Shares in mid-market slip; indices dip

By Hiran H. Senewiratne

The CSE yesterday commenced the week on a positive note as retail favourites continued to strengthen on improved sentiment. But shares slipped in mid- market trade due to profit- takings, stock market analysts said.

During the day profit- takings were noted after the market showed some positive stance after having performed well during the previous couple of days. Since foreign investor participation is not visible, unlike on previous days, local investors also began to be conscious of investing in the market in a big way, analysts said.

Amid those developments both indices moved downwards. The All- Share Price Index went down by 30.5 points and S and P SL20 declined by 4.9 points. Turnover stood at Rs 1.3 billion without a crossing.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 188 million (913,000 shares traded), Lanka IOC Rs 180 million (792,000 shares traded), Browns Investments Rs 151 million (18.7 million shares traded), First Capital Treasuries Rs 115 million (four million shares traded), JKH Rs 91.6 million (649,000 shares traded), First Capital Holdings Rs 81.3 million (2.3 million shares traded) and Ambeon Capital Rs 24 million (6.4 million shares traded).

It is said that high net worth and institutional investor participation cSCwas noted in Richard Pieris and Company and JKH.

The transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index increased by 1.47 per cent. The share price of Expolanka Holdings increased by Rs. 3.00 (1.48 per cent) to close at Rs. 206.25.

It said mixed interest was observed in Expolanka Holdings, Lanka IOC and First Capital Holdings while retail interest was noted in Browns Investments, First Capital Treasuries and SMB Leasing (non- voting). Foreign participation in market activity remained at subdued levels with foreigners closing as net sellers.

The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Treasuries and First Capital Holdings) while the sector index gained 1.35 per cent. The share price of First Capital Treasuries moved up by Rs. 4.40 (18.72 per cent) to close at Rs. 27.90. The share price of First Capital Holdings recorded a gain of Rs. 5.80 (20.42 per cent) to close at Rs. 34.20.During the day 60.9 million share volumes changed hands in 15000 transactions.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 361.19 and the selling rate Rs 371.71.