KSE Breaks Down « Alpha Dinar- talking GCC finance
Today the market showed a huge decline by shedding 138 points in the price index and 6.4 points in the weighted index. Most of the stocks ended in the red zone. The decline was mainly due to the retrieve in global markets, decline oil prices, fear from the failure of the euro zone and overall negative sentiment.
The KSE price index broke the 7,000 levels and it seems that its heading south to the 6,500 levels, erasing all gains since Q4 2009. Now what is significant about the 6,500 levels? It is the one year low, and it is the lowest level we’ve reached since the beginning of the financial crises; meaning it will bring us back to Q1 2009. Major indexes showed record gains in 2009, however, our beloved KSE index is still lagging.
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