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EXCLUSIVE
CREDIT CARDS ENTER SLOW LANE AS SPENDS DROP, BNPL THREATENS
The average credit card spends in February were the lowest in seven months and
have been on a decline since post-Diwali. Though banks have pushed more credit
cards, fewer are swiping them. The average credit card spends in February were
the lowest in seven months and have been on a decline since post-Diwali.
* ETBFSI
* April 08, 2022, 08:00 IST
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Axis Bank has acquired Citi Bank's credit card business, HDFC Bank is pursuing
customer additions with renewed vigour, and companies are going on a tie-up
spree, but the spending has slackened.
Following the pandemic, people have become cautious about spending and with
inflation rearing its head the pace has reduced. Also, the BNPL (Buy now Pay
later) model is posing a bigger challenge.
Though banks have pushed more credit cards, fewer are swiping them. The average
credit card spends in February were the lowest in seven months and have been on
a decline since post-Diwali.
Ticket size drops
The February ticket size was lower than that of August, while at the industry
level, spend per card fell 4 per cent month-on-month in February. A total of 19
players saw decline in average ticket size with South Indian Bank, SBI Card,
IDFC Bank, DBS Bank, being among the top laggards.
During the July to February period, Karur Vysya Bank reported the biggest
decline in ticket sizes at 46.2 per cent, followed by City Union Bank (-20.7 per
cent), IDFC Bank (-16.4 per cent), and Indian Bank (-15.25 per cent). During the
same period, AU Small Finance Bank (AU SFB) reported the biggest gain in ticket
sizes at 64.1 per cent, followed by Federal Bank (62.9 per cent), Standard
Chartered Bank (60 per cent), and Bank of America (59.24 per cent).
Outstandings fall
In an indication of the slackening pace, credit card outstanding grew just Rs
10,849 crore in fiscal 2021, way below the Rs 30,630 crore in FY20. In the five
years before the pandemic, lenders had added Rs 12,000 crore worth of credit
card debt annually on average.
There has been a recovery this year with credit card outstanding for the first
ten months of the current fiscal growing to Rs 11,512 crore or 11 per cent.
The growth in the number of cards was just 7 per cent in FY21, part of the
reason being a regulatory ban on HDFC Bank and a drop in economic prospects.
Market share movement
HDFC Bank continued to be the leader in terms of market share in credit cards
issued while SBI Card lost 127 basis point of market share month-on-month. ICICI
Bank gained 94 basis points. Axis Bank continued to gain market share for the
eighth month, which will accelerate with the addition of the Citi Bank
portfolio.
BNPL's rise
The rise of BNPL is posing a big challenge to the credit card market
India's buy-now-pay-later (BNPL) industry is booming and set to surge over
ten-fold within four years as tens of millions of online shoppers get lured by
interest-free credit with fewer hassles.
Redseer estimates India's BNPL market will rocket to $45-50 billion by 2026 from
$3-3.5 billion now. The research firm also estimates that the number of BNPL
users in the country may rise to 80-100 million customers by then, from 10-15
million currently.
According to a November 2021 report by an RBI working group on regulating
digital lending, BNPL accounted for 37% of loans disbursed by banks via digital
channels and 12% by non-banking finance companies. In value terms, it was less
than 2%.
However, since the maximum credit currently being offered on BNPL is Rs 100,000,
much lower than credit card offers, it will take some time before it can disrupt
the cards market or wrest market share, said analysts at Macquarie Research.
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BANKING
* 3 hrs ago
BANDHAN BANK SHARES RISE 4% AFTER BLOCK DEAL REPORTS
* 4 hrs ago
HDFC- HDFC BANK MARRIAGE 'FAIRLY SUSTAINABLE'; DON’T FORESEE ANY REGULATORY
ISSUE: ATANU CHAKRABORTY
* 5 hrs ago
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* 5 hrs ago
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* 33 mins ago
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* 44 mins ago
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ANNOUNCEMENT
* 1 hr ago
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* 2 hrs ago
CARDLESS CASH IN ATMS VIA UPI TO BE EXTENDED SOON: RBI GOVERNOR DAS
* 3 hrs ago
RBI KEEPS KEY RATES UNCHANGED; TO FOCUS ON WITHDRAWAL FROM ACCOMMODATIVE
STANCE
BFSI VIDEOS
* THE WORD 'BANKING' HAS IMPROVED, BUT BANKING HAS NOT: ZAGGLE FOUNDER RAJ N
Raj N, founder and chairman of Zaggle, believes that the banking sector is at
a cross-section - either it has to evolve from here or it has to die.
"Earlier banks used to invest in FinTechs, but today the scenario is
reversed.. and a couple of scenarios have emerged where FinTechs have bought
a bank out," Raj said. This is happening because consumers want everything
"on the click", and has moved to a mobile revolution. "While the word banking
has improved, what has not improved is banking.. which for us is a great
opportunity.. and in the next five years, we would be at the forefront to
apply for a global digital banking licence," he said. Tune in to watch our
FinTech Diary of this week.
* 8 days ago
LENDENCLUB CEO SEES CREDIT PATTERN CHANGE IN NEXT 5-10 YEARS
* 9 days ago
THIS DECADE WILL BE OF TECH-LED COLLABORATIONS; BFSI TO BE ENTIRELY
API-DRIVEN, SAY LEADERS
* 14 days ago
FULL-FLEDGED DIGITAL MODEL BIT OF A CHALLENGE IN BFSI, SAY LEADERS
View More
EXCLUSIVE
BANDHAN BANK SHARES RISE 4% AFTER BLOCK DEAL REPORTS
According to the data, more than 5.2 crore shares exchanged hands on BSE, while
over 95 lakh shares exchanged hands on the National Stock Exchange (NSE). This
is more than 3 per cent of the company's total equity.
* Pawan Nahar
* ETMarkets.com
Click Here to Read This Story
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New Delhi: Shares of Bandhan Bank were buzzing in the early hours on Friday as
the trading volume surged amid reports of block deals on the counter.
According to ET Now, HDFC has pared its stake in the company. However,
ETmakrets.com could not verify the same at the time of writing this report.
> #MarketsWithETNOW | Bandhan Bank has 49.7 mn shares change hands in a bunched
> trade; 3% of equity block deal… https://t.co/GCZju4ofQ7
>
> — ET NOW (@ETNOWlive) 1649390651000
The leading housing mortgage lender held about 15,93,63,149 equity shares or
9.89 per cent per cent stake in the company at the end of the December 2021
quarter, shareholding data suggests.
According to the data, more than 5.2 crore shares exchanged hands on BSE, while
over 95 lakh shares exchanged hands on the National Stock Exchange (NSE). This
is more than 3 per cent of the company's total equity.
> #BandhanBank | Sources say#HDFC sold close to 5 cr shares @ Rs 307.85 HDFC
> held 15.9 cr shares, i.e., 9.89% stak… https://t.co/5VK9mb08BB
>
> — ET NOW (@ETNOWlive) 1649391267000
HDFC sold its shares for Rs 307.85 apiece, ET Now reported. This reported deal
is close to Rs 1,600 crore. Post this deal, HDFC will hold 10.9 crore equity
shares or a 6.8 per cent stake in the company.
Following the update, shares of Bandhan Bank jumped about 4 per cent to Rs
327.45, before paring up some gains. The scrip had settled at Rs 315.55 on
Thursday.
Earlier this week, a consortium of the bank’s parent Bandhan Financial Holdings,
private equity firm ChrysCapital and Singapore’s sovereign fund GIC said they
will acquire IDFC Asset Management for Rs 4,500 crore.
BSE Sensex was trading flat at 59,027.99, down by merely 6.96 points or 0.01 per
cent at the time of writing this report.
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Banking
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Bandhan Bank stock price
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Bandhan Bank
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EXCLUSIVE
HDFC- HDFC BANK MARRIAGE 'FAIRLY SUSTAINABLE'; DON’T FORESEE ANY REGULATORY
ISSUE: ATANU CHAKRABORTY
HDFC Ltd has among the best housing loan product, while HDFC Bank has among the
best risk-oriented credit management. So, the merger with HDFC Ltd made a lot of
sense, says HDFC Bank Chairman.
* Mannu Arora
* ETCFO
Click Here to Read This Story
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The country’s top lender HDFC Bank and giant NBFC HDFC Ltd announced their
merger earlier this month, in what is a $40 billion transaction. The mega deal
is seen to be pivoted by RBI’s friendly regulation, allowing for the smooth
merger of large non-bank NBFCs into banks. In an interview with ETCFO, HDFC
Bank’s Chairman Atanu Chakraborty discussed the various aspects of the lender’s
marriage with parent HDFC Ltd. He said the HDFC-HDFC Bank marriage may not have
been made in heaven but this marriage, taken place on earth, is fairly
sustainable. Also, the Chairman said that he does not foresee any major
regulatory hurdles.
Chakraborty, also former economic affairs secretary, further emphasized that the
deal also signifies the importance of today’s CFOs and that they are
increasingly stepping into CEOs' shoes. His comments came in the backdrop of
both the CEOs, Sashidhar Jagdishan of HDFC Bank and Keki Mistry of HDFC Ltd,
leading the transaction, earlier former CFOs at their respective entities. Below
are the edited excerpts from the interaction:
As HDFC Bank’s Board Chairman, how did you go about deciding on the marriage
proposal with HDFC Ltd?
Atanu Chakraborty: The rationale was that HDFC Bank needed to push its housing
portfolio big time, especially the affordable housing. On the other hand, HDFC
Ltd was a single product company and as an NBFC, it was getting large, and its
cost of capital was going up. This product had to be put somewhere where the
cost of capital was low and this the bank could offer. Also, HDFC Ltd has among
the best housing loan product, while HDFC Bank has among the best risk-oriented
credit management. So, the marriage with HDFC Ltd made a lot of sense to us.
Even though it may not have been made in heaven, we feel this will be a fairly
sustainable marriage. Given so many positives, this marriage was inevitable and
had to happen. Now, it will go through the approval of the entire gamut of
shareholders, regulators and finally the NCLT; this overall process might run
about 18 months or so.
In the run-up to the transaction, what was your major worry?
Atanu Chakraborty: The major fear was around insider or outsider trading which
may have happened on account of any leakage of information; that was our primary
worry apart from finishing everything on time for which we had set a deadline.
We were so busy keeping this under the wraps, and in the end we were successful.
This deal gives the HDFC Bank sizable insurance reach in the form of target HDFC
Ltd’s entities HDFC Life and HDFC Ergo. Will the RBI be comfortable here?
Atanu Chakraborty: I don’t foresee an issue here. Already 3-4 big banks have
this kind of set-up under them. There is ICICI, SBI, Kotak, etc. RBI is the best
judge, and we will go by its prescription.
The transaction involved two of the top CFOs-turned-CEOs at respective entities
Sashidhar Jagdishan at HDFC Bank and Keki Mistry at HDFC Ltd. What does the deal
signify about CFOs?
Atanu Chakraborty: CFOs in the companies are the ones who provide the right
inputs to CEOs for strategy making. Many times, they get promoted to the CEO
position, and that is inevitable. CFOs make for very good CEOs. Both these
gentlemen, that you mentioned, are both fantastic capable individuals, and
knitted together a good strategy for their respective organisations. Sashidhar
Jagdishan will lead the combined entity as the CEO. I am sure we will also use
on the combined entity’s Board Keki Mistry’s expertise at an appropriate time if
he is willing to do (provide). That would be of immense help. After all, that
expertise is not built in a day and is the last thing that as an organisation,
we would like to lose.
HDFC Ltd’s Chairman Deepak Parekh said he had two sleepless nights in executing
prior to this big merger. How many sleepless nights have you had as HDFC Bank’s
Chair? or did you have a sound sleep altogether?
Atanu Chakraborty: Both the Board and the senior management were deeply involved
in the transaction. Our audit committee Chair and the members, and the rest of
the team, all looked at various aspects of the transaction; and have had much
longer sleepless nights.
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EXCLUSIVE
RBI IMPOSES CURBS ON SHUSHRUTI SOUHARDA SAHAKARA BANK NIYAMITA
The co-operative bank cannot, without prior approval from RBI, grant or renew
any loans and advances, make any investment, incur any liability and accept
fresh deposits, among other restrictions.
* PTI
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Mumbai, Apr 7 (PTI) RBI on Thursday imposed several restrictions on
Bengaluru-based Shushruti Souharda Sahakara Bank Niyamita, including a
withdrawal cap of Rs 5,000 per account, following a deteroriation in the
lender's financial position. The directions shall remain in force for a period
of six months from the close of business on April 7, 2022, and are subject to
review, the Reserve Bank said in a statement.
The co-operative bank cannot, without prior approval from RBI, grant or renew
any loans and advances, make any investment, incur any liability and accept
fresh deposits, among other restrictions.
"In particular, a sum not exceeding Rs 5,000 of the total balance across all
savings bank or current accounts or any other account of a depositor, may be
allowed to be withdrawn," the central bank said.
It further said the issue of directions should not per se be construed as
cancellation of the banking license by RBI.
"The bank will continue to undertake banking business with restrictions till its
financial position improves," the central bank said.
The Reserve Bank may consider modifications of these directions depending upon
circumstances, it added.
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EXCLUSIVE
BANK OF BARODA TAKES GAYATRI PROJECTS TO NCLT OVER UNPAID DUES
The company owes little less than ₹6,000 crore to the country's financial
system, with Bank of Baroda exposure being nearly a quarter of the total loans,
a third person said.
* Sangita Mehta
* ET Bureau
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State-run Bank of Baroda has approached a bankruptcy court for recovery of its
dues to Gayatri Projects, promoted by former Rajya Sabha MP T Subbarami Reddy,
even as the company is making a desperate plea to lenders to consider a
debt-recast proposal, two people aware of the matter told ET.
The company owes little less than ₹6,000 crore to the country's financial
system, with Bank of Baroda exposure being nearly a quarter of the total loans,
a third person said.
The Hyderabad bench of the National Company Law Tribunal will hear the lender's
plea on April 12.
"Gayatri Projects has submitted a debt restructuring plan to lenders" and all
banks have "deliberated" on it and are expected to "get back in ten days with
their queries," the company told ET in a mailed response to queries.
However, bank officials said that they have approached NCLT since they are
unsure if all lenders will accept the proposed plan. The company has appointed
EY to advise it on the debt restructuring proposal.
The Hyderabad-based company's fund and non-fund based borrowing was at ₹5,917
crore as of September 2021. The company's market cap stood at ₹465 crore and its
shares closed at ₹24.85 apiece on Thursday.
"With regards to the filing in NCLT, they (the lenders) want to pursue in
parallel the recovery proceedings either through NCLT or debt restructuring,"
the company said in its email response. CP Jain & Co, which was appointed by
Bank of Baroda to conduct a forensic audit last December, is yet to submit its
report, one of the people cited above said. The company has defaulted in payment
of dues to lenders.
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EXCLUSIVE
IBBI NEW NORMS SHRINK TIMELINES FOR VOLUNTARY LIQUIDATION
Under the latest amendment, in cases where no claims are received from any
creditor(s), final report may be provided in 90 days from the date of
commencement of the process. Where claims are received from creditor(s), the
period for submission may be provided as 270 days from the liquidation
commencement date.
* ETBFSI
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The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations
pertaining to voluntary liquidation process as part of efforts to streamline the
process.
The changes include crunching the timelines in preparation of list of
stakeholders; distribution of proceeds from realisation and submission of final
report to the adjudicating authority.
Under the latest amendment, in cases where no claims are received from any
creditor(s), final report may be provided in 90 days from the date of
commencement of the process. Where claims are received from creditor(s), the
period for submission may be provided as 270 days from the liquidation
commencement date.
Earlier, under Regulation 37, the process of liquidation was sought to be
completed in 12 months.
Compliance certificate
The IBBI has introduced a compliance certificate (format specified under a new
Form H) similar to the one provided under corporate insolvency resolution
process (CIRP) regulations and liquidation regulations. the certificate would
contain a summary of the entire voluntary liquidation process.
Anoop Rawat, Partner (insolvency & bankruptcy) at Shardul Amarchand Mangaldas &
Co, said the amendment seeks to streamline the voluntary liquidation process by
reducing the timelines and imposing greater responsibilities on liquidator.
"The requirement of new form H relieves some burden off the adjudicating
authorities, with relevant data and satisfaction of compliance checks being
available to it in a structured tabular format.
"This shall aid in further enhancing the freedom of exit for the investors in
line with India's ambitious goals of providing ease of doing business to
investors during all the phases of the life-cycle of businesses," Rawat said.
IBBI, a key institution in implementing the Insolvency and Bankruptcy Code
(IBC), has notified the changes in the voluntary liquidation process
regulations.
IBBI discussion paper
The IBBI issued a discussion paper in February.
In cases where no claims are received from the creditor(s), the period for
preparation of a list of stakeholders by the liquidator may be reduced to 15
days from the last date for receipt of claims, as per the discussion paper.
Another proposal is that the period for distribution of proceeds from
realisation to the stakeholders may be reduced from the current six months to 30
days from the receipt of the amount.
According to the discussion paper, the final report in cases where no claims are
received from any creditor(s), may be provided in 90 days from the date of
commencement of the process.
Regarding cases where claims are received from creditor(s), the paper said the
period for submission of final report may be provided as 270 days from the date
of start of the process.
"Therefore, the liquidator shall submit the final report, along with the
application for dissolution, to the AA (Adjudicating Authority) within ninety
days or two hundred and seventy days, as the case may be, from the
liquidation commencement date," it noted.
On the lines of compliance certificate provided under CIRP (Corporate Insolvency
Resolution Process) Regulations and Liquidation Regulations, IBBI had proposed
that a similar compliance certificate/ checklist may be introduced for voluntary
liquidation process, to be submitted along with the
final report to the AA.
"The proposed amendment would assist the AA to process the dissolution
applications expeditiously and ensure consistency across its benches. This would
facilitate in saving of precious judicial time and resources and thus, reduce
the overall burden on the AA, the paper had said.
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EXCLUSIVE
AXIS BANK INKS USD 150 MN PARTIAL GUARANTEE PACT WITH ADB TO SUPPORT SUPPLY
CHAIN FINANCING
New Delhi, Apr 7 (PTI) Axis Bank on Thursday said it has collaborated with Asian
Development Bank (ADB) for a partial guarantee programme with initial outlay of
USD 150 million (Rs 1,139.85 crore), aimed at supporting supply chain financing
for impact sectors.
* PTI
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New Delhi, Apr 7 (PTI) Axis Bank on Thursday said it has collaborated with Asian
Development Bank (ADB) for a partial guarantee programme with initial outlay of
USD 150 million (Rs 1,139.85 crore), aimed at supporting supply chain financing
for impact sectors. Special focus will be towards ESG and priority sectors.
Axis Bank has signed a partial guarantee facility agreement (PGFA) with ADB to
support supply chain financing for impact sectors, under which ADB will provide
guarantees (variable) to the lending done by Axis Bank, the bank said in a
release.
The programme is scalable, with an initial foundational ramp-up of nearly USD
150 million, it said.
Axis Bank said even as the programme is sector agnostic, it will have special
focus on ESG (environmental, social and governance) and other priority sectors,
re-affirming both institutions' commitments to positive developmental and
environmental impact in the country.
"At Axis Bank, we are committed to providing accessible funding and solutions,
supporting a more inclusive trade environment and helping our corporate/SME
clients with all their business needs through innovative financial products and
tailored lending solutions.
"We are keen to provide integrated holistic financial services, thereby becoming
a part of their growth journeys. The enablement derived from the supply chain
financing programme with ADB will further boost our propositions and fortify our
stronghold as a truly universal bank," Amitabh Chaudhry, MD & CEO, Axis Bank
said.
As the economy charts its recovery from the disruptions due to the pandemic, and
adapts to the under-currents of the ongoing global conflicts, this programme
stands to support the sectors rampaged by bottlenecks, shortages and delays, by
providing major intervention in terms of supply chain finance.
It will also complement the surge in demand and expansion of operations in
relevant sectors, thus enhancing their growth curves.
Underpinned by the intent to provide accessible funding, the programme covers
various supply chain financing product variants, including one-year working
capital demand loans.
With the terms of engagement being perpetual and open-ended, the programme has
the flexibility to add innovative products as supply chain financing evolves
over time, Axis Bank said. PTI KPM KPM ANU ANU
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EXCLUSIVE
ED QUESTIONS OMAR ABDULLAH IN J&K BANK CASE
Former Jammu and Kashmir chief minister Omar Abdullah was questioned by the
Enforcement Directorate on Thursday in connection with the purchase of a
building by the J&K Bank about 12 years ago, officials said here.
* PTI
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NEW DELHI: Former Jammu and Kashmir chief minister Omar Abdullah was questioned
by the Enforcement Directorate on Thursday in connection with the purchase of a
building by the J&K Bank about 12 years ago, officials said here.
The National Conference leader arrived at the federal probe agency's
headquarters this morning where his statement in being recorded, they said.
The case was registered by the ED earlier this year, they said.
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EXCLUSIVE
BANK OF MAHARASHTRA TO DIVEST ENTIRE 4% STAKE IN ISARC
Bank of Maharashtra will divest its entire stake of 4 per cent in India SME
Asset Reconstruction Company for nearly Rs 4 crore. Bank of Maharashtra (BoM)
has executed a share purchase agreement dated April 6, 2022 for sale of entire
equity stake of 4 per cent in India SME Asset Reconstruction Company Ltd
(ISARC), the bank said in a regulatory filing.
* PTI
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Public sector lender Bank of Maharashtra on Thursday said it will divest its
entire stake of 4 per cent in India SME Asset Reconstruction Company for nearly
Rs 4 crore. Bank of Maharashtra (BoM) has executed a share purchase agreement
dated April 6, 2022 for sale of entire equity stake of 4 per cent in India SME
Asset Reconstruction Company Ltd (ISARC), the bank said in a regulatory filing.
The bank's 4 per cent stake, equivalent to 40,00,000 equity shares, will be sold
at Rs 9.80 per share for a cash consideration for Rs 3.92 crore, it said.
The stake sale is subject to RBI approval for change in sponsor shareholder of
ISARC. The transaction is expected to be completed by the end of December, 2022.
ISARC's total income stood at Rs 11.09 crore in the fiscal ended March 2021, and
net profit was Rs 0.36 crore. It had reported losses of Rs 8.39 crore in FY20
and Rs 9.21 crore in FY19.
ISARC is the country's first Asset Reconstruction Company (ARC), supported by a
large number of public sector banks and undertakings, focussed on NPA resolution
of the MSME sector.
The ARC is sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI
Venture Capital Ltd.
BoM stock closed at Rs 18.80 apiece on BSE, up 0.27 per cent from the previous
close of Rs 18.75.
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EXCLUSIVE
YES BANK RALLIES 11%, HITS FRESH 52-WEEK HIGH ON RATING UPGRADE
The private lender has been in demand among investors so far in the new
financial year. The stock has rallied about 33 per cent so far in the month of
April.
* Pawan Nahar
* ETMarkets.com
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New Delhi: Shares of Yes Bank rallied as much as 11 per cent during the early
trade on Thursday, hitting a new 52-week high after Care Ratings upgraded the
lender's credit rating.
Care Ratings has revised the ratings for its infrastructure bonds worth Rs 5,000
crore a notch to 'BBB+' with a positive outlook, from 'BBB' with the same
outlook earlier.
Its Lower Tier II Bonds and Tier II Bonds (Base III) too have received a similar
upgrade from the agency, the lender said in a regulatory filing on BSE. The
rating for Upper Tier II bonds has been revised to 'BB+' with a positive
outlook.
Shares of Yes Bank rallied about 11 per cent to Rs 16.25, its new 52-week high
on Thursday. The scrip had settled at Rs 14.69 on Wednesday.
The private lender has been in demand among investors so far in the new
financial year. The stock has rallied about 33 per cent so far in the month of
April.
In a business update, the bank said its net advances grew by 8.8 per cent to Rs
181,508 crore for the fiscal ended March 31, 2022. The bank's net advances were
at Rs 166,893 crore in the previous fiscal ended March 2021.
However, technical analysts have a mixed opinion on the stock. Some analysts
said that if the stock is able to take out Rs 15.20-15.50 levels, then it may
see an up move towards Rs 16 or even Rs 20. Analysts largely see the support for
stock at Rs 13.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said the sharp move
of this week has opened a chance of decisive upside breakout of the larger
consolidation at the Rs 15.50 level, indicative of a downward sloping minor
trend line.
"Technically, such sharp up moves post larger range movements indicate sharp
upside ahead. Hence, a sustainable up move above Rs 15-50-16 levels could open a
potential upside pattern target of around Rs 19.50- Rs 20 levels. We expect
these upside targets to be achieved in the next 1 or 2 months. At reaching the
highs, the stock price is expected to encounter strong resistance around Rs 20
and is likely to shift into a downward correction from the highs," he said.
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