Indices wander in alternate directions

The stock market exhibited high level of uncertainties as both indices wandered around alternate directions.

ASI closed at 7,431.97, down 7.18 points (-0.10 percent) while MPI closed at 6,857.61, up 4.22 points (+0.06 percent).

Daily turnover was Rs 2.5 billion. Market RSI was staged at 55.27.

Colombo Land & Development Plc (CLND) (Rs 488.3mn) sustained its position at the top as the highest contributor to the daily turnover and as the most actively traded counter while Central Finance Company Plc (Rs 166.1mn) and National Lanka finance Plc (Rs 154.6mn) made notable contributions to the turnover. Meanwhile Panasian Power Plc, Odel Plc and Hemas Holdings Plc witnessed aggressive level of investor participation. An official announcement was made with regard to the IPO of Softlogic Holdings Ltd. 139mn ordinary shares of the company at a price of Rs 29.00, to be issued to the public and will be listed on the Diri Savi Board. Meanwhile Expo Lanka IPO has been oversubscribed by 4.8 times.

Foreign participation dropped to 7.6 percent of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs 140.7mn.

Lanka Securities Research