BELTONE TREND WATCH 04 June, 2008

CASE 30 Index (.CASE: 10,862.94)

The index made a minor peak close to the resistance of 11,136 points.

Maintain the same strategy: sell the rallies.

We could still witness a down move taking the index close to the support of 10,170 points.  A close above 11,150 points means a climb to 12,000 points. CASE30 is an equal performer vs. the MS EM Index.

Investors: Hold.

The market declined in Tuesday's session, with the CASE30 Index losing 0.6% to reach 10,862.94 points on a low turnover of E£1.4 billion (US$264.72 million).

Institutional investors constituted only 26% of the market trading for the day, while retail investors amounted to the remaining 74%. Institutional investors emerged as net buyers, while retail investors concluded the session as net sellers. Local traders continue to dominate

the market trading with 80% of turnover, while foreign and Arab traders comprised 20% of volumes. Local and Arab investors were net sellers, while foreign investors concluded the session as net buyers.