Mood of Frustration

Mood of Frustration THE pressure of political events and shift in the Government's economic policy towards the left have forced the stock markets to beat a further sharp retreatAt their last week's lows the markets stood almost halfway between their June high and January low. Short covering and some replacement buying induced mainly by technical considerations and partly by encouraging corporate news and selected institutional buying imparted a measure of steadiness but the market was unable to make any significant headway as higher levels attracted tired bull liquidation. The sharp decline in the equity price index provides no indication of the market s sad plight. With forward trading banned, the market has to live on very lean diet and it presents a picture of utter frustration.