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Sri Lanka Equity Forum » Stock Market News » Downward crawl continues on bourse

Downward crawl continues on bourse

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1 Downward crawl continues on bourse on Wed Sep 16, 2015 10:33 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The Colombo bourse yesterday continued its downward crawl with turnover at Rs. 613.5 million, down from the previous day’s Rs. 697 million, remaining thin and both indices down – the ASPI by 10.01 points (0.14%) and S&P SL20 by 4.48 points (0.11%) with 104 gainers slightly ahead of 98 losers while 123 counters closed flat.
"Investors are waiting for direction," a broker said. "The US Fed meeting on Thursday will indicate whether the US interest rates are going up or will be held at present levels. What our government will do in terms of policy and the budget will also be a signal."
Foreigners returned to a net selling position, albeit modestly so, from net buying on Monday with an outflow of Rs. 11.83 million with sales at Rs. 170.6 million ahead of purchases of Rs. 158.94 million.
Block trades in Commercial Bank (voting) where 0.2 million shares were crossed at Rs. 168 and Central Finance with 0.1 million shares crossed at Rs. 260 contributed Rs. 59.6 million to the day’s business volumes.
Apart from these, activity was seen in the chicken stock - Bairaha Farms closing five rupees up at Rs. 190.10 topping the floor trades with 0.34 million shares traded between Rs. 215.50 and Rs. 216.70 (Rs. 69.9 million), Grain Elevators down 20 cents to Rs. 87.50 on 0.55 million shares, Three Acre Farms up four rupees to Rs. 134.50 on 0.16 million shares and trading in Commercial Bank and JKH dominated a dull market.
"The ASPI ended marginally lower today amid low turnover," John Keells Stock Brokers said. "Selected counters in the banking, food & beverage, manufacturing, finance, and construction counters led market turnover with crossings seen in CFIN and COMB."
    Banks, Finance, & Insurance was the most actively traded sector (-0.08%), the report noted.
JKH closed 70 cents up at Rs. 174.70 on nearly 0.2 million shares traded between Rs. 173.90 and Rs. 175.90 while Commercial Bank (voting) closed flat at Rs. 168 on nearly 0.3 million shares done between Rs. 165 and Rs. 169.
Courtesy: The Island 15 September 2015

2 Re: Downward crawl continues on bourse on Wed Sep 16, 2015 10:52 am

VALUEPICK

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These types of things are normal in any stock market.  There is too much attention to Chinese market and Fed decision.

We had so many issues. Some panicked when they announced end of bond purchasing  program. Even if Fed increase rate gradually and slowly most probably from next year onwards some sectors are going to benefit lot. It is not the end of the world.

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