EXECUTIVE SUMMARY

At the end of this 20th edition, the investors' perception toward the Equity market over the coming 3 months has shifted from the "Assurance" phase to the "Wait and See" phase. Upon the analysis of the results by investor category, we note a general drop in the obtained scores , i.e. below the threshold 50 pts. In more details :

- The Index related to individual investors posted the strongest decrease, i.e. -29.9 pts to 45.9 pts;
- The index related to ¡§domestic institutional¡¨ investors declined by -23.3 pts to 43.1 pts;
- The index related to ¡§Reference Actors¡¨ investors recorded a drop of -23.2 pts to 47.9 pts;
- Finally, the foreign investors index fell by -18.5 pts to 45.0 pts.

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