Market: Turnover levels were relatively low

Market’s momentum was sluggish yesterday as most blue-chips saw their prices dropping.

John Keells Holdings traded at Rs. 230.00 which is a 52 week high but retreated soon on profit taking. Turnover levels were relatively lower with most activity being concentered around blue-chips. Renewed activity was seen on LOLC although the share price remained at previous closing levels.

ASI dropped by 7.7 points (0.13%) to close at 5,964.29, MPI lost 13.42 points (0.24%) to close at 5,632.53 and the S&P index lost 4.37 points (0.13%) to close at 3,236.61. Turnover was RS. 1,062.7 million.

Top contributors to turnover were Dialog Axiata with Rs. 191.7Mn, Touchwood Investments with Rs. 146.8 million and LOLC with Rs. 113.7 million. Most active counters for the day were Touchwood Investments, Access Engineering and Environmental Resource Investments.

Notable gainers for the day were Mercantile Shipping up by 11.3 % to close at Rs. 211.60, SMB Leasing up by 9.1 % to close at Rs. 1.20 and Bogowantalawa Plantations up by 7.4 % to close at Rs. 14.60. Notable losers for the day were Touchwood Investments down by 15.5% to close at Rs. 18.00, AvivaNDB Insurance down by 9.8 % to close at Rs. 338.00 and Chilaw Finance down by 6.8% to close at Rs. 17.70.

Cash map for previous day was 71.14% which is encouraging as there was only one crossing.

Foreign participation was 29.9% of total market turnover and net foreign buying was Rs. 111.6 million.

Lanka Securities Research.