No. 3: (20 marks) a) Technical Analysis is useful for predicting individual share prices as well as the direction of the market as a whole', discuss this statement with the help of suitable examples and illustrations. Also discuss theories at the back of this phenomenon. b) An analyst wants to evaluate Fund Y, consisting entirely of common stocks, using Treynor, Sharpe, information ratio and Jensen alpha model of portfolio performance evaluation. The following table provides the average annual rate of return for Fund Y, the market portfolio (as measured by the KSE 100 Index). Govt. Treasury bills (T-bills) during the past cight years is 3%. Month Net Asset Kse-100 Value of Fund Y Junc 50 5000 July 52 5100 August 55 5300 September 53 5100 October 60 5800 Compute the Treynor, Sharpe, Sartino, information ratio and Jensen alpha model for both Fund Y and the KSE 100. Briefly explain whether Fund Y underperformed, equaled, or outperformed the KSE