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Copenhagen Stock Exchange - Focus: A More Selective Investment Strategy Is Required In 2004

Date 16/03/2004

The KFX Index has enjoyed a boom in the last year, and if you look at the index in US dollars, the index has skyrocketed. The KFX Index has never previously been at this high level.

In Focus no. 78, Equity Strategist Henrik Henriksen elaborates on the contributing factors, some of them being: a global economic recovery driven by the USA, a falling US dollar, a more attractive pricing of the shares and not least the re-rating of the Mærsk share, which has contributed to many of the increases. Also the companies' activities within mergers and acquisitions have played a dominant role and improved the mood on the equity market The falling dollar has also put focus on the accounts of Danish companies, which now are beginning to show negative impacts from the strong krone against the dollar. Henrik Henriksen assesses that the pressure from the currency side will continue into 2004, but does not see any danger for the companies as long as the fall in the dollar is accompanied by economic upswing in the dollar-related economies.

2003 was the year when the economic upswing and the improved mood on the equity market elevated the market in general, but for 2004, Henrik Henriksen assesses that the investor should be more selective when placing his money on the equity market.

Read the article 'A more selective investment strategy is required in 2004' in Focus no. 78 on the Copenhagen Stock Exchange's website www.cse.dk.