Market saw a small disruption yesterday again with the indices closing in negative territory ASPI down 87 and the more liquid S&P SL20 down 53 on a turnover of 9.7 billion. Although the market seemed to be up during the initial hour with the expectation that the debt positions created by broker credit was less with the fresh month , several counters of Soft Logic group that had seen increased focus and significant gains seen during the last few days due to rumors of stratergic play within the group related stocks, when the overall mkt was unwinding and profit taking on the successful counters like Expo BIL LOLC RCL ACL HAYL VONE and export stocks . The funds that shifted among the above two categories suddenly saw a sell off triggered by several SM posts indicating the high valuations of AAIC and SCAP and there were extreme swings of 30% up and down that hit the market to turn negative as almost 30 to 40 percent of turnover yesterday was contributed by these group related shares
Today also the expectation is for the market to calm down and consolidate on the possitive quarterly results coming out before the next break out once the market reached its lost ground at around 13500 ASPI.
