Bourse continues negative trend

Colombo bourse continued to record substantial losses for the second consecutive day of the week where ASI closed at 7,294.94, down 60.89 points (-0.83 percent) and MPI dipped 44.25 index points (-0.65 percent) to close at 6,839.23. Market turnover stood at Rs 4.2 billion The fourteen day RSI on All Share Index further dropped to 41 from the previous figure of 47 indicating the market is in an oversold position.

Panasian Power continued to record top turnover level of Rs 665.3mn and traded heavily during the day. Free Lanka Capital Holdings made second highest contribution (Rs 664.8mn) to the market turnover and was the mostly traded counter.

Further, Hunter & Company was among the top three turnovers (Rs 484.6mn) and at the end of the day 10% price band was imposed on the counter together with Alufab Plc which announced a right issue yesterday. Lanka Securities Research