Congratulations to Barack Obama the next President of the United States of America. His name has appeared in these pages five times before today:
- April 2005: Congratulations to Wangari Maathai and Barack Obama for making the 2005 Time Magazine Heroes list. However I fear this achievement will be overshadowed be overshadowed by the drama surrounding Presidential wives.
- August 2007: After Oprah endorsed Obama , I endorsed Jonathan Mueke who was gunning for the Westlands MP seat
- January 2008: One review of the post-election violence in Kenya found that in the pre-election period, the (Kenyan) opposition may have been falsely buoyed by opinion polls which are not sound (& could the same thing have happened to Obama in New Hampshire?)
- Also in January 2008 mused that President Obama needs Equity Bank because 46% of African American household’s don’t have bank accounts – and he should borrow Equity Bank’s revolutionary model to bring banking to the unbanked.
- April 2008: In queing for the Safaricom IPO refers to a Kenyan habit of waiting till the last minute to do things as Obama also took a long time to warp up his party nomination.
Here’s to many more mentions, starting with - US stocks reacted positively on election day, and in the post election victory celebration the Nairobi Stock Exchange(NSE) has also rallied [Top gainers according to stockskenya - National Bank +9.94, CFC +9.91, Kenya Airways +9.91, Sasini +9.83, Diamond Trust +9.79 with no losers yet]
11 comments:
WARNING
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The current NSE rally is a myth!
I placed a buy order for Safcom, they told me there's no supply - yet when I check the system there is turnover of 100 million shares!
Where are these transactions coming from?????
Are they dummy trades meant to trick investors into believing that there is a rally - which does not exist? Is that why ATS went down - to configure it for dummy trades?
So I called up my broker - long distance to ask for an explanaton. He says that the trades are likely happening between 2 parties who agree to exchange shares. I said ok - but is that happening to ALL brokers across the entire country?
No answer! He tries to duck the question.
BAMM! Gotcha.
I suspect PUMP and DUMP strategies are in effect in NSE. PRICE MANIPULATION right in our face.
You have been warned.
I can confirm that:
23 million SCOM shares were traded (not 100M).
However, as rightly stated above, the supply was ZERO.
In the abscense of proof to the contrary, such trades must be suspected as "Circular Trades" by inscrupulous brokers trying to trick shareholders into believing there is high demand in NSE - hence making them buy only to lose when the tricksters dump what they bought and exit.
Yes, something FISHY AND SMELLY is going on in NSE. Bdafrica has proof - on at least one counter (Kenol)...
Don't be duped, this is another scandal in the making. There is no rally!
http://www.bdafrica.com/index.php?option=com_content&task=view&id=11076&Itemid=5812
Anon*2-I tend to concur with your suspicions. Unless we are saying there was an Obama factor, there are plausible reasons why prices have fallen as much but none why they've recovered as quickly. Fundamentally.
Unless there was a plot to entice unwary investors given the the so-far dire take up of Co-op shares...
This guys are doing short-selling which should be illegal. The aim to to trick ordinary wanjiku's and omondi's to think since Ombama has ascended the throne, heaven will open and stock prices rocket. When Wanjiku start buying, the brokers dump shares in the market and prices will fall leaving wanjiku with a worthless monkey!
The Obama factor in the US stock market has actually beeen negative. We global economic recession has not bottomed down, and the fundamentals in Kenya (huge government deficit expected) do not warrant the surge in NSE we are seeing. But, this is Kenya.
I urgently stopped a recent buy order too (luckily before it went through) on the basis of these suspicions.
Obama was already factored in by NYSE and other exchanges worldwide. Once their bets + the reality that Obama has no magic wand to wave all problems away were confirmed, quick profit taking kicked in - resulting in a further plunge!
It is similar to when investors anticipate good results (price goes up before the results - ususally reflecting a pattern of overreaction), then the company makes an announcement and within hours/days, the share price sinks like iron in water as it finds its true value (then goes lower due to negative overreaction).
I am of the view that the "bear" at NSE was probably manufactured in a Laboratory to enable unscrupulous brokers (in collusion with some unethical QIIs) to buy at the lowest prices possible.
Now we are seeing a "bear rally" most likely manufactured using Circular Trading techniques. Everyone in the know is aware of what's happening and save for the Kenol Whistle blower, no one wants to expose it!
CMA is yet again caught with its pants down. They either know about this rip off scheme targeting Wananchi or they are too incompetent to spot the obvious.
Wananchi are being ripped off right under CMA's nose. A true Scandal and yet CMA and NSE bosses still have their jobs!
Only Raila can save Kenyans from these thugs!
I am not buying anything till I know what exactly is going on!
Here are some interesting Links:
http://finance.wikia.com/wiki/Circular_Trading
http://timesofindia.indiatimes.com/articleshow/416186.cms
If the trading at NSE has followed these patterns, then we have a huge scandal in the making.
Nominee Accounts:
This is the vehicle used by stockholders to steal from wananachi. When you apply for an IPO be sure to confirm the shares are going to your CDS account and not to the broker's Nominee account!
Nominee accounts can be traded by the broker with minimal paper trail - hence they use these accounts to manipulate the market e.g. through circular trading.
Nominee accounts give brokers direct, uncontrolled access to shareholders funds. They can cover their dubious tracks very easily!
Kenya does not have sufficient regulations to control abuse of Nominee accounts!
The Parastatal Angle:
NSSF scandal involves shares bought under Nominee accounts. This collaborates the allegation of brokers could be colluding with QIIs to manipulate the market!
Right now we are looking only at NSSF. What about the other government institutions that have invested public funds in the NSE?
This will be bigger than Anglo Leasing and Goldenberg scandal!
Well, you can download the full text of US President Elect Barack Obama's acceptance speech from http://gregkarungo.blogspot.com
Banks, the US does not need an Equity Bank model. Banking services are generally free so there is nothing stopping the citizens from having a bank account other than they are unemployed and lack income. In that case Obama needs to address unemployement.
The same applies for credit. As long as you have a good credit history, you can take unsecured loans.
If I total up my credit card limits, they could easily add up to $100K. I have credit cards that I got to get a discount on a one time purchase and I've never used the cards again.
Hello! I'm making a survey on my blog under the title: "Only a dream"
If you could make a question, a plea, a wish to Obama, what would you say?
Please visit my blog and let all our voices be heard!
Thank you. Polly.
Obama has already made lending for middle and lower class citizens before he's in the white house! Amazing, read more below..
New Types of Low Interest Loans & Grants from Obama
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