JSE falters on Monday with 3 new highs

The main market of the Jamaica Stock Exchange retreated on Monday after it surged sharply on Friday to a record close. At the close of trading the market indices slipped over 1,000 points and sits just below a major resistance level around 290,000 points on the all Jamaica index.
The market closed with 3 new closing highs, as Scotia Group ended at $52, up from $50 on Friday, recently listed Productivity Business Solutions (PBS) US dollar ordinary climbed to 72 cents while the preference share traded a small amount at $105. Jamaica Broilers was the dominant trade by far accounting for 7.49 million units amounting to 80 percent of the volume traded on Monday.
The All Jamaica Composite Index fell 1,185.82 points to close at 288,061.31, the JSE Market Index declined 1,080.42 points to 262,456.46 and the JSE US dollar market index advanced 11.04 points to 198.22 as PBS gained on Friday’s closing price.
At the close of trading, 24 securities changed hands in the main market with 3 trading in the US dollar market, leading to 10 stocks advancing and 8 declining. The main market ended with 9,375,844 units valued at $169,350,761 changing hands compared to 1,353,000 units valued at $37,486,124 at the close on Friday. Trading in the US dollar market accounted for 5,702 units valued at US$1,783 bringing the total of all trades to J$169,580,732.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 5 stocks with bids higher than their last selling prices and 2 with lower offers.
The main market ended trading with an average of 390,660 units valued at $7,056,282 for each security traded compared to an average of 54,120 units valued at $1,499,145. The average volume and value for the month to date ended at $222,390 units with an average value of $4,277,863 compared with an average of 54,120 units valued at $1,499,145 on the previous trading day. The average volume and value for August ended at 184,094 units with an average value of $4,336,090.
Some of the stocks to watch when trading resumes on Tuesday are Barita Investments that closed at $10.25 but has a bid of $9.50 to sell 50,000 units, Berger Paints with buying at $12 for over 9,000 units with the last price on Monday being $11.50, Scotia Group and Supreme Ventures.