17/03/2010 - Colombo Stock Market was down for the second consecutive day today. ASI was down 17.21 today to close at 3768.29 & the Milanka price index was down by 11.89 to close at 4327.45.The down ward trend was mainly to the substantial price reduction in the Light house hotel, which was down by almost 24%.
Turnover for the day was Rs 2.1 b.n.fueled by a large deal of Light house hotel.Almost 13.8 m.n. Light house hotels shares changed hands today.Light house hotel closed at Rs 60.75 down by Rs 19.50.The Blue chip company hayleys was the seller of the shares in this hotel.
Foreigners were net sellers today by Rs 262 m.n.They bought shares worth of Rs 83 m.n. & sold shares worth of Rs 345 m.n.
Footwear & textiles sector was the leading sector up by 6.21% due to price improvements of KURU & CLPL,followed by the Beverage food & tobacco sector.Services sector was the leading negative growth sector.
There were 46 positive contributors as against 90 negative contributors.
TOP FIVE GAINERS FOR THE DAY TOP FIVE LOSERS FOR THE DAY
LARGE TRADES FOR THE DAY
CROSSINGS FOR THE DAY
CLOSER LOOK
- Market was down for the second consecutive day & was a place for bargain hunters now.
- Large stake of Light house hotel traded @ a reduce price levels.This was a drop of almost 24% from the previous traded price.
- We strongly believe that this was another opportunity given for the investors who love hotel sector shares after the KHL offer yesterday.
- KHL rights & LHL shares are attractive @ current market price levels .
- KHL share peaked Rs 7.00 levels & closed at Rs 6.00 up by .50 cents from yesterday's price levels. Investors who wish to invest in KHL rights will have a very good future ahead.
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