The Colombo Stock Exchange, on corrective mode, continued to lose ground with both indices closing in the red on Monday (25), but managed to record the highest turnover in twelve weeks, brokers said.
The All Share Price Index closed 0.97 percent lower, down 48.72 points to 4,990.43 while the Milanka Price Index of more liquid stocks closed 26 points lower, down 0.58 percent to 4,452.51.
Year-to-date, the Colombo Stock Exchange has fallen 17.85 percent, while the Milanka Price Index has declined 14.85 percent.
Turnover amounted to Rs. 1.52 billion on a little more than 105.9 million shares changing hands during the day.
Sixty two (62) counters closed in positive territory against 139 counters that closed in the red.
Foreign purchases amounted to Rs. 33.6 million and foreign sales amounted to Rs. 91.4 million, resulting in a net outflow of Rs. 57.85 million.
"The markets have been in a declining mode for the last couple of days and we can see this correction extending to 4,900- 4,930 levels where some support is expected to come. This appears to be a corrective pattern after the sharp rise that we saw a few days back and after the correction is complete the resumption of the rally should occur," Bartleet Religare Securities Technical Analyst Gaurav Kumar Sharma said.
"Despite the market commencing the week on negative territory, turnover reached the Rs. 1.5 billion mark, the highest turnover recorded in 12 weeks, mainly due to the 47 percent contribution for Browns Beach Hotel," NDB Stockbrokers said yesterday.
"Institutional and high net worth interest was also evident in selected plantation counters such as Balangoda and Madulsima as well as banking and finance sector counters such as Central Finance Co and Commercial Bank," it said.
Browns Beach Hotel fell 0.71 percent to close at Rs. 13.90 while Balangoda Plantations gained 2.98 percent to close at Rs. 24.20 while Madulsima Plantations closed flat at Rs. 9.50.
Central Finance which declared a final dividend of Rs. 1.10 per share, closed flat at Rs. 129.