Thursday, October 18, 2012

Slump on bourse continues third day running

Lackluster trading continued on the Colombo bourse yesterday with turnover at Rs.372.1 million, down from the previous day’s Rs.515.38 million, and all indices down – the All Share by 21.73 points (0.39%), the Milanka by 38.58 points (0.76%) and S&P by 19.61 points (0.65%) with 102 gainers outpaced by 110 losers while 99 counters closed flat.

Brokers said that it was a very quiet trading day with Colombo Dockyard, LIOC, Commercial Bank and Distilleries being the main turnover generators.

"The indices ended lower for a third consecutive day mainly on the back of selling pressure on several large caps. Activity levels remained subdued and were led by trades on DOCK, LIOC, and COMB, which collectively accounted for over 20% of turnover," John Keells Stock Brokers said in a market report.

Foreigners were net buyers, though marginally so, with purchases at Rs. 62.05 million and sales at Rs. 54.51 million leaving a inflow of Rs. 7.54 million.

Dockyard closed flat at Rs.220 with over 0.1 million shares done between Rs.217 and Rs.222 generating a turnover of Rs.30.1 million.

Brokers said that there were a couple of largish parcels among the trades at the Rs.220 price.

LIOC closed 20 cents up at Rs.17.50 with nearly 1.6 million shares done between Rs.17.30 and Rs.17.60 with some large parcels among the trades.

Commercial Bank closed Rs.1.50 down at Rs.104.50 on 0.2 million shares done between Rs.104.50 and Rs.107 contributing Rs.21.8 million to turnover while Distilleries closed Rs.5 down at Rs.140 on over 0.1 million shares done between Rs.138 and Rs.145 generating a business volume of Rs.18.5 million.

The majority of the most traded stocks closed down with the exception of Pan Asia, up 40 cents to close at Rs.19.50, City Housing and Real Estate up 40 cents to close at Rs.17.50 and LIOC which edged up 20 cents.

Retail activity was evident in Nation Lanka Finance where over a million shares were done closing 10 cents down at Rs.10.80 trading between Rs.10.50 and Rs.11.30.

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