Turnover up, indices dip

Sri Lankan equity market continued its struggle to get out of the negative zone as benchmark indices dipped to the negative zone again. ASI decreased by 29.19 points (-0.46%) to end at 6319.25 and liquid MPI dipped by 30.61 points (-0.54%) to close at 5,631.28. The market turnover stood at Rs.2.4bn.
 

Galadari Hotels Plc (GHLL) (Rs.1.3bn) topped the turnover list with heavy trading. GHLL recorded seven crossings of 29.1mn shares at a price of Rs.40.00. It was reported that an investment connected to the Dubai Government bought 16.1% stake in the hotel. In addition Commercial Bank Plc (COMB) (Rs.263.9mn) and John Keells Holdings Plc (Rs.140.5mn) made noteworthy contributions to the daily turnover. Furthermore 1.6mn shares of COMB traded as a crossing at a price of Rs.108.50.

 

Meanwhile Nation Lanka Finance Plc, People’s Merchant Bank Plc and Panasia Power Plc demonstrated heavy trading during the day. Moreover today an announcement was made regarding a right (1 for 4 shares) and a warrant issue (3 warrants for every 5 rights) of Nation Lanka Finance. The right issue price was Rs.10.00 per share and warrants are exercisable in July 2013 at Rs.12.00.

 

Foreign participation amounted to 66.0% of the total market activity and at the end of the day foreign investors were the net sellers with a net foreign outflow of Rs.5.1mn.