No Support For Financials

No big surprise to anyone, we suspect, but our call that the Bahrain All-Share Index would fall through support at 2,300 has played out over the weekend, taking year-to-date losses to 22.2%. We expect further downside, and, in spite of its strong capitalisation and outperformance thus far, the banking sector index looks even worse on the chart. While there is some support for the BAX in the 2,000 area (not that we necessarily believe that this will hold), the banking sector index has categorically departed from its multi-year uptrend, and there is very little in the way of support on

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