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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Steepest post-election fall on CSE Turnover remains over a billion, net foreign inflow

Steepest post-election fall on CSE Turnover remains over a billion, net foreign inflow

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

The Colombo bourse was down fairly sharply yesterday on a turnover topping Rs. 1.2 billion, down from the previous day’s Rs. 2.3 billion, with the ASPI closing 48.96 points (0.65%) down while the S&P SL20 index lost 26.72 points (0.64%) with 158 losers outpacing 51 gainers three to one.
A saving grace however was a net foreign inflow of Rs. 131.27 million with purchases of Rs. 416.69 million ahead of sales of Rs. 285.42 million reducing the net foreign outflow of Rs. 1.29 billion this year.
"This was the steepest post-election fall with the drop in the ASPI above 50 points shortly before close of trading," a broker said. "There was some profit taking on last week’s gains certainly, but it’s hard to figure out what kind of political signal the market is waiting for."
Block trades in Distilleries where two parcels totaling 247,175 shares were crossed at Rs. 300 and a parcel of 75,000 Central Finance crossed at Rs. 280 contributed Rs. 95 million to the day’s turnover.
Distilleries topped the floor trades contributing Rs. 244.9 million to turnover closing Rs. 2.10 down at Rs. 300 with over 0.8 million shares done between Rs. 300 to Rs. 302.80. Brokers said that most of the trades were in fairly large parcels at a price of Rs. 300.
HNB (voting) followed closing Rs. 2.70 down at Rs. 225.10 with nearly 0.3 million shares done between Rs. 225 and Rs. 227.50 (Rs. 66.3 million).
Bairaha Farms which had been seeing volume and sharp price gains in recent days closed Rs. 4.10 down at Rs. 183 on over 350,000 shares done between Rs. 180 and Rs. 187 contributing Rs. 64.6 million to turnover while Sampath Bank lost Rs. 1.50 to close at Rs. 275 on 177,094 shares traded between Rs. 274 and Rs. 277.10 generating a turnover of Rs. 48.7 million.
Brokers said that both HNB and Bairaha were done in large parcels indicating little retail activity in these stocks. Most of the Sampath trades too were done in four big parcels.
"The ASPI ended lower on profit taking amid healthy turnover levels," John Keells Stock Brokers reported. "Declines outnumbered advances by more than 3 to 1 with most sectors witnessing declines. The food & beverage, banking, insurance, manufacturing, and power & energy counters led activity levels with trading on DIST accounting for 25% of total turnover."
Banks, Finance & Insurance was the most actively traded sector (-0.53%), the report said.
LIOC which has been seeing both volume and price gains recently closed 50 cents down at Rs. 39.40 on over 1.2 million shares (Rs. 48.3 million) with a parcel of 164,000 shares among the trades and some retail activity.
Sierra which was retail driven closed 30 cents up at Rs. 4.70 on 9.65 million shares (Rs. 43.7 million), Access, also retail driven, closed 70 cents down at Rs. 25.70 on 1.44 million shares (Rs. 37.2 million) and Janashakthi Rs. 2.80 down at Rs. 20.20 on 1.64 million shares (Rs. 33.6 million). This share too attracted retail play, brokers said.
Janashakthi announced a one for two rights issue at Rs. 18.50 by the issue of 181.5 million shares with an equity infusion for further expansion of its insurance business. The issue is subject to CSE and shareholder approval.
Courtesy; The Island 20 August 2015

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