Market positive

Market opened on a positive note on thin volumes. Thereafter, indices edged lower posting mixed sentiments at the close of trading. We can derive that investor reaction towards the budget speech remains mixed. Activity was concentrated around blue-chips with retail investors remaining on the sidelines.

ASI gained 9.97 points (0.18%) to close at 5,580.84, MPI lost 2.86 points (0.06%) to close at 5,127.96 and the S&P SL20 index dipped 0.71 points (0.02%) to close at 3,022.16. Turnover was Rs. 539.3Mn.

Top contributors to turnover were Chevron Lubricants with Rs. 309.9Mn, Commercial Bank with Rs. 42.1Mn and Commercial Bank non-voting with Rs. 38.7Mn. Most active counters for the day were Environmental Resource Holdings, Commercial Bank and HVA Foods.

Notable gainers for the day were Environmental Resource Holdings warrant-3 up by 8.9% to close at Rs. 4.90, Environmental Resource Holdings warrant-6 up by 8.2% to close at Rs. 5.30 and Commercial Development up by 6.8% to close at Rs. 71.00. Notable losers for the day were Ceylon Leather Products down by 6.7% to close at Rs. 81.20, Blue Diamonds down by 6.4% to close at Rs. 4.40 and The Finance non-voting down by 2.8% to close at Rs. 6.90.

Cash map for prevosday was 74.09%. Foreign participation was 40.9% of total market turnover and net foreign buying was Rs. 299.4Mn.

Lanka Securities Research