Downtrend continues on low turnover

All indices down in lackluster trading
 October 30, 2012, 8:31 pm

The downturn on the Colombo bourse continued unabated yesterday with turnover at a low Rs.307.8 million, down from Rs.314.7 the previous trading day, and all indices down –the All Share by 30.26 points (0.58%), the Milanka by 41.05 points (0.85%) and S&P by 14.84 points (0.50%) with 146 losers way ahead of 60 gainers while 44 counters closed flat.

"It was another quiet day with two crossings of Chevron where 200,000 shares changed hands at Rs.200 in a deal worth Rs.40 million and slightly over 1.1 million Tokyo (voting) was cross at Rs.28.70 in a transaction worth Rs.32 million accounting for a fair slice of the day’s business," a broker said.

"The indices dipped sharply on selling pressure across the board with activity driven by trades on manufacturing, banking and diversified counters, inclusive of crossings," John Keells Stockbrokers said.

Foreign purchases amounted to Rs. 74.25 million resulting in a net inflow of Rs. 12.64 million.

On the trading floor JKH which closed Rs.1.80 down at Rs.206.30 on over 0.1 million shares traded between a low of Rs.206.30 and a high of Rs.208 and led the turnover league contributing Rs.26.6 million to the day’s business volume.

Balangoda closed Rs.1.50 up at Rs.39 on an unusual 0.6 million shares done between Rs.37.60 and Rs.39.90 generating a turnover of Rs.24.1 million while Commercial Bank (voting) dipped 70 cents to close at Rs.102.80 on over 0.1 million shares traded between Rs.102.80 and Rs.104.60 contributing Rs.12.7 million to turnover.

Much of the Balangoda volume comprised a few large trades, brokers said.

Only four of the most traded stocks closed up yesterday – Asian Hotels up Rs.1.70 to close at Rs.77 on nearly 0.2 million shares, NDB up 10 cents to close at Rs.133.60 on 63,072 shares and Lion up Rs.1.50 to close at Rs.250 on 20,624 shares in addition to Balangoda which was a gainer.

source - www.island.lk