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Saturday, July 21, 2007

Fiji stock exchange update

Read an article below from the Fiji Times on Saturday, 21 July 2007, on the status of trades on the South Pacific Stock Exchange based in Suva, Fiji.

"SPSE market 'bear':CEO, Saturday, July 21, 2007

Investors on the South Pacific Stock Exchange have witnessed a "very bear market", with sellers outnumbering buyers over the last 12 months, says chief executive officer, Jinita Prasad.

Ms Prasad said a number of stocks hit their 52-week low prices. Market capitalisation had declined 23.6 per cent in value over the same period because many stocks remained with only sellers and no buyers.

"This was reflected in the volume traded over the period as well which fell significantly as many investors braced for further downward movement in prices," she said.

"While some stock prices might continue to fall in the near future, some stocks had also started to reach levels which might be attractive for speculative buyers and institutional investors to start accumulating at."

Ms Prasad said a long term investment in shares should not only be seen in the economical or political light or its volatility in the short term.

She said volatility in the short term was bound to exist in any market.

"In other words, prices move up and down in the short run, however generally trend upwards over the long term."

Ms Prasad said this was evident in some of the listed company share prices when seen over a three-to-five year period rather than the performance over the last six months only.

Market capitalisation dipped slightly by 0.4 percent by the end of the week.

Ms Prasad said the fall was due to the decline in share price of Foster's Group Pacific Ltd by approximately 0.3 per cent. "

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