As most of you will be aware that the Kuwaiti Market has got hammered in last few days.
The market has continued its slide southwards, even today. The market last saw an upside on October 7th when the index was at 7,882.6 point, since then, till date, the market has lost appx 694 points to stand at 7,188.7 (on 2nd Nov @ 12.10 p.m.).
One can start to selectively buy some blue chip stocks as most of them have lost a fair ground.
My look-out will be to buy stocks like, NBK, KFIN, ZAIN, NMTC, NINV.
Looking at the technical indicators - 30D RSI (33) - the entire market is looking oversold. The market is extremely bearish, and this should be the time one should look to buy stocks.
Those who want to wait and see the US opening, please note that the Correlation between US and Kuwaiti Index is Negative 0.039
As said by the great Warren Buffett "Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down." Berkshire Hathaway 2001 Chairman's Letter
Happy Investing!!!!
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