Middle East Wrap-up Week 37/2009

 

UAE rocks this week and the others still in sideways

the portfolio update and the watch list for tomorrow and the next week will be posted later today

Middle East Stocks Weekly Wrap-up

the main market index EGX30 print 1.1% in Thursday, the last session in the second week of Ramadan month, I hate those short sessions, you can decide or trust them

after the sell off from 6790 we can see this session as upward correction and we cant talk about uptrend continuation before good signal

so three senarios here: congestion, upward by taking the peak, downward by taking 6500

 

    

EGX30 daily/weekly charts, click on them to enlarge

if you’re a fibo believer (I’m not) then you need to note that the market resting on the 38 ratio from the big down leg

our stock basket this week has 39 decliners, 3 unchanged, 19 advancers

and the sector performance table sorted by the weekly change and off course the healthcare sector on the top as usual in the indecision times

other middle east exchanges still the worst performers in the region specially Saudi’s TADAWUL

I’m frustrated from them and begin to miss the value of their daily tracking and scanning!!

It has been long when we saw the last opportunity their…

EGX Weekly Wrap, 28/09

the market continued the down move this week too without any correction and we waited it to test May low 5425 but it closes away from this low by 30 points at 5458

so the sinario we waiting now for the coming week is testing this point, breaking it will drive us to 4800 and this away by 600 points so we’ve long days coming

and testing and bounce case will drive us to 5500 again, until this we’re waiting

the middle east stocks witness worst performance and gone too far, now they’re near the low of this crisis

notice Dubai lost 24% Month to Date!

The Week Wrap-up: Egypt –11%, Dubai –7.7%, Abu Dhabi –5.9%

you can return to the prior week commentary in this post

The 26th week of 2009

was bloody week for the Middle East stocks, for Egypt there were no blue chips or penny stocks, all of them slumped hard, the worst sector was the food, Real Estates

if you remember the last post we’ve 2 points 5,500 and 4,800

the market closed Thursday session under 5500 without any problem, we have setup here if this proved as false breakout, if not we are waiting at 4,800

until now there is no intention to buy, the market confirmed Sell signal on all our setups

those are the daily and the weekly picture for the main index, click to enlarge

and the following are the sector performance

and for UAE markets and others

The Week Wrap-up (25/2009): Pullback or It’s Over?!

The market topped at 6,380 this week, didnt even touch the 6,400 (away by 20 points) which we talk about in this post

 

so is this a retracement or the run is exhausted?! hard question ..

for the up way we’ve 6400 we must see breakout and good bids over it to talk about continuation

and if we continue this down move the first point is 6040

this is the third weekly closing in the same range, 6040 is the prior pivot, the high of the 20th week of 2009

also the current June bar is the 4th Higher High 9% with this close (note that June average return is –3%)

so until we move out from this range we still flat

the market movers in this week were the thin, quit and penny stocks like (NRPD, NHPS, CCRS) and as you know this is a bad sign, cuz those stocks always surge before every crash in the market and after any retracement in any downtrend in the market…

to remember NRPD surged 165% in May 08

NHPS 97% in May 08, and CCRS 96% in the same month and the market confirmed the down movement early in 8 May 08 if you still remember this old post

also note that one of the biggest blue chips ORTE (Orascom Telecom) witness bad performance in the last week

I know many views favored the down move and tell us this up movement is over but we must follow the market and it’s last word …

this is the market and sectors performance sorted by weekly change

and the middle east markets too have the same behavior

I’m Back again

I went to sudden business trip to Dubai again and then return to Alexandria and then back to cairo, I was thinking in relocation to UAE and plan this in my head until now …

I updated the journal with the last action in the Equities and Currencies portfolios and will resume to post to the diary by tomorrow

Middle East Financial Market Performance in 2008

 

you can figure the case, nothing can be said else

the worst market ofcouse was DFM and that by the help of the Real Estate boom there and they keep saying the worst still there!

EGX, ADX and DFM Weekly Wrap-up

 

UAE Financial Markets Weekly Wrap, 5-9 OCT 08

as we saw in the EGX post

Abu Dhabi :  -18.94%

Dubai :  -22.52%

UAE Market Weekly Performance Wrap

Dubai

Abu Dahbi

the first green week after eight red weeks in row, and increasing in volumes, and building a reversal pattern, let’s see if it not hope