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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Stocks falls sharply, but closes positive

Stocks falls sharply, but closes positive

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1Stocks falls sharply, but closes positive Empty Stocks falls sharply, but closes positive Mon Jun 18, 2012 11:14 pm

CSE.SAS

CSE.SAS
Global Moderator
The Colombo bourse closed in positive territory for the eight consecutive day after falling sharply in morning trades on Monday (18).

The All Share Price Index closed at 4,998.10 points, 0.14 percent higher from the previous close, up 6.89 points. The index touched above the 5,000 mark in the morning before falling sharply to less than 4,950 points before the gradual recovery.

The Milanka Price Index of more liquid stocks closed 0.27 percent higher, up 12.07 points at 4,462.05.

Turnover reached Rs. 295.47 million on a volume of little over 23.3 million shares with losers out numbering gainers 110 to 86.

"Markets opened on an optimistic note but erased its gains and were trading in the red by the afternoon as profit booking dragged the indices lower, however the indices recovered during the end of the session," said Bartleet Religare Securities’ Technical Analyst Gaurav Kumar Sharma.

"The markets seesawed within a range of 5,009 and 4,938 during the day amid low volumes. Markets have seen a rally for the last seven trading days and Monday seemed to be a profit booking day. It seems that the short term trend for the markets has turned bullish although there will be corrections in the markets and any dips around 4,850 – 4,900 levels can be used as buying opportunity," he said.

The bourse saw a net foreign inflow amounting to Rs. 6.96 million.

"Fourteen counters of the 25 in the Milanka Calibre gained for the day with DFCC Bank and Hatton National Bankbeing the main contributors to divert the MPI to move up. Investor play continued in the index heavy Carsons Cumberbatch leading it to spearhead the day’s turnover with a 6.3% contribution. The counter dipped -0.02% closing at LKR466.90. Friday’s speculative play continued in HVA Foods, Lanka Hospitals, Panasian Power and Environmental Resource Investments.Poultry players emerged on the top of the trading screen as retailers sought on Grain Elevators and Three Acre Farms. Following Thursdays on board trades on Asian Hotels and Properties, many more such trades were visible as a total of c181k shares were taken up on 4 trades at LKR71.50," Arrenga Capital Research said.

"Renewed investor hunt was visible in Richard Peiris and Company as many large scale on board transactions took place in the counter. A total of 5 trades gathered c947k shares at LKR6.50. Similarly Free Lanka Capital Holdings too registered off market deals totalling c1.116 mn shares at LKR1.60 and LKR1.70 during the early trading hours," it said.

"Royal Ceramics amongst Arrenga’s hot stock list renewed its 52 week low at LKR90.00 elevating it to an ever more attractive valuation platform at 3.97 FY13E.Commercial Bank (Voting and Non-Voting) still on attractive valuations continued to witness significant buying interest as the counter recorded a 50k parcel changing hands at LKR100.90 on board.

Ramboda Falls which commenced trading via introduction touched a high of LKR 35.00 (250%) before it closed with a 141% gain at LKR24.10."
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54756

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
"It seems that the short term trend for the markets has turned bullish, although there will be corrections in the markets... Any dips around 4,850 – 4,900 levels can be used as buying opportunity."
- Bartleet Religare Securities’ Technical Analyst Gaurav Kumar Sharma

That's the most important line.
If you want to survive and thrive, avoid panic buying and panic selling. There will be green days and red days. Wait for the pullbacks...
Never forget the basic rule: Buy low, sell high.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@Antonym wrote:"It seems that the short term trend for the markets has turned bullish, although there will be corrections in the markets... Any dips around 4,850 – 4,900 levels can be used as buying opportunity."
- Bartleet Religare Securities’ Technical Analyst Gaurav Kumar Sharma

That's the most important line.
If you want to survive and thrive, avoid panic buying and panic selling. There will be green days and red days. Wait for the pullbacks...
Never forget the basic rule: Buy low, sell high.

I do agree with you.

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