Market on winning streak

Colombo stocks continued the previous day’s winning streak and closed on positive note with high investor participation, mostly on penny stocks.

ASI advanced by 47.42 index points (+0.68%) to close at 6,998.03 while sensitive MPI closed advanced by 29.79 points (0.47%) to close at 6,326.91.

Daily market turnover stood at Rs 4.4 billion.

Blue Diamond Jewellery Non-voting was the top contributor to the daily turnover with an amount of Rs 905.6 million. The counter traded heavily during the day and emerged as the top gainer.

A total of 173.6mn shares traded during the day which accounted for 1.13 times of the issued quantity.

Stock reached the high of Rs 6.30 and closed at Rs 6.10, up Rs 2.20 (+59.5%). Colonial motors made the second highest contribution of Rs 362.9mn to the market turnover followed by heavily traded Seylan Merchant Bank (Rs 317.4mn).

Meanwhile, E-Channelling, Amana Takaful Insurance and Seylan Merchant Bank non-voting were among the actively traded stocks.

Further, hotel sector counters witnessed active trading during mid-trading hours and most of the counters gained during the day.

Foreign participation accounted for 7.5 percent of the total market activity. At the end of the day foreign investors were net sellers with net foreign outflow of Rs 181.4 million.

Lanka Securities Research