Jerry
10-25-2004, 05:13 AM
Slide down continues, October 24
There were 177 contracts struck in manufacturing stock totaling ID 370 m or $250,000. The overall trend was similar to the banking sector with most firms loosing considerable grounds. Among the heavy losers was the fridge assembler, the so called Light Industries Co, Over 1.8 million shares were sold in 28 contracts resulting in a decline in share price by a hefty 8% down from ID 20 to ID 19.35. The lowest price recorded for this company since the market opened last June was ID 17.5. The highest was nearly ID30. The New Paints Company was another looser whose shares fell from ID 14.35 to ID 13.75 loosing 4.5%. The price of shares of the Electronics Industries withheld the pressure of large selling. Despite the sale of some 12 million shares prices remained almost stable at just under ID10.
According to expert opinion with long experience in the capital market of Iraq, speculative selling can be very risky. The market is notorious for sudden violent upswings which could be triggered by any small event. Long term investors in general seem not to follow such speculative bouts. Their apparent short term loss is more then compensated by better returns in the long run. Indeed with the market having lost more then 30% of its value in such a short spell of time there is good chance that we will witness an upturn anytime now. The likely announcement of permitting foreigners to trade in the market is one possible event to fire the upturn.
http://isx-aman.com/news/rep_10_24.htm
Its only a matter of time....
There were 177 contracts struck in manufacturing stock totaling ID 370 m or $250,000. The overall trend was similar to the banking sector with most firms loosing considerable grounds. Among the heavy losers was the fridge assembler, the so called Light Industries Co, Over 1.8 million shares were sold in 28 contracts resulting in a decline in share price by a hefty 8% down from ID 20 to ID 19.35. The lowest price recorded for this company since the market opened last June was ID 17.5. The highest was nearly ID30. The New Paints Company was another looser whose shares fell from ID 14.35 to ID 13.75 loosing 4.5%. The price of shares of the Electronics Industries withheld the pressure of large selling. Despite the sale of some 12 million shares prices remained almost stable at just under ID10.
According to expert opinion with long experience in the capital market of Iraq, speculative selling can be very risky. The market is notorious for sudden violent upswings which could be triggered by any small event. Long term investors in general seem not to follow such speculative bouts. Their apparent short term loss is more then compensated by better returns in the long run. Indeed with the market having lost more then 30% of its value in such a short spell of time there is good chance that we will witness an upturn anytime now. The likely announcement of permitting foreigners to trade in the market is one possible event to fire the upturn.
http://isx-aman.com/news/rep_10_24.htm
Its only a matter of time....