Market negative again
Market 24 Colombo Stock Market continued to end with negative returns
with panic selling and margin calls driving the indices lower. ASI
lowered to 5,450 levels during intraday and settled at 5,536.09, a drop
of 127.00 index points (-2.24%). Sensitive MPI lowered to 4,650 levels
and closed at 4,710.90, a dip 100.81 index points (2.10%).
Daily market turnover was Rs.1.3bn.
John Keells Holdings (Rs.184.5mn) was the top contributor to the
market turnover followed by Swarnamahal Financial Services (Rs.150.5mn)
and Kalpitiya Beach Resorts (Rs.124.3mn).
Further, Swarnamahal Financial Services was the most popular stock
today. The counter reached the high of Rs.116.00 before closing at
Rs.111.60, up by Rs.14.30 (+14.4%).
Moreover heavy retail activity was seen in Environmental Resources,
Asia Assets Finance and HVA Foods. Foreign participation improved to
11.6% from the lower level of 3.8% yesterday. At the end of the day
foreign investors were net buyers with a net foreign inflow of
Rs.179.0mn.
Description: Lanka Securities Research
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