Technical Analytical Outlook
Another Quiet Day At The Market Adorned By Two Big Crossings!!!
It was another quiet day at the market with the ASI closing slightly up and the MPI losing a bit. Two big crossings (ODEL – Rs.1.4 billion and JKH – Rs.290 million) boosted the day’s turnover pushing it up to an impressive Rs.1.94 billion.
The secretary of the Treasury concluded a hectic round of meetings with the SEC, CSE and the Stockbrokers during the past few days to see as to how the decisions of HE the President are to be implemented. He said “We need to clear the mistrust if any among stake holders and pursue a joint effort to revive the market and not destroy it and this was empathized at the meeting” He reiterated united efforts by all all to revive Colombo Bourse, to appoint all stake holders comprised Consultative Committee for regular dialogue and consensus, to revisit rules on credit ,to provide a boost to retails participation and fresh support to brokers.
We shall see the outcome of these deliberations as things start changing and taking a turn for the better during the coming couple of weeks. We like to stress again that it is also the last chance to grab the bargains still available in abundance.
Capital TRUST Research
Good luck and safe trading!