Chaos amongst the investors and the Exchange adding to the fire of confusion by delaying the market close by 9 minutes past 2.30 PM ( later claimed to be a technical glitch as per CSE announcement ) was also a first time for the CSE that prompted some rumors of a market hack just after a long sliding day that saw the market closing down 300 points or 2.43% while the more liquid S&P SL 20 dipping 113 points or 2.71% indicating a big correction is ongoing .
The market has now dropped around 10% from it’s peak of just under 13500 to close yesterday at 12081.69.
The fear amongst the investing public especially the newcomers and some of the old timers are high triggering panic buttons and possibly accelerating and piling up the sell side order book.
The top stocks that has led the index rise from 6000 in Jan 2021 to 13000 in Jan 2022 , led by LOLC group related LOLC , BIL, BRWN , LOFC and EXPO together with RCL and ACL the leading counters of the TILE and Cable sector seemed to be very weak and was not having much support as per trading pattern seen yesterday. However the Sphinx during the carnage turned out to be led by the Softlogic group with AAIC SCAP gaining in a down market and SHL and Spence holding it prices giving solace to some of the lucky investors.
