34m shares traded yesterday so pretty much bang on with the calculation of the number of shares to be exited indeed.
Same broker contact made the point to me yesterday that they estimated that of the 21m shares traded since the MSCI index announcement, most of the stock were either shorts or institutional sell down.
Obviously, their selldown were done in anticipation of a much lower price yesterday to cover shorts or portfolio reset.
And they have done well -sp was 70c when MSCI announcement was made - so a nice 15.7% gain and progressively lower gains for those who sold at 70c etc etc and have reset or covered at 59c yesterday.
Where does the sp go from here?
His view is that the sp will go back to 65c and then, the traders who got set at 59c will take their profit. Then, industry & company specific developments and fundamentals will take over to determine the next price level until OCA reports its results.
Happy trading, folks!