Bloomberg this morning is reporting that SL bond prices are coming down as the market is now expecting a default in July with the CBSL Governor resigning inline with the cabinet resignations. The regulators kept the market hanging yesterday with the market crashing almost 9.5% on S&P SL 20 that triggered two circuit breakers whithin a minutes of opening each time before finally recovering a little to close down officially by a little over 5% with confusion on volume weighted prices giving mixed readings with the reduction in trading time to 2 hours due to prevailing uncertainty in the country. With the current situation possibly about to explode with the street situation getting a little violent as per reports last night, the officials tasked with maintaining a fair market for all seem to be avoiding responsibility at the highest level in the CSE and SEC by hiding round foreign interests that has been a mare 5% of market activity the past years since the pandemic and at the expense of the large local investor community that is getting slaughtered by the forced selling of margin calls due to total price failure in the market.
