Market loses further

Colombo stocks ended lower yesterday with both indices recording further losses. Benchmark ASI closed at 5,851.94, lost 9.02 index points (-0.15%) and sensitive MPI closed at 5,088.25, a drop of 17.16 index points (-0.33%).Market turnover stood at the year to date low of Rs 382.1mn.

Commercial Bank (Rs 83.3mn) was the top contributor to the daily turnover followed by Sampath Bank (Rs 35.8mn) and Swarnamahal Financial Services (Rs 35.1mn) while Swarnamahal Financial Services attracted the investor interest during the day. 350,000 shares of Commercial bank and 150,000 shares of Sampath Bank changed hands at two off-the-floor deals today at a price of Rs 100.00 and Rs 192.00 per share respectively.

Further retail investor favourites Environmental Resources, Orient Garments and HVA Foods were among the heavily traded stocks.

Foreign participation accounted for 20% of the total market activity. At the end of the day foreign investors were net sellers with a net foreign outflow of Rs 39.4mn.

Lanka Securities Research