Hooray, the rally! The fact that both waited, and waited, come to pass. For last week (13 September b) markets continued their upward movement. 5 & ​​P 500 grew by 2%, RTS - by 3,3%, the FTSE 100 - by 0.7%, the DAX rose by 2%, and only CAC 40 fell 0.2%. As we wrote in the previous review, the rally began with a statement of the ECB about the program redemption of bonds. Investors seem to believe that the European Central Bank may reduce the risk of falling in Europe, and began to buy the risk, and with it the shares. The rally lasted for almost the whole week, only slightly "straightened" before announcing the decision of the Constitutional Court of Germany regarding the European fund of salvation. The court allowed Germany to participate in the fund, but the amount of the deposit shall not be higher than approved by parliament. This application for the markets was enough to continue the rally. This week, Spain announced that it is not asking for help from the bailout fund, which also helped growth. Statistics in the US did not help to support the growth stocks. Unemployment, though decreased over the month by 0.2%, but remained above 8%. It is worth noting that the decrease in unemployment occurred in most of the statistical service of computers than US streets. The number of people employed in the country actually fell in September, but also decreased the number of labor force, which resulted in a decrease in the unemployment rate. This figure, together with inflation is essential for the US Federal Reserve to make decisions. Therefore, it is not surprising that the bad real data on the labor market forced the head of the Fed to announce a new round of aid program markets. It happened on Thursday, September 13, and will be reflected in the funds as soon as next week. The local Ukrainian market fully played a week the application for a European assistance program. For seven days, the Ukrainian Exchange index rose by 4%. Despite this strong growth, our market is still very much lagging behind other world areas. Thus, the weekly gain was only the beginning of the rally. Also, market confidence should add announcement of US aid programs. ISI showed good growth, which, however, was very different from fund to fund. The average result for the week amounted to + 1.6%, but most of all funds grew with "blue chips", are ahead of the market, even taking into account the diversification of the portfolio. At this rally significantly decreased outflow of deposits. During the period, investors took about 450 thousand. UAH. NAV of funds increased by 1.3%. Public funds The average mutual funds rose by 1.9%. The leader, however, added much more. "Argentum" Fund increased by 6.6%. Only one mutual fund has been unprofitable. Outflows were still in the majority of the funds, but three of them were able to attract new deposits. As a result, net cash flow was quite small - 70 thousand UAH.. NAV increased by 1.7%. interval funds Leaders of the week in the group were "Aurum" and "Platinum", which earned 6.9% and 4.1% respectively. The average result for the group was 2.5%. Movement means virtually absent. NAV increased by 2.4%. bond funds Because of the fall of the Fund ( "Citadele Ukrainian Bond Fund") of 2.4%, an average result was negative with the lowest group. Leaders of the group continued to grow by 0.26% in the week. Best of all showed themselves "Raiffeisen Money Market". The outflow of funds from these funds also declined significantly, for the week amounted to only 340 thousand. UAH. NAV group fell by 0.4%. Forecast The rally continues. The heads of the central banks have significantly reduced their statements for market risks on both sides of the Atlantic. At this stage, the main risks are in China. However, it is likely that a strong movement of the two major trading partners will force the country to the additional stimulus measures. The Ukrainian market in the absence of global negative shocks should grow strongly in the near future. Especially after the expiry of futures on Monday. Alexey Sobolev, CFA, senior analyst at AMC "Dragon Asset Management". Especially for "Investgazeta" You can read the full version of the article at Online "Investgazeta»: www.investgazeta.net