Tuesday, January 8, 2013

Bourse down marginally

The Colombo bourse closed in the red yesterday (07) with both indices falling marginally.

The All Share Price Index fell 0.03 percent to 5,746.09 while the S&P SL20 fell 0.05 percent to 3,120.04.

Turnover reached Rs. 557.5 million on a little more than 20.9 million shares changing hands during the day.

Foreign purchases amounted to Rs. 324.35 million, resulting in a net inflow of Rs. 199.81 million.

"The market opened on a positive note, dropped mid day and recovered towards the end of the day closing marginally negative. Institutional investor interest was seen in blue chips such as JKH and COMB while a block deal took place in SPEN, contributing to the day’s turnover. Profit-taking was evident to a certain extent by Retail investors," Bartleet Religare Securities said.

"The market opened the week virtually flat with the ASPI remained unchanged at 5746. Turnover declined to LKR558 mn with trading in John Keells Holdings, Commercial Bank and Aitken Spence accounting for 64% of the day’s total. Gainers match losers with Mercantile Shipping, Ceylon Hospitals and Gestetner rising by 16.1%, 13.6% and 9.9% offsetting losses in Light House Hotel, Samson International and Paragon Ceylon which declined by 15.7%, 11.0% and 10.0% respectively," DNH Financial said.

"With 3Q2013/4Q2012 corporate results flowing in this month, we expect the ASPI to change course over the next few weeks with a gradual re-rating. We advise investors to maintain a selective approach concentrating on bluechip counters focusing on a medium to longer term investment horizon. We recommend an asset allocation strategy focusing on key sectors such as Banking & Finance, Diversified and Hotels which we believe would outperform the market and generate alpha on a sustainable basis," it said.

source - www.island.lk

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