Fitch has downgraded SL again another notch to CC on SL Long Term Foreign currency IDR. Since the last down grade by a similar institution the mkt has actually moved up by around 1600 points , hence mkt is expected to consolidate and continue it’s trend towards 12000 post a possible slight pullback that may not even be noticed . However the down grade will effect the lackadaisical stock price performance further and the foreign institutions will continue to exit. The mkt may be a little soft this week with the festive mood before another shot at 12000 mark before year end next week.
