WHAT HAPPENED YESTERDAY (Last Session) (7/29/2010)
Review of the Previous day:
The market fell marginally in the last session a net 12.80 points (0.19%) and closed at 6654 point level. The market opened down and continued so until 09:56 hours when it reached its day low at 6618 points. And then it rose and turned into a range bound movement until closing.
The market moved in a range of 42 Points. Sentiment was Bearish. 05 of the 08 sectors closed with Net Loss. 03 of the top 05 stocks with the highest volumes were losers and 01 was gainers and 01 was unchanged Indicating an overall market bias towards the sell side.
Outlook for Today:
On Japanese candlestick patterns the index after having formed a doji pattern has formed a Dragon fly doji. These patterns form when the open, high and close are almost equal and the low creates a long lower tail. The resulting candlestick looks like a "T" with a long lower tail and no upper tail. Dragon fly doji indicate that sellers dominated trading and drove prices lower during the session. However by the end of the session, buyers resurfaced and pushed prices back. This candle also indicates that the indecisiveness amongst market men continues. The next candle formation will confirm whether the bias is towards the buy or sell side of the market.
However, the index has dropped below its 5 days moving average. The index is now below its 5 and 200 days moving average. Further, the velocity parameters, which were positively trended, have now turned neutral. All these indicate a negative bias.
But, the index is still above its 15 and 25 days moving averages. Further, the 5 days moving average is above the 15 and 25 days moving averages. This is positive.
Stop loss is at the 15-day average at the 6559 points level.
Dalqan Real Estate Company announced that its Board of Directors will meet on July 29, 2010 to discuss the company's financial statements for the second quarter of 2010.
Investors Holding Group Company announced that its Board of Directors will meet on July 29, 2010 to discuss the company's financial statements for the second quarter of 2010.
Kuwait Stock Exchange announced the trading suspension of the shares of the following companies due to either failed to submit their financial statements or faced losses exceeding 75% of their capitals: Al Safat Global Company Holding Al Dar Investment Company International Leasing & Investment Company Villa Moda Lifestyle Company International Investment Group Pearl of Kuwait Real Estate Company Securities House Company Aayan Leasing and Investment Company Al Abraj Holding Company Gulf International Investment Company Equipment Holding Company Network Holding Company.
Kuwait Fund for Economic Development inked a $47 million-loan agreement with the government of Sudan to contribute in the financing of Khartoum new airport.
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ALL PRICE ANALYSIS IS BASED ON END-OF-DAY CLOSINGS
-123.68
-12.8
7.8%
-10.2%
