Wednesday, August 17, 2011

Market rebounds

The market rebounded heavily to the positive zone yesterday triggered by the favourable reply received from the Securities and Exchange Commission regarding the credit issue. ASI reached 7000 milestone with this notable boom in the market.

ASI closed at 7,050.74, up 214.21 (+3.13%) while liquid MPI settled at 6,427.19, up 227.6 points (+3.67%). The market turnover jumped to Rs 3.7bn. Market RSI was recorded at 65 (+22.6%).

Lanka Hospitals Plc (LHCL) (Former Apollo) was the top contributor to the turnover at Rs 623.4mn. The counter traded aggressively while recording significant gains. LHCL closed at Rs 89.50, up Rs 36.80 (+69.83%).

Moreover counters such as John Keells Holdings Plc (Rs 398.4mn) and Colombo Land and Development Plc (Rs 368.2mn) recorded notable contributions to the daily turnover.

In the meantime Seylan Development Plc, Colombo Land & Development Plc and Ceylon Grain Elevators Plc traded actively during the day.

Foreign participation stood at 8.3 percent of the total market activity and at the end of the day foreign investors were the net buyers with a net foreign inflow of Rs 138.6mn.

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