Market volatile

The Colombo Stock Market displayed a high level of intraday volatility yesterday. Encouraged by the optimistic credit amendments rules the Colombo bourse soared in the morning session nearly surpassing the 100 level points. Nevertheless in the latter part the market lost its enthusiasm and ended marginally negative.

ASI dipped by 4.73 points (-0.08%) to close at 5,924.61 and sensitive MPI declined by 33.68 points (-0.67%) to end at 5,012.41.

Market turnover stood at Rs.1.4 billion.

Asia Assets Finance Plc (Rs.365.9million) made the strongest contributions to the daily turnover with aggressive trading. Asia Assets Finance Plc continued its rally yesterday where the counter closed at Rs.8.50 (+Rs.2.70). In addition Environmental Resources Plc (Rs.218.1 milion) and Commercial Bank Plc (Rs.82.8 million) made significant contributions to the turnover. Furthermore Environmental Resources Plc and Commercial Bank Plc recorded crossings of 1.2 million shares and 0.5 milion shares at prices of Rs.34.00 and Rs.100.00 respectively. Meanwhile HVA Foods Plc, Blue Diamond Nonvoting and Panasia Power Plc traded actively during the day.

Foreign participation stood at 13.3% 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.75.6 million.

Lanka Securities Research