Market trims losses

The Colombo stocks marginally trimmed losses after a successive losing streak. However the MPI continued its losing momentum, ending trading in red.

ASI jumped into green by 14.61 points (+0.20%) and closed at 7,363.78 while MPI recorded a loss of 20.17 points (-0.30%) to close at 6,816.37.

Lankem Ceylon Plc (Rs 185.7mn) emerged as the top contributor to the turnover followed by Brown and Company Plc (Rs 108.5mn) and Colombo Fort Land and Building Company Plc (Rs 72.7mn). All these counters also traded with active investor participation.

In addition Aitken Spence Hotels Plc has bought 20,000 shares of Browns Beach Hotels Plc at prices of Rs 21.10 (10,000 shares) and Rs 21.20 (10,000 shares) respectively. Motor sector counters such as Lanka Ashok Leyland Plc, Autodrome Plc and Colonial Motors Plc were among the top ten gainers.

Foreign participation dropped to 7.5 percent of the total market activity. High net foreign selling was witnessed during the day with a net foreign outflow of Rs 64.08 million.

Lanka Securities