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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Stocks at bargain price levels

Stocks at bargain price levels

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1Stocks at bargain price levels Empty Stocks at bargain price levels Tue Jun 09, 2015 9:23 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The Colombo Stock Exchange All Share Price Index closed down 44.07 points or 0.62 % yesterday mainly due to heavy local selling pressure in market heavy weight John Keells Holdings (JKH), First Capital Equities (Pvt) Ltd, Head of Research Dimantha Mathew told to Ceylon FT.
Total turnover for the day stood at Rs 660 million vs. 12-months average daily turnover of RS 1,442.2 million (USD 10,749.8k).

"The whole market was expecting an election announcement. Until then market will get stagnated with lower volumes," he remarked.
John Keells Holdings PLC, yesterday closed down 2.56% or Rs. 5 to 52 week low price of 190 rupee level.
"Investors cannot hold their money for a longer period, until the election announcement. Almost all banking counters also showed losses, this is the main reason behind these heavy selling pressures," he said.
However, First Capital Equities has indicating strong JKH share buy signal at Rs. 186 price level. Foreign investors were net buyers during the day.

Foreign purchases amounted to RS 184mn, whilst foreign sales amounted to Rs 144mn. This resulted in a net foreign inflow of Rs 40mn being recorded at the end of the day's trading.
The day's turnover was assisted by Investor activity in Bank, Finance and diversified sector stocks. JKH became the day's top turnover contributor with the aid of an 115,000 shares crossing at Rs 190 per share. Sampath Bank and Ceylon Guardian also reported crossing deals.

The All Share Price Index dropped 44.07 points to close at 7,078.66 (-0.62%), while the S&P SL20 Index dropped 39.35 points to close at 3,924.33 (-0.99%).
Courtesy: Ceylon Financial Times 09 June 2015

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