Business

Stock trading dismal, turnover too

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By Hiran H. Senewiratne

The trading activities at the Colombo Stock Exchange (CSE) yesterday took place on a negative note although it rebounded a little with the announcement of the conclusion of the domestic debt restructuring exercise, stock market analysts said.

However, in the end, the All Share Price Index was down by 25.9 points while S and P SL 20 down by 12.2 points. The turnover stood at Rs. 919 million without a single crossing. In the retail market, The top seven companies that mainly contributed to the turnover were Capital Alliance Rs 70.6 million (888,000 shares traded), Hayleys RS 55.1 million (583,000 shares traded), John Keels Hotels Rs 36.6 million (1.4 million shares traded), CIC Holdings Rs 35.9 million (282,000 shares traded), Asian Hotel Properties Rs 34.8 million (560,000 shares traded), Ceylon Grain Elevators Rs 34.2 million (197,000 shares traded) and ACL Cables Rs 30.2 million (395,000 shares traded) During the day 38.2 million shares volume change hands in 12000 transactions.

It was said that high networth and institutional investors participation was noted in Citizens Business Finance, JKH and Serendip Hotels. Mixed interest was observed in Amaya Leisure, Lanka IOC and Capital Alliance while retail interest was noted in Brown Investments, Lanka Credit and Business Finance and Asia Asset Finance. Consumer service sector was the top contributor to the turnover.

Meanwhile, John Keells stock Brokers said,”The ASPI ended lower amid moderate turnover levels with most sectors witnessing declines. CALT, HAYL, and KHL led market activity while trading in CALT amounted to 8% of total turnover. Capital Goods was the most actively traded sector (-0.41%). Insurance was the best performing sector (+5.53%). Food and Staples Retailing was the worst performing sector (-3.96%).

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