May 14, 2013 (LBT) - Bourse edge lower: The benchmark index stayed stagnant for the first half of the day, but was unable to sustain the level with selling pressure bringing down the index by 32 points. With strong buying interest in the previous week the index gained over 200 points resulting in the current profit taking. 72 counters gained for the day compared to 143 that dipped. Ceylinco Insurance, Cargills, Richard Peiris & Company and Commercial Bank were heavy weights leading the decline of the index.
John Keells Holdings leads the turnover list: John Keells Holdings was identified as the top performer for the day amidst healthy buying interest taking counter passed the previous 52-week high to LKR274.0 while settling at LKR273.0 at end of day. One large on-board block was noted in the counter of 157k shares dealt at LKR273.0. With the announcement of earnings and dividends, investor interest surrounded Piramal Glass, the coloured glass bottle manufacturer, touched a 52-week high of LKR6.9 today and closed at LKR6.8 with a gain of 3.0%.
Some selling pressure on banking sector counters: Banking sector continued to remain heavily active with National Development Bank, Nations Trust Bank, Sampath Bank, Union Bank and Commercial Bank leading the turnover. Profit taking following last week’s run led most counters to end on a negative note.Retailers remain silent: With the index adopting a down trend today, activity of the retail investor segment saw a drastic decline with most investors of the segment remaining on the sidelines adopting a wait and see approach.