MCX hits 9-month low on heavy volumes
A combined 1.5 million shares have changed hands on the counter till 1016 hours against an average 263,000 shares that were traded daily in past two weeks on BSE and NSE.
Multi Commodity Exchange (MCX) has dipped over 5% to Rs 965, extending its previous day’s around 4% fall, on back of heavy volumes. The stock opened at Rs 1,020 and hit a low of Rs 962, its lowest values since June 2012 on BSE.
As many as a combined 1.5 million shares have already changed hands on the counter till 1016 hours against an average 263,000 shares that were traded daily in past two weeks on BSE and NSE.
According to media reports, Morgan Stanley on Thursday reduced its price target for MCX to Rs 1,020 from Rs 1,150 citing uncertainty surrounding the impact of commodity transaction tax (CTT) on volumes and valuations as the key reasons.
Meanwhile, NYSE Euronext (NYX) cancelled its plan to sell entire 2.44 million shares or 4.8% stake in the MCX on Thursday due to poor investor interest, added report.
As many as a combined 1.5 million shares have already changed hands on the counter till 1016 hours against an average 263,000 shares that were traded daily in past two weeks on BSE and NSE.
According to media reports, Morgan Stanley on Thursday reduced its price target for MCX to Rs 1,020 from Rs 1,150 citing uncertainty surrounding the impact of commodity transaction tax (CTT) on volumes and valuations as the key reasons.
Meanwhile, NYSE Euronext (NYX) cancelled its plan to sell entire 2.44 million shares or 4.8% stake in the MCX on Thursday due to poor investor interest, added report.