They added that retail investors chasing low caps has set the stage for a bull run where the market has already appreciated over 8% during the last two and a half weeks. "In certain instances it is observed that the herd mentality is still followed specially in the retail favourite counters," Softlogic Equity said.
While Lanka Orix LeasingCompany, Distilleries, Cargills and Asian HotelProperties were leading positive contributors to the index E-Channelling topped the day on turnover with 22 million shares changing hands on-board coupled with one off-market deal towards the latter part of the day.
More retail favourite counters such as Environmental ResourcesInvestment , SeylanDevelopments , NationLanka Finance(+8.8%) and Blue Diamonds (Non-Voting) entered the top performers list with heavy volumes changing hands.
The fundamentally sound counters such as John Keells Holdingsrecorded the second largest turnover for the day with a volume of 253, 000 shares which traded at Rs198.
The All Share Price Index increased (ASPI) 1.37% (70.84 points) whilst the more liquid Milanka Price Index (MPI) recorded a 1.94% increase (93.54 points). The S&P SL20 moved up by 0.69% (19.98 points) over last Fridays’ close. The ASPI, MPI and the S&P SL20 closed the day at 5,250.99 points, 4,904.53 points & 2,897.76 points respectively.
Market turnover improved considerably to almost a billion rupees. The share volume transacted during the day more than doubled from last Fridays’ level to 115 million which boosted the market turnover to stand at 1.981.66 million. (DEC)