Business
Bourse indices dip as share trading treads negative territory

By Hiran H.Senewiratne
Stock market trading yesterday was somewhat dull considering that it was bullish over the last few days. The reason was profit- takings among blue chip counters, which moved the market to negative territory, market analysts said.
Further, the year to date net foreign outflow at the stock market crossed the Rs. 8 billion mark while local investors continued to book profit, causing indices to dip. Consequently, both indices moved downwards. The All Share Price Index went down by 35.37 points while S and P SL20 index dipped by 0.86 points.
Turnover stood at Rs 910 million with one crossing. The crossing was reported in JKH, which crossed 150,000 shares to the tune of Rs 28.34 million; its shares traded at Rs 189.
In the retail market top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 123 million (1.5 million shares traded), Prime Lands Rs 47.3 million (5.7 million shares traded), Pan Asian Bank Rs 41.9 million (2.1 million shares traded), JKH Rs 26.2 million (138,000 shares traded), Hayleys Fabrics Rs 24.4 million (574,000 shares traded), LOLC Finance Rs 23.5 million (4.3 million shares traded) and PG Piramla Rs 23.5 million (812,000 shares traded). During the day 44.9 million share volumes changed hands in 11000 transactions.
It is said that mixed interest was observed in Capital Alliance, Watawala Plantations and First Capital Holdings while retail interest was noted in SMB Leasing nonvoting, Browns Investments and Dialog Axiata.
The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Finance and Capital Alliance) while the sector index lost 0.50 percent. The share price of LOLC Finance closed flat at Rs. 5.50. The share price of Capital Alliance recorded a gain of Rs 1.60 to Rs. 52.90.
The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank and Pan Asia Banking Corporation), while the sector index decreased. The share price of HNB lost rs. 1 to settle at Rs. 166.75. The share price of Pan Asia Banking Corporation moved down by 30 cents to reach Rs. 19.70.
Yesterday the US dollar rate buying rate was Rs 299.13 and selling rate Rs 308.72.