The indices were sharply down on modest turnover on the last trading day for settlement for the month of March which is more important as it is the last month for the financial year for most Brokerage companies. The sharp decline yesterday can be attributed to most companies clearing all books so they can have a clean set of accounts for probably the best year most of the brokerage companies have had throughout their opperating history. The sharp decline in the index was mainly due to large amount of counters declining as opposed to a handful of sticks that slightly moves up. The consolidation was quite solid with Expo BIL JKH LOLC, RCL, ACL and Hayleys (ex dividend) sidestepping too much of a slide in prices while the indices loosing almost 3% . Today the tempo may be a bit better with the start of the new month on the payment cycle and the interest will remain on the above counters with a little more participation with foreign and HNI activity.
