Wednesday, July 27, 2011

Browns debuts with top contribution

The stock market started the daily operations yesterday in a sluggish manner on a dull environment. However during mid day trading the market displayed a heavy recovery where indices shot up to the green territory sharply.

ASI gained by 59.24 points (+0.91%) to end at 6,493.58 while sensitive MPI increased by 33.88 points (+0.57%) to close at 5,928.45. The market turnover reached Rs 2.0 billion. Browns Investments Plc (BLI) which debuted secondary trading today made the biggest contributions to the daily turnover with heavy trading at Rs 374.3mn. The counter depicted another unsuccessful IPO debut with notable price depreciation. BLI closed at Rs 4.80, down Rs 0.20. In addition Central Finance Company Plc (Rs 341.5mn) and Softlogic Holdings Plc (Rs 92.0mn) made notable contributions to the daily turnover.

Swarnamahal Financial Services Plc, Vallibel One Plc and Nation Lanka Finance Plc demonstrated active level of trading.

Foreign participation accounted for 6.0% of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs 38.9mn.

Lanka Securities Research

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