Saturday, January 29, 2011

Market dips as investors take profits

During the week the All Share Price Index (ASPI) lost 61.52 points to close at 7,192.49 points, while the Milanka Price Index (MPI) declined by 127.663 points to close at 7,165.32 points.  The daily average turnover was SLRs.3.9bn compared to SLRs.3.8bn last week and the week ended with foreign buying amounting to SLRs. 1.02bn whilst foreign selling was SLRs.1.8bn.

On Monday the market closed up with ASPI and MPI reporting marginal gains of 7.36 points and 5.62 points respectively while total turnover amounted to SLRs.4.1bn. Day's largest turnover was reported on MTD Walkers with new shares issued by way of rights issue commencing trading. Day's most heavily traded Amana Takaful posted day's second largest turnover with more than 45mn shares traded between SLRs.3.90 and 4.50 to close up 17.6%. Environmental Resources Investment (GREG), Colombo Fort Land & Building were also amongst the top turnover contributors. Three Acre Farms (TAFL) which closed up SLRs.24.60 (22.6%) at 133.60 was amongst day's most heavily traded top gainers.

On Tuesday approximately 5.8mn voting shares of Laugfs Gas traded between SLRs.47.10 and 51.00 posting day's single largest turnover followed by Ceylon Grain Elevators which closed up SLRs.18.40 (13%) at 161.00 with more than 1.4mn shares actively traded. Lanka Aluminum which closed up SLRs.15.90 (39%) at 56.90 was highlighted as the top gainer for the day followed by TAFL which closed up 19% making a significant contribution in terms of turnover. Market closed on a negative note with ASPI and MPI losing 36.13 points and 57.65 points respectively.

 On Wednesday total turnover amounted to SLRs.5Bn of which the largest share of SLRs.646 was generated on Sampath Bank (SAMP) which closed up SLRs.8.70 at 299.90. Approximately 2.1mn shares of SAMP traded during the day of which 1.3mn shares traded by way of crossing at SLRs.300.00. There was avid interest on plantation sector counters in anticipation of improved profitability. Horana Plantations closed up 33.5% at SLRs.70.50 being the day's top gainer with more than 5mn shares traded, followed by Elpitiya Plantations which closed up 30.3%, Hapugastenne Plantation with 29.4% and Agalawatte Plantation with 24%. C.W.Mackie closed up SLRs.19.30 (19.8%) at 116.70 making a significant contribution to turnover. Indices reported mixed results with ASPI gaining 16.63 points while MPI losing 20.07 points.

Indices declined on Thursday as both ASPI and MPI closed down 30.76 points and 25.03 points respectively. Total turnover for the day amounted to SLRs. 4.1bn with PC House making the highest contribution of SLRs.515mn. Approximately 16.8mn shares of PC House were traded during the day of which 3.71mn shares traded by way of a crossing at SLRs.27.00. PC House was also amongst the top gainers for the day as the counter closed up 19.6% at SLRs.30.50. Sampath Bank reported the day's second largest turnover of SLRs. 456mn which included three crossing amounting to 1.07mn shares at SLRs.301.00.

Indices continued to decline on Friday as ASPI lost 18.62 points while MPI closed down 30.50 points. Ceylon Grain Elevators which closed up SLRs.14.60 at SLRs. 197.00 reported the day's largest turnover of SLRs. 202mn. PC House continued to be heavily traded with approximately 6.2mn shares changing hands generating a turnover of SLRs.194mn. Lanka Aluminum reported the reported the day's biggest gain with the counter closing up 28.9% at SLRs. 60.70. Total turnover for the day amounted to SLRs. 2.8bn.

Profit taking seen during the latter part of the week is likely to ease off in the coming week as strong corporate earnings are reported by the companies.

source - www.dailymirror.lk

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