Are JSE month end prices manipulated?

At the close of trading on the penultimate day of March, the Jamaica Stock Exchange closed with one of the highest number of bids in excess of the last traded prices of stocks on the exchange. The closing prices of stocks on Tuesday, resulted in one of the highest number gaining in one day, for some time, and they were just over the number of higher bids at the close on Monday. On Tuesday, the bids that were higher than the last selling prices of stocks, fell back sharply at the close.
From as far back as the last full week before the month end, there were signs of closing bids and offers being posted with what appears an intent to maintain them at higher levels until month end or close thereto as possible. Tuesday’s activity on the Jamaica Stock Exchange, resulted in the prices of 18 stocks rising, only 3 declining as 32 securities changed hands, ending in 3,268,722 units trading, valued at $28,664,047, in all market segments.
Main Market| At the close the JSE Market Index lost 441.41 points to 83,804.68, the JSE All Jamaican Composite index fell 493.52 points to close at 92,415.82 and the JSE combined index declined 433.24 points to end at 85,404.60.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows just 7 stocks with bids higher than their last selling prices and 4 with offers that were lower in contrast with 14 to 4 at the end of trading on Monday.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Barita Investments with 500 shares trading with a gain of 3 cents to $2.22, Desnoes & Geddes closing with 28,800 shares, the price gained 1 cent to $5.41. Grace Kennedy finishing trading with 200,622 units as the price ended higher by $1.49 to $62.50, Mayberry Investments ending trading with 72,099 shares, 2 cents higher at $2.10, National Commercial Bank closing with 143,351 shares while gaining 30 cents to $25.18, Pan Jamaican Investment contributing 600 units and the price closing with a gain of 1 cent, at $57.02. Radio Jamaica completing trading with 96,791 shares and rising 12 cents to $1.50, Sagicor Group concluding trading with 661,549 units and put on 5 cent to $10.55, Scotia Investments had 16,450 shares changing hands to end with an increase of $1.50 at $23.50 and Supreme Ventures closing with 5,000 shares as the price climbed 11 cents to $2.40.
Firm| The stocks in the main market to close without change in the last traded prices are, Cable & Wireless finishing trading with 172,000 shares at 50 cents, Caribbean Cement in trading 1,500 shares while ending at $2.25. Carreras completed trading with 1,980 shares changing hands at $40, Jamaica Broilers with 2,000 shares changing hands closed at $4.50, Jamaica Money Market Brokers while exchanging 17,572 ordinary shares closed at $7.06, Proven Investments ending trading with 6,300 units with the price remaining 18 US cents and Sagicor Real Estate Fund had 22,500 shares changing hands at $6.90.

Declines| There was only one stock that closed lower than the opening as Scotia Group finished trading with 79,892 units to close at $21.76, after losing 44 cents.
Preference| In the preference sector, Jamaica Money Market Brokers 8.75% preference share closed with 500 shares changing hands, 1 cent higher at $3.05, Jamaica Money Market Brokers 7.25% preference share trading with 1,500 units at $2.50, Jamaica Money Market Brokers 7.50% preference share concluding trading with 25,072 units at $2 and Eppley 9.5% preference share, closing with 22,676 shares changing hands at $6.