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A Major Headwind….03rd March 2011


4 March 2011 05:57 am - 0     - {{hitsCtrl.values.hits}}


The All Share Price Index dipped 180.7 points to close at 7,520.5 points (-2.6%), whilst the Milanka Price Index also dipped 120.4 points to close at 6,976.1 points (-1.7%).

The total turnover was LKR2,710.9 mn (USD24,672.2 k) vs.12-month average daily turnover of LKR2,731.6 mn (USD24,868.9 k) whilst the volume traded for the day was 61,341.6 k against the 12-month average daily volume of 91,950.0 k.

Top traded counters were Laugfs Gas LKR345.4 (USD3,144.5 k, -1.1%) Lanka Hospital Corporation LKR246.8 mn (USD2,246.9 k, +30.0%), Ceylon Grain Elevators LKR237.6 mn (USD2,163.1 k, -4.6%), John Keells Holdings LKR151.8 mn (USD1,382.0 k, -0.0%) and Citrus Leisure LKR144.2 mn (USD1312.8 k, -0.5%).     

Market saw a major correction during the day where majority of the stocks shed ground. Laugfs Gas and Citrus Leisure traded strong on the back of mixed investor sentiments, whilst Lanka Hospitals Corporation gained +30% on the back of strong momentum trading. Ceylon Grain Elevators shed some ground during the day due to the market correction, however institutions and high net worth’s’ were seen absorbing the sales. Heavy weight John Keells Holdings traded on the back of institutional interest. CT Holdings is undergoing a heavy restructuring and expansion process, where the company has resolved to go for a Private Placement and a Rights Issue to raise a sum of LKR2.7 bn.

Net outflow of foreign funds was seen during the day, where foreign purchases amounted to LKR240.7 mn (USD2,191.3 k), whilst foreign sales amounted to LKR418.6 mn (USD3,810.9 k).

TKS Securities (Pvt) Ltd

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