another subprime victim, page-200

PP

What I found surprising was that BHP fell over several days all the way down to $31 at the close of 22 January. If BHP was such a great buy then the Australian institutions would have supported it at, say $34-$36 range. The fall in price was not on really heavy selling, only 27 million shares were traded on 22 January.

This indicates to me that either the institutions are uncertain about BHP in the light of its takeover battle, or they have a lower short term valuation for it. Maybe they were waiting for the real firesale.

loki