Selling spree

The bourse dropped heavily yesterday on account of the broad levels of selling displayed in the market.

ASI dipped by 61.85 points (-0.91%) to close at 6,721.54 whereas liquid MPI dropped by 49.02 points (-0.81%) to settle at 5,982.95. Market turnover was staged at Rs1.9bn.

The newly listed Capital Alliance Finance Plc (Rs.476.9mn) emerged as the top contributor to the turnover with active level of trading. The counter closed at Rs.39.00, up Rs.24.00 (+160.0%).

Furthermore Regnis (Lanka) Plc (REG) (Rs.374.3mn) and Ceylon & Foreign trades Plc (Rs.63.2mn) made notable contributions to the daily turnover. REG witnessed a high level of volatility during the day.

The counter rallied to a high of Rs.505.00 in the morning and in the mid trading session jittery investors realized gains with high level of selling through matching.

Moreover all these counters depicted active level of trading.

Foreign participation was recorded at 6.8% of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs.68.5mn.

Lanka Securities Research