Pre-election activity on the Colombo bourse eased yesterday on profit taking with turnover at Rs. 979.4 million, down from the previous day’s Rs. 2.1 billion, and both indices down – the ASPI by 29.15 points (0.39%) and S&P SL20 by 24.51 points (0.59%) with 123 losers comfortably ahead of 81 gainers with 121 counters closing flat.
"There was profit taking in the context of the indices moving up quite a bit in the last two weeks," a broker said. "Several traders who had profit chose to realize their gains instead of speculating on further market gains post-election."
LIOC was the only counter on the most traded list that posted a gain closing 60 cents up at Rs. 37.70 on over 1.5 million shares done between Rs. 36.50 and Rs. 37.90 contributing Rs. 57.4 million to turnover.
"The counter topped the floor trades with about half the quantity done traded in large parcels at Rs. 37," a broker said. "The rest of it was retail. Kelani Tyres and Laugfs (voting) closed flat. Other most traded stock finished in the red."
Foreigners continued to be net sellers although activity was muted with sales of Rs. 128.30 million against purchases of Rs. 104.47 million leading to a outflow of Rs. 23.82 million.
"The ASPI ended lower amid moderate turnover levels," John Keells stock Brokers reported. "Profit taking was seen in most sectors with the banking, finance, manufacturing, diversified, and investment trust counters dominating turnover. Crossings on JKH and GREG amounted to 19% of turnover."
Banks, Finance & Insurance was the most actively traded sector (-0.73%), the report noted.
Two parcels of JKH totaling over 0.3 million shares were crossed at Rs. 190 a share contributing Rs. 59.6 million to turnover while two parcels of Lanka Century Investments (GREG) totaling over 9.4 million shares were crossed at Rs. 13.70 (Rs. 129.4 million).
JKH closed Rs. 1.10 down on the floor on nearly 0.2 million shares done between Rs. 192 to Rs. 194 generating a turnover of Rs. 33.3 million.
Most traded banking stocks were Sampath down two rupees to Rs. 273 on nearly 0.2 million shares, HDFC down 20 cents to Rs. 74.10 on nearly 0.6 million shares and HNB (voting) down Rs. 2.40 to Rs. 225.40 on over 0.1 million shares.
Stocks like Laugfs Gas, voting and non-voting, and Textured Jersey (TJL) that attracted considerable recent play continued to show volume. Laugfs voting closed flat at Rs. 44 on over 0.9 million shares, non-voting 40 cents down at Rs. 39.40 on over 0.9 million shares and TJL was down 10 cents to Rs. 31.70 on nearly 1.1 million shares.
Brokers said there was a mix of high net worth and retail play on many of the most traded stock like Sampath, Kelani Tyres and Laugfs.
Courtesy: The Island 14 August 2015