Wednesday, October 17, 2012

Colombo bourse tumbles

The Colombo bourse continued to tumble with all three indices closing in the red on Tuesday (16) on sustained selling pressure with 57 counters advancing against 166 that declined.

After picking up sharply when early trading took the bourse to an intra day high of 5,691.52, the All Share Price Index closed at 5,608.13, down 0.81 percent or 45.67 points from the previous close.

The Milanka Price Index of more liquid stocks fell 66.24 points, down 1.28 percent to close at 5,094.10 while the S&P SL20 closed 0.62 percent lower, down 18.92 points to 3,036.94.

"Sustained selling pressure dragged the ASPI down sharply for a second consecutive day amid low turnover levels, driven by trades on banking and beverage, food and tobacco counters," John Keells Stockbrokers said.

Turnover fell to Rs. 515.38 million from Rs. 1.57 billion the previous day on a little more than 30 million shares changing hands during the day.

A parcel of 112,000 Colombo Dockyard shares changed hands in an off market deal at Rs. 220 each while a crossing of 65,000 Ceylon Tobacco shares took place at Rs. 6 per share.

Foreign inflows amounted to Rs. 168.86 million yesterday while outflows amounted to Rs. 122.87 million.

"The market continued to shed weight with the ASPI falling by 0.8% to close at 5608 while the MPI lost 1.3% to end the session at 5094. Turnover declined to LKR515mn with parcels of Asiri Hospital Holdings and Colombo Dockyard changing hands that accounted for 20% of the day’s total. Losers once again out paced gainers with Infrastructure Developers, Colonial Motors and Commercial Development falling by 18.2%, 16.1% and 13.9% off setting advances in SMB Leasing, EB Creasy and Selinsing which rose by 25.0%, 14.2% and 13.7% respectively," DNH Financial said.

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