03/03/2010 - Sri lankan shares were down today due to profit taking by retail investors. However there were several crossings & institutional investors involved in purchasing high valued stocks.
ASI was down by 46.63 points to close the day at 3774.03 & more liquid Milanka price index was down by massive 70.70 points to close at 4318.86.
Foreign participation was at a minimal levels. Foreigners purchased shares to the value of Rs 42 m.n. & sold shares to the value of Rs 115 m.n resulting a net foreign out flow of Rs 73 m.n.
Turnover for the day was Rs 1.0 b.n.
There were 40 positive contributors as against 105 negative contributors.
TOP FIVE GAINERS FOR THE DAY TOP FIVE LOSERS FOR THE DAY
LARGE TRADES FOR THE DAY
ANNUAL REPORTS FOR THE YEAR ENDED 31/12/2009
CROSSINGS FOR THE DAY
CLOSER LOOK
- Market was down by almost 47% ASI & 70 % today due to profit taking by the retail investors.
- Some are of the view that this is due to the budget deficit reported for year 2009 & Delay in IMF loan facility.
- However what we believe is now our country is free from the 30 year old civil war which totally disturb the growth prospects of our country in the past.
- Foreign arrivals are keep on increasing on monthly basis , Oil is trading flat @ 80 dollars / barrel, are good signs for the Hotel industry & related businesses , Plantation companies etc.
- Listed companies are releasing above average profits for the last quarter & this will continue in future as well.
- We strongly believe that our market has further room for future growth on considering the above facts & most importantly Sri lankans know, how to live with uncertainty, since we have almost 30 years experience on this.
- There for what we like to advice to the investment community is to grab shares that have future growth potential at any given time from the market [Go for bargain hunting].
- On back of this we believe that the market should recover its lost ground tomorrow.
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