Today, October 31, 2006, the Tadawul All Shares Index (TASI) is down again by 335.97 points. This is the second day of free-fall.
As if the market is celebrating the Halloween, many investors get the trick but without a treat.
The trick is that the market just falls down without any basis or logical explanation at all. Many of the factors that normally affect the market are all excellent: the Saudi economy is in excellent condition, world oil prices are stable, cash surplus in billion riyals, the government is politically stable and perhaps 99% of these companies are recording tremendous growth.
The treat is that the market is going down and many investors are losing money.
I can not help but suspect that ghosts really exist in this market. Ghosts who sit in an exclusive place with billions of money to spare and vast resources to use, in creating a trick — a false perception that market is bad. It really tricks the mortal investors. The worst thing here is that it scares him to the bone! The result is a sell-off.
The mortal investors get the trick and are tricked but no treat.
If my suspicion is right then, those ghosts really have a good treat.
And oh, this is really getting to my nerves and to my pocket. Aray ko! (is it “Ouch!“?) Arrg!
The question is, sino ang bibitaw at magbebenta ng malaking lugi (who will snap and sell with a huge loss).
Who me? No! Not yet! Not now! Not yet. Maybe! I do not know!