The All Share Price Index dipped 102.5 points to close at 7,343.5 points (-1.4%), whilst the Milanka Price Index also dipped 86.0 points to close at 6,847.3 points (-1.2%)
The total turnover was LKR2,342.8 mn (USD21,251.5 k) vs. 12-month average daily turnover of LKR2,771.9 mn (USD25,144.2 k) whilst the volume traded for the day was 46,404.3 k against the 12-month average daily volume of 93,072.8 k.
Top traded counters were John Keells Holdings LKR651.9 mn (USD5,913.5 k, -2.5%), Royal Ceramics LKR239.6 mn (USD2,173.4 k, -1.6%), Ceylinco Insurance LKR105.5 mn (USD957.0 k, +6.4%), Lankem Developments LKR92.7 mn (USD840.9 k, +3.9%) and Laugfs LKR55.2 mn (USD500.7 k, -3.1%).
Today’s market dip was driven by retail selling pressure, cashing out of foreign portfolio investments following near 100% capital gains over the past 12-Month period and also the directors of premier blue chip John Keells Holdings (JKH) exercising their options and cashing out. The retail selling is a resultant of the need to raise capital for the forthcoming IPO’s, monies still locked up with the previously concluded IPO of Union Bank and also the 31st March 2011 deadline given to the brokering houses to clear 50% of the debt outstanding as at end 2010.
The heavy weight John Keells Holdings saw institutional and high net worth interest during the day where it contributed for circa 28% of day’s turnover. Royal Ceramics and Ceylinco Insurance continued to attract institutional investors together with Laugfs Gas whilst Lankem Development witnessed renewed all round interest following the announcement of the possible acquisition of +61% stake in Agarapathana Plantations, which is to be financed via a rights issue.
A net outflow of foreign funds were seen during the day, where foreign purchases amounted to LKR134.3 mn (USD1218.2 k), whilst foreign sales amounted to LKR319.5 mn (USD2,897.8 k).
TKS SECURITIES (PVT) LTD