AAIC top gainer gets price band

The stock market endured a week trading pattern yesterday where benchmark indices closed in red. ASI closed at 6,828.57, down 42.35 points (-0.62%) and MPI closed 6,169.22, down 40.02 points (-0.64%) Market turnover stood at Rs 1.8bn.

Asian Alliance Insurance Plc (Rs 236.4mn) emerged as the top contributor to the turnover. Asian Alliance Insurance Plc (AAIC) recorded two crossings of 1.5mn shares at a price of Rs 121.00.

Heavy gains were depicted in the counter during the day and AAIC closed at Rs 187.90, up Rs 62.60 (+49.96%YoY).

At the end of the day 10% price band was imposed on AAIC by the regulator. Additionally, East West Properties Plc (Rs 186.7mn) and HVA Foods Plc (Rs 83.8mn) made notable contributions to the daily turnover.

Meanwhile Commercial Credit Plc, Blue Diamonds Plc and East West Properties Plc posted aggressive trading.

Foreign participation accounted for 10.0% of the total market activity and at the end of the day foreign investors were the net buyers with a net foreign outflow of Rs 154.0. Lanka Securities Research