Stocks Crash to 13-Month Lows
DRIVEN by fear and greed, the UAE bourses witnessed another round of sharp fall in share prices Thursday with key indices closing at 13-month lows.
The DFM index fell by 4.84 per cent to 586.51, the Abu Dhabi Index dropped 1.93 per cent to 3,811 points the lowest since March last year.
After going through a sharp fall on April 23, the market rallied the following days to regain some of the lost ground, however the rally was short lived as investors started selling heavily from Wednesday.
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#1 Ser ursnyggt ut.
B=0,5 x A och C=A samt att C tycks ha bottnat vid botten av tidigare 4:e-våg. Helt enligt skolboken.
Men isf ABC kan man sätta 123 och då ser det riktigt illa ut. Vågdelaren är ca 7500, dvs botten för A. Om över så är det ett starkt tecken på ny bulle. En konsolidering under 7500 tyder på en 4:e-våg vilket innebär att indexet bara är i början av en stooooor nedgång.
Viktigt förstås att senaste botten håller.
mvh
PS: Elliott & Fibonacci hälsar att OMX slutar på tresiffrigt år 2006.
TASI sjonk med 3,2% idag.
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The troubles of the UAE stock market investors deepened yesterday as fresh round of margin calls from brokers and banks triggered another round of panic selling in the market.
While the Dubai Financial Market index slipped 4.11 per cent to hit a new 13-month low, the Abu Dhabi index fell to its lowest level in almost 14 months. The DFM Index closed 24 points down at 562.4 points, its lowest close since March 30 last year as the UAE benchmark NBAD General Index slipped 2.36 per cent to 12,476 points.
Key market indices have recoiled for the third consecutive trading sessions yesterday. On Thursday the DFM index had slipped close to 5 per cent. The UAE bourses have been on a free fall since the beginning of this year losing close to 45 per cent value.
"There is panic across the market as both individual and institutional investors turning net sellers. Although there is no logic to the current round of panic selling that is the way market reacts when sentiments are weak," said Daheer Quraish, an investment analyst.
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The Saudi stock market plunged yesterday after gaining 318.80 points last week. The Tadawul All-Share Index (TASI) closed 799.94 points or 5.89 percent down to 12,775.05.
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Dubais shares rose more than one per cent yesterday as investors hunted for bargains after the market sank to multi-month lows the previous day.
But the rise is unlikely to be sustained unless new money enters the market, analysts said.
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Saudi stocks rose for a second consecutive day yesterday, with institutions and retail investors focusing on small and medium-sized stocks and speculators staying on the sidelines, traders said.
The main index of the Saudi bourse, the Arab worlds largest, closed up 2.87 per cent at 13,417.56 points as tame trading in the big-cap blue-chips suggested that major speculators were on "good behaviour", traders said.
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UAE bourses rebounded yesterday as retail investors snapped up stocks after markets in Dubai and Abu Dhabi hit more than one-year lows the previous day.
The benchmark Dubai Financial Market index climbed 0.99 per cent to 576 points and Abu Dhabis index rose 0.43 per cent to 3,757.62 points. Dubai stocks hit a 13-month intra-day low and Abu Dhabi a 14-month intra-day low on Sunday.
Dubai shares have lost more than 40 per cent of their value with Abu Dhabis market shedding nearly 30 per cent over the last four months. "The market is overcorrecting itself," said Hany Hussain, fund manager at Mashreqbank.
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DOHA: Qatar has frozen bilateral free trade talks with the United States, saying that Washington was imposing preconditions that were not Doha's interest, the daily Al-Sharq reported Saturday. "In time we would be happy to go back to the negotiating table, but there are issues that need to be resolved first," the newspaper quoted Nasser bin Hamad al-Khalifa, Qatar's ambassador to the U.S., as saying.
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Shares in Dubai fell more than one per cent in below-average trade yesterday led by heavyweight Emaar Properties as speculators booked profit in an overall directionless market, analysts said.
The Dubai Financial Market index fell 1.55 per cent to 567.08 points, after two days of gains and just off a 13-month low hit on Saturday. Abu Dhabi eased 0.1 per cent to 3,753.90.
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Fran den 4/5.
The UAE stocks declined sharply yesterday as the key market indices hit new 14-month lows. While the day-traders have virtually abandoned the market, the cherry pickers among the institutional investors also turned net sellers yesterday, forcing the indices to recoil further.
The Dubai Financial Market Index closed 3 per cent down at 550.08 points, its lowest since March 2005 as the Emirates Securities Market Index slipped 2.24 per cent to close at 4,893.40 points. The market benchmark National Bank of Abu Dhabi Index was down 279 points (2.22 per cent) at 12293.
Dubais index has lost nearly half of its value this year, making it one of the worst performers among global stock indices tracked by Bloomberg News worldwide.
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Ogilla! 5
Gilla!
goin' to higher highs?
ewt kankse är mojas område, men ett försök till hobbyanalys.
;)
Mvh Gunslinger