Crossings boosts market turnover

Yesterday’s turnover levels were boosted by crossings that are suspect to be transfers between Distilleries (DIST) and one of its subsidiary companies. These crossings attributed to around 78% of the markets turnover.

The ASI fell by 48.72 points (0.97%) to close at 4,990.43 and the MPI dropped by 26.00 points (0.58%) to close at 4,452.51. Turnover was approximately Rs. 1.5 billion.

Top contributors to turnover were Browns Beach Hotel (BBH) with Rs. 719.2 million, Balangoda Plantations with Rs. 241.2 million and Central Finance (CFIN) with Rs. 86 million.

The most actively traded stocks were Colombo Pharmacy, HVA Foods and REEF warrant 19.

Foreign participation accounted for 4.1% of todays turnover. Net foreign selling was Rs. 57.8 million.

Profit taking continued in to yesterday’s trading with retail active counters such as PC House and HVA Foods ending lower. Blue chips John Keells Holdings dropped Rs. 3.90, Commercial Bank voting dropped Rs. 0.30 and Bukit Darah dropped by Rs. 17.00 which contributed to the overall indices closing in the red.

Lanka Securities Research