JOHN KEELS HOLDINGS ATTRACT INVESTOR INTEREST - INDICIES MOVED OPPOSITE DIRECTIONS AT COLOMBO STOCK EXCHANGE

                                   DAILY MARKET REVIEW

23/03/2010 - Colombo stocks down for the seventh consecutive day today due to continuous profit taking by the retailers.

ASI was down by 12.33 points to close at 3730.67 & more liquid Milanka price index was down by 3.48 points to close at 4321.06.

Foreigners were active  in the market.There was a net foreign inflow of Rs 309 m.n.reported today. Foreigners purchased shares worth of Rs 655 m.n. & sold shares worth of Rs 346 m.n.

Beverage food & tobacco sector was the leading sector with an improvement of 0.48%,followed by Health care sector.Plantation sector was leading the negative performances sector.

There were 35 gainers as against 79 losers.

Turnover for the day was Rs 1.2 b.n.led by the local investors.

The Colombo stock  market is up 10.26 % so far for this year.

Raigam Wayamba Salterns' initial public offer of 80 million shares at Rs 2.50 a share had been oversubscribed on the opening day itself.

   TOP FIVE GAINERS FOR THE DAY                            TOP FIVE LOSERS FOR THE DAY

    LARGE VOLUMES TRADED FOR THE DAY

  CROSSINGS FOR THE DAY

CLOSER LOOK

• Large volumes of JKH change hands today as well, which we believe is a very positive sign in the market.

• Foreigners were net buyers for the day,which is another positive news to the market.

• Some stocks have reached very attractive levels.We can expect  bargain hunters  to come to the market withing very few days.

The market was down due to the following reasons 

• Investors sold their stakes / Part of their stakes in other companies in order to subscribe for the KHL right issue,which was an attractive offer for the investor community.

• Two IPO'S Raigam wayamba saltern & Vallible finance.

• Profit taking by the retail investors ahead of New year & Parliamentary Elections.

• Market was down almost 114% for the past couple of days.

• This is one of very good opportunity available for the investors to accumulate fundamentally sound  counters on back of strong corporate results released by the listed companies, increased tourists arrivals to the country,improved prices fetched in the world market for our plantation crops such as Tea, Rubber & Oil palm etc.