On Monday CSE witnessed its year to date highest turnover of SLRs.12.5bn of which 8.1bn was reported on HNB, which was the highest turnover non-privatisation transaction in the CSE. Approximately 20.3mn shares of HNB traded between SLRs.400.00 and 445.00 of which 15.5mn traded at SLRs.400.00 by way of crossings. CBD Exports and Brown & Company were the main sellers selling 7.3% and 3% of HNB, while high net worth individuals, government institutions and a foreign fund were amongst the buyers. Colombo Dockyard closed up SLRs.7.00 with 3.8mn shares traded of which majority was bought by a high net worth individual at SLRs.270.00. Brown & Co (BRWN) also made a significant contribution to turnover while the shares closed up SLRs.24.60 (10%) due to the hefty capital gain realized through the sale of HNB. Market closed on a negative note with ASPI and MPI losing 58.08 points and 41.48 points as investors cashed in profits on blue chips.
On Tuesday the market plunged easing its overboughtness. ASPI and MPI dipped 98.63 points and 107.64 points while total turnover was SLRs.3.95bn. Approximately 1.4mn shares of HNB traded posting day's largest turnover while the share closed down SLRs.7.00 at 408.20. Nawaloka Hospitals announced a one in to two share split and the share reached a high of SLRs.10.00 during intraday and closed up at 9.30 being day's most heavily traded (42.7mn shares) and posted SLRs.397mn in turnover. Colombo Land which closed up at SLRs.23.70 was the most heavily traded top gainer while its warrant reached the upper limit of the 10% price band to close up at SLRs.17.60.
On Wednesday market continued to decline with both ASPI and MPI reporting losses of 128.39 and 158.98 points respectively mainly due to the decline in price in blue chip counters. The Finance which closed down SLRs.7.40 (12.85%) at 50.20 was the biggest loser for the day while the newly listed Citizens Development Bank which commenced trading closed up SLRs.77.70 when compared to its index price. Total turnover for the day amounted to SLRs.2.7bn to which largest contribution of SLRs.559mn was made by 1.38mn shares of HNB that traded between SLRs.400.00 and 414.00 with majority bought by a foreign fund. JKH closed down SLRs.8.10 at SLRs.330.00 with approximately 0.93mn shares traded.
Profit taking continued on Thursday with ASPI and MPI losing 91.93 points and 108.02 points respectively. Largest turnover was generated on BRWN which closed down at SLRs.253.30 with approximately 1.5mn shares traded. JKH and Commercial bank also made a significant contribution in terms of turnover while total turnover amounted to SLRs.2.6bn. SEMB leasing was day's most heavily traded stock and closed flat at SLRs.1.80. Keells Hotels was also heavily traded during the day however the share closed down at SLRs.20.90.
On Friday the market opened with a negative sentiment however found support and recovered during mid day. ASPI and MPI closed up 62.87 points and 53.35 points respectively, while total turnover reached SLRs.2.5bn. JKH closed down SLRs.4.00 at 321.00 with 1.5mn shares traded posting SLRs.484mn in turnover. Richard Pieris commenced trading after the split and the share closed up at SLRs.11.90 with 10.4mn traded between SLRs.11.80 and 12.10.
The market which reached an all time high with the Relative Strength Index reaching upper nineties saw consolidation during the week shedding its overboughtness. We expect the market to resume its upsurge on the back of strong third quarter earnings starting to be reported.
source - www.dailymirror.lk
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