Weak trading

Colombo stocks showed weak trading pattern where both benchmark indices recorded losses yesterday.

All Share Index dropped 10.13 points (-0.14 percent) to close at 7,359.90 and Milanka Price Index closed at 6,996.43 losing 25.85 points (-0.37 percent).

A total of 38.5 million shares traded during the day to record a daily turnover of Rs 1.5 billion.

14 day RSI on All Share Index was 53.96 (yesterday figure 54.68).

Bank, finance and insurance sector was the top contributor to the turnover.

However the sector index declined by 56.84 points (-0.33 percent).

Citrus Hotel (REEF) traded 3.1 million shares yesterday and the stock topped the turnover list with an amount of Rs 231.8 million. REEF recorded a crossing of 0.9 million shares at a price of Rs 75.00 per share. The stock soared to Rs 85.00 and closed at Rs 77.00, up Rs 1.40. Meanwhile, Bairaha Farms (Rs 112.2 million) and Central Finance (Rs 93.9 million) made notable contribution to the market turnover.

Union Bank, PC House and Vallibel Power were among the mostly traded counters.

Foreign participation was low and it accounted for 7.0 percent of the total market activity. Foreign purchases surpassed the foreign selling and net foreign inflow of Rs 56.1 million was recorded at the end of the day. Lanka Securities Research