62
28.84
28.48
28.46
28.2
28.03
27.97
27.98
27.98
27.97
27.95
28
29.24
30.48
29.47
29.39
30.08
29.14
29.25
28.82
28.61
28.93
28.9
28.74
28.7
28.77
28.82

0.035
-0.012
0.009
0.032
0.003
-0.025
-0.018
0.006
0.009
-0.005
0.006
0.001
0.005
0.008
-0.012
-0.001
-0.009
-0.006
-0.002
0.000
0.000
0.000
-0.001
0.002
0.044
0.042
-0.033
-0.003
0.023
-0.031
0.004
-0.015
-0.007
0.011
-0.001
-0.006
-0.001
0.002
0.002

116.15
112.55
111.83
111.72
108.98
110
108.95
110.11
107.9
108.21
109.47
109.06
108.81
110.25
112.92
116.28
113.77
113.42
111.97
111.64
114.49
116.54
115.87
114.17
115.29
113.47
111.25
112.22
114.01
111.59
110.99
109.08
109.51
112
111.99
112.01
112.41
112.1
112.38
63

0.030
-0.031
-0.006
-0.001
-0.025
0.009
-0.010
0.011
-0.020
0.003
0.012
-0.004
-0.002
0.013
0.024
0.030
-0.022
-0.003
-0.013
-0.003
0.026
0.018
-0.006
-0.015
0.010
-0.016
-0.020
0.009
0.016
-0.021
-0.005
-0.017
0.004
0.023
0.000
0.000
0.004
-0.003
0.002

17.26
17.02
16.85
17.34
17.05
17.06
17.28
17.6
17.39
18.33
18.44
18.83
18.35
18.5
18.75
18.25
18.15
18.2
18.2
18.05
18.37
18.06
18.68
18.5
18.47
18.8
18.5
18.51
18.41
18.2
18.14
18.49
18.1
18.09
18.05
18.01
17.8
17.89
17.9

0.030
-0.014
-0.010
0.029
-0.017
0.001
0.013
0.019
-0.012
0.054
0.006
0.021
-0.025
0.008
0.014
-0.027
-0.005
0.003
0.000
-0.008
0.018
-0.017
0.034
-0.010
-0.002
0.018
-0.016
0.001
-0.005
-0.011
-0.003
0.019
-0.021
-0.001
-0.002
-0.002
-0.012
0.005
0.001

Top down investment risk research of the banking sector

16.91
16.75
16.8
16.99
16.72
16.57
16.61
16.36
16.4
16.12
16.4
17.07
16.72
17.02
16.98
16.91
16.5
16.94
17.01
17.3
17.67
17.44
17.1
17.6
17.62
17.42
17.69
17.88
17.95
17.74
17.99
17.86
17.54
17.45
17.71
17.98
18.05
18.08
18

-0.021
-0.009
0.003
0.011
-0.016
-0.009
0.002
-0.015
0.002
-0.017
0.017
0.041
-0.021
0.018
-0.002
-0.004
-0.024
0.027
0.004
0.017
0.021
-0.013
-0.019
0.029
0.001
-0.011
0.015
0.011
0.004
-0.012
0.014
-0.007
-0.018
-0.005
0.015
0.015
0.004
0.002
-0.004

28.46
28.17
28.3
28.4
28.26
28.31
28.59
28.21
28.3
28.27
28.08
28.48
28.09
28.67
28.31
28.5
28.34
28.44
28.45
28.47
28.48
28.44
28.47
28.56
28.68
28.69
28.55
28.62
28.57
28.71
28.81
28.99
28.91
28.73
28.76
28.91
29.01
29.45
29.27

-0.012
-0.010
0.005
0.004
-0.005
0.002
0.010
-0.013
0.003
-0.001
-0.007
0.014
-0.014
0.021
-0.013
0.007
-0.006
0.004
0.000
0.001
0.000
-0.001
0.001
0.003
0.004
0.000
-0.005
0.002
-0.002
0.005
0.003
0.006
-0.003
-0.006
0.001
0.005
0.003
0.015
-0.006

109.98
105.26
106.18
106.35
105.15
105.21
104.71
103.9
104.2
103.56
103.89
106.24
107.29
107.75
108.09
108.61
107.41
107.54
108.2
108.5
109.75
110.95
112.84
114.01
114.05
113.52
113.2
114.45
114.33
113.28
112.99
113.05
112.61
113.72
114.98
115.49
114.99
115.03
112.58
64

-0.021
-0.043
0.009
0.002
-0.011
0.001
-0.005
-0.008
0.003
-0.006
0.003
0.023
0.010
0.004
0.003
0.005
-0.011
0.001
0.006
0.003
0.012
0.011
0.017
0.010
0.000
-0.005
-0.003
0.011
-0.001
-0.009
-0.003
0.001
-0.004
0.010
0.011
0.004
-0.004
0.000
-0.021

17.6
17.82
17.85
18
17.99
17.65
17.27
17.15
16.93
17.42
17.25
17.5
17.45
17.53
17.46
17.1
17.1
17.47
17.31
17.54
17.22
17.97
17.26
17.5
17.5
17.74
17.7
17.51
17.51
17.51
17.69
17.8
17.95
18
18.2
18.03
18.03
18
18

-0.017
0.012
0.002
0.008
-0.001
-0.019
-0.022
-0.007
-0.013
0.029
-0.010
0.014
-0.003
0.005
-0.004
-0.021
0.000
0.022
-0.009
0.013
-0.018
0.044
-0.040
0.014
0.000
0.014
-0.002
-0.011
0.000
0.000
0.010
0.006
0.008
0.003
0.011
-0.009
0.000
-0.002
0.000

Top down investment risk research of the banking sector

17.87
18.04
17.98
18.06
18.89
18.81
18.78
18.42
17.95
17.8
17.79
17.76
17.74
17.6
16.99
17.26
17.13
16.79
16.88
16.79
17.15
16.8
17.34
17.31
17.08
16.83
16.75
16.63
16.61
16.58
16.52
16.87
16.55
16.52
16.47
16.55
16.57
16.27
16.25

-0.007
0.010
-0.003
0.004
0.046
-0.004
-0.002
-0.019
-0.026
-0.008
-0.001
-0.002
-0.001
-0.008
-0.035
0.016
-0.008
-0.020
0.005
-0.005
0.021
-0.020
0.032
-0.002
-0.013
-0.015
-0.005
-0.007
-0.001
-0.002
-0.004
0.021
-0.019
-0.002
-0.003
0.005
0.001
-0.018
-0.001

29.29
29.07
29.07
29.54
29.8
30.1
30.49
30.44
30.19
30.29
30.02
30.29
30.13
30.05
29.49
29.41
29.52
29.64
29.7
29.83
29.8
29.74
30.11
30.02
30
29.8
29.6
29.22
29.55
29.53
29.53
29.33
29.21
29.35
28.99
29.03
29.02
28.95
28.92

0.001
-0.008
0.000
0.016
0.009
0.010
0.013
-0.002
-0.008
0.003
-0.009
0.009
-0.005
-0.003
-0.019
-0.003
0.004
0.004
0.002
0.004
-0.001
-0.002
0.012
-0.003
-0.001
-0.007
-0.007
-0.013
0.011
-0.001
0.000
-0.007
-0.004
0.005
-0.012
0.001
0.000
-0.002
-0.001

113.19
114.5
114.56
113.75
113.27
114.07
116.42
115.98
116.53
119.32
120.07
117.21
118.16
117.87
114.97
115.06
114.86
115.47
116.73
115.66
114.89
114.55
114.93
114.98
114.73
114.32
113.98
112.98
112.06
111.35
111.04
111
109.64
107.51
107.09
107.67
108.33
107.64
106.41
65

0.005
0.012
0.001
-0.007
-0.004
0.007
0.021
-0.004
0.005
0.024
0.006
-0.024
0.008
-0.002
-0.025
0.001
-0.002
0.005
0.011
-0.009
-0.007
-0.003
0.003
0.000
-0.002
-0.004
-0.003
-0.009
-0.008
-0.006
-0.003
0.000
-0.012
-0.019
-0.004
0.005
0.006
-0.006
-0.011

18
18
17.6
17.75
17.9
18.1
18.05
18.39
17.76
17.76
17.5
17.5
17.7
17.85
18.03
18.1
18.19
18.05
18.4
18.5
18.51
18.55
18.51
18.5
18.27
18
18.2
18.07
18
18
18.05
17.75
18
18
17.75
17.8
17.85
17.74
17.14

0.000
0.000
-0.022
0.009
0.008
0.011
-0.003
0.019
-0.034
0.000
-0.015
0.000
0.011
0.008
0.010
0.004
0.005
-0.008
0.019
0.005
0.001
0.002
-0.002
-0.001
-0.012
-0.015
0.011
-0.007
-0.004
0.000
0.003
-0.017
0.014
0.000
-0.014
0.003
0.003
-0.006
-0.034

Top down investment risk research of the banking sector

16.19
16.21
15.93
15.56
15.12
15.09
15.42
15.36
15.29
15.57
15.71
15.68
15.41
15
15.1
14.93
15.02
15.22
15.51
15.53
15.47
15.37
15.28
15.34
15.02
15.11
15.29
15.49
15.62
15.92
16.14
16.12
16.09
16
15.9
15.9
16.1
16.44
16.36

-0.004
0.001
-0.017
-0.023
-0.028
-0.002
0.022
-0.004
-0.005
0.018
0.009
-0.002
-0.017
-0.027
0.007
-0.011
0.006
0.013
0.019
0.001
-0.004
-0.006
-0.006
0.004
-0.021
0.006
0.012
0.013
0.008
0.019
0.014
-0.001
-0.002
-0.006
-0.006
0.000
0.013
0.021
-0.005

28.75
28.62
28.59
28.31
28.02
28.25
28.37
28.81
28.56
28.6
28.88
28.59
28.44
28.39
28.49
28.37
28.45
28.47
28.47
28.41
28.92
29.25
29.08
29.15
29.15
29.35
29.3
29.65
29.1
29.1
29.18
29.5
29.77
29.98
29.96
29.73
29.89
29.96
29.85

-0.006
-0.005
-0.001
-0.010
-0.010
0.008
0.004
0.016
-0.009
0.001
0.010
-0.010
-0.005
-0.002
0.004
-0.004
0.003
0.001
0.000
-0.002
0.018
0.011
-0.006
0.002
0.000
0.007
-0.002
0.012
-0.019
0.000
0.003
0.011
0.009
0.007
-0.001
-0.008
0.005
0.002
-0.004

106.91
106.49
107
106.71
106.95
107.04
106.74
107.1
106.64
107.49
107.39
107.1
107.18
106.83
106.95
105.77
105.94
105.72
105.18
105.28
105.93
106.39
105.95
106.37
105.72
105.73
105.65
106.06
105.54
106.42
106.37
107.29
107.97
107.45
110.01
109.32
108.62
109.61
109.3
66

0.005
-0.004
0.005
-0.003
0.002
0.001
-0.003
0.003
-0.004
0.008
-0.001
-0.003
0.001
-0.003
0.001
-0.011
0.002
-0.002
-0.005
0.001
0.006
0.004
-0.004
0.004
-0.006
0.000
-0.001
0.004
-0.005
0.008
0.000
0.009
0.006
-0.005
0.024
-0.006
-0.006
0.009
-0.003

17.55
17.49
17.4
17.46
17.25
17.3
17.35
17.6
17.5
17.35
17.75
17.43
17.55
17.49
17.5
17.5
17.5
17.4
17.8
17.78
17.7
17.73
17.67
17.65
17.6
17.5
17.46
17.52
17.75
17.65
17.64
17.75
17.61
17.77
17.89
17.85
17.98
18.01
18.18

0.024
-0.003
-0.005
0.003
-0.012
0.003
0.003
0.014
-0.006
-0.009
0.023
-0.018
0.007
-0.003
0.001
0.000
0.000
-0.006
0.023
-0.001
-0.004
0.002
-0.003
-0.001
-0.003
-0.006
-0.002
0.003
0.013
-0.006
-0.001
0.006
-0.008
0.009
0.007
-0.002
0.007
0.002
0.009

Top down investment risk research of the banking sector

16.51
16.61
16.79
16.56
16.22
16.43
16.74
16.81
16.66
16.76
17.12
17.06
16.91
16.79
16.81
16.88
16.97
16.76
16.98
16.97
16.95
16.81
16.85
16.85
16.88
16.87
16.82
16.77
16.3
16.44
16.41
16.49
16.8
16.87
16.82
16.92
17.07
16.31
16.55

0.009
0.006
0.011
-0.014
-0.021
0.013
0.019
0.004
-0.009
0.006
0.021
-0.004
-0.009
-0.007
0.001
0.004
0.005
-0.012
0.013
-0.001
-0.001
-0.008
0.002
0.000
0.002
-0.001
-0.003
-0.003
-0.028
0.009
-0.002
0.005
0.019
0.004
-0.003
0.006
0.009
-0.045
0.015

29.85
30
29.91
29.8
30.4
30.74
31
31.01
31.47
32.81
32.89
32.51
32.5
32.28
32.28
32.51
32.62
32.2
32.5
32.61
32.48
32.3
32.3
32.14
31.9
31.8
31.73
31.77
31.54
31.89
32.02
31.84
31.75
31.94
31.52
31.99
31.89
30.57
31.17

0.000
0.005
-0.003
-0.004
0.020
0.011
0.008
0.000
0.015
0.043
0.002
-0.012
0.000
-0.007
0.000
0.007
0.003
-0.013
0.009
0.003
-0.004
-0.006
0.000
-0.005
-0.007
-0.003
-0.002
0.001
-0.007
0.011
0.004
-0.006
-0.003
0.006
-0.013
0.015
-0.003
-0.041
0.020

108.75
108.82
107.91
108.29
108.33
109.53
111.8
111.47
112
113.56
115.94
117.33
117.08
116.53
116.15
115.76
116.97
116.96
118.01
118.33
118.14
117.88
117.84
117.92
117.64
118.07
117.81
117.81
115.54
115.5
114.98
114.02
114.73
114.96
113.88
113.99
113.88
110.35
111.17
67

-0.005
0.001
-0.008
0.004
0.000
0.011
0.021
-0.003
0.005
0.014
0.021
0.012
-0.002
-0.005
-0.003
-0.003
0.010
0.000
0.009
0.003
-0.002
-0.002
0.000
0.001
-0.002
0.004
-0.002
0.000
-0.019
0.000
-0.005
-0.008
0.006
0.002
-0.009
0.001
-0.001
-0.031
0.007

18.07
18.15
18.61
18.69
18.7
19
19
18.71
18.57
18.7
18.69
18.75
18.7
18.6
18.98
18.83
18.85
18.8
18.98
18.94
18.78
18.7
18.85
18.75
18.05
18.3
18.3
17.98
18.06
18.01
18.18
18.45
18.4
17.7
17.53
17.73
18
18.15
18.35

-0.006
0.004
0.025
0.004
0.001
0.016
0.000
-0.015
-0.007
0.007
-0.001
0.003
-0.003
-0.005
0.020
-0.008
0.001
-0.003
0.010
-0.002
-0.008
-0.004
0.008
-0.005
-0.037
0.014
0.000
-0.017
0.004
-0.003
0.009
0.015
-0.003
-0.038
-0.010
0.011
0.015
0.008
0.011

Top down investment risk research of the banking sector

16.66
17.15
17.1
17.58
17.73
17.63
17.76
18.06
18.12
18.49
18.72
18.72
18.74
18.69
18.5
18.39
18.87
18.77
18.57
18.5
18.51
18.42
18.4
18.44
18.37
18.04
17.73
17.77
18.09
18.52
18.77
18.67
18.54
18.54
18.46
18
18.37
18.59
18.44

0.007
0.029
-0.003
0.028
0.009
-0.006
0.007
0.017
0.003
0.020
0.012
0.000
0.001
-0.003
-0.010
-0.006
0.026
-0.005
-0.011
-0.004
0.001
-0.005
-0.001
0.002
-0.004
-0.018
-0.017
0.002
0.018
0.024
0.013
-0.005
-0.007
0.000
-0.004
-0.025
0.021
0.012
-0.008

31.69
31.72
32.15
32.52
32.53
32.56
32.95
32.9
32.83
32.56
32.88
32.84
32.9
32.76
32.98
32.99
32.97
32.86
31.97
31.76
31.18
31.22
31.17
30.57
30.52
30.25
30.5
30.6
30.43
29.51
29.88
29.73
29.67
29.71
29.7
29.52
30.16
30.08
30.19

0.017
0.001
0.014
0.012
0.000
0.001
0.012
-0.002
-0.002
-0.008
0.010
-0.001
0.002
-0.004
0.007
0.000
-0.001
-0.003
-0.027
-0.007
-0.018
0.001
-0.002
-0.019
-0.002
-0.009
0.008
0.003
-0.006
-0.030
0.013
-0.005
-0.002
0.001
0.000
-0.006
0.022
-0.003
0.004

112.72
114.15
115.49
117.22
116.99
117.01
117.2
118.01
118.12
118.65
118.08
118.71
119
117.27
117.65
116.99
117.44
116.93
116.83
116.93
116.7
116.48
116.42
116.73
116.52
116.18
115.72
115.72
116.17
115.13
115.42
114.74
114.51
114.5
113.79
113.05
114.24
113.25
113.11
68

0.014
0.013
0.012
0.015
-0.002
0.000
0.002
0.007
0.001
0.004
-0.005
0.005
0.002
-0.015
0.003
-0.006
0.004
-0.004
-0.001
0.001
-0.002
-0.002
-0.001
0.003
-0.002
-0.003
-0.004
0.000
0.004
-0.009
0.003
-0.006
-0.002
0.000
-0.006
-0.007
0.011
-0.009
-0.001

18.46
18.49
18.31
18.3
18.3
18.29
18.5
18.45
18.55
18.5
18.55
18.58
18.69
18.5
18.28
18.25
18.26
18.5
18.48
18.26
18.24
18.04
17.95
18.27
18.68
18.51
18.6
18.5
18.16
18.44
18.2
18
18.03
16.03
16
16.07
15.31
15.54
15.37

0.006
0.002
-0.010
-0.001
0.000
-0.001
0.011
-0.003
0.005
-0.003
0.003
0.002
0.006
-0.010
-0.012
-0.002
0.001
0.013
-0.001
-0.012
-0.001
-0.011
-0.005
0.018
0.022
-0.009
0.005
-0.005
-0.018
0.015
-0.013
-0.011
0.002
-0.111
-0.002
0.004
-0.047
0.015
-0.011

Top down investment risk research of the banking sector

18.3
17.32
16.99
17.47
15.54
15.36
15.09
14.91
14.92
14.98
15.1
15.17
15.02
14.99
15.05
14.84
15.03
14.83
14.8
15.11
15.01
14.88
14.77
14.94
15.28
15.02
14.94
15.07
15
14.99
15
15.06
15.1
15.28
15.4
15.68
15.71
15.77
15.93

-0.008
-0.054
-0.019
0.028
-0.110
-0.012
-0.018
-0.012
0.001
0.004
0.008
0.005
-0.010
-0.002
0.004
-0.014
0.013
-0.013
-0.002
0.021
-0.007
-0.009
-0.007
0.012
0.023
-0.017
-0.005
0.009
-0.005
-0.001
0.001
0.004
0.003
0.012
0.008
0.018
0.002
0.004
0.010

26.96
26.38
26.31
26.55
26.76
26.55
26.4
26.36
26.58
26.41
26.32
26.4
26.09
26.05
26.24
26.25
26.76
26.2
26.6
26.41
26.39
26.28
25.74
25.63
25.79
25.91
25.51
25.54
25.5
25.49
25.41
25.05
24.79
24.86
24.98
25.23
25.03
25.49
26.09

-0.107
-0.022
-0.003
0.009
0.008
-0.008
-0.006
-0.002
0.008
-0.006
-0.003
0.003
-0.012
-0.002
0.007
0.000
0.019
-0.021
0.015
-0.007
-0.001
-0.004
-0.021
-0.004
0.006
0.005
-0.015
0.001
-0.002
0.000
-0.003
-0.014
-0.010
0.003
0.005
0.010
-0.008
0.018
0.024

99.09
96.52
96.43
95.98
96.3
95.99
96.48
95.85
96.59
96.6
96.51
97.06
96.93
97.13
96.94
96.98
96.45
96.14
96.3
95.97
95.84
91.62
90.15
89.87
91.27
89.99
89.81
89.92
90.03
90
89.87
88.7
88
88.81
89.66
90
89.45
89.98
92.22
69

-0.124
-0.026
-0.001
-0.005
0.003
-0.003
0.005
-0.007
0.008
0.000
-0.001
0.006
-0.001
0.002
-0.002
0.000
-0.005
-0.003
0.002
-0.003
-0.001
-0.044
-0.016
-0.003
0.016
-0.014
-0.002
0.001
0.001
0.000
-0.001
-0.013
-0.008
0.009
0.010
0.004
-0.006
0.006
0.025

15.41
15.3
15.2
15.25
15.3
15.3
15.16
15.58
15.36
15.31
15
14.95
14.9
14.9
14.75
14.83
14.72
14.7
14.8
14.98
15.2
15.15
14.99
15
14.61
15.02
14.83
14.84
14.86
15.5
15.58
15.34
15.3
15.41
15.7
15.69
16.16
16.39
16.58

0.003
-0.007
-0.007
0.003
0.003
0.000
-0.009
0.028
-0.014
-0.003
-0.020
-0.003
-0.003
0.000
-0.010
0.005
-0.007
-0.001
0.007
0.012
0.015
-0.003
-0.011
0.001
-0.026
0.028
-0.013
0.001
0.001
0.043
0.005
-0.015
-0.003
0.007
0.019
-0.001
0.030
0.014
0.012

Top down investment risk research of the banking sector

16.31
16.49
16.96
16.87
16.85
16.97
17.26
17.51
17.49
17.12
17.2
17.28
17.49
17.8
17.59
17.79
17.75
17.53
17.43
17.65
17.82
17.31
17.69
17.58
17.81
18.58
18.94
18.05
18.02
19.02
18.5
17.64
18.56
18.86
17.96
18.22
18.55
18.8
18.93

0.024
0.011
0.029
-0.005
-0.001
0.007
0.017
0.014
-0.001
-0.021
0.005
0.005
0.012
0.018
-0.012
0.011
-0.002
-0.012
-0.006
0.013
0.010
-0.029
0.022
-0.006
0.013
0.043
0.019
-0.047
-0.002
0.055
-0.027
-0.046
0.052
0.016
-0.048
0.014
0.018
0.013
0.007

26.42
26.8
26.96
26.93
26.75
26.91
27.2
27.08
28.43
29.61
29.13
29.54
29.3
29.06
29
29.13
30
29.75
30.08
30.26
30.3
30.05
30.05
30.01
30.22
30.49
30.2
29.66
29.77
29.74
29.66
28.24
27.47
27.34
27.6
27.19
27.66
28.21
29

0.013
0.014
0.006
-0.001
-0.007
0.006
0.011
-0.004
0.050
0.042
-0.016
0.014
-0.008
-0.008
-0.002
0.004
0.030
-0.008
0.011
0.006
0.001
-0.008
0.000
-0.001
0.007
0.009
-0.010
-0.018
0.004
-0.001
-0.003
-0.048
-0.027
-0.005
0.010
-0.015
0.017
0.020
0.028

93.85
97.94
99.93
101.55
101.81
101.13
100.5
101.03
103.15
104.22
102.94
101.35
103.35
102.45
102.92
105.65
108.17
107.99
107.51
111.94
113.11
110.92
114.96
114.1
119.8
118.35
117.46
117.01
117.34
117.64
117.67
114.65
115.69
115.81
115.9
119.24
122.45
124.11
123.65
70

0.018
0.044
0.020
0.016
0.003
-0.007
-0.006
0.005
0.021
0.010
-0.012
-0.015
0.020
-0.009
0.005
0.027
0.024
-0.002
-0.004
0.041
0.010
-0.019
0.036
-0.007
0.050
-0.012
-0.008
-0.004
0.003
0.003
0.000
-0.026
0.009
0.001
0.001
0.029
0.027
0.014
-0.004

16.52
16.49
16.52
17.18
18.01
17.64
17.55
17.31
17.78
18
17.99
17.9
18.12
18.83
18.4
18.66
18.31
18.23
18.1
18.2
18.31
18.25
18
17.76
17.9
18.1
17.5
17.44
17.5
17.5
17.75
17.4
17.78
17.89
18.52
18.32
18.62
18.49
18.4

-0.004
-0.002
0.002
0.040
0.048
-0.021
-0.005
-0.014
0.027
0.012
-0.001
-0.005
0.012
0.039
-0.023
0.014
-0.019
-0.004
-0.007
0.006
0.006
-0.003
-0.014
-0.013
0.008
0.011
-0.033
-0.003
0.003
0.000
0.014
-0.020
0.022
0.006
0.035
-0.011
0.016
-0.007
-0.005

Top down investment risk research of the banking sector

18.86
19.52
19.93
20.81
20.25
19.68
20.58
20.89
20.84
20.13
20.52
20.79
20.82
21.73
22.04
21.14
21.77
21.31
21.26
21.15
20.73
20.35
20.7
21.73
21.69
21.53
21.34
21.87
21.71
21.49
20.69
21.05
21.27
20.94
20.75
20.95
20.91
20.6
20.33

-0.004
0.035
0.021
0.044
-0.027
-0.028
0.046
0.015
-0.002
-0.034
0.019
0.013
0.001
0.044
0.014
-0.041
0.030
-0.021
-0.002
-0.005
-0.020
-0.018
0.017
0.050
-0.002
-0.007
-0.009
0.025
-0.007
-0.010
-0.037
0.017
0.010
-0.016
-0.009
0.010
-0.002
-0.015
-0.013

29.39
30.34
30.34
31.84
31.49
31
31.67
31.88
32
31.39
32.02
32.57
32.43
32.82
32.9
32.66
32.81
31.99
31.83
32.03
32.14
31.04
31.99
32.69
32.7
33.08
33.98
33.88
34
35.33
35.33
35.08
34.75
33.88
33.27
33.79
33.74
33.56
32.54

0.013
0.032
0.000
0.049
-0.011
-0.016
0.022
0.007
0.004
-0.019
0.020
0.017
-0.004
0.012
0.002
-0.007
0.005
-0.025
-0.005
0.006
0.003
-0.034
0.031
0.022
0.000
0.012
0.027
-0.003
0.004
0.039
0.000
-0.007
-0.009
-0.025
-0.018
0.016
-0.001
-0.005
-0.030

126.56
129.84
127.11
133.46
137.12
140.29
143.56
148.89
150.22
149.06
153.39
160.87
164.12
165.84
170.31
166.09
166.35
167.1
167.14
170.45
167.41
159.55
162.18
165.17
162.32
161.86
163.46
163.27
160.43
159.6
158.58
162.09
164.45
162.01
156.92
152.16
158.13
159.77
156.2
71

0.024
0.026
-0.021
0.050
0.027
0.023
0.023
0.037
0.009
-0.008
0.029
0.049
0.020
0.010
0.027
-0.025
0.002
0.005
0.000
0.020
-0.018
-0.047
0.016
0.018
-0.017
-0.003
0.010
-0.001
-0.017
-0.005
-0.006
0.022
0.015
-0.015
-0.031
-0.030
0.039
0.010
-0.022

18.31
18.35
18.5
18.4
18.5
18.47
18.49
18.18
18.66
18.5
18.51
18.5
18.69
18.81
18.65
18.72
18.93
19.13
18.96
19.01
19.02
19
19.14
18.76
18.95
19.49
19.78
19.94
19.38
19.13
19
18.55
19.1
19
19.41
20.41
21.43
22.14
21.71

-0.005
0.002
0.008
-0.005
0.005
-0.002
0.001
-0.017
0.026
-0.009
0.001
-0.001
0.010
0.006
-0.009
0.004
0.011
0.011
-0.009
0.003
0.001
-0.001
0.007
-0.020
0.010
0.028
0.015
0.008
-0.028
-0.013
-0.007
-0.024
0.030
-0.005
0.022
0.052
0.050
0.033
-0.019

Top down investment risk research of the banking sector

20.63
20.84
21.47
21.14
21
20.94
20.91
21.37
21.54
22.44
22.63
23.28
24.38
24.07
23.92
23.09
23.12
23.03
22.01
20.94
20.81
21.11
21.15
21.04
20.99
21.58
20.91
20.75
20.51
20.56
21.1
21.87
22.41
23
22.64
22.47
22.4
22.36
22.7

0.015
0.010
0.030
-0.015
-0.007
-0.003
-0.001
0.022
0.008
0.042
0.008
0.029
0.047
-0.013
-0.006
-0.035
0.001
-0.004
-0.044
-0.049
-0.006
0.014
0.002
-0.005
-0.002
0.028
-0.031
-0.008
-0.012
0.002
0.026
0.036
0.025
0.026
-0.016
-0.008
-0.003
-0.002
0.015

32.74
33.79
34.01
34.81
35.01
34.94
34.72
34.98
34.68
36.41
37.67
39.32
41.28
41.39
41.02
39.49
38.74
37.9
36.54
36.27
35.87
35.8
35.51
35.5
35.68
36.84
35.49
35.09
34.79
34.57
36
37.66
36.99
36.85
36.89
36.6
36.5
36.06
36.51

0.006
0.032
0.007
0.024
0.006
-0.002
-0.006
0.007
-0.009
0.050
0.035
0.044
0.050
0.003
-0.009
-0.037
-0.019
-0.022
-0.036
-0.007
-0.011
-0.002
-0.008
0.000
0.005
0.033
-0.037
-0.011
-0.009
-0.006
0.041
0.046
-0.018
-0.004
0.001
-0.008
-0.003
-0.012
0.012

157
157.98
162.98
158.15
156.87
155.38
153.52
154.94
152.08
159.68
158.66
165.61
173.89
170.64
170.68
165.71
167.56
165.44
160.48
152.46
151.76
150.08
147.16
145.75
142.78
147.57
149.85
147.85
147.93
146.24
148.16
152.96
149.86
149.26
149.95
148.08
147.32
147.06
147.83
72

0.005
0.006
0.032
-0.030
-0.008
-0.009
-0.012
0.009
-0.018
0.050
-0.006
0.044
0.050
-0.019
0.000
-0.029
0.011
-0.013
-0.030
-0.050
-0.005
-0.011
-0.019
-0.010
-0.020
0.034
0.015
-0.013
0.001
-0.011
0.013
0.032
-0.020
-0.004
0.005
-0.012
-0.005
-0.002
0.005

21.45
21.56
22.63
22.5
23.62
24.8
24.56
23.96
23.52
23.49
22.61
21.72
21.09
22.14
22.47
21.94
22.06
21.8
22.44
21.7
21.09
21.36
20.79
21.8
22.5
21.48
22.38
22
22.04
21.75
21.97
22.42
22.51
22.36
23.21
22.87
22.48
22.88
22.99

-0.012
0.005
0.050
-0.006
0.050
0.050
-0.010
-0.024
-0.018
-0.001
-0.037
-0.039
-0.029
0.050
0.015
-0.024
0.005
-0.012
0.029
-0.033
-0.028
0.013
-0.027
0.049
0.032
-0.045
0.042
-0.017
0.002
-0.013
0.010
0.020
0.004
-0.007
0.038
-0.015
-0.017
0.018
0.005

Top down investment risk research of the banking sector

23.24
23.01
24.16
24.6
24.54
24.69
24.75
24.88
25.09
25.23
25.06
24.85
24.48
24.46
24.97
24.82
24.41
24.96
24.92
25.5
25.33
25.09
25.31
25.82
25.83
25.55
25.52
26.09
26.26
26.62
27.38
27.33
27.08
28.13
27.74
27.44
27.27
27.4
27.05

0.024
-0.010
0.050
0.018
-0.002
0.006
0.002
0.005
0.008
0.006
-0.007
-0.008
-0.015
-0.001
0.021
-0.006
-0.017
0.023
-0.002
0.023
-0.007
-0.009
0.009
0.020
0.000
-0.011
-0.001
0.022
0.007
0.014
0.029
-0.002
-0.009
0.039
-0.014
-0.011
-0.006
0.005
-0.013

37.51
37.24
38.02
39.12
38.83
39.45
39.46
38.25
39.75
39.55
40.11
39.51
39.42
39.64
40.03
40.78
40.03
40.4
40.52
40.89
40.81
40.58
42
41.7
41.42
41.03
41.2
41.24
41.5
41.63
42.15
42.79
42.5
42
42.04
42.1
42.48
41.25
41.09

0.027
-0.007
0.021
0.029
-0.007
0.016
0.000
-0.031
0.039
-0.005
0.014
-0.015
-0.002
0.006
0.010
0.019
-0.018
0.009
0.003
0.009
-0.002
-0.006
0.035
-0.007
-0.007
-0.009
0.004
0.001
0.006
0.003
0.012
0.015
-0.007
-0.012
0.001
0.001
0.009
-0.029
-0.004

145.32
142.79
146.54
149.41
149.22
150.78
157.5
159.66
159.17
161.58
160.4
159.16
159.12
161.3
158.88
160.11
158.84
159.8
161.04
162.51
162.7
162.31
162.99
162.79
162.11
161.12
161.28
162.04
162.2
162.4
161.54
162.18
164.31
165.78
163.96
162.84
162.5
161.72
161.21
73

-0.017
-0.017
0.026
0.020
-0.001
0.010
0.045
0.014
-0.003
0.015
-0.007
-0.008
0.000
0.014
-0.015
0.008
-0.008
0.006
0.008
0.009
0.001
-0.002
0.004
-0.001
-0.004
-0.006
0.001
0.005
0.001
0.001
-0.005
0.004
0.013
0.009
-0.011
-0.007
-0.002
-0.005
-0.003

23.14
23.24
24.34
25.1
24.96
25.07
25
24.99
25.04
24.84
25.06
25.09
25.82
26.16
25.7
25.72
25.61
25.95
25.46
25.42
25.5
25.31
25.55
25.9
25.95
25.65
25.96
25.29
25.36
25.42
24.98
25
25.07
25.5
25.5
25.5
25.75
25.55
25.74

0.007
0.004
0.047
0.031
-0.006
0.004
-0.003
0.000
0.002
-0.008
0.009
0.001
0.029
0.013
-0.018
0.001
-0.004
0.013
-0.019
-0.002
0.003
-0.007
0.009
0.014
0.002
-0.012
0.012
-0.026
0.003
0.002
-0.017
0.001
0.003
0.017
0.000
0.000
0.010
-0.008
0.007

Top down investment risk research of the banking sector

27.04
27.32
27.72
27.6
27.79
27.5
27.6
27.35
27.1
27.1
27.65
27.61
27.96
27.9
28.28
28.66
28.48
28.21
27.78
27.69
27.88
27.91
27.64
27.6
27.16
27.52
27.69
26.99
26.9
27.69
27.8
27.95
27.59
27.4
27.54
27.76
27.97
28.11
27.98

0.000
0.010
0.015
-0.004
0.007
-0.010
0.004
-0.009
-0.009
0.000
0.020
-0.001
0.013
-0.002
0.014
0.013
-0.006
-0.009
-0.015
-0.003
0.007
0.001
-0.010
-0.001
-0.016
0.013
0.006
-0.025
-0.003
0.029
0.004
0.005
-0.013
-0.007
0.005
0.008
0.008
0.005
-0.005

41.55
40.99
41.02
41.2
41.04
40.56
40.84
41.44
41.92
41.5
41.81
41.51
42.38
41.57
41.76
41.58
42.5
42
41.69
41.16
41.25
41.25
41.35
41.32
40.49
40.7
40.51
40.14
40.9
41.01
39.82
40.32
39.54
39.13
39
39.04
39.39
39.38
39.51

0.011
-0.013
0.001
0.004
-0.004
-0.012
0.007
0.015
0.012
-0.010
0.007
-0.007
0.021
-0.019
0.005
-0.004
0.022
-0.012
-0.007
-0.013
0.002
0.000
0.002
-0.001
-0.020
0.005
-0.005
-0.009
0.019
0.003
-0.029
0.013
-0.019
-0.010
-0.003
0.001
0.009
0.000
0.003

166.63
164.45
165.11
163.79
162.87
163.17
167.13
173.44
181.57
180.09
181.1
179.22
178
178.32
175.97
174.3
174.66
173.12
169.98
168.82
166.63
165.79
165.36
166.76
164.45
166.78
165.01
162.82
164.36
164.12
162.75
163.01
159.79
159.84
161.46
160.88
160.45
160.83
158.69
74

0.034
-0.013
0.004
-0.008
-0.006
0.002
0.024
0.038
0.047
-0.008
0.006
-0.010
-0.007
0.002
-0.013
-0.009
0.002
-0.009
-0.018
-0.007
-0.013
-0.005
-0.003
0.008
-0.014
0.014
-0.011
-0.013
0.009
-0.001
-0.008
0.002
-0.020
0.000
0.010
-0.004
-0.003
0.002
-0.013

25.7
25.56
25.5
25.6
25.51
25.71
25.54
25.55
25.74
25.68
25.59
25.23
25.25
25.57
25.5
25.49
25
24.48
24.46
24.5
23.83
23.76
24.29
24.59
24.79
24.12
24.3
24.6
23.85
24.1
24.25
24
24.05
24.02
24.3
24.6
25
25.99
26

-0.002
-0.005
-0.002
0.004
-0.004
0.008
-0.007
0.000
0.007
-0.002
-0.004
-0.014
0.001
0.013
-0.003
0.000
-0.019
-0.021
-0.001
0.002
-0.027
-0.003
0.022
0.012
0.008
-0.027
0.007
0.012
-0.030
0.010
0.006
-0.010
0.002
-0.001
0.012
0.012
0.016
0.040
0.000

Top down investment risk research of the banking sector

28.31
27.93
27.83
27.54
27.79
27.87
28.26
28.05
28.01
28.06
28.2
28.09
27.83
28.21
28.55
28.74
26.95
25.86
25.05
25.74
25.85
26.97
26.88
26.72
27.2
27.42
27.93
27.89
28.07
28.09
28.79
29.07
28.61
27.96
27.52
28.58
28.63
27.89
27.48

0.012
-0.013
-0.004
-0.010
0.009
0.003
0.014
-0.007
-0.001
0.002
0.005
-0.004
-0.009
0.014
0.012
0.007
-0.062
-0.040
-0.031
0.028
0.004
0.043
-0.003
-0.006
0.018
0.008
0.019
-0.001
0.006
0.001
0.025
0.010
-0.016
-0.023
-0.016
0.039
0.002
-0.026
-0.015

40.12
39.95
39.94
40.84
41.75
42.46
43.19
43.76
43.46
43.21
43.01
42.66
35.89
36.47
36.06
35.48
35.37
34.74
34.63
35.3
35.99
37.77
37.3
37.11
37.2
38.01
39.88
40.18
40.46
40.85
41.87
42.35
41.71
41
41.13
43.18
43.22
42.72
42.12

0.015
-0.004
0.000
0.023
0.022
0.017
0.017
0.013
-0.007
-0.006
-0.005
-0.008
-0.159
0.016
-0.011
-0.016
-0.003
-0.018
-0.003
0.019
0.020
0.049
-0.012
-0.005
0.002
0.022
0.049
0.008
0.007
0.010
0.025
0.011
-0.015
-0.017
0.003
0.050
0.001
-0.012
-0.014

156.75
160.78
162.3
166.98
170.88
172.45
180.12
184.18
186.59
183.91
183.75
182.95
181.56
182.81
178.3
178.73
179.92
164.01
160.17
162.22
168.1
170.96
170.15
174.31
175.55
177.25
178
176.7
177.18
178.44
178.12
182.25
181.09
180.9
189.28
191.96
192.11
187.27
182.94
75

-0.012
0.026
0.009
0.029
0.023
0.009
0.044
0.023
0.013
-0.014
-0.001
-0.004
-0.008
0.007
-0.025
0.002
0.007
-0.088
-0.023
0.013
0.036
0.017
-0.005
0.024
0.007
0.010
0.004
-0.007
0.003
0.007
-0.002
0.023
-0.006
-0.001
0.046
0.014
0.001
-0.025
-0.023

25.75
26.14
26.12
25.59
26
25.51
23.89
24
24.78
25.08
24.55
24.71
24.97
25.61
26.66
27
26.69
26.7
27
28
28.84
29.81
29.05
30.16
31.33
30.96
30.23
30
31.5
31.46
30.9
30.41
31
30.43
31.77
31.87
31.57
30.03
30.7

-0.010
0.015
-0.001
-0.020
0.016
-0.019
-0.064
0.005
0.033
0.012
-0.021
0.007
0.011
0.026
0.041
0.013
-0.011
0.000
0.011
0.037
0.030
0.034
-0.025
0.038
0.039
-0.012
-0.024
-0.008
0.050
-0.001
-0.018
-0.016
0.019
-0.018
0.044
0.003
-0.009
-0.049
0.022

Top down investment risk research of the banking sector

27.64
27.66
27.81
27.76
26.82
26.67
27.13
27.48
26.99
26.79
26.86
27.29
27.21
27.22
27.16
27.43
27.6
27.37
27.35
27.6
27.49
27.28
27.17
27.53
27.67
27.38
27.79
28.11
28.33
28.35
28.14
28.39
28.62
28.12
28.17
28.74
28.58
28.69
28.49

0.006
0.001
0.005
-0.002
-0.034
-0.006
0.017
0.013
-0.018
-0.007
0.003
0.016
-0.003
0.000
-0.002
0.010
0.006
-0.008
-0.001
0.009
-0.004
-0.008
-0.004
0.013
0.005
-0.010
0.015
0.012
0.008
0.001
-0.007
0.009
0.008
-0.017
0.002
0.020
-0.006
0.004
-0.007

42.35
42.01
43.04
42.38
41.91
41.06
42.59
42.01
42
41.76
41.57
41.79
42.14
42.56
43.55
43.5
43.5
44.28
43.83
43.61
43.48
43.8
44
43.81
43.98
43.89
44.65
44.01
44.5
44.45
43.99
43.99
43.24
44.48
44.05
44.05
44.25
44.25
44.25

0.005
-0.008
0.025
-0.015
-0.011
-0.020
0.037
-0.014
0.000
-0.006
-0.005
0.005
0.008
0.010
0.023
-0.001
0.000
0.018
-0.010
-0.005
-0.003
0.007
0.005
-0.004
0.004
-0.002
0.017
-0.014
0.011
-0.001
-0.010
0.000
-0.017
0.029
-0.010
0.000
0.005
0.000
0.000

189.14
184.14
184.94
188.88
186.17
184.85
184.72
185.21
184.13
180.35
180.61
186.79
181.98
180.96
180.65
180.16
183.53
183.95
186.04
184.14
182.54
184.75
182.67
185.99
184.62
184.2
188.33
193.23
192.36
189.71
188.63
189.78
188.9
189.93
185.67
185.97
185.87
187.63
187.13
76

0.034
-0.026
0.004
0.021
-0.014
-0.007
-0.001
0.003
-0.006
-0.021
0.001
0.034
-0.026
-0.006
-0.002
-0.003
0.019
0.002
0.011
-0.010
-0.009
0.012
-0.011
0.018
-0.007
-0.002
0.022
0.026
-0.005
-0.014
-0.006
0.006
-0.005
0.005
-0.022
0.002
-0.001
0.009
-0.003

31.72
32
31.24
30.52
30.7
30.53
30.97
30.9
31.01
32.56
32.68
32.37
32.01
31.95
31.72
32
32
32.48
32.9
32.85
34.07
33.98
33.3
33
32.8
32.71
33
33
31.94
31.51
32
32.03
32.2
31.99
31.03
30.7
30.8
30.55
31.38

0.033
0.009
-0.024
-0.023
0.006
-0.006
0.014
-0.002
0.004
0.050
0.004
-0.009
-0.011
-0.002
-0.007
0.009
0.000
0.015
0.013
-0.002
0.037
-0.003
-0.020
-0.009
-0.006
-0.003
0.009
0.000
-0.032
-0.013
0.016
0.001
0.005
-0.007
-0.030
-0.011
0.003
-0.008
0.027

Top down investment risk research of the banking sector

28.29
27.72
27.09
26.9
26.83
26.71
27.04
27.17
27.74
27.5
27.69
27.91
27.54
28.18
28.02
28
28.07
28.04
28.12
28.33
28.26
28.25
28.68
28.94
28.75
28.99
28.8
28.54
28.47
27.58
27.29
27.08
27.45
27.51
26.14
26.17
26.3
26.84
27.24

-0.007
-0.020
-0.023
-0.007
-0.003
-0.004
0.012
0.005
0.021
-0.009
0.007
0.008
-0.013
0.023
-0.006
-0.001
0.003
-0.001
0.003
0.007
-0.002
0.000
0.015
0.009
-0.007
0.008
-0.007
-0.009
-0.002
-0.031
-0.011
-0.008
0.014
0.002
-0.050
0.001
0.005
0.021
0.015

43.85
43.99
42.93
43.3
43.5
43
42.27
42.9
43.18
44.98
44.5
45.06
45.94
45.02
45.15
44.44
44.31
44.58
45.94
46.5
47.93
48.47
48.62
48.23
47.51
47.8
47.5
46.99
46.25
46.6
46.04
46
45.36
44.15
45.53
45.99
46.64
46.4
46.24

-0.009
0.003
-0.024
0.009
0.005
-0.011
-0.017
0.015
0.007
0.042
-0.011
0.013
0.020
-0.020
0.003
-0.016
-0.003
0.006
0.031
0.012
0.031
0.011
0.003
-0.008
-0.015
0.006
-0.006
-0.011
-0.016
0.008
-0.012
-0.001
-0.014
-0.027
0.031
0.010
0.014
-0.005
-0.003

183.55
182.06
178.61
178.7
180.34
184.79
182.69
184.98
188.55
193.79
194.07
194.01
192.62
191.94
191.04
189.41
190.69
188.07
187.68
189.61
189.61
188.22
191.88
189.89
190.08
189.72
188.98
188.3
188.02
187.17
189.9
190.31
190.42
188.67
182.18
183.2
185.02
189.85
187.65
77

-0.019
-0.008
-0.019
0.001
0.009
0.025
-0.011
0.013
0.019
0.028
0.001
0.000
-0.007
-0.004
-0.005
-0.009
0.007
-0.014
-0.002
0.010
0.000
-0.007
0.019
-0.010
0.001
-0.002
-0.004
-0.004
-0.001
-0.005
0.015
0.002
0.001
-0.009
-0.034
0.006
0.010
0.026
-0.012

31.48
32.03
32.19
33.35
32.82
32.9
32.65
32.7
32
32.08
32.06
32.5
32.46
32.58
33.01
32.6
32.98
32.86
33
33
32.99
31.8
32.08
32
32.15
31.95
30.36
30.99
30.03
30.24
31
30.49
29.98
30.3
30.24
29.95
29.89
29.27
30.18

0.003
0.017
0.005
0.036
-0.016
0.002
-0.008
0.002
-0.021
0.002
-0.001
0.014
-0.001
0.004
0.013
-0.012
0.012
-0.004
0.004
0.000
0.000
-0.036
0.009
-0.002
0.005
-0.006
-0.050
0.021
-0.031
0.007
0.025
-0.016
-0.017
0.011
-0.002
-0.010
-0.002
-0.021
0.031

Top down investment risk research of the banking sector

27.29
27.18
27.48
27.81
26.98
27.07
27.03
26.86
27.68
27.82
28.71
28.7
28.83
28.2
28.39
28.57
28.6
28.51
28.64
28.76
28.81
28.84
28.65
28.35
28.94
28.83
29.1
29.06
29.03
28.52
28.38
28.51
29.63
29.39
29.23
29.28
29.58
29.61
29.26

0.002
-0.004
0.011
0.012
-0.030
0.003
-0.001
-0.006
0.031
0.005
0.032
0.000
0.005
-0.022
0.007
0.006
0.001
-0.003
0.005
0.004
0.002
0.001
-0.007
-0.010
0.021
-0.004
0.009
-0.001
-0.001
-0.018
-0.005
0.005
0.039
-0.008
-0.005
0.002
0.010
0.001
-0.012

45.83
46.28
46.25
45.65
45.5
44.59
43.33
45
44.9
45.82
46.29
45.99
45.8
46.07
46.4
46.34
46.5
46.74
46.5
46.44
46.31
46.28
46.11
46.01
45.49
45.5
45.42
45.48
44.96
45.27
45.83
46.82
46.67
46.48
46.75
48
48.32
48
47.6

-0.009
0.010
-0.001
-0.013
-0.003
-0.020
-0.028
0.039
-0.002
0.020
0.010
-0.006
-0.004
0.006
0.007
-0.001
0.003
0.005
-0.005
-0.001
-0.003
-0.001
-0.004
-0.002
-0.011
0.000
-0.002
0.001
-0.011
0.007
0.012
0.022
-0.003
-0.004
0.006
0.027
0.007
-0.007
-0.008

185.63
185.98
186.87
186.02
185.05
185.01
183.97
185.04
189.56
188.99
190.78
189.31
188.18
186.77
187.24
190.51
188.07
197.47
194.9
204.62
211.41
213.9
210.85
208.82
208.35
207.82
211.8
207.59
201.46
200.1
209.18
209.82
209.54
206.08
200.84
203.8
213.68
212.94
212.52
78

-0.011
0.002
0.005
-0.005
-0.005
0.000
-0.006
0.006
0.024
-0.003
0.009
-0.008
-0.006
-0.007
0.003
0.017
-0.013
0.050
-0.013
0.050
0.033
0.012
-0.014
-0.010
-0.002
-0.003
0.019
-0.020
-0.030
-0.007
0.045
0.003
-0.001
-0.017
-0.025
0.015
0.048
-0.003
-0.002

30
30
31
32.19
31.93
31.61
31.98
32
31.29
31.06
30.8
30.84
30.56
30.73
30.55
30.82
30.77
30.28
30.36
30.44
31.5
32.38
33.62
34.78
35
36.21
37.03
37.03
36.38
36.42
36.23
36.14
36.21
36.3
36.06
36.35
36.31
36.02
35.56

-0.006
0.000
0.033
0.038
-0.008
-0.010
0.012
0.001
-0.022
-0.007
-0.008
0.001
-0.009
0.006
-0.006
0.009
-0.002
-0.016
0.003
0.003
0.035
0.028
0.038
0.035
0.006
0.035
0.023
0.000
-0.018
0.001
-0.005
-0.002
0.002
0.002
-0.007
0.008
-0.001
-0.008
-0.013

Top down investment risk research of the banking sector

29.04
28.78
28.75
28.79
28.92
29.12
29.19
29.07
29.08
29.16
28.9
29.02
Fay
sal
Ban
k
(FA
BL)

-0.008
-0.009
-0.001
0.001
0.005
0.007
0.002
-0.004
0.000
0.003
-0.009
0.004
Ret
urns

8.38

JS
Ban
k
Ltd
(JS
BL)

48
48.25
48.59
48.69
49.35
49.61
49.96
50
49.74
49.13
49.09
49.1
Ret
urns

1.75

8.73

0.04
2

1.79

0.02
3

8.56

0.01
9
0.03
4

1.79

0.00
0

1.78

0.01
8
0.00
3
0.03
2

1.82

0.00
6
0.02
2

0.03
7

1.78

8.85

8.69

8.66

8.94

8.61

1.76

1.74

0.03
3
0.01
1
0.02
3

0.008
0.005
0.007
0.002
0.014
0.005
0.007
0.001
-0.005
-0.012
-0.001
0.000

208.44
207.06
206.39
206.94
208.3
214.11
211.57
216.51
215.36
213.39
214.6
214.53

-0.019
-0.007
-0.003
0.003
0.007
0.028
-0.012
0.023
-0.005
-0.009
0.006
0.000

35.77
35.63
35.71
37.44
37.99
38.38
37.83
37.98
37.88
38.36
37.75
37.06

0.006
-0.004
0.002
0.048
0.015
0.010
-0.014
0.004
-0.003
0.013
-0.016
-0.018

KA Ret Sam Ret Nati Ret NIB Ret Unit Ret


SB urns ba urns onal urns Ban urns ed urns
Ban
Ban
Ban
k
Ban
k
k
k.
Lim
k
Ltd.
(SB
(NB
ited
(UB
(KA
L)
P)
(NI
L)
SBB
B)
)
1.17
1.45
40.9
1.64
53.4
9
5
1.19 0.01 1.35
43.0 0.05 1.68 0.02 55.4 0.03
7
0.06
2
0
4
6
8
9
1.3 0.09 1.4 0.03 42.8
1.68 0.00 52.8
2
7
8
0.00
0
7
0.04
3
7
1.3 0.00 1.4 0.00 44.3 0.03 1.65
54.5 0.03
0
0
6
5
0.01
3
1
8
1.34 0.03 1.39
44.2
1.7 0.03 54
1
0.00
5
0.00
0
0.01
7
2
0
1.4 0.04 1.58 0.13 43.4
1.69
53.6
5
7
4
0.01
0.00
6
0.00
8
6
6
1.07
1.4
44.0 0.01 1.67
53.8 0.00
0.23
0.11
4
4
0.01
2
3
6
4
2
1.12 0.04 1.39
44.2 0.00 1.71 0.02 53.9 0.00
7
0.00
3
4
4
1
7
79

Top down investment risk research of the banking sector

8.57

8.77
8.79

0.00
5
0.02
3
0.00
2

1.8

0.01
1

1.34

0.19
6

1.41

0.01
4

41.8
1

1.8

0.00
0
0.02
8

1.34

0.00
0
0.04
5

1.49

42.2
9
42.1
9

0.02
2
0.06
6

1.36

0.02
9
0.00
7
0.05
9

1.42

0.05
7
0.02
7
0.02
1
0.01
4
0.07
1

0.04
9
0.00
7
0.08
1

1.5

0.00
0

1.58

1.85

1.4

0.05
5
0.01
1
0.00
2
0.00
7

1.68

42.1
3

0.00
9
0.01
9
0.02
0

0.05
3

44.2
1

0.04
9

1.6

0.01
3

45.3
6

1.45

53.9
2

0.01
8

0.01
8

54.7
6

0.01
6

0.03
0
0.00
0

54.1
2
54.8
8

0.01
2
0.01
4

1.71

0.04
3

56.2
8

0.02
6

0.02
6

1.71

0.00
0

58.6
3

0.04
2

1.7

0.00
6
0.00
0

57.6
6

0.01
2
0.02
4
0.04
9
0.00
6
0.00
6

56.4
7

0.01
7
0.00
6
0.01
4
0.02
0

0.01
7

1.81

8.9

0.00
4
0.01
7

1.93

1.98

0.02
6

1.43

9.11

0.00
7

1.93

1.36

9.54

0.04
7

2.09

0.02
5
0.08
3

9.51

0.00
3
0.01
7
0.01
3
0.02
0
0.00
6
0.00
6

2.1

0.00
5

1.46

2.02

0.03
8
0.01
5
0.00
5

1.56

0.06
8

1.6

0.00
0

45.0
2

1.49

1.5

0.00
0

1.5

0.06
3
0.05
3
0.00
7

44.6
2

0.04
5
0.06
0
0.07
1

0.00
0

1.5

0.00
0

1.45

0.01
4

43.3
7

0.02
1
0.02
1

43.6
3

0.00
7
0.00
9
0.01
2
0.01
5
0.00
2
0.00
6

43.5
2

0.00

9.05

9.35

9.23

9.05

9.05

1.99

1.35

1.35

1.4

1.4

1.5

1.42

1.43

9.12

0.00
8

2.03

0.01
5

1.5

0.00
0

1.42

9.05

0.00

2.1

0.03
4

1.61

0.07
3

1.45

80

42.5

52.7
7
52.9
8

0.02
3
0.00
2
0.00
4

8.94

42.1
1
41.2
9

44.1

43.4
5

0.01
8
0.00
6
0.01
8
0.00
0

52.6
5

1.69

1.64

1.69
1.66

1.66

1.64

1.7

1.68

1.64

1.56

1.55

1.56

57.3

57.6

57.3
6
57.0
6
57.5
8

0.00
4
0.00
5
0.00
9

Top down investment risk research of the banking sector

9.07

8
0.00
2

2.74

0.30
5

1.69

0.05
0

1.5

0.03
4

43.1
4

0.03
1
0.02
8

3.74

0.36
5
0.08
6

1.73

1.72

0.14
7
0.02
9

45.2
9
46.5
9

9.93

0.03
3

3.85

1.81

0.01
9
0.00
2
0.02
4

3.47

1.7

10.0
1

0.00
6

3.69

1.83

0.02
6

3.72

0.01
1
0.01
2

46.2
5

10.2
7

0.05
9
0.00
8

0.02
8
0.02
8
0.00
6
0.07
6

0.01
1
0.02
9
0.01
8
0.04
8

46.1
2

9.74

0.05
2
0.09
9
0.05
2
0.19
1

0.02
4
0.00
6
0.05
2

10.3
1

0.00
4

3.61

1.73

10.5

0.01
8

3.51

10.6

0.01
0

3.67

0.03
0
0.02
8
0.04
6

10.5
2

0.00
8
0.02
5

4.07

0.10
9

1.72

4.21

0.03
4

1.65

0.01
0
-

4.13

0.01
9
-

1.7

9.35
9.61

9.72

9.95

10.7
8
10.6
7
10.5

4.06

3.29

3.92

4.04

1.72

1.76

1.71

1.7

1.8

1.75

1.69

1.7

1.77

1.75

1.67

1.75

1.73

3
0.00
9
0.05
0
0.02
9

1.65

0.05
8

57.5
2

1.7

0.03
0
0.05
3

58.9
7
59.5
2

0.00
1
0.02
5
0.00
9

1.79

0.01
0
0.00
4
0.01
3

1.84

0.02
8

61.4
1

0.03
2

1.85

0.00
5

61.5
8

0.00
3

1.77

61.1
3

1.73

0.00
7
0.01
3
0.00
8

46.9
2

0.00
4
0.00
2
0.01
4

0.04
3
0.02
3
0.02
9

1.84

0.03
4

60.6
5

0.03
4
0.02
4
0.02
4
0.01
9

47.1
9

0.00
6

1.8

60.4
7

49.0
8

0.04
0

1.73

48.8
6

1.75

49.3
7

0.00
4
0.01
0

0.02
2
0.03
9
0.01
2

1.82

45.9
3
46.5
4
46.3
5

1.78

0.01
6
0.03
9
0.01
2

1.75

0.03
4
0.01
8

1.61

0.04
1
0.03
0

1.8

0.09
8

49.5
9

0.00
4

1.64

1.8

0.00
0

48.9
7

1.66

0.00

1.77

49.5

0.01
3
0.01

1.69

1.65

1.64

81

1.67

60.3
3
60.7
9

62.0
9

0.00
2
0.00
3
0.02
7

62.6
4

0.00
9

0.04
0

63.6
1

0.01
5

0.09
9
0.01
2

66.6
5

0.04
8

65.3
8

0.00

66.4

0.01
9
0.01

Top down investment risk research of the banking sector

6
10.5
9
10.5
7

0.01
0
0.00
3

4.42

0.02
2
0.09
4

0
1.75

0.02
9

1.69

0.04
3
0.05
2
0.03
0
0.02
8
0.07
0

1.72

0.01
7
0.00
0

1.65

0.01
2
0.00
0
0.01
8

1.58

0.01
7
0.02
9

0.00
2
0.09
3
0.01
9
0.03
2
0.00
6
0.02
6

4.23

4.34

0.01
4

1.7

9.92

0.00
2

4.74

0.09
2

1.75

10.8
4

0.09
3

5.74

0.21
1

1.78

10.7
2

0.01
1
0.06
2

6.74

0.17
4

6.38

0.04
1
0.02
1

6.8

9.59

9.41

9.71
9.65

9.9

11.3
8
10.9
1
11.1
4
11.0
6
11.1
9

0.00
7
0.01
2

4.01

49.6
3

0.00
2

1.76

0.05
4

69.7
2

0.05
0

52.1
1

0.05
0

1.74

70.1
4

0.00
6

1.65

0.01
1
0.05
2
0.03
0
0.12
5
0.07
8

51.3
9

71.0
2

0.01
3

74.5
4

0.05
0

74.7
3
77.3
5

0.00
3
0.03
5

0.04
6
0.04
3
0.06
8

80.0
7

0.03
5

77.9
1

0.04
2
0.06
3
0.04
2

50.4
6
52.8
5
53.8
2

1.75

0.00
0

54.9
5

0.02
1

1.85

1.78

0.01
7

55.0
4

0.00
2

1.77

0.01
7

1.85

0.03
9

55.4
3

0.00
7

1.89

2.15

0.20
8

2.22

0.20
0

55.9
9

0.01
0

2.85

0.50
8

79.1
6

0.02
7
0.00
8
0.02
4

0.05
3
0.06
6

2.62

0.21
9

2.59

0.16
7

55.4
1

3.03

0.06
3

79.3
7

0.00
3

2.7

0.03
1

2.95

0.13
9

54.9
5

2.91

0.04
9

2.83

0.04
8

3.1

0.05
1

54.9
2

6.86

0.03
8
0.08
3

2.82

0.00
4
0.11
0

2.93

0.05
5
0.10
9

54.0
6

0.04
0
0.06
2
0.02
9

78.6
1

7.13

0.01
0
0.00
8
0.00
1
0.01
6
0.02
2

0.06
8

70

0.01
0
0.06
0
0.00
4
0.05
0

4
4.28

6.29

1.7

1.7
1.73

2.51

1.65

0.01
4
0.01
8
0.04
7
0.01
8

3.89

1.72

0.01
7
0.04
5
0.02
4
0.00
0

1.68
1.75

2.61

82

52.8
5

1.6

1.8
1.94

2.73

2.81

2.62

77.2
8

73.9
2
73.6
5

Top down investment risk research of the banking sector

10.7
5

0.03
9
0.00
3
0.01
5
0.00
6
0.01
3

5.82

0.11
5
0.04
8

51.1
2

2.52

0.04
1

40.4
4

0.09
6

2.42

39.8

2.61

0.04
4

2.51

0.04
0
0.03
7

10.9

0.02
4

6.67

0.02
2
0.03
6
0.02
3

2.96

0.13
4

2.71

0.08
0

11.2
9

0.03
6

6.43

3.14

0.06
1

2.59

12.1
4

0.07
5

6.58

3.14

0.00
0

2.83

13.1
4

0.08
2

6.91

0.05
0

3.13

0.02
5

6.64

2.91

13.4
7

0.00
0

6.53

14.1
2
13.8
1

0.04
8
0.02
2
0.00
8

6.71

0.01
9
0.01

6.28

0.03
9
0.01
7
0.02
8
0.06
0
0.01
6
0.01
1

0.00
3
0.07
0
0.03
4
0.02
5
0.02
8
0.00
7
0.00
0

13.4
7

0.00

2.75

0.01

10.7
2
10.5
6
10.5

10.6
4

13.9
2
13.6
5
13.4
3

0.07
5
0.16
5

2.34

6.94

0.02
4

2.28

6.81

0.01
9
0.00
1

6.78

6.82

6.31

6.21

6.23

0.06
8
0.04
3
0.01
8

2.31

2.5

2.24

2.81

2.88
2.8

2.78

2.78

2.42

51.7
8

0.03
3
0.01
3

2.4

2.41

0.08
4
0.00
4

69

70.6
3

0.01
4
0.02
4

2.69

0.11
6

71.9
8

0.01
9

2.67

0.00
7
0.05
6

72

0.00
0

71.9
4

41.0
1

0.21
9
0.01
6
0.01
9
0.05
0

0.00
1
0.04
8

0.04
4
0.09
3

43.0
6

0.05
0

2.7

45.2
1

0.05
0

2.73

3.09

0.09
2

45.6
2

0.00
9

2.99

0.03
2
0.00
3

45.5
3

0.04
0
0.04
2
0.01
0

49.4

3.03

0.00
3

45.2
6

3.02

0.00

47.3
5

3.12
2.99

3.02

83

39.0
6

47.0
5

46.9
7
47.0
1

2.82

2.8

0.00
7
0.03
6
0.01
1

75.4

2.98

0.09
2

76.6
8

0.00
2
0.03
3

2.89

75.8
1

0.05
0
0.04
9
0.00
1

2.82

0.03
7
0.04
6

2.85

0.03
0
0.04
2
0.01
8
0.03
5
0.00
7
0.05
6
0.03
5

75.1
7

2.77

2.72

2.7

2.95

75.7
7

0.00
5

75.2
9

0.00
6
0.01
8

75.2
2
77.2
8
77.4
5
74.7
3
74.0
6

0.01
1
0.00
8
0.02
7
0.00
2
0.03
5
0.00
9
0.01
5

Top down investment risk research of the banking sector

13.1
8
13.1
2
13.1
5
12.9
1
12.8
8
12.9
9
13.2
2
13.0
5
12.9
4
12.6
6
12.5

12.0
1
11.7
5
11.5
4
12.0
9
12.4
1

6
0.01
9
0.00
5
0.00
2

5.96

5.5

5.26

0.01
8
0.00
2
0.00
9
0.01
8

5.31

0.01
3
0.00
8
0.02
2
0.01
3
0.03
9
0.02
2
0.01
8
0.04
8
0.02
6

5.89

8
0.04
3
0.07
7
0.04
4
0.01
0

2.79

2.69

2.62

2.53

1
0.01
5

2.98

0.03
6
0.02
6
0.03
4
0.04
7
0.07
1
0.00
8

2.83

0.03
1
0.02
4

2.56

2.73

2.65

5.31

0.00
0

2.41

6.14

0.15
6
0.01
8
0.02
3
0.01
5
0.00
3

2.58

2.63

0.01
9

2.69

0.00
3
0.06
9
0.07
8
0.01
6
0.11
6
0.00
4

2.52

0.04
2
0.03
6
0.05
3
0.02
2
0.04
4
0.00
0

2.7

6.03

5.8

5.82

5.8

5.4

4.98

4.9

5.47
5.49

2.6

2.52

2.58

2.43

2.3

2.25

2.35
2.35

3
0.01
3
0.05
0
0.03
5
0.02
9
0.01
5
0.01
9
0.02
3
0.01
5
0.07
4

2.61

2.66
2.6

2.75

2.54

2.44

2.33

2.37
2.45
84

48.3
2

0.02
0

2.83

46.9

0.02
9
0.02
3

2.72

0.04
0
0.00
9

2.56

2.65

47.9
3

0.04
0
0.01
2
0.00
4

49.4
8

0.03
2

2.62

0.02
2
0.00
4

49.2
9

0.00
4
0.00
7

2.59

0.05
9
0.03
9
0.04
5
0.01
7
0.03
4

48.8

0.01
7
0.03
5
0.04
3
0.02
0
0.01
7

2.41

47.9
8
46.0
8
46.4
8
48.3
2
47.7
3

49.6
5

47.0
8
45.0
5
45.9
6
46.7
2

2.67

2.53

2.61

2.56

2.59

2.38

2.34

2.44
2.49

0.04
1
0.03
9
0.01
8
0.04
1
0.01
2
0.04
7
0.01
5
0.01
9
0.02
3

75.6
3

0.00
6

76.0
5

0.00
6

78.6
1

0.03
4

75.7
6

0.03
6
0.00
5

76.1
7
77.5

81.0
7

0.01
7
0.00
3
0.05
0

82.3
9

0.01
6

0.01
1
0.00
0

83.3
7

0.01
2

86.4

0.03
6

0.06
9
0.01
2
0.01
7
0.04
3
0.02
0

84.9
4

85.3
1

0.01
7
0.00
4
0.00
9

85.7
6
87.5
2

0.00
5
0.02
1

77.2
4

84.5
7

Top down investment risk research of the banking sector

12.2
9

0.01
0
0.00
2

5.07

0.07
7
0.01
2
0.01
2

2.45

0.04
3

2.37

2.34

2.46

5.18

0.02
2

2.87

0.04
5
0.01
3
0.24
2

0.01
5
0.00
2
0.02
3
0.00
6
0.00
4
0.00
9
0.00
5

5.07

5.08

0.01
9
0.01
6
0.01
2

2.75

0.04
2
0.05
8
0.00
0

2.34

5.11

0.01
0

2.44

2.3

4.98

0.02
5
0.00
8

2.31

0.05
8
0.05
3
0.07
4

11.7

0.00
4

5.02

11.7
2

0.00
2

5.2

0.03
6

2.31

11.7
7

0.00
4

5.8

0.11
5

2.5

11.9
4

0.01
4

5.52

11.9

0.00
3
0.00
1
-

5.32

0.04
8
0.03
6
0.03
0

12.3
1
12.1
3
12.1

11.8
2
11.7
5
11.7

11.5
9
11.6
5

11.8
9
11.8

5.01

5.06

5.48

5.84

0.06

2.31

2.59

2.59

2.48

2.3

2.41

2.26

2.25

2.29

2.3

0.03
3
0.03
8

48.5
5

0.03
9

2.49

0.00
0

89.9
4

0.02
8

48.2
8

2.49

0.00
0

89.0
9

0.06
5
0.04
8

47.8
9

2.4

86.3
9

46.5
8

0.03
6
0.00
4
0.03
3
0.02
6
0.01
8

0.00
9
0.03
0
0.00
2

0.02
9
0.03
4
0.00
4
0.02
2

0.00
6
0.00
8
0.01
7
0.01
0
0.02
1
0.01
8

2.28

45.1
7

0.00
9
0.03
1
0.00
0

44.3

2.16

44.5
5

0.02
0
0.00
6

0.00
4
0.03
5
0.01
4
0.00
5
0.02
3

82.6
6

0.00
4
0.00
4

0.00
4
0.02
3
0.00
1

45.8
7

0.03
0

2.25

0.01
8

78.0
3

2.26

0.00
4

77.4
8

2.15

76.5
4

2.13

0.04
9
-

47.0
6

45.5
8
46.4
2
46.2
4

45.2
2

0.06
9
0.08
2

2.28

2.5

0.00
0

2.21

2.48

0.00
8
0.02
4

2.22

0.00
5

45.1
2

2.22

0.00
0

45.3
3

0.01
6
0.00
5

2.22

0.00

45.1

2.54

2.46

2.21

85

2.39

2.31

2.25

2.29

2.2

2.17

2.21

86.5
4
84.7
5
80.9
8
83.8
1

82.1
4
82.8
1
78.6
7
77.1
1

76.3

0.02
1
0.04
4
0.03
5
0.01
4
0.00
6
0.00
8
0.05
0
0.02
0
0.01
2
0.00
7
0.01
2
-

Top down investment risk research of the banking sector

2
11.9
7
11.9
6
11.8
7
11.8

11.8
9
11.6
5
11.8
1
11.6
4
11.6
1
11.5

11.5
3
11.1
2
11.0
8
11.2
4
11.2
6
11.2

0.00
6
0.01
3

0.03
1
0.01
6

0.00
5
0.00
5
0.04
5
0.21
0

47.2
6

0.03
1
0.06
5
0.00
0

45.5
9

2.34

0.01
7

43.9
9

0.08
8
0.01
4

2.21

0.05
6
0.01
4
0.00
9
0.00
5
0.00
5

43.7
5

0.04
2
0.01
8
0.00

43.5
4
43.5
9
44.4

6.24

0.06
8

2.5

0.00
1
0.00
8
0.00
6
0.00
8

6.15

0.01
4
0.04
2
0.05
3
0.02
2

2.55

0.02
0

2.2

2.43

0.04
7
0.07
4
0.05
3

2.1

0.02
0
0.01
4

5.55

2.35

0.01
4
0.00
3
0.00
9
0.00
3

5.29

0.02
6
0.02
2
0.02
6
0.06
0
0.04
2

5.33

0.02
9

2.25

0.02
3

2.16

0.03
6
0.00
4
0.01
4
0.00
2
-

5.1

0.04
3
0.01
0

2.25

0.00
0

2.15

2.22

2.16

0.01
2
0.04
2
-

2.32

0.01
3
0.04
5
0.00
9
0.00

5.89

5.58

5.7

5.43

4.97

5.18

5.15

5.21
5.43
5.22

2.25

2.37

2.3

2.38

2.17

2.2

2.34
2.34

0.00
8
0.02
1
0.03
5

2.21

2.54

2.46

2.3

2.3

2.18

2.25
2.29
2.3
86

46.1
5
45.3
5
45.0
9

44.5
1
43.8
9

42.5
7
43.5
7
42.5
5
42.3
7

0.00
4
0.04
7
0.02
3
0.01
7
0.00
6
0.01
1

0.00
9
0.01
4

77.4
5

2.3

0.06
5

76.9
8

2.23

0.03
0
0.01
8
0.01
8

75.3
2

0.02
2
0.00
9

76.5
1
76.5
7

0.00
6
0.00
1

0.02
3
0.04
2
0.01
5
0.00
0

76.8
9

0.00
4

76.6
4

0.00
3
0.00
7
0.01
1

0.02
0
0.00
0

75.9
9
76.0
7

0.01
3
0.00
1

0.03
5
0.00
0
0.00

77.7
6
78.5
1
79.2

0.02
2
0.01
0
0.00

2.16

2.19

2.23

0.02
4
0.01
4
0.00
2

2.18

0.00
5
0.02
7
0.02
3

2.06

0.02
3
0.00
4
0.02
8
0.00
1
0.01

1.99

2.2

2.15

2.03

2.03

1.99

2.06
2.06
2.06

75.0
1
76.9
8

76.1
3
76.9
9

0.00
2
0.01
4
0.00
6
0.02
2
0.00
4
0.02
6

Top down investment risk research of the banking sector

11.3
3

0.00
5
0.01
2

11.3
9

0.00
5

5.26

11.2
3

0.01
4
0.01
3

5.12

0.02
0
0.00
5
0.00
8
0.00
9
0.00
4

5.14

0.01
3
0.01
8
0.01
1

5.33

0.01
7
0.00
8

5.18

0.00
9

5.33

11.3
8
11.1
5
11.0
9
11

10.9

10.9
4
11.0
8
10.8
8
11

10.8
1
10.9

10.8

5.29

5.2

5.05

5.17

5.09

5.1

5.3

5.28

5.26

0.03
9
0.01
3

0.00
4
0.01
7
0.01
8

43.8
4

0.01
3
0.00
2

2.03

0.01
5
0.00
0

78.5

0.00
9
0.00
0

2.01

2.3

0.00
4

43.7
4

0.01
5
0.01
1

0.01
0
0.00
0

78

77.2
5

2.2

0.04
3
0.05
0

43.3
1

2.01

0.00
0

77.3
7

1.99

0.01
0
0.00
5
0.01
5

76.7
9

2.49

0.06
4

2.29

0.00
6
0.02
7
0.01
6

2.46

2.25

0.01
2
0.01
8
0.02
4

2.3

0.01
2
0.03
3
0.03
4
0.00
0
0.04
3
0.03
2

2.31

2.31

0.00
0

43.9
9

0.01
0
0.00
6
0.02
2

0.03
1
0.04
5
0.06
2
0.01
3
0.00
0

2.27

0.01
7
0.01
3

44.0
3

0.00
1

2.01

43.5
4

1.99

0.00
0
0.01
7

45.1
8
45.1
4
44.8
7

0.00
5
0.01
8
0.04
2

2.25

0.01
7
0.02
2
0.02
2

0.01
1
0.03
8
0.00
1
0.00
6
0.00
3
0.01
9

0.03
5

45.2
4

0.00
7

2.03

2.38

2.3

2.2

2.27

0.01
5
0.00
2

2.2

0.04
5
0.00
6
0.00
4
0.01
9
0.01
5

2.23

0.01
3

2.24

2.1

2.2

2.2

2.19

2.15

2.29

2.3

2.3
2.34

2.3

2.3

2.22

87

43.9
3
43.2
6

43.0
3

44.7
4
45.5
8

2.03

2.01

1.98

2.05
2.08

2.05

2.06

2.02

78.4
9

0.00
6
0.01
0
0.00
2

78.1
1

0.00
7
0.01
7

78.8
8

0.01
0

0.01
0
0.03
0
0.01
5

78.3
8

0.01
4
0.00
5

80

81.6
5

0.00
6
0.03
3
0.00
5
0.00
7
0.00
3
0.02
3

84.3
6

0.03
3

0.01
9
0.00
5

80.9
6
80.5
7

79.7
9

Top down investment risk research of the banking sector

10.8

0.00
0

5.34

0.00
2

2.15

10.8

0.00
0

5.22

2.1

10.7
9

0.00
1
0.01
2

5.23

0.02
2
0.00
2

5.17

10.9
1

0.00
2
0.00
1

11.0
1
10.9
1

10.9
2

0.01
1
0.00
0

2.11

5.28

0.02
1

2.21

0.00
9

5.58

0.05
7

2.6

5.56

10.7
7

0.00
9
0.01
3
0.00
0

10.8
9

0.01
1

5.35

0.00
4
0.02
9
0.01
5
0.00
6

10.7
4

5.51

0.03
0

2.66

10.7
6

0.01
4
0.00
2

5.5

2.56

10.7
7

0.00
1

5.45

10.6
4

0.01
2
0.02

5.4

0.00
2
0.00
9
0.00
9
0.02

10.9

10.7
7

10.8

5.17

2.19

5.4

5.32

5.55

2.24

0.04
0
0.02
3
0.04
3

2.27

0.02
3

45.1
2

2.2

0.03
1
0.06
8

45

0.03
7
0.06
2

2.3

2.35

2.25

0.01
0
0.02
0

84.1
6

2.19

0.06
8

84.9
9

2.32

0.05
9

84.6
6

44.9
8

0.00
3
0.00
3

2.38

0.02
6

87.1
6

0.00
4
0.03
0

44.9
9

0.01
0

2.4

0.00
8

88.8
9

0.02
0

0.00
9
0.04
4

45.8
1

0.00
9

2.4

0.00
0

87.9

46.0
7

0.00
6

2.32

88.0
7

0.09
3
0.01
4

45.3
9

2.27

91.1
7

0.03
5

90.8
3

0.04
6
0.00
0

45.4

0.01
5
0.00
5
0.00
6

0.03
3
0.02
2
0.01
3

0.01
1
0.00
2

90.2
9

45.9
4

0.01
2

2.3

0.01
7
0.01
8

0.02
9
0.04
5

45.8
4

0.00
2
0.00
0

2.31

0.00
4

88.5
1

2.32

0.00
4

88.2
5

0.00
3
0.02

2.3

0.00
9
0.00

88.3
2

0.00
4
0.00
6
0.01
1
0.00
9
0.00
3
0.00
1

88.5

0.00

0.04
2

2.36

2.85

0.05
2

2.14

2.79

0.02
1
0.06
8
0.02
3

2.17

0.03
8
0.02
0

2.01

2.7

0.03
4

2.1

0.00
0

45.7

2.65

2.36

0.12

46.6

2.61

2.07

2.1

88

83.4
3

45.4
2

2.71

2.07

2.05

0.00
2
0.00
9
0.01
9

44.8
4

2.28

2.6

2.01

0.02
1
0.02
2
0.01
3

0.01
3
0.17
6

2.26

0.00
3
0.00
3
0.00
0

45.1
5

45.8
3

2.3

2.26

2.31

89.3
2

Top down investment risk research of the banking sector

10.7
7

0.00
8
0.01
0
0.02
4
0.00
7
0.00
9
0.01
5

5.52

10.5

0.01
1

5.14

10.5

0.00
0

5.1

9.89

0.05
8
0.03
9

5.07

0.01
4
0.00
4
0.03
0

10.4
9
10.4
6

10.6
6
10.4

10.3
3
10.2
4
10.3
9

10.2
8
10.1
4
10.1

10.4

0.01
9
0.00
0

2.39

0.01
3

46.6

0.00
0

2.29

0.01
5
0.03
4

2.15

0.10
0
0.00
0

45.7
7

2.27

2.7

0.00
0

2.18

0.01
4

44.3
6

2.55

0.05
6
0.02
0

2.23

0.02
3

43.8
8

2.3

0.03
1

44.4
7

0.01
8
0.01
1
0.02
0
0.01
1
0.01
3

0.00
8
0.02
3
0.01
2

2.3

0.00
0

44.5
7

0.00
2

2.13

2.54

0.10
4

44.0
5

2.16

2.45

0.03
5
0.01
2
0.02
9
0.04
3

43.7
7

0.01
2
0.00
6
0.01
7
0.01
1
0.01
2

2.1

0.02
0
0.04
2
0.01
7

44.1
5
44.5
7

0.00
9
0.01
0

45.5
9

0.02
3

0.00
5
0.02
9
0.00
6
0.02
3
0.01
9
0.01
4

2.65

0.00
8
0.00
8
0.00
6
0.02
8

2.58

2.61

0.02
4

2.42

5.23

0.00
4

2.69

0.03
1

2.35

5.27

0.00
8

2.6

2.45

5.43

0.03
0

2.65

0.03
3
0.01
9

0.00
9

5.6

0.03
1

2.61

2.3

0.00

5.6

0.00
0

2.49

0.01
5
0.04

5.36

5.33

5.21

5.11

5.18

5.21

2.61

2.7

2.6

2.52

2.55

2.15

2.4

2.34

89

45.2
8

44.5
3
44.0
5
44.5
7

0.00
9
0.00
9
0.02
6
0.02
3
0.03
2
0.02
4

88.8
6

0.00
3

89.0
6

0.00
2

87.4
6

0.00
5
0.01
4

84.2
7

0.01
8
0.00
3
0.02
0
0.01
5
0.00
1

84.4
7

0.00
2

0.01
4
0.00
9

82.0
2

0.02
9
0.01
6

0.02
3
0.04
8

80.3
9

2.23

0.01
4

79.4
1

2.29

0.02
7

80

2.44

0.06
6

82.9
6

2.21

2.16

2.09

2.14

2.13

2.15

2.2

87.1
9
85.4
5
84.1
8

83.3
1

79.9

0.03
5
0.00
6
0.00
6
0.00
7
0.03
7

Top down investment risk research of the banking sector

10.1
3
10.1

10.0
9
10.0
5
9.99

9.91

9.86

9.87

3
0.03
2
0.00
3
0.00
1
0.00
4
0.00
6
0.00
8
0.00
5
0.00
1

5.3

0.05
4
0.02
5
0.00
6

2.52

0.00
2
0.01
2
0.00
2

2.31

5.37

0.04
5

2.29

5.76

0.07
3

2.28

5.17

5.2

5.19

5.13

5.14

2.48

2.43

2.3

2.29

6
0.01
2

2.13

0.09
0
0.04
7

45.2
7

2.4

45.4
1

0.00
7
0.00
3

2.29

0.02
7

46.0
4

0.01
4

2.29

0.00
0

46.4
1

2.34

0.02
2

45.9
6

2.39

0.02
1

45.4
5

2.37

0.00
8
0.00
8

44.8
7

0.00
8

2.32

81.0
7

0.01
0
0.01
1
0.01
3
0.01
2
0.00
3

2.28

0.03
3
0.01
7
0.01
3
0.01
3
0.00
9
0.00
4
0.00
4

77.1
6
77.7
7

0.01
2
0.01
3
0.00
7
0.01
0
0.00
6
0.01
3
0.00
8

44.4
5

0.02
2
0.01
8
0.01
8

2.35

0.02
1
0.02
1

44.5

0.00
1

2.24

44.3
8

2.24

0.00
0

78.0
9

0.00
4

0.00
4
0.00
4

44.1
5

0.00
3
0.00
5
0.00
2
0.00
2
0.00
5

2.34

0.04
5

77.0
5

2.41

0.03
0

77.0
4

0.01
3
0.00
0

2.52

0.04
6

76.4
8

2.48

0.01
6

77

0.00
8

5.99

2.25

9.9

0.00
7
0.00
0

5.92

0.01
5
0.00
0

5.85

0.03
4
0.01
2
0.03
2
0.02
1

2.39

0.06
2

2.4

5.89

0.00
7

2.32

2.45

0.02
1

43.9
4

0.00
7

5.83

0.01
0

2.5

0.02
9
0.07
8

2.43

0.00
8

44.1
7

9.68

0.01
0

0.00
4

9.97

9.75

82.0
3

2.4

44.3
2

2.3

9.75

0.00
0

2.39

0.07
6

2.25

2.4

0.00
4
0.00
9

6.2

5.73

81.1
9

0.02
2
0.00
0

2.23

0.00
2

9.9

81.1
6

0.01
6
0.02
0
0.04
9
0.00
4
0.00
4
0.00
0

9.89

2.21

0.01
6
0.00
0

2.4

2.39

90

44.0
5

2.4

2.25

2.22

2.24

2.23

80.0
3
79.4
6
78.6
3
78.1
7

0.00
7
0.00
7

Top down investment risk research of the banking sector

9.75

0.00
7

5.85

0.00
3

2.36

9.7

0.00
5
0.00
5

5.71

2.32

0.02
3
0.01
0
0.01
8

5.45

0.00
6
0.00
6

5.34

0.02
4
0.03
7
0.00
9
0.00
9
0.01
3
0.00
2

2.31

0.01
0
0.00
9

5.26

0.00
9
0.00
6
0.00
6

0.00
4
0.00
5
0.02
2
0.01
9
0.00
9

5.49

0.03
8

2.32

5.34

0.02
7
0.00
6
0.00
7
0.01
1

2.27

0.02
2

5.31

0.01

2.24

9.75

9.53

9.43

9.6

9.54

9.6

9.5

9.59

9.55

9.5

9.71
9.53

9.62

9.83

5.5

5.4

5.33

5.29

5.29

5.37
5.33

5.39

2.36

0.05
6
0.01
7
0.01
7

2.4

0.01
2
0.00
0

44.7
1

0.01
2

2.64

0.06
5

76.7
3

43.9
3

2.63

0.00
4

43.7
8

0.00
4
0.01
9
0.01
2

76.4
6

2.41

0.01
7
0.00
3
0.00
6
0.00
2
0.00
4
0.00
4

2.65

0.01
5

75.2
9

0.00
1

2.61

74.9
9

2.51

0.01
5
0.01
5
0.02
3
0.01
2
0.01
6
0.02
0
0.00
0

70.7
8

0.00
4
0.01
6
0.05
0
0.01
2
0.02
2

72.4
9

0.02
4

71.5
5

0.04
6
0.03
6
0.00
8

75.0
6
77.0
3

0.01
3
0.04
9
0.02
6

77.6
5

0.00
8

0.01

78.1
2

0.00
6

2.4

2.58

2.4

0.01
7

2.41

0.00
0

44.0
4

2.4

0.00
0

2.4

43.9
5

2.35

0.02
1
0.02
1
0.00
4

2.3

0.00
4
0.04
2
0.00
0

2.3

0.00
0

43.7
2

2.35

0.01
7

2.29

43.8
2

2.27

0.03
4
0.02
2

2.4

0.00
4
0.04
8

0.00
5
0.00
2

44.0
9

0.00
6

2.44

2.4

0.00
0

44.2
2

0.00
3

2.39

0.02
2
0.01
3
0.00
0

2.36

0.01
7
0.00
4
0.00
8

43.9
9

2.39

44.3
7
44.5
2

0.00
5
0.00
9
0.00
3

0.02
2
0.00

2.33

0.02
5
0.01
7

44.7
5

0.00
5

2.43

44.9
1

0.00
4

2.4

2.3

2.3
2.3

2.25

2.3

2.37
2.39

2.37

91

43.7
6
43.9
4

2.61

2.57

2.48

2.5
2.41

75.1
3
75.2

73.7
7
70.0
9
69.2
8

0.00
4
0.00
4
0.01
7
0.00
1

Top down investment risk research of the banking sector

9.63

5
0.00
6
0.01
7

0.02
0
0.01
3
0.01
5

5.28

0.01
5
0.01
1

5.22

9.89

0.03
0

5.58

10.4
9

0.06
1

5.43

10.8
4

0.03
3

5.53

10.4
3

0.03
8
0.02
1

5.47

0.02
6
0.00
5
0.00
8

5.28

5.45

0.02
3

2.2

10.4
4

0.00
4

5.46

0.00
2

2.15

10.4
5
10.5

0.00
1
0.00

5.51

0.00
9
0.01

2.16

9.5

9.64

9.5

9.6

10.6
5
10.3
7
10.3
2
10.4

5.37

5.24

5.2

5.33

5.33

5.59

2.28

4
0.01
8

2.31

0.02
5
0.02
6

44.4

0.00
4
0.01
3
0.05
2

44.7

2
0.02
5
0.00
9
0.02
2
0.00
0

0.01
1
0.00
8

2.34

2.27

44.7
1

0.00
1
0.00
2
0.00
2

2.3

0.01
3

75.9
6

0.03
7
0.01
3

44.8
9

0.00
4

2.36

0.02
6

75.8
9

45.2
2

0.00
7

2.3

76.1
5

0.01
7
0.01
7

45.1
7

2.32

44.9
3
45.1
8

0.00
6

2.23

0.01
3
0.03
1
0.00
5

75.1

0.00
8
0.00
0

0.00
1
0.00
5
0.00
0

0.02
5
0.00
9

0.00
0

2.37

0.02
4
0.00
4
0.00
4
0.07
3

2.31

0.01
3

2.36

2.28

0.01
3
0.04
4

2.33

2.36

0.02
7
0.01
8

2.3

0.04
2
0.00
9
0.02
2
0.02
2

2.35

0.02
6
0.00
4

2.37

0.04
4
0.02
3

2.38

0.00
4

45.4
2

0.00
5

2.25

0.00
9

75.2
6

0.00
9
0.00
4
0.01
1
0.00
1
0.01
4

2.36

45.0
7

0.00
8

45.0
8

78.0
7

0.02
9

46.7
4
46.6

0.03
7
-

2.3

0.00
9
0.00
9
0.04
1
-

75.8
4

2.35

0.00
8
0.00
0

2.23

0.02
3
0.00
5
0.00

0.00
8
0.00
4
0.00
0
0.05

78.2

0.00
2
-

0.01
1
0.02
6
0.00
9
0.00
9

2.28

2.25

2.3

2.24

2.25

2.15

2.16

2.45

2.39

2.39

2.37

2.35
2.48
92

44.6

44.9
4

2.32

2.27

2.29

2.22

2.21

2.24

75.5
6

0.02
7
0.00
6
0.00
2

2.28

2.38

44.7
6

75.9
9

75.7
4
75.5
9

75.4
3

74.2
6
74.2

76.1

0.00
2
0.00
5
0.00
1
0.00
3

Top down investment risk research of the banking sector

10.5
5

0.00
5

5.53

10.5
7

0.00
2

5.91

10.6
1

0.00
4

10.6
7

0.03
2
0.00
0

47.3
1

0.00
3
0.01
5

47.4
4

0.00
3

2.21

0.01
1
0.06
9

2.23

0.03
2

2.4

2.26

0.01
3

2.4

6.45

0.09
1

2.15

2.45

0.02
1

47.6
7

0.00
5

2.2

0.00
6

6.24

2.21

2.39

5.94

2.3

0.04
1

2.44

9.7

0.09
1
0.00
1

5.94

2.25

2.4

0.02
2

2.23

0.01
6
0.04
2

47.0
2

6.07

47.1
2

9.88

0.01
8

6.11

0.00
7

2.2

0.00
2

5.94

2.27

9.8

0.01
0
0.00
2

5.7

0.02
8
0.04
0
0.05
4

0.01
2
0.02
8
0.02
9

47.0
4

9.9

0.02
2
0.00
9
0.01
3
0.03
2

0.01
4
0.00
7
0.00
7

2.2

0.00
0

0.02
4
0.02
1

47.0
2

10.6
7

0.03
3
0.04
8
0.00
0

0.04
9
0.02
8

0.00
2
0.03
2
0.01
0
0.00
2

9.71

9.82

6.01

10.7
6

0.09
6

11.1
4

0.03
5

5.81

11.2
4

0.00
9

5.75

11.1

0.01

5.76

2.17

2.5

2.47

2.4

46.7

47.4
2

8
78.0
1

0.02
6
0.02
4

0.01
3
0.00
5
0.00
0

77.5
2

2.2

0.00
0

76.7
9

2.28

0.03
6

77.7
2

0.00
6
0.00
1
0.00
5
0.00
3
0.01
2

0.00
2

2.25

78.4
8

0.01
0

0.00
2
0.00
8

2.29

0.01
3
0.01
8

78.5

0.00
0

79.0
5

0.00
7

0.00
3
0.00
7
0.00
2

2.27

0.00
9
0.00
0

76.9
3

0.00
9
0.00
9
0.01
3

77.0
3

0.02
7
0.00
1

77.1
7

0.00
2

77.8
7

0.00
9

2.27

77.4
2
77.0
2

0.04
4
0.06
0

2.47

2.73

0.10
5

46.9
2

2.32

0.00
9

2.67

47

2.3

0.00
9
0.07
8

2.66

0.02
2
0.00
4
0.00
4

47.0
9

0.00
2

2.26

46.7
5

2.31

0.02
2

77.9
9

0.00
2

0.00
8

2.71

0.01
5

46.7
7

0.00
7
0.00
0

2.28

0.01

78.5
2

0.00
7

2.3

2.48

2.5

2.67

93

47.2
6

2.24

0.02
6
0.00
0

2.25

2.23

Top down investment risk research of the banking sector

10.7
5
10.5
5
11.4
9
11.3
7
11.1
1
11.1
6
11.2
2
11.2
1
10.9

11.1
4
10.7
4
10.8

10.5

10.7
3
10.5
8
10.5

2
0.03
2
0.01
9
0.08
9

3
0.03
9

81.0
8

0.03
3

5.93

0.03
0

2.5

0.00
0

2.79

0.03
0

47.5

0.01
6

2.37

5.97

0.00
7

2.5

0.00
0

2.76

49.8
6

0.05
0

2.38

0.00
4

83.8
2

0.03
4

6.12

0.02
5

2.45

2.72

49.0
8

0.00
4

83

6.08

0.00
7
0.04
1

2.5

2.39

0.00
0

82.7
8

2.93

49.8
2

2.35

83.4
4

50.2
6
50.5
7

0.00
9
0.00
6

2.38

83.8
2
84.0
3

0.00
5
0.00
3

6.22

49.3

0.00
0

83.6
7

49.2
4

0.00
4
0.01
9

0.03
6
0.00
6

6.02

0.01
4
0.04
9

49.5
2

0.00
6

2.36

49.8
2

0.00
6

2.39

0.02
8
0.02
2

6.04

49.4

0.00
3

2.22

0.00
8
0.00
7

2.36

6.06

0.01
0
0.02
7
0.01
0

0.02
0
0.02
1
0.00
4
0.00
4
0.01
3

84

2.9

0.02
5
0.00
2
0.00
1

2.43

0.02
4
0.02
0

0.02
0
0.03
0
0.03
8
0.03
9

0.01
7
0.01
3
0.04
2

0.01
0
0.00
3
0.00
8

0.00
1
0.02
8
0.02
2

0.00
4
0.00
0
0.01
6
0.02
0

0.01
6
0.00
3
0.01
8

2.39

0.01
0
0.02
3
0.00
5
0.00
5

0.02
0
0.02
0

0.01
1
0.01
4
0.00
4
0.08
1

0.01
4
-

6.05

0.00
2
-

2.27

0.02
3

2.92

0.00
0

49.6
9

2.35

2.34

0.03

2.9

49.7

0.00
2
0.00

6.33

6.36
6.14

6.03

6.01

6.01

5.88

2.49

0.00
5
0.03
5
0.01
3

2.49

0.03
1
0.00
3
0.00
2

2.44

0.00
2
0.00
5

2.2

2.45

2.5

2.49

2.28

2.16

0.08
4
0.03
5
0.01
8
0.02
8

2.71

2.99
2.9

2.79

2.86

2.97

2.89

2.92

94

48.9
4

49.2

49.7
7

2.48

2.38

2.37

2.35

2.47

85.2
4
84.4
5
84.9
7

0.01
3
0.00
4
0.00
0

84.7

0.05

0.00
9
0.00
6

84.9
8

0.00
3
0.00
3

85.3
2

0.00
4

85.9

0.00

Top down investment risk research of the banking sector

5
10.7
4
10.5
2

0.00
3
0.01
8

6.01

0.02
8
0.02
2

2.24

2.46

0.03
5
0.03
3
0.01
7

84.7
4

2.52

0.04
1

84.1
7

2.63

0.04
4

83.6
7

2.52

0.04
2
0.03
6
0.01
2

83.2
4

81.8
1

0.00
6
0.00
5
0.02
4
0.00
7

0.00
4
0.02
0
0.00
0

82.5
2

0.00
9

82.6
9

0.00
2

84.0
3

0.01
6

0.00
4
0.00
0

85.8
2

0.02
1

84.5
5

0.00
4

85.8
3

0.01
5
0.01
5

2.89

0.01
4

48.3
3

0.00
5
0.00
7
0.01
8
0.00
3

2.88

0.00
3
0.01
4
0.01
4
0.03
9

48.8
3

0.01
0

2.45

48.6
8

2.4

49.2
4

0.00
3
0.01
2

49.2
6

0.00
0

2.39

0.00
7
0.09

48.7

0.01
1
0.01
4

2.39

0.01
2
0.00
7
0.01
3

5.75

0.01
7
0.04
2
0.04
2

2.29

10.1

0.00
1

5.76

0.00
3

2.2

10

0.01
0
0.00
1

5.57

0.03
3
0.00
0

2.03

5.57

49.8
4

49.3
9

5.85

10.0
1

0.02
1
0.00
0

0.09
1
0.05
0
0.00
0

0.02
3
0.02
5
0.00
1

5.74

0.00
1
0.00
5
0.00
1
0.00
3

0.01
1
0.00
3
0.00
6
0.00
2
0.00
2

10.4

10.0
9

85.0
2

49.6
5

2.15

5.51

0.03
2

0.10
4

0.01
2
0.00
3
0.06
2
0.06
6

9.96

2.55

3.3

5.87

10.0
3

0.00
2

0.06
2
0.05
7
0.05
1

0.02
5

5.85

49.9

49.5
1

10.6
5

10.1
5

0.04
9

2.28

5.49

2.99

0.02
2

10.1
4

0.08
0

5.94

5.81

2.43

10.3
9

10.3
8

2.91

5.97

5.81

0.00
7
0.00
3

0.04
3
0.01
8
0.02
3

0.02
0
0.00
4
0.01
0
0.00
1

10.4
8

0.00
7
0.02
7
0.00
0

2.2

2.25

2.26

2.2

2.16

2.25

2.16

2.1

2.85

2.85

2.85

0.02
7
0.01
8
0.06
0

2.85

0.01
7
0.04
0
0.01
9

2.84

0.07
7
0.03
4

2.89

2.8

2.91

2.62

95

49.5
8

49.0
6
48.1
7

49.3
8

2.38

2.42

2.43

2.46

2.4

2.4

84.2

84.0
4

81.2
4

Top down investment risk research of the banking sector

3
0.05
7

10.1
4

0.01
3

5.64

0.01
3

2.18

0.03
8

2.77

9.55

0.05
8
0.01
6

5.13

0.09
0
0.01
9

2.21

0.01
4

2.81

0.01
4

47

2.26

0.02
3

2.9

0.03
2

46.6
1

10.0
6

0.03
7

5.45

0.04
2

2.25

2.88

0.03
8

5.77

0.05
9

2.2

10.2
5

0.01
8
0.02
1

5.59

0.03
1
0.01
4

2.25

0.00
7
0.02
4
0.02
5

47.5
9

10.4
4

0.00
4
0.02
2
0.02
3

2.84

5.79

0.02
1

2.2

5.8

0.00
2

2.25

0.01
4
0.03
2
0.01
8

51.2
6

0.00
3
0.00
6

0.01
8
0.00
5
0.02
3

0.00
9
0.00
2

5.8

0.00
0

2.16

2.93

5.69

0.01
9
0.02
1

2.17

0.04
0
0.00
5

2.9

2.2

0.01
4

2.81

0.01
5
0.00
0

2.2

0.00
0

2.81

2.21

0.00
5

2.26

0.02
3

9.7

10.4
7
10.4
4
10.5

10.4
1
10.4
3

5.23

5.67

10.5

0.00
7

5.81

10.4
1

0.00
9
0.00
1
0.00
5

5.72

10.4

10.4
5

5.72

5.8

0.01
4

2.21

2.81

2.88

2.75

49.2
9

0.00
2
0.04
6
0.00
8
0.02
1

2.4

0.00
0

85.6
8

2.12

0.11
7
0.05
7

82.7
4

2.27

0.01
3

84.0
9

0.00
7

2.24

83.5

0.00
2
0.03
4
0.00
9

49

0.03
0

2.35

0.03
5

85

0.01
1

48.8
2

0.00
4
0.05
0

2.4

0.02
1

85.5
3

0.00
6

2.42

0.00
8

87.0
1

0.01
7

51.3

0.00
1

2.45

0.01
2

88.4
1

0.01
6

51.8
8

0.01
1

2.48

0.01
2

87.8
9

0.04
6

51.6
9

2.41

52.0
3

0.02
8
0.00
4

89.4
5

0.01
0
0.03
1
0.00
0

0.00
4
0.00
7

0.00
6
0.01
8

89.7

0.00
3

0.00
6
0.00
5

2.67

0.10
3

89.4
6

2.59

90.5
4

2.81

0.00
0

51.8

2.58

91.8
8

0.01
5

2.88

0.02
5

51.5
8

0.00
4
0.00
4

0.03
0
0.00
4
0.02
3

0.00
3
0.01
2

92.7
3

0.00
9

2.8

96

51.7
1
51.9
9

2.42

2.64

Top down investment risk research of the banking sector

10.4
1

5.86

0.01
0

2.3

0.01
8

2.9

0.00
7

51.5
4

10.4
9

0.00
4
0.00
8

5.86

0.00
0

2.38

0.03
5

2.82

51.5
1

10.5
6

0.00
7

6.2

0.05
8

2.35

2.81

10.4
8

0.00
8
0.01
1
0.00
4
0.01
1

6.1

0.01
6
0.01
3
0.01
5
0.01
9
0.01
7

2.29

0.01
3
0.02
6
0.00
9

0.02
8
0.00
4
0.01
1

2.84

0.00
0

53.6
7

0.02
2
0.01
8

2.79

0.01
8
0.00
4

53.3
6

2.37

0.03
0

2.7

52.9
9

0.00
5
0.00
3

2.33

0.01
7
0.05
6
0.00
9
0.01
8
0.01
9
0.05
7

2.7

0.03
6
0.00
0
0.00
4
0.01
5
0.04
2
0.00
4
0.02
4

53.1
4

0.04
6
-

10.3
6
10.3
2
10.4
3
10.4

10.4

10.2
7
10.3
1
10.2
2
10.1
8
10.1
2
10.0
7
10.2

6.02

5.93

5.82

2.31

2.26

2.3

0.00
3
0.00
0

5.92

0.01
3
0.00
4

5.91

5.91

0.00
0

2.18

0.00
9
0.00
4
0.00
6
0.00
5
0.01

5.99

0.01
4

2.14

5.89

0.01
7
0.00
2

2.1

5.89

5.9

5.76

5.75

0.02
4
-

2.2

2.22

2.02

2.08

0.09
0
0.03

2.84

2.8

2.69

2.65

2.54

2.53

2.59

2.47

2.45
97

0.00
1
0.00
1
0.00
1
0.00
3
0.04
6

2.61

0.00
6
0.00
4
0.00
3
0.01
2

2.77

2.8

53.3
9

0.00
9
0.00
2
0.01
0
0.01
7

54.7
4

0.02
5

2.5

53.6
4

0.02
0
0.00

2.39

51.4
8
51.3
1

53.1
5

53.6
4

53.0
4
52.5
2

53.9

0.01
1
0.01
1
0.02
3

92.1
8

91.7
2

0.00
6
0.00
6
0.00
1

2.65

0.00
4

92.0
7

0.00
4

2.61

0.01
5
0.06
1

93.0
3

0.01
0

93.9
6

0.01
0

2.84

0.02
5

93.0
6

2.73

0.03
9
0.05
5

93.2
7

0.01
0
0.00
2

93.7
4

0.00
5

0.02
8
0.07
9
0.01
9

92.3
4

0.01
5
0.02
0

0.01
5
0.03
5
0.04
4
-

94.5
6

2.58

2.64

2.88

2.58

2.63

2.59

2.36

91.6

94.2

93.4
2

91.0
9
90.0
4
92.9

0.00
8
0.01
2
0.03
7
0.01
2
0.03

Top down investment risk research of the banking sector

10.0
7

0.01
4
0.00
7
0.00
3
0.01
7
0.02
2
0.03
8
0.00
1
0.02
6
0.00
4
0.00
8

5.71

0.01
2
0.01
6
0.01
3
0.00
9
0.00
7

4.93

10

9.97

9.8

9.58

9.22

9.21

8.97

8.93

8.89

8.75

8.64

8.56

8.62

5.73

0.00
2
0.00
7
0.00
4

0
2.03

2.04

0.02
4
0.00
5

2.51

0.00
8
0.02
4

2.49

54.3
4

0.00
8

2.42

0.00
8
0.03
2
0.01
7
0.00
4

54.4
3

0.00
2

2.36

54.3
1

0.00
2
0.00
0

2.33

2.29

0.04
2
0.01
3

53.5
8

0.04
3
0.08
1

52.0
8

0.00
8
0.00
5
0.00
7
0.02
1
0.02
7

0.02
5
0.00
4
0.00
9

52.9
6

0.01
0
0.00
5
0.00
0

2.17

5.77

0.00
7

2.05

0.00
5

2.41

5.34

0.07
5
0.03
4
0.01
4

0.02
4
0.00
0

2.37

0.00
0

2.28

0.02
9
0.04
9
0.03
3

0.00
0

2.31

1.99

0.00
5
0.00
5

2.21

0.02
5
0.02
1
0.00
5
0.03
7

2.33

2.38

0.01
7

51.8
2

0.00
4
0.01
3

52.2
3

0.01
7
0.00
8

51.7
6

0.00

5.16

5.23

5.08

4.83

4.99

4.86

2.38

2.39

0.02
6
0.01
4

1.95

4.95

0.00
4

1.9

4.91

0.00
8
0.00
4

1.97

0.01
5

2.37

0.00

0.00
0

2.4

4.93

4.89

1.91

2.32

2.34

98

54.3
2
53.8
7

53.2

53.4
7

52.7
1
52.7
3

93.3
1

0.00
4

0.02
5
0.01
3
0.00
4
0.01
3
0.00
4

93.1
2

0.00
2
0.00
2
0.00
7
0.00
4

2.3

0.00
0

87.1

2.2

0.04
3
0.01
4

86.0
1

0.02
7
0.03
7

88.3
6
88.9
7

0.00
1
0.00
7

2.28

0.01
3

89.4
6

0.00
6

2.2

0.03
5
0.02
3

85.0
3
85.3
7

0.05
0
0.00
4

0.01

84.7
4

0.00

2.32

2.3

2.23

2.25

2.25

2.21

0.01
3
0.02
5

92.9
1
92.2
6
92.6

91.4
2

88.4
6

0.01
3
0.04
7
0.01
3
0.02
8

Top down investment risk research of the banking sector

8
0.00
2
0.00
4

8.82

0.02
3

4.88

8.86

0.00
5

4.9

8.68

0.02
0
0.01
0
0.01
0

4.93

0.00
6

1.92

4.9

0.00
6
0.00
0

1.91

0.00
7
0.01
5

4.85

1.95

8.86

0.01
3

4.71

8.87

0.00
1

4.58

8.71

0.01
8
0.02
5
0.00
5
0.01
3

4.43

0.01
0
0.02
3
0.00
6
0.02
8
0.03
3
0.03
2
0.11
4

1.92

0.02
5
0.00
2

4.51

0.01
9
0.03
8
0.00
4

8.59

8.68

8.62

8.75

8.49

8.45

8.56

8.35

8.33

4.9

4.74

4.29

4.78

4.69

4.49

1.9

1.94

1.97

1.9

2.09

2.05

0.01
2
0.00
4

39.8
9

2.38

0.00
0

39.6
7

2.35

0.01
3
0.03
4
0.03
1

39.1
8

0.02
1
0.01
7
0.02
2

39.0
2

9
0.22
9
0.00
3
0.00
3
0.01
2
0.00
3
0.00
2
0.00
0

39.3
4

0.00
8

2.31

38.7
1

2.24

2.32

0.00
9

38.7
3

0.01
6
0.00
1

0.02
6
0.01
8

38.7
4

0.00
0

2.28

0.01
3

85.4
2

0.01
5

38.6
5

2.26

0.02
0

38.1
8

0.00
9
0.01
8
0.01
4

87.1
3

0.01
7
0.01
3

86.2
6

0.01
0
0.00
2

0.02
6

37.6
6

0.00
2
0.01
2
0.01
1
0.00
3

0.03
6

85.9
1

0.05
0
0.02
1

2.37

0.01
0
0.00
5
0.03
1
0.01
0
0.02
6
0.10
0

2.34

0.04
3
0.02
5

2.3

2.38

2.27

2.29

2.25

2.05

0.00
0

2.26

0.02
4
0.04
0
0.02
6
0.01
6

2.3

1.87

1.9

2.26

2.29

2.35

99

39.7
8

39.0
7
39.0
1

37.7
6

8
0.01
8

84.5

2.25

0.00
0

84.8
7

2.21

0.01
8
0.00
5
0.01
8
0.06
5

84.4
6

2.34

0.01
7

82.1
6

0.01
3
0.03
0
0.00
4

83.2
3

0.00
5
0.00
5
0.00
5
0.00
1
0.01
6
0.01
3

83.7
5

0.00
6

84.1
9

0.00
5

2.25

2.2

2.16

2.3

2.25

2.22

2.25

2.17

84.0
1
83.5
6
83.5
1

86.4
5

7
0.00
3
0.00
4

0.00
6

Top down investment risk research of the banking sector

8.39

0.00
7

4.36

8.4

0.00
1

4.57

8.31

0.01
1
0.01
1
0.01
0
0.00
2
0.00
1
0.01
5
0.01
1

4.3

8.22

8.3
8.28

8.27

8.15

8.24

4.28

4.31
4.21

4.45

4.36

4.39

0.02
9
0.04
8

1.99

0.04
7

2.46

0.04
7

38.5
3

0.02
3

2.17

0.00
0

86.9
3

0.01
2

1.98

2.52

0.02
4

38.4
6

0.04
1

87

0.00
1

1.95

2.53

0.00
4

38.4
3

2.14

0.02
4

38.6
2

0.05
3
0.00
0

86

2.59

0.00
2
0.00
1
0.00
5

2.26

0.05
9
0.00
5
0.00
7
0.02
3
0.05
7

0.00
5
0.01
5
0.02
6
0.03
2
0.02
6
0.00
5

87.4
2

0.01
1
0.01
7

2.64

39.1
1
41.0
6

0.01
3
0.05
0

2.2

0.02
8
0.00
5

87.5
6
89.4
7

0.00
2
0.02
2

41.7
7

0.01
7

2.22

0.00
5

89.1
1

0.02
0
0.00
7

1.89

0.01
6
0.00
0

2.49

0.01
9
0.04
2
0.03
6
0.02
0

41.1
1

2.17

0.02
0

40.9
6

0.02
3
0.00
0

89.3
7

2.54

0.00
8
0.02
0

41.7
4

0.01
6
0.00
4
0.01
9

0.00
4
0.00
3

2.18

0.00
5

87.7
5

0.00
7
0.00
2

2.29

0.05
0

87.6
9

2.41

0.05
2

89.1
7

0.04
3
0.01
1
0.00
2
0.00

2.38

0.01
2
0.03
4
0.00
9
0.02
6

89.0
3

1.9

1.96
1.91

1.92

1.89

2.53

2.44

8.25

0.00
1

4.46

0.01
6

1.94

0.02
6

2.52

8.44

0.02
3

4.53

0.01
6

1.94

0.00
0

2.57

8.4

0.00
5
0.01
2

4.34

1.86

0.04
1
0.02
2

2.57

0.00
0

41.5
5

2.58

0.00
4

39.7
8

8.89

0.04
6

4.27

2.04

0.07
4

2.55

0.03
1
0.01
4

4.24

1.96

0.03
9
0.00
5

2.42

0.01
2
0.05
1
0.04
5

39.3
6

8.61

0.04
2
0.01
4
0.00
2
0.00
7
0.01
4

8.5

8.73

4.28

4.3

1.9

1.97

2.53

100

41.4
5

39.2
7
39.0
2

2.14

2.21

2.17

2.3

2.28

2.34

87.6
9

0.01
9
0.00
1
0.00
1
0.01
7

89.3
7

0.00
2
0.00
4

90.2
4

0.01
0

90.8
7

0.00
7

Top down investment risk research of the banking sector

8.71

0.00
2
0.00
1

4.21

0.00
2
0.01
0

4.18

8.93

8.92

38.8
1
39.0
3

0.00
6

2.25

0.03
5

40.1
5

0.02
9

2.3

0.06
4
0.01
6

41.3
9

0.03
1

41.2
5

2.51

0.00
0

43.2
2

0.00
3
0.04
8

2.62

0.04
4

42.3

2.6

0.00
8
0.06
2

42.4
2

0.04
7
0.04
2

42.5

2.75

2.68

0.02
1
0.01
2
0.00
5

1.93

2.05

0.04
6

2.55

4.35

0.04
1

0.01
6

4.39

0.00
9

0.02
4
0.00
0

0.00
1
0.00
2

4.47

0.01
8

0.00
0

2.51

4.53

0.01
3

1.98

0.02
0
0.01
7

4.54

0.00
2

1.99

0.01
0
0.00
5

4.53

1.94

9.26

0.03
9

4.98

0.00
2
0.09
9

0.02
5
0.00
5

9.29

0.00
3

4.89

1.96

0.00
5

2.63

9.2

0.01
0
0.01
1

4.75

1.93

0.05
6

4.79

10.5
4

0.07
3

4.75

0.00
8

2.18

0.01
5
0.01
0
0.00
5
0.14
7

2.74

9.82

0.01
8
0.02
9
0.00
6
0.01
5

8.72

8.7

8.79

8.94

8.76

8.91

9.3

4.16

4.72

1.96

1.95

1.91

1.9

0.02
0
0.01
6

6
0.01
0
0.00
5

2.4

0.05
1
0.00
8
0.07
1

38.6
2

2.64

2.47

2.38

2.76

2.66

2.26

90.1
7

0.01
3
0.00
5

91.4
9

0.01
5

0.02
2

92.2
5

0.00
8

2.38

0.03
5

93.4
3

0.01
3

2.4

0.00
8

96.5
9

0.03
4

2.39

0.00
4
0.02
1

99.3
1

0.02
8

99.7
5

0.00
4

2.25

0.03
4
0.00
4
0.00
0

89.7
1

0.02
1
0.00
3

2.44

2.51

0.02
9

104.
73

0.05
0

0.00
4
0.00
6

2.58

0.02
8

103.
37

2.56

103.
53

43.8
4

0.03
2

2.48

104.
33

0.00
8

0.00
4

44.0
6

0.00
5

2.48

0.00
8
0.03
1
0.00
0

0.01
3
0.00
2

105.
95

0.01
6

0.02
5
0.00
7

43.1
4

0.02
1
0.00
5

2.45

0.01
2
0.00
0

102.
48

0.03
3
0.00
2

101

42.2
3

43.3
5

2.45

102.
69

Top down investment risk research of the banking sector

10.1
1

4.61

10.0
3

0.04
1
0.01
1
0.00
3

0.02
9
0.01
1

2.44

0.11
9

2.85

0.07
1

42.2
4

2.44

0.00
0

3.19

0.11
9

0.02
8
0.13
5

2.53

0.03
7

3.33

10.2
8

0.02
5

5.14

2.5

3.32

5.14

0.00
0

2.43

0.02
5

5.1

2.48

0.00
7
0.01
2

5.01

0.03
2
0.02
1

3.03

4.95

2.49

0.01
6

2.79

2.5

0.00
4

2.89

2.38

0.04
8
0.00
8

10.5
2

0.00
1
0.00
4
0.01
6
0.05
6
0.00
4

0.00
8
0.01
8
0.00
6
0.00
6
0.01
8
0.02
3
0.01
9

0.01
2
0.02
8
0.02
1

11.0
1

0.07
1

11.2
9
11.2
1

2.35

10.6
1

0.00
9

4.73

10.6
5

0.00
4

4.71

10.7

0.01

4.72

0.01
2
0.01
0
0.00
4
0.00

10

11.3
4
11.3
3
11.2
8
11.1

10.4
8

4.66

4.53

4.98

4.86

4.75

4.84

4.78

2.4

2.45

2.4

2.18

2.22

2.1

2.37

42.5
1

0.02
6
0.00
6

0.04
4

42.5
7

0.00
1

0.00
3
0.05
1
0.04
1
0.00
3

42.5
1

0.00
3
0.07
6
0.03
6

2.99

3.15

3.02

3.02

0.02
1
0.07
2
0.01
8

3.16

2.95

3.08

2.96

0.03
3
0.00
0

100.
18
102.
97

0.02
4
0.02
8

2.42

0.02
1

103.
34

0.00
4

2.65

0.09
5

105.
37

0.02
0

43.1
9

0.00
1
0.01
6

2.97

0.12
1

106.
01

0.00
6

43.2
6

0.00
2

2.82

105.
71

43.1
6

2.74

0.00
3
0.01
2

43.3
1

0.00
2
0.00
3

44.3
9

0.02
5

2.59

44.5
1

0.00
3

2.65

0.05
1
0.02
8
0.03
6
0.01
9
0.02
3

0.03
8

43.6

2.54

43.8
5

0.04
2
0.01
2

108.
54

0.00
3
0.05
7

0.02
0
0.00
6

2.66

0.03
5

110.
53

0.02
5
0.03
9
-

44.0
5

0.00
3
0.00
8

2.67

0.00
4

116.
05

0.01
1
0.01

2.59

0.03
0
0.01

112.
97

102

43.7

43.5
8
44.0

2.37

2.64

2.57

2.62

106.
99
106.
17
109.
15
108.
64

113.
92

111.

0.00
8
0.02
8
0.00
5
0.00
1
0.05
0
0.03
0
0.05
0
0.02
7
-

Top down investment risk research of the banking sector

10.5
5

0.02
2
0.00
6

10.6
1
10.4
4

2
4.6

4.59

0.01
6
0.03
5
0.03
8
0.00
3

4.45

9.76

0.00
4

4.45

9.77

0.00
1

4.26

9.39

0.03
9
0.04
3

4.35

10.0
7
9.69

9.72

4.27

4.12

4.11

0.02
5
0.00
2
0.03
1
0.04
0
0.03
5
0.00
2
0.08
3

2.07

2.04

0.05
4
0.04
8
0.03
5

2.82

2.88

0.01
4
0.02
5

2.79

2.15

0.02
9

2.62

2.22

0.03
3

2.17

2.09

0.00
3
0.04
4
0.02
1

43.1

0.02
1
0.00
2

2.52

0.01
0
0.02
8
0.02
1
0.01
4

2.54

43.1
7

39

0.03
8
0.02
0

108.
66
109.
86

0.01
4
0.02
5
0.01
1

0.01
2
0.03
1
0.06
1
0.01
3

113.
43

0.03
2

115.
2

0.01
6

111.
33

0.03
0
0.01
3

109.
73

2.32

0.00
9

107.
58

2.57

0.03
1
0.06
5
0.00
4

42.7
2

2.72

0.03
8

41.2

0.02
3
0.00
9

2.57

0.05
5
0.07
0

41.4

0.00
5

2.27

41.1
2

2.3

0.00
9
0.01
8

2.75

0.00
0

41.1
2

0.00
7
0.00
0

2.7

0.01
8
0.00
7

41.1
8

0.00
1

2.5

0.07
8

111.
02

0.03
4
0.00
4
0.01
0
0.01
0
0.00
9
0.03
2

42.1
9

0.02
5

2.52

0.00
8

116.
08

0.04
6

2.61

40.6
5

2.46

2.31

2.34

110.
85

0.04
3
0.02
1

2.19

4.4

0.01
1

2.21

0.02
9
0.01
2
0.01
4

4.46

0.01
4

2.21

0.00
0

2.72

4.5

0.00
9

2.19

2.9

0.06
6

42.5
9

0.00
9

2.55

0.01
2

119.
09

0.02
6

4.71

0.04
7

2.05

3.02

0.04
1

43.9
7

0.03
2

2.57

0.00
8

121.
5

0.02
0

9.91

0.04
0

4.63

2.05

3.01

0.03
3

2.63

0.02
3

125.
6

0.03
4

0.00
5

4.5

0.00
3
0.06

45.4
4

9.96

0.01
7
0.02

0.00
9
0.06
4
0.00
0

46.3
8

0.02
1

2.57

0.02

124.
86

0.00

9.79

9.51

9.4

9.53

2.17

2.07

0.01
0

2.75

41.5
1

2.81

103

108.
61

Top down investment risk research of the banking sector

10.5
3

0.05
7

4.5

10.6
6

0.01
2

4.49

10.4
2

4.41

10.5
5
10.6
4

0.02
3
0.01
2
0.00
9

11.3
5

0.06
7

4.53

11.1
6
11.7
6

0.01
7
0.05
4

12.2
7

0.04
3

4.33

12.4
8

0.01
7

4.33

12.0
3

0.03
6
0.01
7

4.24

0.02
3
0.00
1
0.03
8
0.00

4.19

12.2
4
11.9
6
11.9
5
11.4
9
11.5

8
0.00
0

2.05

0.01
0
0.01
0
0.00
5
0.01
5
0.00
0

2.8

2.58

50.4
7

0.03
7

2.59

0.00
4

131.
26

0.01
8

0.01
8
0.00
7
0.02
1

49.3
1

2.64

0.01
9

129.
31

49.9
2
52.4
1

0.02
3
0.01
2
0.05
0

2.65

131

0.03
5
0.04
3

55.0
3

0.05
0

2.59

55.5
5

0.00
9

2.53

3.09

0.06
6

54.6
7

2.53

2.99

0.03
2
0.00
3

55.3

0.01
6
0.01
2

0.00
4
0.01
5
0.00
8
0.02
3
0.00
0

0.01
5
0.01
3
0.02
4

2.54

2.51

0.02
0
0.01
0
0.01
0
0.01
4

57.1
6

0.01
2
0.04
6

60.0
1

0.05
0

2.44

57.1
8

0.04
7
0.00
9

2.41

0.02
1
-

55.2
1

0.04
3
0.05

2.4

2.08

0.01
5

2.78

4.55

0.00
4

2.05

2.9

4.43

0.02
6
0.02
3
0.00
0

2.03

0.01
4
0.01
0
0.01
0

0.02
1
0.00
5
0.00
7
0.00
2

4.4

4.22

4.2

4.09

4.05

0.02
6
-

2.05
2.05

2.05

2.01

1.97

1.93

1.92

1.95

0.02
0
0.00
5
0.00
0
0.01
5
0.02
0
0.00
5
0.01

128.
98

6
0.03
3

0.05
0

2.03

4.47

3
0.00
4

48.6
9

0.00
2
0.01
8
0.01
4
0.01
6
0.03
0

2.02

6
0.00
4
0.01
8

2.85

2.8

2.82
2.88

2.94

2.91

2.88

2.92

2.86

2.78

104

54.6
5

57.7
2

57.9

2.61

2.46

2.42

2.35

134.
11
133.
01
133.
05

0.00
8
0.00
0

133.
04

0.00
0

0.00
4

137.
14

0.03
1

0.01
2
0.02
0
0.00
8
0.01
2
0.00
4

136.
37

0.00
6
0.02
4
0.00
2

0.00
8
-

120.
49

133.
1
133.
3
129.
44
123.
28

118.

0.02
9
0.04
8
0.02
3
-

Top down investment risk research of the banking sector

11.3
7

4.15

10.5
4

0.01
6
0.02
2
0.06
0
0.00
9

11.5
2
11.8
7

0.09
3
0.03
0

4.2

11.7
4

5.03

11.4
7

0.01
1
0.02
6
0.00
3

11.5
1

0.00
3

4.55

11.2
1

0.02
6
0.04
4
0.00
4
0.01
7

4.33

0.01
8

11.1
2
10.4
5

11.4
4

10.7
2
10.6
8
10.8
6
10.6
6

0.01
0
0.02
5

0.02
8
0.00
4
0.00
0

58.3

0.00
6

2.31

55.6
8

0.04
5
0.04
7
0.02
9

2.3

2.1

0.07
7

2.77

0.01
9
0.00
7
0.01
0

2.06

0.01
9
0.00
0

2.77

2.92

0.05
4

53.0
7

0.02
7

54.6
1

0.02
9
0.01
7
0.21
8

2.06

3.05

0.01
7
0.01
6

57.3
3
57.0
9

2.07

0.02
9
0.00
7
0.02
0
0.05
5
0.02
5
0.00
4

56.7
9

0.05
6
0.02
1
0.02
2
0.04
8
0.00
7
0.00
0

0.02
9
0.03
0
0.02
9
0.00
5
0.04
0

51.4
7

4.33

0.00
7

1.83

4.61

0.06
5

1.86

0.00
4
0.03
0
0.03
4

4.07

4.04

4.08

4.13

4.75

4.65

4.3

4.3

2.06

1.99

3.1

3.01

2.99

2.08

0.00
5

2.93

2.01

0.03
4
0.03
0

2.77

0.04
8
0.03
6
0.03
7
0.01
6

2.71

2.07

1.97

1.9

2.7

2.7

2.62

2.53

105

0.05
1

121.
36

2.7

0.08
4
0.01
1
0.01
9
0.01
5
0.03
1
0.02
0

124.
47
126.
69

0.02
6
0.01
8

128.
05

0.01
1

131.
14

0.02
4

129.
94

0.02
0
0.04
0
0.03
3

127.
81

0.00
4
0.00
8

125.
96

0.00
9
0.01
0
0.00
6
0.03
3
0.00
6
0.02
5

131.
04

0.04
0

58.0
6

0.01
0

2.5

58.2
9

0.00
4

2.55

57

0.02
2
0.05
0
0.05
0
0.00
4
0.03
7

2.5

49.3
6

121.
66

2.67

2.62

2.58

2.4

2.48

2.47

2.49

119.
53

0.01
3
0.02
3

2.49

2.37

57.4
9

51.2
5

95

0.01
8
0.03
3
0.05
0

0.05
0
0.00
4
0.00
5
0.01
2

54.1
7

0.02
1
0.01
7
0.00
4
0.03
0

115.
61

128.
62

123.
63
122.
93

Top down investment risk research of the banking sector

10.5
2
9.86

10.3
6
10.0
7
9.69

9.76

0.01
3
0.06
3
0.05
1

4.31

0.02
8
0.03
8
0.00
7

4.22

4.15

3.95

3.96

0.06
5
0.02
1
0.01
7
0.03
6
0.01
3
0.00
3

1.82

2.44

47.9
7

0.03
1
0.00
3

0.04
8
0.05
0

48.7
4

0.01
6

2.28

47.2
9

2.35

2.56

0.02
4

46.4
4

2.68

0.04
7

46.9

0.03
0
0.01
8
0.01
0

0.00
5
0.01
1

2.81

0.04
9

47.2
9

0.00
8

2.73

48.2

0.00
0
0.00
0

2.75

50.1
7
50.0
4

1.91

0.00
5

2.75

0.02
8
0.00
7
0.01
8
0.01
9

0.00
5
0.00
5
0.06
9

2.65

0.03
6
0.03
0

0.02
5
0.01
5

2.61

1.84

1.81

1.9

1.87

1.89

9.95

0.01
9

3.96

0.00
0

1.88

10.2
1

0.02
6

4.09

0.03
3

1.9

10.5
8
10.5
3

0.03
6
0.00
5
0.00
9
0.00
8

4.16

0.01
7
0.02
2
0.02
2

1.9

4.42

0.06
2

1.9

4.34

11.2
2

0.06
5

4.29

0.01
8
0.03
5
0.02
4

1.89

10.5
4

0.01
0
0.01
2

10.8
6

0.03

4.17

0.02

10.4
4
10.5
2
10.4
1

4.07

4.16

4.19

1.9

2.02

1.97

0.02
2
0.01
1

2.46

0.01
6
0.05
0

2.38

0.01
6
0.01
1

2.5

2.5

2.7

2.73

2.61

2.9

0.02
8
0.01
6

47.8
5

128.
96

0.01
5
0.00
0

130.
89

0.01
5

132.
52

0.01
2

0.03
4
0.00
4

132.
03

2.28

0.00
0

129.
07

0.01
9

2.36

0.03
5

131.
02

0.00
4
0.01
5
0.00
7
0.01
5

2.4

0.01
7
0.01
7
0.01
7
0.01
7

131.
52
131.
41

49.7
9

0.04
1
0.00
3
0.01
5
0.01
0

50.5
3

0.01
5

2.38

0.00
8

131.
01

0.04
4
0.00
0

50.0
2

2.35

0.01
3
0.02
6

127.
53

52.5
2

0.01
0
0.05
0

133.
9

0.02
7
0.05
0

0.11
1

51.6
8

0.01

2.37

0.01

135.
87

0.01
5

106

49.2
8

2.37

2.27

2.28

2.36

2.32

2.36

2.41

0.02
0
0.02
9
0.03
8
0.03
1

129.
01

129.
99

130.
98
129.
43

0.00
4
0.00
1
0.00
3
0.01
2
0.01
2

Top down investment risk research of the banking sector

11.1
5
11.8
2
11.6
4

2
0.02
7

4.09

0.06
0
0.01
5
0.00
0

4.46

0.03
5
0.01
5
0.00
4

4.17

4.14

10.6
6

0.03
2
0.03
3
0.02
6

10.6
8

0.00
2

10.6

11.6
4
11.2
3
11.0
6
11.1

4.34

4.33

4.2

1.93

1.93
1.92

1.88

1.81

1.81

2.73

0.03
9
0.02
3
0.01
8

2.51

2.65

0.05
2

49.2
9

0.04
9
0.01
2

49.6
1
50.1

0.01
0

0.02
4
0.02
8
0.02
9
0.06
0
0.02

49.4
3

2.73
2.68

2.7

2.62

2.59

1.74

0.05
8
0.01
3

1.73

1.75

0.01
2

2.52

0.01
3

1.78

0.01
7

2.55

3.95

0.01
3
0.00
8

1.73

2.49

1.65

1.73

0.04
8

2.21

10.3

3.72

0.01
8
0.00
3
-

0.02
8
0.05
2
0.00
6

10.5
9

0.00
7
0.00
2
0.01
1
0.01
2

1.75

0.01

2.27

10.3
9

10.5
8
10.4
6

3.9

3.95

3.98

3.91

3.9

1.7

1.64

2.52

2.42

2.35

0.05
9
0.00
0
0.01
8
0.00
7

52.4
6

0.03
0
0.01
1
0.03
1
0.00
4

54

6
0.01
5

0.03
5
0.00
0
0.00
5
0.02
1
0.03
7
0.00
0

0.01
9
0.00
5

10.7
5

4.12

8
0.01
9
0.09
0
0.02
7
0.00
2
0.03
7
0.00
7

107

55.0
8
54.6
1
56.0
6

54.6
9
53.9
6

2.34

0.05
0
0.00
9
0.02
7

2.67

0.03
7
0.01
3

2.42

0.01
3
0.03
9
0.05
0
0.00
6

2.4

2.53

2.49

2.42

7
0.01
3
0.14
1
0.05
2
0.01
6
0.02
8
0.00
0

142.
25

0.04
7

149.
36
152.
11

0.05
0
0.01
8

154.
21

0.01
4

147.
42

123.
57

0.04
4
0.01
6
0.00
3
0.04
7
0.03
8
0.03
0
0.00
9
0.03
2
0.00
7
0.00
8

145.
11

0.00
8
0.02
5
0.01
7
0.00
9

144.
71

2.33

0.00
4

127.
5

2.27

0.02
6
0.00
4
0.01
3
0.01
3

123.
46

49.9
9

0.01
3
0.01
4
0.00
6
0.03
2

126.
2

0.02
1

48.5

2.24

123

51.8
8

48.7
4
48.4
5

2.34

2.3

2.32

2.26

2.23

2.26

137.
88
132.
63
128.
68

122.
65

Top down investment risk research of the banking sector

5
10.4
7
10.5
4
10.4
8

0.02
3
0.01
2

3.83

3.86

10.7
6

0.00
7
0.00
6
0.02
7

11.0
5

0.02
7

3.81

11.3
8

0.03
0

3.85

11.3
1

3.75

11.1
6

0.00
6
0.00
9
0.00
4
0.00
3
0.00
3

11.3
2

0.01
4

3.43

11.3
6

0.00
4

3.43

11.2
3

0.01
1
0.02
0
-

3.4

11.2
1
11.1
6
11.1
3

11.4
6
10.0

3.85

3.83

4.06

3.75

3.56

3.55

3.49
3.51

0.04
6
0.03
0

2
1.72

0.01
7
0.00
0
0.01
7

2.39

0.05
3

48.4
9

2.43

48.9
1
48.2
7

0.01
7
0.01
7
0.20
1

2.32

0.01
7
0.05
3
0.00
9

50.1
8

0.02
8
0.00
2
0.00
9
0.01
3
0.04
0

3.32

0.43
1

52.2
2

0.04
1

2.34

0.01
3

121.
49

4.32

0.30
1

51.8
9

2.3

4.07

0.05
8
0.00
7
0.00
5

52.3
3

0.01
7
0.01
3
0.00
4
0.00
0

120.
95

0.10
8
0.01
7

0.00
6
0.00
8

0.01
5
0.02
8
0.02
1

47.7
3

2.26

0.00
0

121.
38

2.25

0.00
4
0.00
4

120.
82

0.02
5
0.00
5
0.02
3
-

0.00
4
0.02
7
0.00
5
0.02

0.00
8
0.00
3
0.00
5
0.00
5
0.01
0

1.72

0.02
6
0.08
3

1.81

0.07
6
0.05
1
0.00
3
0.03
4
0.00
0

1.91

0.03
8

4.06

1.85

0.03
1
0.02
7
0.01
7
0.01
7

0.00
9
0.02
6
0.00

1.82

0.01
1

3.85

1.85

0.01
6
0.00

3.94

1.75

1.72

1.69

2.03

1.84

1.8

1.77

1.8

1.85

2.3

4.04

3.89

3.97

3.87

3.9

108

49.8

2.23

2.23
2.22

2.31

2.27

2.26

48.2
2

0.04
8
0.03
9
0.00
3
0.01
0

49.3
3

0.02
3

2.26

50.3
3

0.02
0

2.25

50.6
7

0.00
7

2.19

51.9
6
52.1

0.02
5
0.00

2.2

47.8
7

2.26

2.25

0.00
9
0.00
4
0.00
0
0.00
4
0.04
1

125.
04
125.
04
123.
15
118.
88

0.02
5
0.01
7
0.00
0
0.01
5
0.03
5
0.02
2

121.
8

0.00
4
0.00
7

123.
79

0.01
6

122.
17

123.
17

0.01
3
0.00
6
0.00
5
0.01
9

123.
73

0.00
5

120.
7

0.02
4
0.02
2
0.02

123.
41
127.

Top down investment risk research of the banking sector

10.0
6

0.12
1
0.00
4
0.00
3

10.3
5

0.02
9

4.02

0.03
6

1.76

10.5
8

0.02
2

3.88

1.79

10.7

0.01
1

3.9

0.03
5
0.00
5

10.4
4

0.02
4
0.00
4
0.01
4
0.00
3

3.91

0.00
3

1.72

3.81

0.02
6
0.00
0

10.3

0.00
2

3.54

10.2
8

0.00
2
0.00
7
0.02
5

3.61

0.00
2
0.03
3

3.6

10.0
3

10.4

10.2
5
10.2
8

10.2
1
10.4
7
10.4
5
10.7
9

3.6

0.02
6

1.86

0.00
5

3.95

3.88

0.07
8

1.81

0.02
7
0.02
8
0.01
7

3.73

0.01
0
0.01
3

51.0
5

2.21

02

0.01
8
0.00
5
0.05
0

127.
65

0.00
5

126.
65
127.
75

0.00
8
0.00
9

0.01
7
0.03
5

129.
62

0.01
5

129.
03

0.01
3
0.00
9
0.00
4

128.
27
131.
19

0.00
5
0.00
6
0.02
3

131.
44

0.00
2

0.02
2
0.00
4

130.
7

0.00
6
0.01
9
0.00
6

0.05
6
0.02
1

51.0
2
53.5
1

0.02
0
0.00
1
0.04
9

3.9

0.02
4

54.3
5

0.01
6

2.27

0.04
5
0.00
6

3.85

0.01
3
0.02
9

54.8
8

0.01
0

2.35

54.1
2

2.32

1.73

0.00
6

3.9

54.2
2

1.74

0.00
6

3.97

0.01
5
0.01
8

0.01
4
0.00
2

2.31

0.02
1
0.05
1
0.02
0

1.74

0.00
0

4.12

0.03
8

54.6
8

0.00
2
0.01
0

1.71

0.01
7
0.10
5

4.42

0.07
3

54.6

2.27

4.39

55.8
7

2.28

0.00
4

128.
89

3.61

0.00
0

1.85

4.35

1.85

0.00
4
0.00
0

126.
4

0.01
7
0.01
4

4.5

54.8
9

2.31

0.01
8

131.
42

0.01
9
0.00
7
0.04
7

0.00

1.76

0.02
7
0.02

0.02
1
0.00
6
0.01
0

2.27

3.55

0.02
1
0.00
0

0.00
7
0.00
9
0.01
1
0.04
7

0.00
1
0.02
3

0.02

55.4
9

0.01
1

2.28

0.01

131.
04

0.00

3.81

3.73

3.57

1.71

1.89

1.8

3.81

3.96

4.3

4.4

109

54.1
3

54.6
7
54.3
6

2.2

2.31

2.3

2.26

2.27

128.
17

125.
52

Top down investment risk research of the banking sector

10.6
9

3.58

10.4
9

0.00
9
0.01
3
0.01
4
0.00
9

10.6
4
10.5
4

10.5
5

8
0.00
3

1.79

2
0.01
7

4.81

2
0.09
3

55.4
7

0.00
0

2.26

0.00
2
0.01
6
0.00
0

2.26

3.58

0.00
0

1.79

0.00
0

4.87

0.01
2

55.3
6

3.64

0.01
7

1.71

4.79

0.00
8

1.75

0.01
4

3.66

1.73

55.9

0.02
7

2.34

3.67

0.01
1
0.01
2

4.73

56

0.00
2

2.33

3.7

0.00
8

1.81

0.03
4

4.72

0.01
1
0.00
9

55.5
9

3.81

0.03
0

1.82

0.00
6

4.41

0.00
7
0.02
4

2.27

10.5
4

0.00
9
0.00
4
0.00
4

0.00
3
0.00
3

0.01
6
0.05
6
0.04
6

54.4
5

3.67

0.04
5
0.02
3

10.6
6

0.01
1

3.87

0.01
6

1.81

4.68

10.6
7

0.00
1

4.09

0.05
7

1.84

0.00
5
0.01
7

10.6
7
11.4
7

0.00
0
0.07
5

4.56

1.93

0.00
1

4.48

0.04
9
0.03
1
0.02
1

4.59

11.4
8

0.11
5
0.03
7
0.02
1

11.2
3

4.58

0.02
2

1.86

4.84

0.05
7

1.85

11.6

4.94

0.02

1.85

0.02
6
0.00
5
0.00

4.55

11.7
7

0.02
2
0.04
8

10.4

10.5

4.39

1.75

1.87

1.91

4.52

4.68

4.55

4.5

4.4

4.42

4.5

54.4
3

3
0.00
9
0.00
0

133.
97

3
0.02
2

134.
5

0.00
4

2.27

0.00
4

130.
72

2.26

0.00
4
0.03
5

131.
2

0.02
8
0.00
4

131.
54

0.00
3

0.00
4
0.02
6
0.00
4

133.
33

0.01
4

132.
23

0.00
8
0.00
4

2.3

0.00
9

132.
34

2.33

0.01
3

134.
02

0.00
3
0.01
3

0.05
2
0.00
8

135.
03
136.
22

0.00
8
0.00
9

0.06
6
0.06
1

56.9
1

0.02
8
0.00
9
0.02
0
0.02
2
0.03
4

56.7
1

0.00
8
0.00
4

57.3
4
58.0
9

0.01
1
0.01
3

2.45

59.4
5

0.02
3

2.47

0.00
0

135.
93

58.2
3

2.35

59.3
3

0.04
9
0.01
3

135.
03

0.02
9
0.01

0.02
1
0.01
9

136.
21

0.00
2
0.00
7
0.00
9

58.4

2.38

0.00

134.

110

56.4
8

2.28

2.47

2.38

132.
7

Top down investment risk research of the banking sector

9
11.5
3
11.5
3
11.4

0.00
7
0.01
4
0.00
0

1
4.79

4.82

0.03
0
0.00
6

1.92

0.03
8

4.52

0.00
4

58.5
7

0.01
4
0.00
2

1.91

4.65

0.02
9

58.6
9

0.00
2

2.4

0.00
4

133.
6

0.05
0
0.00
4
0.01
3
0.05
8

1.98

0.00
5
0.03
7

4.51

58.1
6

4.74

0.01
9

58.0
6

2.34

132.
55

0.00
6
0.00
6
0.00
4

0.00
5
0.02
0
0.04
2

4.75

0.00
2

58.0
8

0.00
4
0.00
0

0.00
4
0.02
1
0.00
0

132.
79

4.65

0.00
9
0.00
2

2.39

0.01
0
0.00
5

0.03
0
0.03
1

2.38

0.01
7

133.
01

0.00
3

4.76

0.00
2

58.1
9

0.00
2

2.43

0.02
1

135.
8

0.02
1

4.74

0.00
4
0.02
5
0.00
6

57.8
6

0.00
6
0.01
5

2.53

0.04
1

136.
1

0.00
2

2.53

0.00
0

136

2.49

135.
99

0.01
5
0.01
7
0.01
1

58.1
3

137.
53

0.01
1

141.
22

0.02
7

141.
08

2.42

0.01
6
0.00
8
0.01
6
0.01
2
0.00
8
0.01
7

0.00
1
0.00
0

0.00
1
0.00
4
0.00
2

4.58

11.3
9

0.01
1
0.00
8
0.00
7

11.4
8

0.00
8

4.76

11.6

0.01
0

4.96

0.04
2

1.92

11.8

0.01
7

4.81

12.5
9

0.06
7

4.9

0.03
0
0.01
9

0.00
0

4.62

12.0
9

0.04
0
0.01
2

4.94

0.00
8

2.04

0.02
0

4.65

4.95

0.00
2

2.02

4.58

12.7

0.03
8

4.83

2.03

12.5
2

4.77

0.02
0
0.01
0

4.55

12.8
5

0.01
4
0.02
6

4.75

0.04
4

58.1
8

12.6
6

0.01

4.88

0.02
4
0.01
2
0.01
9
0.04
3

0.01
0
0.00
5

0.00
3
0.00
8
0.00
2
0.00
2
0.00
4

0.00

4.65

0.02

57.9
6

0.00

11.3
1

12.2
3

4.56

4.5

4.68

1.96

1.97

1.96

1.99

2.01

4.5

111

58.3

58.7
5
58.5
9

58.0
1
57.9
2

27

2.39

0.00
4

133.
36

2.34

2.47

2.43

2.4

2.38

131.
99

140.
54
140.
79

0.01
4
0.00
7
0.00
2

Top down investment risk research of the banking sector

12.2
1
12.2
4
11.7
9

5
0.03
6
0.00
2

4.81

4.88

0.01
4
0.01
5

2.19

2.09

0.03
7
0.05
2

5.07

0.03
9

2.15

4.91

2.05

13.4

0.08
1

4.86

13.9
9

0.04
4

4.8

13.7
5

0.01
7
0.02
0
0.00
9

4.76

0.03
2
0.01
0
0.01
2
0.00
8
0.01
5
0.01
9

0.01
4
0.00
9
0.01
3
0.00
5

4.65

0.02
7
0.01
1
0.00
0

2.05

4.69

0.02
0

2.03

0.02
5
0.00
5

4.55

0.03
0
0.07
9

2.02

12.4

13.4
8
13.6

13.4
1
13.2
9
13.1
2
13.1
8
12.8
5
12.7
8

4.69

4.78

4.6

4.6

4.91

2.29

2.15

2.09

2.12

2.07

2.09

2.03

2.02

5
0.09
5

1
0.09
5

57.9
4

4
0.00
0

5.5

0.08
1

58.8
7

5.96

0.08
4

58.1
7

0.04
7
0.11
7

5.52

58.9
1

0.06
1
0.02
8
0.01
4

5.4

0.07
4
0.02
7
0.00
6

5.5

0.01
9

58.2
6

5.08

0.07
6
0.04
9
0.02
5

58.1
1

0.01
0
0.00
2

57.8
5

0.04
6
0.02
9

5.09

5.37

0.02
4
0.01
0
0.02
0

4.83

0.02
9
0.00
0

4.91

0.00
5
0.00
0

5.34

4.95

4.9

4.66

5.23

2.43

0.00
4

138.
07

0.01
6

2.37

139.
29

0.01
2
0.01
3

2.44

0.02
5
0.03
0

139.
1

0.00
3
0.00
2

2.46

0.02
9
0.03
8

2.48

0.00
8

138.
16

0.01
1
0.00
3
0.00
1
0.00
0

2.41

0.02
8
0.01
7
0.00
4

137.
76

133.
25

2.35

133.
88

0.00
5

58.3
8

0.00
4
0.00
9

133.
99

0.00
1

0.05
1
0.14
6

58.5
9

0.00
4

2.35

0.00
8
0.00
4
0.00
4
0.00
4

0.00
3
0.03
0
0.00
8
0.00
5

135.
01

0.00
8

58.1
3

2.36

0.00
4

133.
91

0.02
1

58.2
5

0.00
8
0.00
2

2.37

0.00
4

134.
9

0.00
8
0.00
7

112

58.7
4
58.8
8

58.0
7
58.0
7

2.37

2.37

2.38

2.36

2.34

138.
11

137.
66

133.
59
132.
58

0.01
9
0.00
9
0.00
8
0.00
7
0.01
0
0.00
4

Top down investment risk research of the banking sector

12.6
6

12.2
6

0.00
9
0.03
5
0.00
3

12.9
7

0.05
8

4.73

0.03
1

1.92

13.1
2

0.01
2

4.63

1.84

12.9

0.01
7
0.02
9
0.01
0
0.01
5
0.00
4

4.54

0.02
1
0.01
9
0.04
2
0.02
1
0.00
0

4.73

0.11
0

1.86

0.00
2
0.00
0

4.6

0.02
7
0.02
6
0.03
6
0.02
8
0.01
0

1.81

1.89

12.2
2

12.5
2
12.4

12.2
1
12.2
6
12.2
3
12.2
3
11.9
5
11.9

11.7

12.0

0.02
3
0.00
4
0.01
7
0.03

4.7

4.53

4.59

4.35

4.26

4.26

4.48

4.32

4.2

4.24

4.19

0.04
3
0.03
6
0.01
3

2.03

0.00
5

5.69

0.08
8

58.0
9

1.95

0.03
9
0.03
6
0.02
1

5.21

0.08
4
0.01
3

57.7
9

0.04
2
0.01
1
0.03
8

1.88

1.82

1.89

1.87

1.87

1.78

1.81

5.28

5.15

5.19

5.15

2.34

58.1
3

0.00
3
0.00
5
0.00
6

0.02
5
0.02
9
0.03
8

58.4
8

0.00
6

2.32

58.6
3

0.00
3

2.35

57.7
4

0.00
8
0.02
5
0.00
6

56.4
7

0.01
5
0.02
2
0.01
1
0.00
2
0.00
9
0.00
1
0.02
0

2.27

0.00
2
0.00
3
0.00
6
-

0.01
1
0.00
0

5.02

0.00
5
0.02
7
0.01
7
0.01
7

5.1

0.01
0

56.4
3

5.2

0.02
0

56.3
5

5.06

0.02
7
0.01
8

57.4
9

0.01
9
0.04
2

57.1
8

56.6

5.05

5.15

1.85

0.02
2

5.05

1.84

0.00
5
0.02

5.26

5.1
113

57.0
9
56.9
5

57.3
5

56.8
5

0.01
3
0.01
3
0.01
3

134.
08

0.00
9
0.01
3

132.
95

0.00
6
0.02
3
0.00
4
0.02
0

133.
86

0.00
7

2.38

0.01
3

133.
98

0.00
1

2.3

0.03
4
0.00
0

131.
29
132.
1

0.02
0
0.00
6

0.01
3
0.00
4
0.00
9

133.
4

0.01
0

134.
96

0.01
2

135.
34

0.00
3

2.29

0.00
4

133.
98

2.3

0.00
4

133.
51

2.28

0.00
9
0.00
4

134.
95

0.01
0
0.00
4
0.01
1

135.
25

0.00
2

133.

2.31

2.34

2.3

2.26

2.28

2.29

2.18

130.
93
130.
36

Top down investment risk research of the banking sector

12.4
3

0.03
0

4.09

12.4
8

0.00
4

4.15

12.7
9

0.02
5

4.17

0.00
5

1.86

12.7
9

0.00
0

4.22

0.01
2

1.79

12.7
3

4.34

0.02
8

1.76

12.7
7

0.00
5
0.00
3

4.22

1.8

12.9
9

0.01
7

4.36

0.02
8
0.03
3

12.7
9

0.01
5
0.01
0

4.33

0.00
3
0.00
9

4.24

13.2

0.01
5

4.09

13.7
8

0.04
4

4.06

13.6
1

0.01
2
0.03

4.11

12.9
2
12.8
8
13

13.2

4.31

4.28

4.19

0.01
2
0.02
4
0.01
5

7
1.87

0.01
1
0.05
3
0.05
1

5.18

0.03
8
0.01
7
0.02
3

5.15

0.01
7
0.00
6

5.79

1.78

1.77

4
55.5
5

0.00
4
0.01
9
0.05
0
0.05
0
0.05
0

135.
27

0.01
4
0.01
5

0.00
5
0.01
4

142.
03

0.05
0

143.
66

0.01
1

2.25

0.02
3

146.
52

0.02
0

2.2

0.02
2
0.00
5
0.00
5

146.
51

0.00
0

146.
69

0.00
1

147.
11

0.00
3
0.01
2
0.00
5
0.02
2
0.01
2

2.18

31

52.7
8

5.57

0.08
2

52.0
9

5.43

0.02
5
0.06
6

52.6
4

0.01
1
0.01
1

53.8
1

0.02
2

2.2

6.48

0.11
9

54.0
5

0.00
4

2.2

0.00
0

145.
36

0.00
0

6.32

53.7

0.00
0

144.
63

0.00
6

6.92

2.22

0.00
9

141.
38

1.78

0.00
6
0.00
6

6.63

0.04
2
0.11
5

53.4
5

0.00
6
0.00
8
0.00
3

2.2

1.79

0.02
5
0.09
5

2.2

143.
14

54.2
9

0.01
6

2.19

0.00
6
0.01
1

7.66

0.03
7

52.9
1

2.18

7.49

52.9
4

0.05
6

7.79

0.02
2
0.04
0

0.02
5
0.00
1

0.00
9
0.00
5
0.00
5
0.00
0

51.5
6

0.02

2.17

0.00

144.
83

0.00
7
0.00
5
0.01
6
0.00
9

1.78

0.04
4
0.00
7
0.01
2

1.79

0.01
9

1.9

1.78

1.8

5.02

7.39

114

50.1
6
52.6
6

53.2
9

2.17

0.04
8
0.00
0

0.01
5
0.01
6
0.02
6

1.77

5.1

0.03
0
0.01
6

2.2

2.19

2.18

142.
77
143.
89
142.
73

0.00
3
0.00
8
0.00
8
0.01
5

Top down investment risk research of the banking sector

13.2
3

0
0.00
2

13.2
9
13.6
4

0.00
5
0.02
6

4.15

14.3
5
14.0
8

4.33

14.1
8

0.05
2
0.01
9
0.00
3
0.01
0

14.2
1

0.00
2

4.38

14.6

0.02
7

15.0
8

0.01
9
0.01
0
0.00
2
0.04
6
0.01
6

1.85

0.00
2
0.01
4
0.01
2

2.12

4.64

0.05
9

2.13

0.03
3

4.77

0.02
8

2.12

15.6
9

0.04
0

4.67

2.09

15.6
3

4.58

15.9
6

0.00
4
0.02
1

0.02
1
0.01
9
0.02
8

15.9
7

0.00
1

4.69

15.7
6

0.01
3
0.01

4.83

0.00
4
0.03
0

14.0
4

15.5
5

4.11

4.14

4.4

4.39

4.33

4.71

5.83

0.20
7

0.00
4
0.00
0
0.01
9
0.13
1
0.11
3

52.4
5

6
0.01
7

53.7
4
53.8
8

0.02
5
0.00
3

2.19

55.6
3
54.5
4

2.3

0.05
5
0.05
3
0.03
3

54.0
6

0.03
2
0.02
0
0.00
9
0.00
8

55.3
7

0.01
6

2.4

0.01
3

169.
47

0.03
3

0.04
0
0.08
7
0.03
9

57.4
3

0.03
7

2.79

0.16
3

168.
02

57.0
8

2.58

0.07
5
0.02
3

165.
02

8.08

0.00
2

57.1

0.00
6
0.00
2
0.00
2

0.00
9
0.01
8
0.01
3

166.
02

7.65

0.05
3
0.05
2

57.5
1

0.00
7

2.51

59.7
5

0.03
9

2.46

0.01
2
0.01
3

60.3
5

0.01
0

2.47

0.04
2
0.00
8
0.02
0
0.00
4

59.6
2

0.01

2.47

0.00
0

164.
22

0.02
6
0.03
2
0.00
0

7.76

0.07
3
0.09
3

8.61

0.05
4
0.00
9

9.05

0.00
9
0.00
5

8.85

0.00
5
0.01
4
0.00
5
0.01
0

7.76

2.2

0.04
8

8.05

2.21

0.00
5

7.95

2.11

0.04

8.05

1.91
1.91

2.05
2.24

2.14

2.12

2.08

2.1

7.76
7.61

9.58

8.57

8.5

8.06

115

54.5

56.9
9

2.17

2.21

2.35

2.3

2.37

2.64

2.53

5
0.00
0

144.
69

0.00
9
0.00
9

147.
36
150.
68

0.00
1
0.01
8
0.02
3

0.04
1
0.02
2

158.
21
163.
23

0.05
0
0.03
2

0.02
1
0.03
0

161.
83

0.00
9
0.01
3

164

167.
15

168.
01

0.00
7
0.01
2

170.
99

0.01
8

167.
32

0.02
1
0.01

Top down investment risk research of the banking sector

15.7
3

3
0.01
2

16.3
9

6.1

0.04
6

2.16

0.04
2

6.66

0.09
2

2.13

17.0
5

0.04
0

6.29

2.1

16.7
8

0.01
6
0.00
9
0.03
4

6.02

0.05
6
0.04
3
0.00
2
0.00
7

0.01
7
0.01
1
0.02
5
0.02
0
0.01
9
0.04
4

5.7

16.6
3
17.1
9
16.9

16.7
2
16.3
1
15.9
9
15.6
8
16.3
7
16.3
4
16.1
2
15.9

0.00
2
0.01
3
0.01
4

6.01

6.05

2.03

2.01

0.05
8
0.00
9

1.97

0.03
5
0.05
4

1.97

0.07
2
0.07
2

1.98

5.93

0.01
9

1.93

6.04

0.01
9

1.89

6.09

0.00
8

1.85

5.75

5.55

5.85

5.43

5.82

1.96

1.95

1.95

5
0.02
4

0.04
1
0.00
0

60.2
2

2
0.01
0

2.59

0.04
9

172.
43

9
0.05
0

63.0
8

0.04
7

2.81

0.08
5

181.
05

0.05
0

7.72

0.00
0

61.2
1

0.03
0
0.05
0
0.01
4
0.03
0

2.88

0.02
5

187.
07

0.03
3

7.54

0.02
3
0.00
5
0.03
3
0.01
2
0.01
3

58.1
5

2.78

0.03
5
0.01
1
0.01
8

181.
66

0.02
9
0.02
1
0.05
0

0.03
0
0.00
8
0.01
1
0.00
1

2.58

178.
84

2.46

57.2
6

0.01
3
0.03
1

0.07
9
0.02
3
0.01
6
0.00
4
0.00
4
0.00
4

0.02
3
0.04
2

56.2
3

0.01
9
0.00
3

55.5
4

7.3

0.00
6

57.6
2

0.00
6

2.46

7.48

0.02
5

58.3
5

0.01
3

2.51

7.32

0.02
1

57.5
8

0.01
3

2.57

7.72

0.01
4
0.01
4
0.03
3
0.01
0
0.00
5
0.01
5
0.00
5
0.00
5

7.72

0.01
0
0.01
5

7.38

0.01
5
0.01
0
0.02
1
0.02
1

7.26

7.5

7.25

7.16

7.25

7.08

7.24

116

57.3
4
59.0
8
57.3

56.8
4

56.2
7

2.75

2.8

2.52

2.48

2.47

2.47

177.
83
186.
72

179.
89

0.04
2
0.00
6

181.
7

0.01
0

180.
16

183.
7

0.00
8
0.00
1
0.02
1

0.00
4
0.02
0

183.
74

0.00
0

175.
1

0.02
4

171.
41

0.04
7
0.02
1

179.
99

Top down investment risk research of the banking sector

16.5
8

0.04
3

6.05

16.6
8

0.00
6

6.07

16.4
9

16.1
2

0.01
1
0.02
8
0.00
6

16.3
6

0.01
5

6.15

16.4
9

0.00
8

6.05

16.5

0.00
1

5.83

16.4
9

5.82

16.3
2

0.00
1
0.00
7
0.00
4
0.01
0
0.01
1

16.8
7

0.03
4

5.7

16.7
8

0.00
5
-

5.84

16.0
3

16.3
8
16.3
1
16.1
5

16.5

0.00
7
0.00
3

1.84

6.33

0.04
3

1.75

6.14

0.03
0
0.02
6
0.02
8

1.78

0.01
6
0.03
6
0.00
2
0.01
5
0.02
1

1.86

0.02
6
0.00
7

1.9

5.98

5.73

5.85

5.7

5.74

5.86

0.00
5
0.02
7
0.02
2
0.01
7

7.22

1.87

0.05
1

7.51

1.85

0.01
1
0.00
5

7.2

1.94

0.04
3

7.1

1.92

0.01
0
0.00
5
0.02
6
0.02
2

7.24

0.02
1
0.02
7
0.00
0

6.87

6.83

1.79

1.91

1.86

1.86

0.00
7
0.02
5

1.81

0.00

1.73

1.81

0.01
4
0.01
1

57.0
8

7.92

0.08
5

58.0
3

7.73

0.02
4
0.02
8
0.04
1
0.01
4

56.9
3

7.3

7.3

7.05

7.01

6.88

6.86

0.00
9
0.03
2

2.5

57.5
7

0.01
4
0.01
9
0.01
1

58.8
8

0.02
3

2.43

59.5
5

0.01
1

2.4

0.02
7
0.02
0

59.5
7

0.00
0

2.4

60.4
4

0.01
5

0.02
6
0.00
6
0.00
1
0.01
9
0.00
1

59.6
6

0.00
3
-

117

0.02
7
0.00
0

172.
77

0.00
8

173.
74

0.00
6

2.54

0.01
6

172.
47

2.49

0.02
0
0.00
8
0.01
6
0.01
2
0.00
0

170.
24

0.00
7
0.01
3
0.00
8
0.00
1
0.00
8

2.4

0.00
0

166.
65

2.39

0.00
4
0.00
0

165.
45

0.01
3
0.02
1

164.
55

58.7
7

0.01
3
0.01
0
0.01
0
0.00
5

165.
3

0.00
6
0.01
4
0.00
7
0.00
4
0.00
2
0.00
5

59.5
4

0.01
3

2.46

0.02
1

173.
56

0.05
0

59.5
4

0.00
0

2.42

175.
19

0.00
9

59.1

2.4

0.01
6
-

176.

0.01

58.8
8

59.0
7
58.4
6

2.5

2.47

2.39

2.36

2.41

168.
81
168.
58
169.
94
168.
96

164.
83

Top down investment risk research of the banking sector

7
16.6
1

0.01
3
0.00
2

16.9
1
16.7

3
6.07

0.03
6

1.81

0.01
8

5.99

1.8

5.9

15.8
3

0.01
2
0.02
4
0.00
4
0.01
9
0.00
8
0.00
6
0.00
7

0.01
3
0.01
5
0.01
4

16.2
3

0.02
5

6.09

16.2

0.00
2
0.00
7

6.01

0.01
9
0.02
6
0.00

5.86

16.3

16.2
4
15.9
3
15.8
1
15.7
2

16.3
1
16

15.5
9
15.4
8

5.98

1.84

1.76

0.04
4
0.04
6

6.79

0.00
6
0.02
2

6.25

0.04
3
0.00
0

6.73

6.75

4
59.7
4

0.00
7
0.01
0

60.7
6

0.01
7

2.45

0.00
4

181.
73

59.9
1

0.01
4
0.00
3

2.46

0.00
4

184.
81

2.36

184.
5

2.35

0.01
7
0.01
7

172.
49

59.2
1

0.00
3
0.00
7
0.00
7
0.00
9
0.01
2

0.04
1
0.00
4
0.01
3
0.01
3

0.01
3
0.00
0

174.
23

0.00
3
0.01
9
0.00
3

60.1

93

182.
38

0.03
1
0.00
4
0.01
7

1.76

5.85

0.02
7
0.07
4

1.76

0.00
0

6.62

1.76

0.00
0

7.06

0.06
6

59.0
2

0.02
9
0.00
7
0.00
5

1.78

0.01
1

7.05

58.5

1.74

6.66

61.3
2

0.03
6

2.32

0.01
3
0.01
3
0.01
2
0.01
4
0.01

1.66

0.02
2
0.00
6
0.04
0
0.00
6

0.00
1
0.05
5
0.03
9

6.94

0.00
3

61.6
4

0.00
5

2.32

6.8

61.7
4

0.00
2

2.33

0.00
4

174.
75

0.01
2
0.00
0

6.8

0.02
0
0.00
0

0.02
4
0.02
8

61.7

2.33

0.00
0

176.
3

0.00
9

0.02
8
0.00
9

61.3
1

0.00
1
0.00
6
0.02

2.29

0.01
7
0.00
4

172.
77

0.02
0
0.01

6.06

5.93

5.78

5.71

1.73

1.67

1.65

1.65

1.62

0.01

6.92

6.61

6.67

118

59.4
5

59.6
8

2.32

2.35

2.31

2.35

2.3

183.
73

0.00
2
0.00
4
0.05
0
0.02
2
0.01
0

0.00
5

6.1

59.8
9

2.44

0.00
8
0.01
7

6.01

6.28

6.6

0.00
4
0.00
6
0.08
0
0.08
0

174.
55
170.
74

170.
38

170.
02

170.
43

0.01
2
0.02
3

Top down investment risk research of the banking sector

15.2
9
15.1
9
15.3
15.4
2
15.2
9

7
0.01
2
0.00
7
0.00
7
0.00
8

5.45

5.5

5.68
5.66

2
0.04
6
0.00
9

1.65

0.00
0

6.42

0.03
3
0.00
4
0.02
7
0.02
9
0.00
7
0.03
4
0.01
1

1.65

0.00
0
0.00
0

6.5

0.00
5
0.04
9

1.66

1.65

5.51

5.44

16.0
1

0.00
1
0.00
9
0.00
1
0.00
2

16.6
3

0.03
9

0.04
5

1.63

16.3
1

0.01
9
0.00
4
0.00
3
0.02

5.82

0.03
0
0.01
4
0.00
2
0.01

1.63

16.1
6
16.1
5
16

15.9
8

16.2
4
16.1
9
15.8
3

5.67
5.63

5.5

5.47

5.74

5.74

5.75

5.68

6.51

1.65

0.00
8
0.02
0
0.03
6

15.6

8
0.01
9

6.52

59.8
3

7
0.00
7
0.00
9

60.7
4
60.7
8

0.01
5
0.00
1

2.26

0.01
7
0.00
0
0.01
4

60.2
4

0.00
9
0.04
3
0.01
4
0.00
4

2.21

0.00
6
0.00
1
0.00
4
0.00
1

2.25

0.01
0
0.01
1

2.23

0.00
2
0.00

2.22

0.02
4
0.01
4
0.01
2
0.00
3

59.2
8

1.65

0.00
0

6.41

1.65

0.00
0
0.01
2

6.41

1.74

0.04
2

6.5

0.00
0

62.2
3

1.68

0.03
4
0.01
2
0.02
4
0.00
6

6.61

0.01
7

61.8
7

7.02

0.06
2

61.8
3

6.8

0.03
1
0.02
8

61.6

1.65

0.01
2

6.65

61.0
6

1.62

0.01
8
0.00
6
0.01
2

6.25

0.04
9
0.06
0
0.00
0
0.00

61.2
5

1.67

1.62

1.61

6.5

6.99

6.25

6.2

119

62.8
4
61.9
9

61.6
8

61.7
2
61.6
2

165.
99
168.
41

4
0.02
6
0.00
8
0.00
8
0.01
5

169.
54

0.00
7

169.
8
167.
73
168.
56

0.00
2
0.01
2
0.00
5

0.00
9

171.
06

0.01
5

2.25

0.00
0

169.
02

2.25

0.00
0

169

0.01
2
0.00
0

2.23

0.00
9
0.00
0

170

0.00
6

169.
09

0.00
5
0.00
4

2.29

2.25

2.22

2.25
2.22

2.23

2.21

2.17

0.00
4
0.01
7
0.00
4
0.01
8
0.00
5
0.01
8
0.01
3
0.00
5

166.
06
164.
68

0.00
9
0.00
5

169.
7

0.02

167.
05

169.
1

0.00
4
0.01

Top down investment risk research of the banking sector

15.9
9

2
0.01
0

16.0
9

0.00
6

5.51

16.1
5

0.00
4

5.55

16.0
2

5.57

0.00
4

1.64

5.61

16.7
1

0.00
3

5.55

0.00
7
0.02
0
0.00
9

1.66

16.6
6

0.00
8
0.03
0
0.01
0

16.9
1

0.01
2

5.5

1.47

16.8
3

5.51

0.01
5
0.00
9
0.08
8
0.00
0

1.41

16.3
1

0.00
5
0.01
8
0.00
3
0.01
4
0.00
1
0.00
5
0.00
9

0.00
9
0.00
2

4.95

16.6

0.01

4.98

16.5

16.5
3
16.4
8
16.2
5
16.2
4
16.1
6

5.69

5.5

5.43

5.48

2
0.00
2
0.03
2
0.00
7

1.69

0.03
7

6.41

1.7

0.00
6

6.25

1.66

0.02
4
0.01
2
0.01
2
0.10
8
0.01
4

5.59

0.02
0
0.00
0

6.15

1.57

1.29

8
0.03
4

60.8
5

0.02
5
0.10
6
0.07
5

61.5
2

0.02
0
0.02
8

62.1
5
61.8
1

0.02
4
0.00
0

61.5
5

6.15

0.00
0

61.0
4

0.06
8

6.2

0.00
8

0.17
8
0.09
3

6.25

1.53

0.08
5

6.2

0.00
0

1.57

0.02
6

6.16

0.01
0
0.00

1.49

0.05
1
-

5.83

1.48

1.5

1.47

1.48

6.01

6.13
6.3

6.15

6.08

0.01
4
0.00
5
0.01
9
0.00
9
0.00
5
0.00
5

168.
47

2
0.00
3
0.01
2

169.
4

0.00
6

172.
49

0.01
8

180.
84
180.
03
183.
62

0.04
8
0.00
4
0.02
0

2.25

0.05
6

188.
01

0.02
4

2.22

0.01
3
0.02
7
0.00
9

187.
97

0.00
0

187.
16
194.
74

0.00
4
0.04
1

0.06
4
0.02
5

198.
39

0.01
9

196.
71

0.02
4
0.00
5
0.00

187.
94

0.00
8
0.04
5
0.02
1
-

2.19

2.16

0.00
3
0.00
2

2.15

2.13

61.2
3

0.01
1
0.00
5
0.00
4
0.00
1
0.00
8
0.00
3

0.00
8

61.2
5

0.00
0

2.18

0.04
0
0.03
3

60.6
5

2.04

0.00
6
0.05
4
0.04

59.8
2

0.01
0
0.01
5
0.00
1

60.6
2

0.01
3

2.03

60.1

2.04

120

61.3
2

6
0.00
7
0.01
1

61.4
6

61.5
1

59.7
5

2.11

2.12

2.13

2.16

2.09

2.04

3
0.00
9

166.
52

183.
98
182.

Top down investment risk research of the banking sector

15.6
1
16.0
8
16.3
1

0.06
0
0.03
0
0.01
4

16.4
4

0.00
8

4.9

16.3
3

0.00
7
0.02
4
0.00
0

4.88

16

0.00
4

4.89

15.7
9

0.01
3
0.00
9
0.01
1
0.06
1
0.00
1
0.03
6
0.02
5
0.06

4.89

15.9
4
15.9
4

15.6
5
15.4
8
14.5
3
14.5
1
15.0
3
14.6
6
15.6

6
4.4

4.92
4.91

4.87

4.95

4.64

4.72

4.58

4.6

4.95
5.08

5.36

0.00
7
0.01
4
0.01
4
0.00
7
0.00
7

6.3

0.03
6

57.2
3

7.01

0.11
3
0.03
3

57.8
9
58.0
8

0.00
8
0.04
8
0.01
2
0.00
3

0.08
8
0.09
7
0.00
5

173.
57
175.
28
178.
64

0.00
7
0.05
0
0.01
0
0.01
9

8.13

0.12
3

58.9
9

0.01
6

2.08

0.01
5

182.
84

0.02
4

0.02
7
0.03
5

7.98

0.01
8
0.02
9
0.00
4
0.00
3

58.6
9

0.00
5
0.01
1
0.00
3
0.00
7

2.04

0.01
9
0.02
9
0.04
0

182.
39

0.00
2
0.01
0
0.00
2

179.
92

0.02
4
0.00
5
0.02
0
0.00
5

0.00
9
0.02
2
0.00
0

57.9
9

1.97

0.00
0

172.
08

0.01
5

172.
43

0.00
0
0.01
5
0.05

179.
7
177.
29

0.11
6
0.11
8
0.00
2
0.00
2
0.00
4
0.00
2
0.01
6

1.46

1.5

0.00
7

7.72

0.01
2
0.00
0

1.49

7.74

0.05
1
0.01
7

1.51

0.00
7
0.02
7
0.04
1

1.51

0.00
0

7.5

0.03
0
0.00
4

1.55

0.02
6

7.6

0.01
3

55.6

1.56

0.00
6

0.05
3

55.5
2

0.07
6
0.02
6

1.61

8.68

1.57

0.08
5
0.03
8
-

57.4
4
57.8
4

0.05

0.03
2
0.02
5
0.00

0.00
5
0.00
9
0.01
5
0.01
7
0.00
1
0.03
5
0.00
7

58.6

0.01

1.48
1.47

1.48

1.44

1.49

1.45

1.57

7.24

7.75

7.67

7.5

8.35

7.91

121

58.0
6
57.9

58.3
1

57.4
7
56.5
8

1.86

2.04
2.05

1.98

2.06

2.01

1.96

1.97

1.97

2.07

180.
54
180.
96

179.
13
178.
69
175.
55

176.

0.00
6
0.00
4
0.00
2
0.01
8
0.02
0
0.00
2
0.04
2
0.01
3
-

Top down investment risk research of the banking sector

16.2
5

0.03
8

5.27

15.9
2

5.43

16.5
7

0.02
0
0.04
1

17.1
4
16.8
1

0.01
7
0.03
0

1.52

5.5

0.01
3

1.52

0.03
4

5.4

1.58

5.3

17.0
2

0.01
9
0.00
1
0.01
4

0.01
8
0.01
9
0.01
5
0.00
6

17.2
3

0.01
2

5.51

0.05
0

17.6
2

0.02
3

5.63

18.6
2

0.05
7

5.6

18.6
5

0.00
2

5.44

18.5
1

0.00
8
0.00
1
0.00
3
0.01
5

5.66

16.7
9

18.5

18.4
4
18.7
1

5.22

5.25

5.61

5.6

5.64

1.54

1.55

0.03
2
0.01
3
0.01
3
0.03
9

7.8

7.79

7.7

7.75

0.05
3
0.01
4
0.00
1
0.01
2
0.00
6

58.9
7

0.00
6

2.02

58.3
9

0.01
0
0.00
8
0.00
1

2.02

57.9

57.9
8

45

0.02
4
0.00
0

177.
69

0.00
5
0.00
7

179.
19

0.00
8

2.02

0.00
0

178.
06

2.02

0.00
0

180.
26

0.00
6
0.01
2

0.00
2
0.00
2

2.01

0.00
5
0.00
0

181.
97

0.00
9

182.
19

0.00
1

0.00
5
0.00
0

183.
69

0.00
8

188.
16

0.02
4

0.01
9
0.01
3
0.00
0

7.97

0.02
8

57.8
8

7.69

0.03
5
0.02
0

57.9
9

1.65

0.07
8

7.34

58.7
8

0.02
2

1.56

7.5

58.7
7

0.00
0

2.06

0.03
0

194.
33

0.03
3

0.00
5
0.02
9
0.04
0

1.53

0.05
5
0.01
9
0.00
7

0.06
4
0.02
2

0.00
1
0.01
5

7.59

0.01
2

60.5
2

0.03
0

2.13

0.03
4

192.
95

7.47

61.3
4

0.01
4

2.06

0.00
6

7.56

61.0
9

2.08

0.00
9
0.00
2
0.00
7

1.51

0.02
6
0.02
0

7.68

0.01
6

60.3
9

2.16

0.03
8

193.
82

7.6

59.8
6

2.15

0.00
2

7.4

0.00
5
0.00

194.
12

0.00
6

0.01
0
0.02

0.00
4
0.01
1
0.00
9
0.00
5

0.03
3
0.01
0

192.
4

1.55

0.01
6
0.01
2

0.00
7
0.00
3
0.01
0
0.01
8

193.
16

0.00

1.53

1.53

1.54

1.54

1.55

7.84

122

57.9
1

60.1
3

2.01

2.13

190.
41

Top down investment risk research of the banking sector

18.7
2

0.00
1

5.46

18.2
7

5.66

17.9
8

0.02
4
0.00
5
0.02
1
0.01
0

17.9
9

0.00
1

5.36

18.3
5

0.02
0

5.64

18.4
9

0.00
8

5.6

18.5
8

0.00
5

5.64

18.9
2

0.01
8

5.62

19.2
5

0.01
7

5.99

19.0
2

0.01
2
0.00
1

5.91

0.01
3
0.00
6

5.9

18.1
8
17.8

19.0
3
18.7
9
18.9

5.51

5.29

5.42

5.82

5.89

0.03
2
0.03
7

1.58

0.01
9

7.89

1.57

7.42

0.02
7
0.04
0
0.02
5

1.61

0.00
6
0.02
5

1.61

0.00
0

7.6

1.64

0.01
9

7.36

0.01
1
0.05
2

1.64

0.00
0

7.3

1.63

7.45

0.00
7
0.00
7

1.64

0.00
6
0.00
6

7.25

0.00
4
0.06
6

1.63

0.01
8
0.01
2

0.01
3
0.01
5
0.01
4

1.6

0.00
2

1.61

1.62

1.6

1.55

1.56

6
0.06
6

0.03
8
0.00
0

189.
42

0.02
4
0.04
5

184.
87
188.
34

5
0.01
1
0.00
8
0.01
9
0.00
5
0.01
9

2.1

0.00
5

191.
16

0.01
5

0.00
8

2.05

190.
85

0.00
5
0.00
4

2.06

0.02
4
0.00
5

0.00
2
0.00
2

191.
04

0.00
1
0.01
0

2.08

0.01
9
0.03
0

2.09

0.00
5

191.
77

0.00
6
0.00
9
0.00
8
0.00
2

2.06

0.01
4
0.01
0
0.00
5
0.00
5

187.
66

60.9
6

0.01
4

2.13

0.06
0
0.02
8

59.7
6

2.05

0.00
4
0.03
2
0.00
8
0.02
1

57.8
3

0.02
0
0.01
5
0.01
7
0.04
6

60.8
2

0.00
5

61.3
2

0.03
1
0.00
4

60.9
9

7.49

0.03
3

61.1
8

0.00
6
0.01
2
0.00
0

7.15

0.04
5
0.01
4

61.8
1

7.25

0.00
0

60.9
1

0.03
1
0.00
6

7.13

0.01
7
0.03
5

60.4
4

7.63

7.22

7.25

7.38

123

58.8
5

60.5

61.2
4

61.4
5

60.3
3

2.05

2.09

2.02

2.04

2.03

2.02

9
0.00
0

190.
97

185.
86

191.
19

190.
11

187.
06
186.
76
186.
55

0.00
1
0.00
5
0.00
9
0.02
1
0.00
3
0.00
2
0.00
1

Top down investment risk research of the banking sector

18.7
3
19.1
5
18.8
3
18.9
2
18.7
8
18.6
9
18.5
9
18.1
6
17.9
5
17.9
6

0.00
9
0.02
2

5.82

0.01
7
0.00
5

5.85

0.00
7
0.00
5
0.00
5
0.02
3
0.01
2
0.00
1

5.75

5.72

5.8

5.72

5.64

5.63

5.75

5.75

0.01
2
0.01
7
0.02
3

1.56

0.00
0

7.3

1.53

0.01
9
0.01
3

7.17

0.00
9
0.00
9
0.00
5
0.01
4
0.00
2
0.02
1

1.56

0.00
6

7.19

1.55

0.00
6
0.03
2

6.91

1.6

0.00
0

6.95

1.7

0.06
2

6.7

1.7

0.00
0

6.69

0.00
0

1.71

0.00
6

7.25

1.55

1.6

6.93

6.9

0.01
1
0.01
8
0.03
3
0.03
8

59.9
5

2.02

0.00
0

185.
2

2.02

0.00
0

188.
05

59.8
4

0.00
6
0.00
6
0.00
5

187.
83

59.8
3

0.00
0

0.01
0
0.00
0

0.03
9
0.00
1
0.00
7

59.6
9

0.00
0

187.
29

1.96

0.02
0
0.00
5

186.
75
188.
71

0.00
7
0.00
3
0.01
0

0.03
6
0.00
1
0.08
4

59.0
8

0.00
2
0.00
3
0.00
1
0.00
6
0.01
7

1.97

0.00
0

189.
66

0.00
5

1.96

0.00
5
0.01
5

193.
42

0.02
0

196.
6

0.01
6

124

59.5
7

59.5
1
59.4
4

60.1

60.0
6

0.00
1

1.97

1.99

188.
6

0.00
7
0.01
5
0.00
1
0.00
4

Top down investment risk research of the banking sector

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