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EGShares India Small Cap ETF (SCIN)

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  • Apr. 7, 2014, 4:40 PM
    • The return of money to emerging markets in general and Brazil in particular has been well-covered. What other countries are working?
    • Indonesia: EIDO +24.3% YTD; other ETFs IDX, IDXJ.
    • Philippines: EPHE +9.7% YTD.
    • Thailand: THD +7.3% YTD.
    • Vietnam: VNM +18% YTD.
    • India: EPI +8.7% YTD; other ETFs EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    • What's not: Mexico (EWW) is off 5.5% and Chile (ECH) is down 4.1% YTD.
    | 1 Comment
  • Apr. 7, 2014, 3:14 AM
    • Indians have begun to vote in the world's largest election, with the electorate consisting of 815M people.
    • The ballot comprises nine rounds and will take five weeks, and results are due on May 16.
    • The favorite to win is the Bharatiya Janata Party, led by Narendra Modi. The prospect that Modi, who has business support, can form a stable coalition and revive India's moribund economy has boosted Indian markets recently.
    • The slowing economy, as well as high inflation and corruption scandals, has hit the popularity of the ruling Congress Party, which is led by Sonia Gandhi and her son Rahul.
    • The Sensex is +0.1%, and the USD-INR is +0.2% 59.99 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | 1 Comment
  • Apr. 2, 2014, 3:44 PM
    • The Reserve Bank of India approved the applications of infrastructure finance company IDFC and microlender Bandhan Financial Services to begin banking operations. The two were among 25 vying for licenses being offered for the first time in several years.
    • "RBI's approach in this round of bank licenses could well be categorized as conservative," says the central bank. "At a time when there is public concern about governance, and when it comes to licenses for entities that are intimately trusted by the Indian public, this may well be the most appropriate stance." The most recent census data in 2011 showed only 59% of Indian households had access to banking services.
    • A couple of current players: ICICI Bank (IBN +0.2%) and HDFC Bank (HDB +0.5%).
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | Comment!
  • Apr. 1, 2014, 2:12 AM
    • As expected, the Reserve Bank of India (RBI) has kept its benchmark repurchase rate at 8% and its cash-reserve ratio at 4%. The latter is closely watched and determines how much capital reserves banks should keep.
    • The decision follows a fall in inflation and is the last before India starts a month-long general-election process on Sunday.
    • The Sensex is -0.1%, while the USD-INR is -0.1% at 60.060 rupees. (PR)
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • Mar. 24, 2014, 12:21 PM
    • Indian stocks have been on a tear, in part boosted by expectations this spring's elections (they take place across 5 weeks in April and May) will hand the ruling Congress Party its worst-ever defeat and sweep business-friendly Narendra Modi and his Bharatiya Janata Party into power.
    • Not so fast, writes Sadanand Dhume, reminding sweeping policy change isn't a given, but instead depends on two unknowns: The nature of his coalition and whether he will go beyond the cautious steps offered on the campaign trail. Credit Suisse's Neelkanth Mishra concurs: “We disagree with the consensus view that elections can revive the investment cycle."
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | Comment!
  • Mar. 20, 2014, 8:30 AM
    • A check of Asian emerging markets overnight following the FOMC and Yellen suggesting the first hike in rates in maybe one year finds them lower, but not out of line with the rest of the global selloff.
    • Indonesia -2.5%, Thailand -0.2%, Philippines -0.7%, India -0.4%.
    • ETFs: EPI, THD, EPHE, IDX, INDY, EIDO, SCIF, PIN, INP, INDL, INDA, INXX, IDXJ, SCIN, SMIN
    • The EEM is off 0.7% premarket after yesterday's 2.1% decline.
    | Comment!
  • Mar. 14, 2014, 4:12 AM
    • India's wholesale-price index weakened to a nine-month low of +4.68% on year in February from +5.05% in January and came in below consensus of +4.9%.
    • The falling WPI adds to declining CPI as the the Reserve Bank of India focuses on reducing inflation, with the RBI hiking interest rates three times since September.
    • “We need to see a sustained drop in inflation for the central bank to start cutting rates," strategist Tirthankar Patnaik said before the WPI report. "We don't expect the RBI to change its stance in a hurry as price pressures remain in the economy."
    • The Sensex is -0.8% and the USD-INR is -0.2% 61.371 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 13, 2014, 3:43 AM
    • Indian consumer inflation fell for the third consecutive month, dropping to 8.1% on year in February from 8.79% in January and coming in below consensus of 8.3%.
    • The decline comes as the Reserve Bank of India  considers setting a CPI target after having raised interest rates three times since September.
    • Meanwhile, industrial output surprisingly grew for the first time in four months, expanding 0.1% in January vs expectations for a contraction of 0.9%.
    • The Sensex is +0.4% and the USD-INR is +0.1% 61.026 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Mar. 5, 2014, 4:58 AM
    • India's government has called the what is set to be world's largest ever election, with 814M people registered to vote. A nine-stage process is due to start on April 7 and the results are scheduled for May 16.
    • The favorite to gain the most seats in parliament is the Bharatiya Janata Party (BJP) led by Narendra Modi, who has the backing of big business and has built up support amongst the middle classes. He touts a strong economic record as chief minister of the state of Gujarat, and has pledged job creation, efficient government, and to make trade a focus of foreign policy.
    • However, the BJP is not expected to win a majority in parliament, which could make enacting reform tricky.
    • Modi is up against the ruling center-left Congress Party headed by Rahul Gandhi of the Nehru-Gandhi dynasty.
    • Companies have delayed investments until after the election, and while this might slow the economy before the ballot, as HSBC says, "pent-up demand is set to be released after the elections are over."
    • The Sensex is +0.3%.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | Comment!
  • Feb. 21, 2014, 7:55 AM
    • Count Goldman Sachs Asset Management and William Blair Investment Management as buyers of the rupee as it tries to recover from record lows set last summer (it's up about 10% since).  It looks "cheap" relative to India's improving external finances, says Goldman, taking a "small long" position.
    • William Blair has poured 20% of its foreign-exchange holdings  into the rupee - enticed by the higher yield and inexpensive valuation, says its Brian Singer. A dollar-based investor will 9% interest owning the rupee this year, the 2nd-largest return in Asia, according to Bloomberg.
    • "Current-account numbers have been the key driver because it’s a very transparent measure of whether the policy prescriptions are having an impact," says Goldman's Philip Moffitt, “If you can find something that’s relatively cheap and the fundamentals appear to be improving, it’s usually a good mix.”
    • Rupee ETFs: ICN, INR, INCO
    • India stock ETFs: EPI, INDY, SCIF, PIN, INP, INDL, INDA, INXX, SCIN, SMIN
    | 1 Comment
  • Feb. 17, 2014, 4:12 AM
    • India intends to raise 569.25B rupees ($9.17B) from the sales of holdings in state-run firms in 2014-2015.
    • The plan is part of an interim budget that the government introduced today ahead of elections, which are due to take place by May.
    • The government intends to limit the budget deficit to 4.6% of GDP in 2013-14 and believes that it needs to be lowered to 3% by 2016-17.
    • The government also predicted FY 2014 growth of 4.9%.
    • The Sensex is +0.4% and the USD-INR is +0.2% at 61.981 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | 1 Comment
  • Feb. 14, 2014, 2:52 AM
    • India's wholesale-price index slowed to +5.05% on year in January from +6.2% in December and was below forecasts of 5.6%.
    • The WPI data adds to a reading which showed that CPI eased to +8.8% last month from +9.9% in December.
    • The falling inflation comes as the Reserve Bank of India focuses on reducing consumer prices, with the RBI hiking interest rates three times since September.
    • However, economist Suvodeep Rakshit says that with inflation softening, "there is no case for raising rates" at this time. "At the same time, given that core inflation is still high, the central bank won't have room to cut rates."
    • The Sensex is +0.2% and the USD-INR is +0.2% 62.285 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 13, 2014, 3:06 AM
    • Indian CPI eased to the lowest level in two years in January, falling to +8.79% on year from +9.87% in December and coming in below consensus of +9.2%.
    • The drop comes amid a concerted effort by the Reserve Bank of India to fight inflation, with the RBI surprisingly raising its key repo rate by 25 bps to 8% at the end of last month.
    • The Sensex is -0.7%, while the USD-INR is +0.6% at 62.22 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    | Comment!
  • Feb. 7, 2014, 7:07 AM
    | 2 Comments
  • Jan. 30, 2014, 1:17 PM
    | 1 Comment
  • Jan. 28, 2014, 11:44 AM
    • The MSCI Emerging Markets Index (ETF: EEM) is off 22% from a peak set about three years ago, with the most recent slide coming as currencies tumble. Central banks have begun hiking rates to combat, with India overnight boosting its benchmark for the third time in six months and Turkey expected to take action today (an announcement is due at 5 ET). The South African central bank meets tomorrow, but a rate hike is not necessarily on the table.
    • As usual, the unwinding of an epic credit bubble in China and the effect on growth tops the list of fears. One trust product - the China Credit Trust - narrowly avoided default this week thanks to a mystery third-party rescue.
    • Buy the dip, says Ashmore head of research Jan Dehn. “There is some serious dumbing down going on in financial markets right now when it comes to EM. EM debt levels (especially external debt), EM’s general reliance on external markets, and EM’s reserve holdings have all improved beyond all recognition over the past 10 years.”
    • Loomis Sayles' Peter Marber: “Compared to 1998, emerging markets hold over $7T more in hard currency reserves to cushion themselves from market volatility. For most emerging markets, the problems today are nothing like the problems of the mid-1990s. Very few countries are near default, and those that may be are relatively small.”
    • Turkey and India ETFs: TUR, EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
    • EM ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, EEB, SCHE, EDIV, IEMG, DVYE, EEV, BIK, EWX, BKF, CEW, PIE, ADRE, HILO, EUM, FNI, EET, GMM, PXH, EEMS, BBRC, EELV, FEMS, EEME, EMDD, BICK, DBEM, EMCR, FEM, EWEM, EVAL, EMBB, JEM, EMLB, EEHB, TLTE, EGRW, FNDE, EMHD, EMSA, EMFT, EMDR, QEM, QDEM
    | 3 Comments
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SCIN Description
The EGShares India Small Cap Exchange Traded Fund (ETF) seeks investment results that generally correspond (before fees and expenses) to the price and yield performance of the Indxx India Small Cap Index. The index is a free-float market capitalization weighted stock market index comprised of a representative sample of 75 Indian companies that Indxx, LLC determines to be the representative of small market cap companies in India.
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Country: India
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