so yesterday evening the JSE sent a message saying that their foreign buying data for June and July was wrong ..
Â“It has come to our attention that due to a programming error affecting the manner in which we extract statistical data from our core transactional systems, the non-resident (foreign trading) statistics for the Equity Market for the period 31 May to 20 July 2016, were incorrectly calculated.
Â“The programming error was corrected on 21 July 2016 and daily reports received from 22 July 2016 are accurate as is the source data.
Â“The correct non-resident statistics for the period are: May 2016 (net sales of R16.1 billion); June 2016 (net sales of R20.3 billion); July 2016 to date (net purchases of R0.05 billion). This compares to the previously published non-resident statistics of the same period: May 2016 (net purchases of R6.4 billion); June 2016 (net purchases of R63.8 billion); July 2016 to date (net purchases of R27.9 billion).
Â“Subscribers will receive corrected statistics on 25 July 2016 dating back to 23 May 2016.
Â“We have taken immediate steps to correct the statistics and we are considering additional measures to avoid a reoccurrence. We recognise the importance of this data to all stakeholders and apologise for the miscalculation.Â”
Reserve bank governor earns R400 000pm...surely he would (SHOULD)have some "gut instinct" that what he said was incorrect. I always felt he reads these speeches straight off a tele-prompter without having a clue what he is saying is correct or not. It was not directly his fault but eish !!!!!
Reminds one of Dept Statistics error some years ago - was it the CPI which was screwed up? Kind of no other monitor to detect screwed stats, so Moneyweb and the likes happily reported the nett foreign interest and magnitude of foreign buying in our market/s. Well - I, for one had my doubts, but could prove nothing. Would have been hot air...