Investors in selling mood

Colombo stocks commenced its operations on Monday in a negative territory. ASI lost 30.18 points (-0.42 percent) to close at 7,210.09 while liquid MPI gained marginally by 0.36 points (+0.01 percent) to close at 6,838.41. However MPI witnessed noteworthy gains during most part of trading. Market RSI is 45.23 (Fridays figure 46.65). Daily market turnover dropped to Rs 1.6 billion. Colombo Pharmacy Plc (PHR) emerged as the top contributor to the turnover with an amount of Rs 300.3 million.

The counter recorded nine crossings of 0.05 million at a price of Rs 3,500.00. PHR closed at Rs 3,427.00, up down Rs 94.00. Furthermore banking counters such as Commercial Bank of Ceylon Plc (Rs 146.2 million) and Sampath Bank Plc (Rs 88.8 million) made noteworthy contributions to the daily turnover. Meanwhile Sierra Cables Plc, Guardian Capital Partners Plc and East West Properties rights were heavily traded during the day.

Foreign participation was 11.62 percent of the total market activity.

At the end of the days trading foreign investors were net sellers with a net foreign outflow of Rs 78.7 million. (Lanka Securities)