Market ended in the red zone yesterday where both benchmark indices closed with negative returns. Removal of 5% credit limit on margin trading on shares for licenced commercial banks failed to prop up investor confidence on stock market although the positive effects will be felt in the future.
ASI dropped by 31.73 points (-0.54%) to close at 5,860.96 while sensitive MPI closed at 5,105.41, a drop of 29.27 (-0.57%). Market turnover was Rs.537.6 million.
Premier blue chip John Keells Holdings (Rs.314.0 million) was the major contributor to the market turnover which accounted for almost 58% of the total turnover value.
Two crossings of 150,000 and 600,000 shares were recorded in John Keells Holdings at a price of Rs.170.00 and Rs.166.00 respectively. John Keells Holdings closed at Rs.170.00, down Rs.3.30.
In addition, Aitken Spence Holdings (Rs.57.8 million) and Commercial Bank (Rs.30.4 million) made notable contributions to the daily turnover.
Meanwhile, counters such as Environmental Resources, HVA Foods and Swarnamahal Financial Services were among the heavily traded stocks during the day.
Foreign participation accounted for 29% of the total market activity. At the end of the trading foreign investors ended as net buyers with a net foreign inflow of Rs.60.0 million.
Drop in prices of index heavy stocks Bukit Dharah (by Rs.67.40), Sampath Bank (by Rs.3.60), Aitken Spence (by Rs.1.10) and Asian Hotels and Properties (by Rs.5.10) contributed negatively to the market performances.