Tuesday, October 23, 2012

Bourse falls sharply, sentiments weak

The Colombo bourse fell sharply on selling pressure Monday (22) with all three indices closing in the red amidst weak investor sentiments, brokers said.

The All Share Price Index fell 1.69 percent to close at 5,553.89 down 95.64 points (down 8.57 year to date) while the Milanka Price Index of more liquid stocks lost 46.39 points to close 0.9 percent lower at 5,090.09. The S&P SL20 fell 1.05 percent, down 31.96 points to close at 3,010.02.

"The market opened on a flat note but turned into a sea of red due to persistent selling pressure. The negative market breadth reflected the weak sentiment prevailing in the market. There were 175 shares on the declining side and only 31 shares advanced," Bartleet Religare Securities said.

Activity was low with only 12.2 million shares changing hands during the day generating a turnover of Rs. 257.06 million. Foreign inflows amounted to Rs. 79.5 million leading to a net foreign buying position of Rs. 36 million.

"Sharp drops in several large caps dragged the indices lower amidst renewed selling pressure across the board. Activity levels remained subdued and were led by trades on JKH, Commercial Bank, and Chevron Lubricants, which collectively accounted for over 30% of turnover," John Keells Stockbrokers said.

JKH closed 0.49 percent higher at Rs. 207 with 189,087 shares changing hands during the day. Commercial Bank fell 0.47 percent to Rs. 105 on 196,352 shares. Chevron Lubricants closed 0.26 percent higher at Rs. 196.50 on 104,332 shares.

Commercial Development Company was the biggest gainer, moving up by 15.64 percent to close at Rs. 75.40 with just one share being traded.

Bogala Graphite gained 7.69 percent to close at Rs. 29.40.

Selinsing was the biggest loser, down 16.6 percent to Rs. 1,105 while Commercial Leasing and Finance fell 12.19 percent to Rs. 3.60.

source - www.island.lk

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