BCEL tumbles to 52 week low
Yesterday's trades had little to show for BCEL as it hit its lowest point.
BCEL fell early on very low distorting volumes and was at a new 52 week low closing at 6,000 kip or down 17 percent for 2012.
Just because the stock is at that price doesn't mean there are plenty of willing sellers.
Those lucky enough to acquire the banking stock at 6,000 kip have done well.
BCEL opened last year at 8,000 kip and quickly climbed to 15,400 on Feb 1 2011 but has declined ever since. At the end of October BCEL held an 8,000 kip position but has since slumped 25 percent on profit taking trades. Local smaller traders are becoming disillusioned with current market trends as investors continue to take cash positions for both stocks.
A rally is long overdue. Yesterday there was a surge in turnover but the stock prices remain stubbornly locked at yearly lows.
BCEL fell to 6,000 kip within the first hour forcing the index down 7 points (7/10ths percent) at 889.39 points. BCEL on small volumes fell 300 kip losing 4.7 percent for the day.
With one session to go 97K shares crossed for US$45K, but the majority demand was for EDL-Gen stock which gained 50 kip in the closing session to put the index back in the black. By the close the turnover was 66.5K - its highest point for the month.