The ASPI was down 8.19 points (0.11%) while S&P SL20 lost 18.94 points (0.47%) with 102 gainers ahead of 92 losers while 131 counters closed flat. Foreign activity resulted in a net out flow of Rs. 96.75 million with sales of Rs. 116.46 million ahead of purchases of Rs. 19.71 million.
"Developments in external markets certainly had an effect on us with Australia going from bad to worse," a broker said. "Six percent of Ceylon Hotels Corporation changed hands with a crossing of 10 million shares at a price of Rs. 30 per share. There was no indication of buyer and seller at present with only Mr. Sanjiv Gardiner’s Galle Face Hotel Group and the EPF having that quantity."
Brokers and analysts said that the Central Bank’s decision on Monday to keep interest rates steady meant no market moving news for the CSE. A possible devaluation down the road that is being talked about may inspire foreign interest in Colombo although its impact on some manufacturing company’s dependent on imported raw material would be adverse while exporters would benefit, they said.
"Investors will look for signals from the composition of the cabinet and directions indicated by the next budget," a broker said.
"The ASPI ended lower amid weak market turnover," John Keells Stock Brokers said in a market report. "The leisure, insurance, finance, banking, power & energy and manufacturing counters led activity in the market with a crossing on Hotels Corp. amounting to 41% of total turnover."
Hotels & Travels was the most actively traded sector (-0.12%), it noted.
The most traded stock on the floor were Janashakthi, closing 60 cents up at Rs. 19.80 on nearly 1.9 million shares done between Rs. 19.40 and Rs. 20 generating a turnover of Rs. 36.8 million and Kahawatte closing 80 cents down at Rs. 33 on a million shares done at that price (Rs. 33.1 million).
George Steuarts Finance closing Rs. 1.60 up at Rs. 25.30 on over 0.4 million shares done between Rs. 23.90 and Rs. 26 (R. 21.1 million), Laugfs (voting) down 50 cents to Rs. 41.40 on 0.5 milllion shares done between Rs. 41 and Rs. 41.90 (Rs. 20.8 million) and ACL up 20 cents to Rs. 114.20 on nearly 0.2 million shares done between Rs. 114.20 and Rs. 117 (Rs. 20.5 million) were other most traded counters.
Textured Jersey continued to attract interest closing 40 cents up at Rs. 32.40 on 0.6 million shares done between Rs. 32 and Rs. 32.80 while LIOC closed 10 cents down at Rs. 41.90 on over 0.4 million shares.
Courtesy: The Island 2 September 2015