The shilling finished this week at 3472 on the US dollar, 4951 on the British pound, 3789 on the Euro and 33.93 on the Kenyan shilling.
We are witnessing the Uganda shilling under pressure and I can assure you that it will not recover any time soon. Importers need to beware of this.
Heading into the elections next month which as some of you paid attention to (Live Presidential Debate), there is no hope in the short term. Oh dear Jesus, please return and save Uganda!
Coffee did not do anything worth writing home about. Which by the way happens to be a good thing. The markets are very sporadic right now so things which do not make (burst a move) are safer than the movers.
Gold finished at $1091 per ounce. Gold usually rises in fragile unpredictable markets. So far this year, the markets have been exhibiting fear and unpredictability so under such circumstances, usually Gold makes big moves.
It has not moved much at all and we can use this to guestimate that the current fear and panic might be caused by stop sells, stop buying or margin calls. (http://www.theinsider.ug/primer-on-stock-market-turbulence/).
Oil finished recovered and closed at $29.23 per barrel. It had even touched $28 today though. Do not jump up and down with joy from its recovery back to the $29 level area.
Shanghai – unbelievable. Yesterday looked like they were doing fantastic recovering then today they kill our hope. It fell 3.55%. This is a big one for this index. It closed at 29001 less 107 points.
Hong Kong dropped 0.94%. I am wearing my sunglasses at night so I do not have to see this kind of blood.
Tokyo fell by 0.54%. [Tokyo chart enclosed]. The fall for the Nikkei is not so bad because it closed within a positive signal from Thursday and that was a hammer which is one of the things we love when a stock, option or currency falls so hard but closes up close to where it opened.
I am still of the opinion that the Nikkei could lead to the Asian recovery this year but then again, China made everything after God.
Europe: – I am not sure if you want to read from this point forward or not.
Frankfurt DAX crashed 2.54% losing 249 points. The chart is nothing but bad news.
Paris CAC – run for cover. A fall of 2.38% losing 103 points.
London FTSE — London bridge is falling down. It lost 1.93% losing 114 points.
What worries me about Europe is the three indices forming completely bearish signals.
Canada and USA
Toronto TSX was well, bad. It lost 2.13% losing 263 points. WAIT, this is a bad drop. Are we going down? Oh yes, believe me on the TSX, this is a a big drop and given how much the TSX has dropped so far. Oil.
DOW Jones Industrial crashed. It lost 2.39% with 391 points down. I think North America is tanking.
The Nasdaq lost 2.74% losing 127 points. There are no words to explain such big drops. The weekend market analysis will look into some of these issues. If you missed the Market Turbulence one you can still access it at http://www.theinsider.ug/primer-on-stock-market-turbulence/
Martha Leah Nangalama