Price band on East West properties

The market slipped significantly during the day despite the gains recorded in the previous day.

Nevertheless the market witnessed a notable property sector rally during the day. Counters such as East West Properties Plc (up Rs 9.00), Seylan Development Plc (up Rs 3.70), Kelsey Development Plc (up Rs.2.70) and York Arcade Holdings Plc (Rs.1.60) displayed noteworthy gains. However 10 percent price band was imposed on East West Properties Plc and Seylan Development Plc. At the end of the day the property sector depicted a jump of 8.35 percent. ASI lost 56.78 points (-0.83 percent) to close at 6,750.19 while sensitive MPI dropped by 90.19 points (-1.45 percent) to end at 6,107.82.

Property sector counters such as Seylan Development Plc (Rs.754.0mn), East West Properties Plc (Rs.429.7mn) recorded top turnover levels along with Ceylon Grain Elevators Plc (Rs.216.0mn).

Furthermore all these property sector counters demonstrated active trading during the day.

Textured Jersey Plc which debuted secondary trading today recorded relatively dormant level of activity.

The counter closed at Rs 13.90, down Rs 1.10 (-7.33 percent).

Foreign participation accounted 4.1 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 117.5.

Lanka Securities Research