A technical glitch delayed the start of trading on Friday on the UK blue chip FTSE 100 and midcap stock
indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years.
To add to the confusion, each index defines a midcap stock
The rise came despite a heavy sell-off in the retail sector following a profits warning from midcap stock
Woolies and a grim report from the British Retail Consortium (BRC).
Cordiant's return to the market following Monday's suspension resulted in a 1.88p fall to 2.87p.
Summary: Mumbai (Maharashtra) [India], July 22 (ANI): Equity benchmark indices extended losses during early hours on Monday tracking weak global cues with small and midcap stocks
In early company news, midcap stocks
Victrex and Diploma reported contrasting first-half earnings, Metro Bank set out its plan to raise capital, and FirstGroup faced unrest from one of its shareholders.IG futures indicate the FTSE 100 index is to open 14.61 points higher at 7,217.90.
Domestic and foreign institutions were seen net sellers on the bourse, whose capitalisation tanked 2.51% to QR487bn mainly due to small and midcap stocks
"Following the outperformance of small and midcap stocks
, many of these stocks now command a premium valuation, compared to their larger peers," said Miller.
Smallcap and midcap stocks
, which in previous sessions had bucked a weak trend, saw a huge sell- off with their indices falling over three per cent each.
"It is true that small- and midcap stocks
have taken a beating recently and are available much cheaper than they were six months ago, but we do not know if their downward journey will stop here," says P V Subramanyam, a financial market expert and chartered accountant.
"Valuations are more attractive and opportunities are bigger" in midcap stocks
, he said.
It just follows the top 400 Midcap stocks
in the S&P 500 index.