Central Bank of Egypt Cuts it’s rate again by 25 bps

bank MPC statement here

Weekly Wrap

Last thursday News (Bad too)

• Talaat Mustafa Group Profits dips 29%, Reuters
• EFG Hermes Holding Q2 Profits dips 57%, Reuters
• Lecico Egypt Q2 Profits dips 20%, Reuters
• CIB & Actis Deal
• The Suez Canal Monthly Revenues dips 22%, BusinessNews
• National Security of Israel declares Warning to Israelis against traveling to Egypt, Kenya and Morocco
• Egypt CIB Bank Q2 Profit slides 17%, Reuters
• Egypt Mobile Subscribers reach 48.5 Million, WirelessFederaton

no interesting opportunities in the charts for the next week but you can look at ABRD, HRHO, IEEC, SKPC

in Thursday the gaps ruin most of the pending orders (as you know if you follow this blog from while, we neglect the breakout in the Gap case

and the rest of the positions initiated with 0.5% risk, they’re:AITG, ASCM, CPCI, DAPH, ENGC, GGCC and they will settle in Sunday and also liquidate if there will be any surprises in the market the next week

and the old positions we still have are in: CEFM, ECAP, GLAS, OSTD and NCCW liquidated as trailing SL hit with small loss

Stocks To Watch (Week 33/2009)

here are some stocks to watch, be careful, I’m still uncomfortable about the market behavior cuz the reasons in the prior post

so be wise and selectable

click to enlarge the sheet

Stocks to Watch: for 12-16 July 09 (Week 28/2009)

I’m still Flat in this market and those are some stocks to watch for breakout in the next week

and nothing clear in other UAE markets, I’m eager to trade in them again after all this time

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!

Stocks to Watch for the next Week 27th of 2009

those are some stocks to watch for breakout in the next week

the best of them are: ESRS (Ezz Steel), HRHO (EFG Hermes), KABO, SPIN

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

EGX30: 5,864

nothing can be said, the selloff begin, follow the trend and don’t resist, we already trading under May High

and ofcourse no pending order triggered from the week list, so we still flat

see the week commentary Here

will post any new comment

now we look for reversal setups come at the previous pivots 5700, 5500, 4800 and they’re not far …

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

Stocks To Watch (Week25/09)

those are some stocks with breakout points to watch in the next week 14-18 June