Selling pressure lowers market

The Colombo stock market ended on a lower note yesterday for the second consecutive day due to intensified selling pressure. ASI dipped 58.99 points (-0.8%) and ended at 7,280.66 while liquid MPI lost 18.33 points (-0.3%) to close at 6,722.49

Market turnover stood at Rs 1.7 billion. RSI was recorded at 45.11 which represent a strong buy scenario.

Hatton National Bank Plc (Rs 243.0 million) was the top contributor to the turnover with 1.1 million shares changed hand as four crossings at a price of Rs 220.00 while Central Finance Plc (Rs 199.1 million) and Nation Lanka Finance Plc (Rs 197.4mn) made notable contributions to the turnover. National Lanka Finance Plc was also seen to be trading heavily during the day.

In addition active level of investor participation was seen in counters such as Lanka Ventures Plc and Union Bank Plc.

Foreign participation was 15.21 percent of the total market activity. At the end of the day foreign investors were the net buyers with a net foreign inflow of Rs 101.1 million.

Price depreciation in index heavy counters such as Bukit Darah Company Plc (down Rs 38.00), Sri Lanka Telecom Plc (down Rs 2.00) and Dialog Telekom Plc (down Rs 0.10) deteriorated the overall market performances. Lanka Securities Research