JKH crossings ups market

The market snapped the previous day's losing streak after witnessing a sharp pull back rally and closed on positive note taking cues from institutional investors.

ASI gained by 41.65 points (+0.60%) to end at 6,997.86 while liquid MPI jumped by 34.4 points (+0.55%) to settle at 6,327.48.

Market turnover stood at Rs 5.8 billion. John Keells Holdings Plc (JKH) recorded a massive Rs 3.7bn turnover level on account of five crossings of 17.2mn shares at a price of Rs 215. JKH closed at Rs 218.00, up Rs 2.00 (+0.93%). In addition Browns Investment Plc (Rs 218.0 million) and HVA Foods Plc (Rs 213.0 million) made significant contributions to the daily turnover.

In the meantime Ceylon Tea Brokers Plc, Blue Diamonds Jewellery Plc and Singer Finance Plc demonstrated aggressive trading. Foreign participation was heavy at 35.2 percent of the total market activity and at the end of the day foreign investors were the net sellers with a net foreign outflow of Rs 3.7 billion. This was resultant of the notable transaction executed in John Keells Holdings Plc. Lanka Securities Research