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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Update - Dow Jones Drop 200 point at opening..Hang Seng drops -270 points

Update - Dow Jones Drop 200 point at opening..Hang Seng drops -270 points

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hawklk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yesterday +133 points today -243 points at opening...What do you call this....manipulation???

Imagine this happening to CSE.......

Update.....8/11/2012
Hang Seng has dropped to -270 points almost at the opening.....All the ASIAN markets are down. Nikkie -90 so far...Australia -35 so far...
Wonder what will be the out come of CSE......



Last edited by hawklk on Thu Nov 08, 2012 7:28 am; edited 1 time in total

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@hawklk wrote:Yesterday +133 points today -243 points at opening...What do you call this....manipulation???

Imagine this happening to CSE......

Greed and Fear

hawklk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Mostly fear.......A very sensitive index. Also a good earning point if you are a experienced trader......

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
NOW -300

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
314....polnts

Where is our genuine USA and developed mkt fellows who says CSE is very very manipulated place. Here see how DOW index is volatile. 200 up Yesterday and 300 points down today. USA also panicked.

Poor AJ....................i want you to comment and clarify this. Now what is your next choice. Ausi......Swiss............ does US SEC chairmen do these things personally ? . HNWI are collecting ? ............

Please accept All the mkts are volatile. Insiders are there every where. ( Rajrajarathnam ) So dont insult CSE..............

It is a well accepted that we need to reduce those, as much as possible. But it is a common factor and it drives the game..............

DOW will start the turn around soon. wait for 20 minits. now 306.....

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
For the year 2008 DOW has come down from 13,000 to 7000...50%...........ASI and MPI looks good and nicer than this.

??????

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I read someone's post in this forum sayin that "manipulation" is the most wrongly used word here.

I have to agree with that without any question

sureshot

sureshot
Vice President - Equity Analytics
Vice President - Equity Analytics
budget will save CSE Very Happy

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sureshot wrote:budget will save CSE Very Happy

....then what will save the budget?

sureshot

sureshot
Vice President - Equity Analytics
Vice President - Equity Analytics
M.Chinthanaya will save the budget nee?

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Nop machan. We all should work at least 18 hours per day to save this country.........This is long term process...........

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Wall Street greeted a second Obama term the way it greeted the first.

Investors dumped stocks Wednesday in the sharpest sell-off of the year. With the election only hours behind them, they focused on big problems ahead in Washington and across the Atlantic Ocean.

Frantic selling recalled the days after Obama's first victory, as the financial crisis raged and stocks spiraled downward.

Four years later, American voters returned a divided government to power and left investors fretting about a package of tax increases and government spending cuts that could stall the economic recovery unless Congress acts to stop it by Jan. 1.

In Europe, leaders warned that unemployment could remain high for years, and cut their forecasts for economic growth for this year and 2013. The head of the European Central Bank said not even powerhouse Germany is immune.

The Dow Jones industrial average plummeted as much as 369 points, or 2.8 percent, in the first two hours of trading. It recovered steadily in the afternoon, but slid into the close and ended down 313, its biggest point drop since this time last year.

"It does look ugly," said Robert Pavlik, chief market strategist at Banyan Partners LLC. He said it was hard to untangle the impact of Europe-related selling from nerves about the nation's fiscal uncertainty.

"It's a combination of all that, quite honestly," Pavlik said.

It was the worst day for stocks this year, but not the worst after an election. That distinction belongs to 2008, when Barack Obama was elected at the depths of the financial crisis. The Dow fell 486 points the next day.

This time, energy companies and bank stocks took some of the biggest losses. Both industries would have faced lighter, less costly regulation if Mitt Romney had won the election.

Stocks seen as benefiting from Obama's decisive re-election rose. They included hospitals, suddenly free of the threat that Romney would roll back Obama's health care law.

Obama was elected Nov. 4, 2008.

The Dow plunged more than 400 points on each of the next two trading days.

The blue-chip average hit bottom at 6,547 in March 2009, less than two months after Obama took office.

Then it doubled over the next three-plus years as the crisis eased and a fragile economic recovery took root.

Things were looking so good that until recently, some analysts were betting on when the market might hit an all-time high.

Of course, the market today is far less precarious than it was in 2008. The financial system has stabilized. Europe appears to be serious about tackling its debt crisis, despite frequent setbacks.

The housing market appears to be coming back, and the economy has added jobs for more than two and a half years.

On the day after the 28 other presidential elections since 1900, the stock market has gone up 13 times and down 15 times, according to research by Bespoke Investment Group, a market research company.

The best day-after performance was in 1900, another re-election. The Dow jumped more than 3 percent on the day after William McKinley won a second term, according to Bespoke.

With the 2012 election over, traders turned to Europe's increasingly sickly economy, dragged down by a debt crisis for more than three years. The 27-country European Union said unemployment there could remain high for years.

The European Commission, the executive arm of the EU, said that it expects the region's economic output to shrink 0.3 percent this year. In the spring, the group predicted no change.

For next year, the commission predicted 0.4 percent growth, barely above recession territory. It predicted 1.3 percent last spring.

Renewed focus on European economic problems also pushed the price of oil down $4.27 per barrel, its biggest decline of the year, to finish at $84.44, the lowest since July 10.

The Dow closed down 312.95 points, or 2.4 percent, at 12,932.73 — its first close below 13,000 since Aug. 2.

The Standard & Poor's 500 index fell 33.86 points, or 2.4 percent, to 1,394. That was the broader index's first close below 1,400 since Aug. 30.

The Nasdaq composite index lost 74.64 points, or 2.5 percent, to 2.937.29.

U.S. stock futures had risen overnight after Obama cruised to victory. They turned sharply lower after the European forecasts and discouraging comments from Mario Draghi, president of the European Central Bank.

Now that the U.S. election has been resolved, it's natural for traders to focus on Europe's problems, said Peter Tchir, who manages the hedge fund TF Market Advisors.

What they're tuning in to, he said, is the failure of a major European summit last week and minimal progress on the issues that are holding the region back.

"People can only digest one or two stories at a time, and people had put Europe on the back burner" before the election, he said.

Obama's win followed a costly campaign that blanketed markets with uncertainty about possible changes to tax rates, government spending and other issues seen as crucial to the prospects of some industries and the broader economy.

As jitters about the election subsided, traders confronted an ugly reality: The so-called fiscal cliff, which will impose automatic tax increases and deep cuts to government spending at the end of the year unless the president and Congress reach a deal.

That's no easy task for a deadlocked government whose overall composition has barely changed — a Democratic president and Senate and a Republican House.

If Congress and the White House don't reach a deal, the spending cuts and tax increases could total $800 billion next year. Some economists say that could push the economy back into recession.

"Obama's re-election does not change the bigger economic or fiscal picture," Paul Ashworth of Capital Economics, an economic research company, said in a note to clients.

Fitch Ratings offered a warning Wednesday about the perils facing the U.S. If Obama does not quickly forge agreement with Congress to avert the fiscal cliff, the credit rating agency said, it may strip the U.S. of its sterling AAA credit rating.

The government's failure to come up with a plan to reduce the deficit led Standard & Poor's to cut its rating of long-term U.S. Treasury securities last year from a sterling AAA to AA+. It was the first-ever downgrade of U.S. government debt.

Tobias Levkovich, a financial analyst at Citi Research, told clients Wednesday that a compromise on taxes and spending was likely in mid- to late January, but that stocks will probably fall in the meantime.

A deal early next year is much more likely "once the political class begins to negotiate realistically and as the consequences ... are too costly for either party to ignore," he wrote.

European markets closed sharply lower, with benchmark indexes in France and Germany losing 2 percent. Italy lost 2.5 percent; Spain lost 2.3 percent.

As traders streamed into lower-risk investments, the yield on the 10-year Treasury note plunged to 1.64 percent from 1.75 percent late Tuesday. A bond's yield declines as demand for it increases.

Most industries reacted to the election much as analysts had expected.

Big, publicly traded hospital companies soared because of expectations that they will gain business under the health care law, known as ObamaCare. HCA Holdings leapt 9.4 percent, Tenet Healthcare 9.6 percent, Community Health Systems 6 percent and Universal Health Services 4.3 percent.

Not all hospital companies are expected to benefit. Many serve patients who will be covered by Medicaid plans that generally do not cover the full cost of care provided by hospitals.

Health insurance stocks sank, defying many analysts' expectations. ObamaCare will expand coverage of the uninsured in 2014, giving insurers millions of new customers. But the overhaul also imposes fees and restrictions on the companies, potentially threatening their profitability. Humana slid 7.9 percent, UnitedHealth Group 3.8 percent, Aetna 4.2 percent and Wellpoint 5.5 percent.

With Obama seeking to restrain the growth of military spending, defense companies could struggle to win government contracts. Their stocks fell sharply: Lockheed Martin lost 3.9 percent, Northrop Grumman 4.6 percent and General Dynamics 3.9 percent.

Among the 10 industry groups in the S&P 500 index, financial stocks and energy companies fell the most.

Banks figure to face tougher regulation in a second Obama term than they would have under Romney. JPMorgan Chase fell 5.6 percent, Citigroup 6.3 percent, Bank of America 7.1 percent, Goldman Sachs 6.6 percent and Morgan Stanley 8.6 percent.

The biggest losers were coal companies, which had hoped that a Romney administration would loosen mine safety and pollution rules that make it more costly for them to operate. Peabody Energy dived 9.6 percent, Consol Energy 6.1 percent, Alpha Natural Resources 12.2 percent and Arch Coal 12.5 percent.

Oil companies fell less steeply.

Trading also reflected the outcome of ballot measures decided in Tuesday's election. After two states approved the recreational use of marijuana for the first time, Medical Marijuana Inc., a company too small to be listed on major exchanges, surged 22 percent.

Other notable moves included Apple, the world's most valuable company. It fell 3.8 percent to $558.00 and has dropped 20 percent from its all-time high of $705.07, reached Sept. 21.

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Apple came to 558 from 705 with in 2 months. The most valuable company ( Apple ) volatility is very sharp.

So where is our Developed mkt Dreamers. This is the nature of the mkt.

The wrong word we used recently was the Market Manipulation in sri lanka.

I am wondering why no answer from AJ............

Backstage

Backstage
Moderator
Moderator
"Trading also reflected the outcome of ballot measures decided in Tuesday's election. After two states approved the recreational use of marijuana for the first time, Medical Marijuana Inc., a company too small to be listed on major exchanges, surged 22 percent."

New export crop for SL ? Thanamalwila gold drunken

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Dow Jones always indicate contemporary politico-Economic situation Of U.S
Amal mudunkotuwa.s posting is very clear in this connection

IN Sri Lanka also we had seen this up to 2009.Our indexes had been responsive to local and foreign political- economic conditions

But after 2009 Govt has started manipulation.Some brokers and others try to get mean advantage of govt behavior
Actually there should have been general up ward trend from 2009 after completion of war It should have been normal upward trend with ups and downs If some one need more explanation i can draw a hypothetical graph

But what we have seen after 2009. ABNORMAL upward trend(Up-to 2010?) and abnormal downward trend afterward

CAN ANY ONE GIVE ANY ECONOMIC or POLITICAL REASON for the above upward or downward trend in SRI LANKA Stock market after 2009?
That is what i call MANIPULATION

Pl read carefully and answer



Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Yep..........I agree some parts of the post.

After passing ASI 6500 it was abnormal kind of pattern. But that is the peak of any bull mkt. If u take other mkt cycles in the world u see a fast run at the end untill the bubble burst. At that time period Lot of IPOs come. Penny shares starting to shoe their col ours. SO it is called a bubble not manipulation.......And very common in any mkt including gold, US property, Dot com..............etc

For me ASI is value around 6500 at the movement and i can justify it with a simple valuation. When a run starts it will go to 8000 even and will come down..............

So what i say is there were manipulations in the mkt those are normal and even prevails in developed mkts. Eg...........SING from 150 - 1800...DPL to 140...Greg .................If u recall all most all the shares were overvalued at some point. ( JKH at 330 , SAMP at 550-600 )

In other Markets those are called overvalued stocks not manipulated stocks.
That is what my point is........

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Amal Mudunkotuwa wrote:Apple came to 558 from 705 with in 2 months. The most valuable company ( Apple ) volatility is very sharp.

So where is our Developed mkt Dreamers. This is the nature of the mkt.

The wrong word we used recently was the Market Manipulation in sri lanka.

I am wondering why no answer from AJ............

There is no point of blaming the result while the cause exists.Main cause of this always Suddas praising attitude come from our education system.It learns us about perfect hypothetical method not the really existing methods and also it gives hints that Sudda fellows are practicing those perfect method but in reality it is not so.....And also most of our people do not have experience about other countries actual situation.So they think those Suddas countries are perfect and our countries are really messy.And furthur to aggravate this mentality most of our so called educated lot are also blind to this actual situation and they do not want to enlighten public about actual situation as some of them(so called educated lot) are realy stuborn or some of them have been paid to keep their mouth shut or some of them also lives in that dreamy perfect world.

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
How do you call GRAN going from 61 to 274 and EPF buying millions of shares at 250+??

Overvalue or manipulation???

Every time Harry J buys a company, company share prices comes down, then Harry J collect as much as he wants, and offer a mandatory offer. Harry J becomes the major share holder...
it is contradicting economic theory of if somebody buy a company shares price will go up...

well I call it manipulation..

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I would like to take another REAL example from this country

No manipulation at at present

But the stock market do NOT represent real situation in the economy

To my mind present level is direct result of past manipulations(from 2009 to2012 Augst)

Because investors have no confidence.

Most dangerous thing.is use of public funds to manipulate the market.

Recent decision to increase Public fund investment from 10% TO 20% also MAY BE TO START SECOND ROUND OF GOVT MANIPULATION

If that happen it may be REAL DISASTER in the long run




Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@ whitebull

U are spot on. This is what i want to emphasize. Part of the Locals think this is the most corrupted and rubbish economy in the world. And some how prove their points with very small examples which are quite sensitive to the public.

@malanp

Yes it was a dangerous situation. Gran at 250is a disaster type buying done by EPF analysts. Bus Laugh at 48 will be justifiable in next 3-5 years for sure.

Gran


EPF holds gran from Rs 10................Their average value would be very low. they buy according to that valuation.I didnt calculate it....if some body can plz do it.

So u and i cant decide and justify your statement as a conclusion.

Harry J thing happens in any mkt. When WB wanted to buy Coca Cola shares at 1987 he did it with in very short period with no hesitation. And they buy when bear comes. I cant remember any situation where HJ bought a company recently.

@ D.G.Dayaratne [u]

I as a small analyst prefer if EPF and other local funds can buy following shares....

CSD Until 20 or 25
RICH till 12-14
SUN till 45-50
BFL till 250 ( Not sure )

And so many other....................Your country sold 40b worth shares to foreigners last 9 months.
So they need money and relaxation.

Dont follow political jokers who says manipulation when mkt goes and talks about innocent investors when mkt comes down. According to them mkt should be stagnated for ever and should follow theories. ...........

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