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The indices fell to their lowest level this year as bearish sentiments prevailed in the Colombo Stock Exchange with brokers cautioning investors against panic selling.
The All Share Price Index fell 1.47 percent, down 92.96 points to close at 6,239.52 while the Milanka Index of more liquid stocks lost 116.13 points to close 2.05 percent lower at 5,535.74.
Turnover amounted to Rs. 518.7 million with a little more than 43 million shares changing hands during the day. Twenty seven (27) counters closed in positive territory while 163 closed in the red.
The market on Monday broke its key support level at 6,250 which it has been holding since the 20th of October closing at 6,239. This is yet another bearish sign and now the index will technically look to trade between 6,250 and 6,000. The fact that Sri Lanka lost the bid to the Gold Coast over the weekend, further weakened sentiment," Bartleet Religare Securities BRS said.
"Trading activity will remain dull until larger players start to unload stocks that they are holding at a loss. This unloading pressure will start to create panic selling which we are yet to see to date. Stock holders in small and big counters alike will face major headwinds ahead if such a trend continues.
"Even though there were large blocks traded in DIAL and JKH these blocks seem to be more of a case of holders desperately trying to get rid of stock rather than bullish buyers looking for value. This trend is expected to continue and investors must realize that the larger trend is down. However, there will be bullish intermediate swings in the next few months.
"Investors must remain cautious through out the week and stick to their personal risk management principals and never try to fight the market," BRS said.
NDB Stockbrokers had this to say about the day’s trading; "With the indices losing ground throughout the day the ASPI and MPI closed in red while the indices closed lowest for the year.
"Turnover was pushed up during early trading by heavy interest in Asiri Surgical Hospital whilst during the latter part of day interest in Ceylon Tobacco was witnessed. The announcement by Hotel Developers regarding its assets being taken over by the government also may have contributed to the negative sentiment.
"Asiri Surgical was the top contributor to market turnover. The share price of Asiri Surgical was unchanged and closed at Rs 7.90. Dialog Axiata and Softlogic Holdings also contributed to market turnover," NDB Stockbrokers said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39060
The All Share Price Index fell 1.47 percent, down 92.96 points to close at 6,239.52 while the Milanka Index of more liquid stocks lost 116.13 points to close 2.05 percent lower at 5,535.74.
Turnover amounted to Rs. 518.7 million with a little more than 43 million shares changing hands during the day. Twenty seven (27) counters closed in positive territory while 163 closed in the red.
The market on Monday broke its key support level at 6,250 which it has been holding since the 20th of October closing at 6,239. This is yet another bearish sign and now the index will technically look to trade between 6,250 and 6,000. The fact that Sri Lanka lost the bid to the Gold Coast over the weekend, further weakened sentiment," Bartleet Religare Securities BRS said.
"Trading activity will remain dull until larger players start to unload stocks that they are holding at a loss. This unloading pressure will start to create panic selling which we are yet to see to date. Stock holders in small and big counters alike will face major headwinds ahead if such a trend continues.
"Even though there were large blocks traded in DIAL and JKH these blocks seem to be more of a case of holders desperately trying to get rid of stock rather than bullish buyers looking for value. This trend is expected to continue and investors must realize that the larger trend is down. However, there will be bullish intermediate swings in the next few months.
"Investors must remain cautious through out the week and stick to their personal risk management principals and never try to fight the market," BRS said.
NDB Stockbrokers had this to say about the day’s trading; "With the indices losing ground throughout the day the ASPI and MPI closed in red while the indices closed lowest for the year.
"Turnover was pushed up during early trading by heavy interest in Asiri Surgical Hospital whilst during the latter part of day interest in Ceylon Tobacco was witnessed. The announcement by Hotel Developers regarding its assets being taken over by the government also may have contributed to the negative sentiment.
"Asiri Surgical was the top contributor to market turnover. The share price of Asiri Surgical was unchanged and closed at Rs 7.90. Dialog Axiata and Softlogic Holdings also contributed to market turnover," NDB Stockbrokers said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39060
