The market lost most of the gains made during Thursdays recovery , with LOLC BIL and Expo retreating and driving the index down 130 points to close at 12631 on ASPI and the more liquid S&P SL20 closing down 53 points on a good enough turnover of 6.05 billion. As stated last week this consolidation will go on for a few more days before you see any breakout , as the market will take a little more time to evaluate the fantastic results that are expected . Hence be cautious and patient for this storm to pass . The market is still on an uptrend on the longer run on selected stocks and sectors that cushion the effects of the current economic outlook on the country.
In addition the market saw the debut of Hela Clothing entry into trading at the CSE and after opening at around 45% premium to the IPO price closed the day at 18.60 or 24% above IPO .
