Friday, September 5, 2008

MSM continues to fly like a frozen chicken

The MSM, as predicted, has continued to plummet, dropping over 2% and 3% respectively on the last 2 days. The index reached 8,800 yesterday, down almost 10% from the dead cat bounce 2 weeks ago.

What's most peculiar however is the almost complete absence of any reports or comments in the papers. I mean, the market is now down more than 25% from its peak earlier this year, and the drops this past week are huge, but the business sections of the papers are quiet. Spooky.

The hard hitting and fearless Times of Oman had a few lines stating the facts on Wednesday, but nothing on Thursday. Tribune: Nothing. Observer: Nothing.

And the Chairman of the Chamber of Commerce remains tight lipped, after having urged people not to sell at 9,400... Expect more blood, another bounce, and blaming it on pesky foreigners...


  1. A reader might imagine that the astute Times of Oman is concerned that it might reflect on the value of their own – what do you call it? stuffed seagull at Sawadi; while the ever applauding chairman of the chamber of commerce might be reminded about the debacle with the MSM not so long ago - involving people in high places

  2. Anon,

    Pick a nickname please.

    Lets see what happens when the market re-opens. There are rumours that the Government pension funds are going to be instructed to wade in to support the market...

  3. Anon "debacle with msm ...involving people in high places"?

  4. sounds like more corruption to me!

  5. I don’t know if I can consider the Omani newspapers both Arabic and English as world class standards. Couple of times you will found news from other sources regarding local issues that won’t be found in any newspapers. I do not know if those guys know that it is almost impossible to keep secrets in a small world! Furthermore, what is funny is that sometimes they publish the news that everyone knew about many days ago.

    This country seriously needs freedom of press. It needs a paper that carries the voices of the people. A paper that can challenge the big shots. At least to keep corruptions a bit under control.

  6. I don't know much about the market but isn't this an opportunity for those who are looking for long term investment in buying shares?

  7. Nosey,
    Good question. If only we knew who anon actually was!!$*^%$ Anon? Details please!

    How shocking would that be!?

    Yep, freedom of speech and of the press would be a HUGE change for the good of Oman. The problem is more one of self censorship here, and useless editors. And I'm far from convinced that most locals or Expats actually understand the concept of positive criticism or 'the honorable opposition' at all. Certainly at present it's hard to imagine the powerful Ministers accepting any degree of criticism at all. It will be up to the younger, western educated Omani intellectuals to press for something firm from His Majesty via a royal decree.

    As for a buying opportunity in the market - well, lets see what happens when the market opens. It all depends on your investment aim. At current prices (well, last market close anyhow) the implied dividend yield [aka P/E ratio] for some of the 'quality' stocks was getting well over 10%. But if your objective is a quick share price gain, be wary. While I expect the Government will move in firmly on next opening, and there will be another quick bounce to, say, 9200, even they may not be able to withstand the long term drop to 8000 or less, especially as oil drops and the dollar gains...

  8. not so long ago in terms of years

  9. Ah, the Times of Oman Newspaper (sic). Well I guess we are all somewhat guilty in this as we can never comment on what we would REALLY like to comment upon. Can we? As John Swinton (a noted New York journalist at a US Newspaper banquet 1880's) stated:
    "What folly is this, toasting an independent press? There is no such thing, at this date of the World's history, in America, as an independent press. You know it and I know it. There is not one of you who dare to write your honest opinions, and if you did, you know beforehand that it would never appear in print. I am paid weekly for keeping my honest opinion out of the paper I am connected with. Others of you are paid similar salaries for similar things, and any of you who would be so foolish as to write honest opinions would be out on the streets looking for another job.

    If I allowed my honest opinions to appear in one issue of my paper, before twenty-four hours my occupation would be gone. The business of the journalists is to destroy the truth, to lie outright, to pervert, to vilify, to fawn at the feet of Mammon [Biblical ref.], and to sell his country and his race for his daily bread. You know it and I know it, and what folly is this toasting an independent press? We are the tools and vassals of "rich men" [Biblical ref.] behind the scenes. We are the jumping jacks, they pull the strings and we dance. Our talents, our possibilities and our lives are all the property of other men. We are intellectual prostitutes."

    So it goes eh? As we can all see for ourselves today the US press has actually gone backwards in its abilities. What cowards. They are all in the pay of VERY organised crime. Much like er, umm... Yes, now what was I doing?

    Willie D.


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