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					                                                         Weekly
                                                         Market Overview
                                                         05/04/ - 09/04/2010
BULGARIA
                                                                                             Market comment

                                                                                             Monday was a public holiday in Bulgaria.

                                                                                             On Tuesday all the indexes on the BSE finished at positive
                                                                                             territory. The turnover remained low and reached 656 000
                                                                                             BGN. SOFIX and BG40 rose 0.61 percent and 0.35
                                                                                             percent and finished on levels of 423.01 and 117.11
                                                                                             points. BGTR30 and BGREIT also realized an increase of
                                                                                             0.35 percent and 0.02 percent.

                                                                                             On Wednesday SOFIX and BG40 continued their positive
                                                                                             trend and added 0.32 percent and 0.42 percent, as the
                                                                                             turnover reached 671 000 BGN. BGTR30 and reported
                                                                                             decrease of 0.04 percent and 0.39 percent.

                                                                                             On Thursday all the indexes at BSE ended on negative
                                                                                             territory. The realized turnover reached the significant
                                                                                             11..66 million BGN, as 10.4 million BGN was from
                                                                                             transactions with Welgraf Asset Management AD - Sofia
                                                                                             and 900 000 BGN on the position of Industrialen Holding
                                                                                             Bulgaria AD.

                                                                                             On Friday the turnover on BSE continued to be high and
                                                                                             reached the amount of 7.83 million BGN. The biggest
                                                                                             increase reported BG 40 – 0.26 percent. SOFIX and BGTR
                                                                                             30 closed with minimal gain of 0.09 percent and 0.08
                                                                                             percent respectively while BGREIT decreased with 0.69 to
                                                                                             the level of 42.62 points.

Economic News

     •   The preliminary data showed that the Industrial Production Index decreased by 9.1% in February 2010 as compared to February 2009,
as compared to the previous month the production decreased by 2.9%. Decrease was registered in the manufacturing by 13.7%, in the electricity, gas,
steam and air conditioning supply by 0.6% and in the mining and quarrying industry the production increased by 2.0%. The production of energy fell by
12.4%, the production of intermediate goods by 9.2%, while the production of investment goods rose by 2.5% Industrial Turnover Index decreased
by 5.1% compared to February 2009.

     •    According to the preliminary data of the National Statistical Institute, the construction production in February 2010 decreased by
30.0% compared to the same month of the previous year. The significant influence on the total Construction Production Index had the production of the
building construction, which dropped by 36.6%. A decline of 15.7% was registered in the civil engineering production.

      •     The production of solid fuels in January 2010 compared to December 2009 increases by 6.2%, unleaded motor gasoline - by 3.3% and
electricity - by 6.4%. Decrease is observed for the production of transport diesel - by 4.7%. There is no change in the production of Liquefied Petroleum
Gases (LPG) and natural gas. The deliveries of solid fuels in January 2010 compared to December 2009 increase by 2.8%, natural gas - by
14.5% and electricity - by 7.5%. Decrease is observed for the deliveries of LPG - by 8.3%, unleaded motor gasoline - by 2% and transport diesel - by
15.7%.


Corporate news

    •   After an auction offer Central Cooperative Bank owns 93.72% of the capital of the Macedonian Starter Bank AD. The auction price was
1070 denars per share, and the main seller is the Icelandic Milestone EFH with 91.71%.

    •     Sopharma AD reported 37 percent growth in sales for February 2010 compared to the same month of 2009 including 2% increase in
domestic sales and 83% increase in export sales. During the first three months of this year exports has increased by 32% and those of the domestic
market by 2%. For 2010 the company forecasts an increase of sales between 12 and 15 percent.

     •    The Board of Directors of Fazerles AD propose not to allocate a dividend for 2009 and the nearly 275 thousands BGN profit to go in the
reserve fund to support the investment projects of the company for 2010. The decision will be taken at the upcoming General Meeting of the
shareholders at 11 of July 2010.




                                                                                                                                                        1
                                                          Weekly
                                                          Market Overview
                                                          05/04/ - 09/04/2010

US market
                                                                                                      Market comment

                                                                                                      Mon: Wall St. opened up following Friday’s
                                                                                                      encouraging payrolls, with the gains quickly
                                                                                                      bolstered by the very impressive services-PMI,
                                                                                                      pending home sales & employment trends reports.

                                                                                                      Tues: Wall St. opened pressured following Greek
                                                                                                      debt concerns & as US job openings fell 131k in
                                                                                                      Feb. However prices rebounded as Greece denied
                                                                                                      any intention to exclude the IMF,US chain store
                                                                                                      sales surged & FOMC mins showed the Fed more
                                                                                                      confident , yet determined to keep rates low for an
                                                                                                      extended period.

                                                                                                      Weds: Wall St. Dropped as Greek banks sought
                                                                                                      Govt guarantees, US consumer credit slumped a
                                                                                                      surprise $11.5bn & as Bernanke said the US budget
                                                                                                      deficit must be brought back under control.
                                                                                                      Bernanke was however upbeat for economic
                                                                                                      prospects & export growth hopes were bolstered by
                                                                                                      PBoC moves.

                                                                                                      Thurs: Wall St. opened pressured as Greek debt
                                                                                                      deterioration rattled markets & as jobless claims
                                                                                                      jumped a surprise 18k. However prices rebounded
                                                                                                      as March sales reports from US retailers impressed
                                                                                                      & as continuous claims, extended benefits & the
                                                                                                      jobless rate fell.

                                                                                                      Fri: Wall St. climbed steadily all session, with the
                                                                                                      Dow breaching 11k for the 1st time in 18 months
                                                                                                      buoyed by the higher expected rise in both
                                                                                                      wholesale sales & inventories.


Economic News

    •    Pending sales for existing homes jumped 8.2 percent in February indicating building strength for the housing sector ahead of April-
stimulus expiration.
    •    The ISM's non-manufacturing index, at 55.4, shows solid month-to-month acceleration in March and the third month of growth in a row.
New orders lead the report with a really hot 62.3 reading for the sharpest month-to-month acceleration in five years.
    •    ICSC-Goldman reports a major increase in retail sales in both the April 3 week and for the month of March, strength tied to the Easter
calendar shift, warm weather, and a shopping "mood" among consumers.
    •    The Labor Department is citing special calendar factors for an unexpected jump in initial jobless claims to 460,000 in the April 3 week vs.
the prior week's 442,000 (revised 3,000 higher).
    •    Inventories at the wholesale level jumped 0.6 percent in February and were revised slightly higher in January to now show a monthly
gain of 0.1 percent, which is a good sign for the economy,


Corporate News
    •     The president of Nordstrom Inc. received a 50 percent pay boost last year as upscale department store operator worked its way out of a
recessionary slump to keep up with shoppers' new frugal habits.
    •     Shares of Dish Network Corp. climbed Friday after a UBS analyst upgraded the satellite TV operator, saying the improving economy and
changes in the competitive landscape are likely to boost its business going forward.
    •     Alcoa Inc is expected to report a small quarterly profit this Monday, but Wall Street is unconvinced the company can post higher numbers with
the price of aluminum only slowly inching up from the recession.
    •     GM posted a $4.3 billion loss for its first six months out of bankruptcy, but the car maker envisions a turnaround in 2010.
    •     The discount retailer said profit in the latest quarter rose a better-than-expected 33% thanks to higher sales and stronger profit margins. It also
raised its outlook for the full year.




                                                                                                                                                            2
                                                        Weekly
                                                        Market Overview
                                                        05/04/ - 09/04/2010

Europe
                                                                                                    Market comment

                                                                                                    Monday was a public holiday in Europe.

                                                                                                    Tues: European shares rose, hitting a new 18-month
                                                                                                    high, tracking gains in the United States, where
                                                                                                    sentiment was boosted by a stronger labour market.

                                                                                                    Wed: European shares fell, following a recent
                                                                                                    strong run, as worries over Greece's fiscal problems
                                                                                                    resurfaced, and a downward revision to euro zone
                                                                                                    growth highlighted the fragility of the recovery.

                                                                                                    Thurs: European equities fell to their lowest level in
                                                                                                    more than a week, as persistent concerns about
                                                                                                    Greece's fiscal situation and disappointing U.S.
                                                                                                    jobless claims data hurt market sentiment.

                                                                                                    Fri: European shares climbed during the last day of
                                                                                                    the week, posting a sixth consecutive weekly gain,
                                                                                                    supported by hopes Greece will obtain aid to help
                                                                                                    resolve its debt crisis, with banking stocks taking the
                                                                                                    lead.

                                                                                                    Friday was a public holiday in Europe.




Economic News

     •     The Bank of England has extended a yearlong record low in interest rates and left its multibillion-pound asset purchasing program on hold
in its last monthly decision before a national election.
     •     Greece was hit with another financial headache Friday after Fitch Ratings slashed its credit rating on the country's debt because of mounting
concerns about the government's ability to get a handle on its debt mountain.
     •     Retail sales in the 16 countries that use the euro fell once again in February, official figures showed Thursday, reinforcing concerns that
consumer spending will remain the weak link in the economic recovery.
     •     Official figures show that German exports rebounded in February — increasing by 5.1 percent on the month after declining in January.
     •     An EU tax on banks, which finance ministers will examine this month, could generate annual revenues of at least 50 billion euros, a European
Commission study showed on Tuesday.
     •     Moody's Investor Service downgraded Iceland's debt ratings outlook to negative from stable on Tuesday over concerns about the tiny
island nation's ability to tap the foreign credit it needs to stay afloat.
     •     German car exports were up by more than half on the year in March amid a global economic thaw, but new registrations at home were
down by a quarter, industry groups said Tuesday.



Corporate News
    •    Italy's central bank on Thursday ordered a stop to the issuance of new credit cards by American Express in the country until the company can
improve compliance with laws combatting money laundering and usury.
    •    British Airways PLC and Iberia SA signed a long-awaited merger deal on Thursday, the latest bid by cash-strapped airlines to stay airborne in
an industry broken by the global financial crisis and wracked by industrial unrest.
    •    Swedish fashion retailer Hennes & Mauritz posted a better-than-expected 45% rise in first-quarter net profit, but February same-store sales were
below expectations.




                                                                                                                                                         3
                                                         Weekly
                                                         Market Overview
                                                         05/04/ - 09/04/2010
Emerging markets                                                                              Market comment

                                                                                              Asian indexes ended mixed during the first week of April

                                                                                              The Hang Seng index ended at 22 208.50 points on
                                                                                              Thursday and rose 3.12 percent during the week.

                                                                                              The Shanghai Composite index marked a decrease of
                                                                                              0.40 percent to 3145.35 points.

                                                                                              At the end of the week Tokyo stocks rose as gains in retail
                                                                                              issues fed investors’ hope for an improvement in
                                                                                              consumer spending, but gains were modest amid a sense
                                                                                              of wariness ahead of the U.S. corporate earnings season.

                                                                                              DJ Russia Titans Index advanced 1.10 percent during the
                                                                                              week and ended to 5916.82 points on Friday.


                                                                                              The Brazilian IBovespa index marked an increase of 0.39
                                                                                              percent during the week to close at 71417.27 points.



Economic News
      •     In March China registered a trade deficit for the first time in six years showed the data of the General Administration of Customs. China
exported $112.11 billion of goods and services in March, up 24.3 percent year on year, while the imports surged 66 percent year on year to $119.35
billion, resulting in a trade deficit of $7.24 billion.
      •     China's business climate index, a major measure of macro-economic outlook, rose slightly by 2.3 points in the first quarter according to
the data of the National Bureau of Statistics. The quarterly business climate index, based on a survey of 19,500 Chinese firms, climbed to 132.9 points
from 130.6 in the fourth quarter last year, the highest level since the second quarter of 2008.
      •     China's outstanding external debt reached $428.6 billion by the end of 2009, up 14.4 percent from a year earlier showed the data of
the State Administration of Foreign Exchange. The figure excluded Hong Kong Special Administrative Region (SAR), Macao SAR, and Taiwan. The
country's registered foreign debt was equivalent to $266.95 billion by the end of last year, up 2.5 percent from the 2008 level. Outstanding trade
credits stood at $161.7 billion.
      •     Japan’s core private-sector machinery orders unexpectedly fell a seasonally adjusted 5.4% from the previous month, for the second
consecutive month of decline, on weakness in such industries as steel and chemical manufacturers.
      •     Japan’s current account surplus in February rose 29.6% from a year earlier to 1,470.6 billion yen, underpinned by growing demand
for Japanese products in Asia. It marks the 13th straight month that Japan has seen a current account surplus.
      •     Sales of imported vehicles in Japan, including those made at overseas plants of Japanese carmakers, shrank 7.8% in fiscal 2009 to a
21-year low of 183,677 units.


Commodities                                     Bonds
                                                                                              FX
                                                                                              At the end of the week the EUR rose after EU leaders
                                                                                              agreed terms for a bailout of Greece basically identical to
                                                                                              that of the IMF. The USD fell as risk appetites surged, with
                                                                                              the Dow Jones index buoyed by the much higher than
                                                                                              expected rise in both wholesale sales & inventories. The
                                                                                              Yuan firmed to a 6-month high on hopes of an upward
                                                                                              revaluation this weekend.
                                                                                              Bonds
                                                                                              US 10yr notes were pressured by solid Wall St gains
                                                                                              following the greater than exptd rise in wholesale
                                                                                              inventories & sales. However prices ended marginally
Source:www.wsj.com                              Source:www.wsj.com
                                                                                              higher as the ongoing Greek drama & success in
Currencies                                                                                    Weds/Thurs long dated auctions drove pre weekend
                                                                                              buying.
                                                                                              Commodities
                                                                                              Crude oil eased on technical based selling and Chinese
                                                                                              tightening concerns weighed. Also on Thursday EIA
                                                                                              inventory report remained a focus of screen debate. Gold
                                                                                              jumped as the Greek situation couldan`t to facilitate
                                                                                              demand and the USD slumped, whilst copper inched
Source:www.wsj.com                              Source:www.wsj.com                            higher, buoyed by the dollar weakness, but pressured by
                                                                                              CHN tightening concerns.

                                                                                                                                                         4
                                                        Weekly
                                                        Market Overview
                                                        05/04/ - 09/04/2010

Key figures




Source: www.bloomberg.com                                                  Source: www.bloomberg.com




Source: www.nsi.bg

RAM Funds




Source: RAM

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