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

first time Gulf state has not followed a Fed move

“We think cuts are not having the impact on local money markets and it
is not meaningful at this point to cut,” said one central bank official.

The UAE central bank left its overnight repurchase rate at 1.5 percent, central bank sources said.

The repo is the UAE benchmark and sets the rate at which banks borrow funds from the central bank.

Meanwhile, Bahrain slashed its repurchase and overnight rates by a
massive 125 basis points on Thursday as it tracked a more modest move
by the US Federal Reserve.

The Gulf Arab state lowered its
one-week deposit rate to 1.5 percent from 1.75 percent and cut its
overnight deposit rate to 1 percent from 1.25 percent.

UAE Financial Markets Weekly Wrap, 5-9 OCT 08

as we saw in the EGX post

Abu Dhabi :  -18.94%

Dubai :  -22.52%

Egypt and UAE Markets SUN 28 SEP 08 Wrap

 

UP IN PRICE & VOLUME EGX MOIN.CA     498% SVCE.CA     343% DEIN.CA     102% ABRD.CA    98% OCDI.CA     88% INFI.OTC     87% HRHO.CA     72% NEDA.CA     54% RREI.OTC    54% ADX WAHA.ADX     707% ADCB.ADX     172% DFM UPP.DFM           66% TAMWEEL.DFM   43%

DOWN IN PRICE AND UP IN VOL EGX AFDI.CA     47% AMRI.CA     41% EGAL.CA     40% ADX ALDAR.ADX     50% DFM AGLTY.DFM     1917%

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

WED 24 SEP 08 Volumes

EGX

DEIN.CA MOIN.CA NEDA.CA DEVE.CA NRPD.CA RAYA.CA SCTS.CA

264% 231% 76% 53% 52% 47% 46%

MOIL.CA HDBK.CA SMPP.CA RTVC.CA SVCE.CA EGAL.CA SUGR.CA AFDI.CA EXPA.CA

231% 189% 134% 124% 123% 97% 89% 81% 57%

 

DFM & ADX

ADNH.ADX

71%

ETISALAT.ADX ADCB.ADX DIB.DFM UPP.DFM

247% 69% 79% 26%

Talaat Mustafa Court Update

Trail Set for 18 October 08

The trial of real estate mogul Hisham Talaat Moustafa and former police officer Mohsen El-Sokkary is set for Oct. 18, announced a Cairo court on Thursday.

The Cairo Criminal Court, headed by El-Mohamady Qonsowa, will review charges against the defendants in the murder of Lebanese singer Suzanne Tamim in Dubai on July 28.

Evidence submitted to the court by Egypt’s prosecutor general’s office reportedly include El-Sokkary’s confession of executing the murder upon orders from Moustafa. It also includes recordings of conversations between the two which were revealed by El-Sokkary.

Evidence collected by the Dubai police, including El -Sokkary’s blood-stained clothes found near the murder scene, will also be admitted.

Links: DailyNews, Menasat, Alarabiya