"Early trading saw the previous day’s momentum sustained," brokers said. "By mid morning the All Share Price Index was up 70 points but started losing steam thereafter and the market closed down from Tuesday’s levels."
``Volatility is likely until talks between the regulator and the CSE create conditions conducive to stability,’’ a senior broker said indicating that a meeting between the SEC and brokers representatives is scheduled for today (Thursday).
Yesterday’s biggest turnover generator was Dipped Products where nearly 2.2 million shares were done between Rs.118.50 and Rs.129 gaining Rs.3.60 to close at Rs.122.90 contributing Rs.293.8 million to the business volume.
Brokers said that nearly 2 million Dipped Products was traded at Rs.124 per share in large parcels while a smaller quantity of 400,000, shares also in a single parcel, was transacted at Rs.127.
There was no word on buyers and sellers but market speculation was that state institutions with an eye for blue chips may have been on the buying side.
Some of the speculative stocks that rocketed in recent times taking the market up with them declined yesterday although large share volumes were transacted, brokers noted.
These included Touchwood, down 40 cents to Rs.32.40 on nearly 4.6 million shares done between Rs.30 and Rs.36.30 and Environment Resources Investments, down Rs.7.30 to Rs.95 on over 1.2 million shares traded between Rs.93.50 and Rs.112.10.
One of the ERI warrants (W0002) lost Rs.5.70 to close at Rs.51.70 on nearly a million traded while W0006 was down Rs.5.40 to Rs.49.40 on nearly 0.7 million traded.
Leather Products too lost Rs.21.40 to close at Rs.201 on over 0.1 million shares traded between Rs.197.20 and Rs.238.
Among the blue chips, JKH was down Rs.1.90 to Rs.257 on over 0.4 million shares done between Rs.256 and Rs.260 while Dialog was down 10 cents to close at Rs.10 on nearly 20.2 million shares traded between Rs.9.90 and Rs.10.20.
Gainers on high volumes included CIC (non-voting) up Rs.2.40 to Rs.65 on 0.9 million shares, Tokyo, up Rs.1.20 to Rs.40 on 1.4 million shares, Hemas Holdings, up 10 cents to Rs.40.10 on 1.1 million shares, Commercial Bank, up Rs.4 to Rs.196.40 on 0.2 million shares, CIC, up 10 cents to Rs.94 on 0.2 million shares and NDB, up 60 cents to Rs.250 on over 0.1 million shares.
Odel was up 20 cents to Rs.31.40 on over 0.9 million shares while Grain Elevators was up Rs.2.90 to Rs.32.50 on 0.9 million shares.
source - www.island.lk
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