Ceylon Finance Today: The stock market fell for the third consecutive market day yesterday, but its fall would have been steeper, if not for CIC, a second tier stock, controlled by high net worth individual Sohili Captain and his son Rusi which added both volumes and value to the day's trading.
CIC contributed to 51.94% of yesterday's total turnover with Rs 510.35 million and 24.87% of yesterday's total share volume (SV) with 24.87%. The seller was believed to be an account connected to the Galle Face Group of Sanjeev Gardiner fame and the buyer, CIC ESOP, ie the company's employee shareholder trust which holds equities on behalf of the CIC staff.
Contributions to turnover were both by CIC (voting) and non voting (NV) with Rs 371.17 million and Rs 139.18 million on SVs of 3.38 million and 1.62 million respectively. CIC voting closed, up 9.20% to Rs 109.20 and CIC (NV), up 15.29% to Rs 88.20 a share. The benchmark ASPI declined by 0.14% to 6,849.09 points; the more sensitive S&P SL 20 Index by 0.24% to 3,624.39 points on a low 20.12 million SV and on a Rs 982.53 million turnover.
Losers outnumbered gainers by a ratio of 84:61. The bourse enjoyed a modest net foreign inflow of Rs 12.77 million, though in the calendar year to date it has suffered a net foreign outflow of Rs 3.1 billion.
Troubles besetting the bourse are investor being bogged down by fears that there will be a flight of foreign capital due to expectations that the Federal Reserve System will raise its near zero policy rates next week, the rise in indirect taxes in Budget 2016, manipulators who had a field day during the previous regime staying away from the bourse due to fear of prosecutions and the near absence of retailers who got their fingers burnt due to the aforesaid white-collar crooks.
CIC contributed to 51.94% of yesterday's total turnover with Rs 510.35 million and 24.87% of yesterday's total share volume (SV) with 24.87%. The seller was believed to be an account connected to the Galle Face Group of Sanjeev Gardiner fame and the buyer, CIC ESOP, ie the company's employee shareholder trust which holds equities on behalf of the CIC staff.
Contributions to turnover were both by CIC (voting) and non voting (NV) with Rs 371.17 million and Rs 139.18 million on SVs of 3.38 million and 1.62 million respectively. CIC voting closed, up 9.20% to Rs 109.20 and CIC (NV), up 15.29% to Rs 88.20 a share. The benchmark ASPI declined by 0.14% to 6,849.09 points; the more sensitive S&P SL 20 Index by 0.24% to 3,624.39 points on a low 20.12 million SV and on a Rs 982.53 million turnover.
Losers outnumbered gainers by a ratio of 84:61. The bourse enjoyed a modest net foreign inflow of Rs 12.77 million, though in the calendar year to date it has suffered a net foreign outflow of Rs 3.1 billion.
Troubles besetting the bourse are investor being bogged down by fears that there will be a flight of foreign capital due to expectations that the Federal Reserve System will raise its near zero policy rates next week, the rise in indirect taxes in Budget 2016, manipulators who had a field day during the previous regime staying away from the bourse due to fear of prosecutions and the near absence of retailers who got their fingers burnt due to the aforesaid white-collar crooks.
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