The TASI has dipped over the past month, primarily due to global factors. First quarter results of listed companies point to ongoing strength in the domestic economy, with profits 14.9 percent higher than in the first quarter of 2011. Nonetheless, the TASI is down by 10 percent since the end of March, mirroring falls on global markets, which have been unnerved by weaker economic data and a heightening political backlash against austerity in the Eurozone. We had anticipated that the rapid gains in share prices over the first quarter would not be sustained and maintain our end-year projection for the T ASI of 8,050.
