Loading ...Market Bloodbath: Middle East Stocks Crater; Kuwait Halted; Aramco Below IPO; Dow Indicated Down 500
The great Ballinger on Friday said that financial mkts reminded him of 1987-a Black Monday looks possible-usually mid-east mkts don’t set the tone but we shall see.
Saudi Arabia’s index closed down 8.32% at its lowest since November 2017, with most of its constituents trading in the red. State-owned Saudi Aramco tumbled 9.1%, its sharpest percentage fall in a day, to 30 riyals ($8.00). The stock traded below its initial public offering price of 32 riyals for the first time. “Aramco is under pressure because of the failure of the deal,” said Marie Salem, head of institutions at Daman Securities. Al Rajhi Bank and the country’s largest lender National Commercial Bank fell 7.1% and 10% respectively. Saudi Arabia, which slashed its official selling price (OSP) for crude for April, plans to raise its oil production above 10 million barrels per day next month, sources told Reuters.
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Kuwait’s index dived 10%, its second biggest ever single day loss. Financial shares weighed on the index the most, with National Bank of Kuwait sliding 9.3%.
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The Dubai index dropped 7.9%, its sharpest intra-day fall since October 2008. Emirates NBD Bank fell 9.6%, and Dubai Islamic Bank lost 7.7%.
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Abu Dhabi’s index closed down 5.4%, its biggest intra-day percentage loss in more than five years. Market heavyweight First Abu Dhabi Bank plunged 6.7%.
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The Qatari index shed 2.9% as the Gulf’s largest lender, Qatar National Bank, and Industries Qatar decreased 4.7% and 3.6% respectively.
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Egypt’s blue-chip index was down 4%, with most of its constituents closing in the red. Market heavyweight Commercial International Bank Egypt fell 4.7%. SAUDI ARABIA plunged 8.3% to 6,846 points
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ABU DHABI fell 5.4% to 4,394 points DUBAI lost 7.9% to 2,267 points QATAR was down 2.9% to 9,037 points EGYPT dropped 4% to 11,849 points
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BAHRAIN slipped 3.4% to 1,563 points OMAN fell 2.8% to 3,995 points KUWAIT dived 10% to 5,750 points ($1 = 3.7520 riyals) (Reporting by Maqsood Alam in Bengaluru; Editng by Mark Potter)
Little Billy’s Education – one of Dad’s emails – Yikes
Billy was having trouble in school. His teacher constantly yelled at
him, “You’re driving me crazy, Billy! Can’t you learn anything”Billy’s mother met with his teacher at fall conferences. The
teacher told her Billy was a disaster, getting the lowest marks of any
of her students. She had never had such an unmotivated and ignorant
boy in her teaching career. Billy’s mom, shocked at the feedback,
withdrew her son, moving from Detroit to Cleveland.25 years later, the teacher was diagnosed with severe cardiac
disease. Her doctors advised open heart surgery that only one surgeon
at the Cleveland Clinic could perform.
The teacher decided to have the procedure which was remarkably
successful. In the recovery room, she saw the young doctor who headed
her surgical team, smiling down at her. She wanted to thank him.
Instead, her face turned blue as she tried to speak and she quickly
died.The doctor was shocked, wondering what went suddenly wrong. When the
doctor turned to leave the room, he saw Billy, the janitor at the
Clinic, had unplugged the life-support equipment in order to plug in
his vacuum cleaner.If you thought that Billy had become a heart-surgeon, there is a
good chance you’ll vote for Bernie Sanders or Joe Biden!
Captain–like silver, the oil sector is setting up nicely…I am looking for a series of exhaustion drops before I buy
If the article below on Saudia Arabia is correct, oil may soon make a series of exhaustion moves down on the charts and be the buy of the century
Looking for El Cheapo option plays in the energy sector—looking at the XOP may 15 and june 19 $18 to $20 calls…The rsi on the daily chart is 16 and on the weekly is 21…not sure this sector is “ripe” just now for purchase…but at some point it will be…the best trades are usually the “I just can’t imagine/shaking hands ones to make…and one never knows when they could turn…so having ones baited hook in the water via, say, some june 19 2020 $20 options at $9/$10 bucks is a way to play it…in the past 5 yrs XOP has made some significant highs at $55-$43 & $23-it closed at 12.91 on Friday—here is the XOP weekly chart
SPDR Series Trust – S&P Oil and Gas Exploration and Production ETF (XOP) has 0 splits in our SPDR Series Trust – S&P Oil and Gas Exploration and Production ETF stock split history database. Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices |
Hawaii asks to Ban Cruise Ships
Hawaii Lt. Gov. Josh Green, an M.D. himself, has been spearheading the state preparedness. Today he asked the Federal Government to temporarily ban cruise ships from docking in Hawaii. Apparently the State does not have the authority to make this ban independently. So the State is willing to crash that sector of the tourist economy here… which is considerable. Air tourism is now non-existant from Asia.