Weak investor sentiment

The Colombo Stock market experienced yet another lacklustre day with weak investor sentiment. Furthermore ASI witnessed a cruising towards the major support level at 6,250.

ASI dipped by 37.4 points (-0.59%) to end at 6,281.85 while liquid MPI decreased by 27.13 points (-0.48%) to settle at 5,604.15.

The market turnover stood at Rs 1.3bn.

Hayleys Plc (Rs 836.7mn) emerged as the top contributor to the daily turnover.

In addition John Keells Holdings Plc (Rs 50.5mn) and Sampath Bank Plc (Rs 21.9mn) made noteworthy contributions to the daily turnover. In the meantime retail counters such as Central Investment & Finance Plc, HVA foods Plc and Free Lanka Capital Holdings Plc witnessed heavy trading during the day.

Yesterday was the renunciation date of People's Merchant Bank rights. Aggressive levels of trading were witnessed during the day. Rights closed at Rs 1.20 (+Rs 0.40).

Foreign participation stood at 3.1% of the total market activity. At the end of the day foreign investors were the net buyers with a net foreign outflow of Rs 40.5mn. Lanka Securities Research