Indices rebound

Indices rebounded from Tuesday's steep drop helped by gains on banking and financials. CTC dropped in yesterday's trading as well, as investors feel the counter may be overvalued at these current prices. However, market continues to offer plenty of opportunities for bargain hunters whilst retailers continue to be muted.

Yields on treasury bills remained at previous levels for the second week running which should indicate that rates should hold steady at the rates.

ASI gained 4.99 points (0.09%) to close at 5,674.47 and the S&P SL20 index gained 8.61 points (0.27%) to close at 3,210.82. Turnover was Rs. 623.1Mn.

Top contributors to turnover were Hatton National Bank with Rs. 154.4Mn, Commercial Bank with Rs. 126.0Mn and Dialog with Rs. 46.3Mn. Most active counters for the day were Commercial Bank, Sampath Bank and Central Investments and Finance. Notable gainers for the day were Union Assurance up by 5.8% to close at Rs. 92.00, Regnis up by 5.1% to close at Rs. 64.20 and Tess Agro up by 4.8% to close at Rs. 2.20.

Notable losers for the day were Laxapana down by 3.8% to close at Rs. 5.10, Peoples Leasing & Finance down by 3.6% to close at Rs. 13.50 and CT Holdings down by 3.6% to close at Rs. 135.00.

Cash map for yesterdays was an improved 62.10%.

Foreign participation was 24.43% of total market turnover whilst net foreign outflow was Rs. 107.2Mn