Executive summary

Indices closed lower with breadth still negative and turnover below the recent average.

Index and liquidity

The market closed lower on softer turnover, with breadth remaining the weaker part of the session.

Breadth

Declining issues continued to outnumber advances, which limits the significance of any single-session index move.

Empire Capital view

We are watching turnover quality, institutional participation and the stability of nearby support before treating any rebound as durable.