Indices down on lackluster trading
The crossing of a large block of slightly over 17.9 million Commercial Bank (voting) shares held by the Distilleries Company of Sri Lanka in a deal worth Rs. 2.8 billion dominated the Colombo bourse yesterday in an otherwise lackluster day with a turnover of Rs. 3.38 billion posted, up from the previous day’s Rs. 868 million, with both indices down and losers comfortably outpacing gainers.
"Distilleries transferred the long-held block most probably to Melstacorp, a related party acting as a holding company for the group’s equity portfolio," a broker said. "The price at which the transaction was done was eight rupees below market."
Combank was traded on the floor at between Rs. 165 and Rs. 170 closing four rupees up at Rs. 169 on 0.1 million shares, contributing Rs. 17.3 million to the day’s turnover.
Apart from the ComBank crossing, 0.1 million JKH was crossed at Rs. 248.40 in a deal worth Rs. 24.8 million. JKH was traded on the floor between Rs. 248 and Rs. 251 contributing Rs. 31.8 million to turnover.
There was a net foreign inflow Rs. 112.6 million with purchases of Rs. 230.3 million and sales of Rs. 117.7 million.
Brokers and analysts expected current market trends to continue until the election is concluded on Jan. 8. But they said that if there’s violence, there will be a dip. Some brokers said there were investors who were collecting stocks they were confident of but there was little depth in the market.
The All Share Price Index closed 13.52 points down (0.19%) while the S&P SL20 Index lost a fraction of a point (0.44 points/0.01% with 92 losers ahead of 62 gainers while 55 counters closed flat.
"The ASPI ended lower for the second day of the week with selling in the manufacturing, diversified and banking, finance & insurance sectors. Turnover exceeded Rs. 3bn largely due to crossings of Rs. 2.8bn on COMB," John Keells Stock Brokers said in a market wrap.
Chevron led the floor trades closing flat at Rs. 399 on nearly 0.2 million shares contributing Rs. 67.3 million to turnover. Ceylon Tobacco followed, also closing flat at Rs. 1,015 contributing Rs. 54.1 million with Access, closing Rs. 1.40 down at Rs. 34.70 on 1.6 million shares contributing Rs. 45.1 million running third.
www.island.lk
The crossing of a large block of slightly over 17.9 million Commercial Bank (voting) shares held by the Distilleries Company of Sri Lanka in a deal worth Rs. 2.8 billion dominated the Colombo bourse yesterday in an otherwise lackluster day with a turnover of Rs. 3.38 billion posted, up from the previous day’s Rs. 868 million, with both indices down and losers comfortably outpacing gainers.
"Distilleries transferred the long-held block most probably to Melstacorp, a related party acting as a holding company for the group’s equity portfolio," a broker said. "The price at which the transaction was done was eight rupees below market."
Combank was traded on the floor at between Rs. 165 and Rs. 170 closing four rupees up at Rs. 169 on 0.1 million shares, contributing Rs. 17.3 million to the day’s turnover.
Apart from the ComBank crossing, 0.1 million JKH was crossed at Rs. 248.40 in a deal worth Rs. 24.8 million. JKH was traded on the floor between Rs. 248 and Rs. 251 contributing Rs. 31.8 million to turnover.
There was a net foreign inflow Rs. 112.6 million with purchases of Rs. 230.3 million and sales of Rs. 117.7 million.
Brokers and analysts expected current market trends to continue until the election is concluded on Jan. 8. But they said that if there’s violence, there will be a dip. Some brokers said there were investors who were collecting stocks they were confident of but there was little depth in the market.
The All Share Price Index closed 13.52 points down (0.19%) while the S&P SL20 Index lost a fraction of a point (0.44 points/0.01% with 92 losers ahead of 62 gainers while 55 counters closed flat.
"The ASPI ended lower for the second day of the week with selling in the manufacturing, diversified and banking, finance & insurance sectors. Turnover exceeded Rs. 3bn largely due to crossings of Rs. 2.8bn on COMB," John Keells Stock Brokers said in a market wrap.
Chevron led the floor trades closing flat at Rs. 399 on nearly 0.2 million shares contributing Rs. 67.3 million to turnover. Ceylon Tobacco followed, also closing flat at Rs. 1,015 contributing Rs. 54.1 million with Access, closing Rs. 1.40 down at Rs. 34.70 on 1.6 million shares contributing Rs. 45.1 million running third.
www.island.lk
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