By Hiran H.Senewiratne
The Colombo Stock Exchange (CSE) witnessed unusual selling pressure, especially for JKH stocks, which dropped their per share price by more than 3 percent compared to the previous day. Because of this trend, prices in other counters also dropped considerably, stock market analysts said.
Amid those developments, both indices showed a downward trend; ie, the All Share Price Index went down by 20.07 points and S and P SL20 was down by 20.11 points. However, the day's turnover stood at Rs. 928.64 million with one crossing. That crossing was from JKH where 2.5 million shares crossed for Rs. 373.33 million and the per share value was Rs. 150.
In the retail market, again JKH became the main contributor to the day's turnover which was Rs. 395 million and 2.5 million shares were traded during the day. Two other companies that mainly contributed to the day's turnover were: Commercial Bank Rs. 22.3 million (163,000 shares traded) and HNB (Non voting) Rs. 16.4 million (80,000 shares traded).
During the day 15.28 million share volumes changed hands in 3928 transactions.. JKH shares dominated the market but other counters in the CSE did not trade in a significant manner. It is said that 83 percent of the day's turnover was contributed by JKH.
Analysts said the release of the government gazette notification on the new Inland Revenue Act will also weigh on the market over the next few days.
Turnover was Rs. 670.3 million on Tuesday, less than this year’s average of around Rs. 928.6 million .
Top private lender Commercial Bank of Ceylon fell 2.3 percent, while market heavyweight and top conglomerate John Keells Holdings closed 3 percent weaker.
Finance Minister Mangala Samaraweera imposed new taxes on motor vehicles, telecoms, banks and liquor in a bid to boost revenues in the 2018 budget as the budget deficit for the current year slipped to 5.2 percent of the gross domestic product.
Meanwhile, JKSB reports -
ASPI: 6,428.83 (-29.07 pts; -0.45%); Val T/O: Rs. 929mn (US$6.05mn); Vol T/O: 15.2mn; Trades: 3,928
Advance/decline ratio: 88/82; Top gainer: HAPU.N (+18.11%) ; Top loser: SEMB.X (-33.33%)
Highlights:
• The ASPI ended lower amid improved turnover levels. JKH, COMB, and HNB.X led market activity with trading in JKH amounting to 83% of total turnover.
• Diversified Holdings was the most actively traded sector (-1.67%)
• Plantations was the best performing sector (+2.34%), supported by gains on MAL (+7.69%)
• Investment Trusts was the worst performing sector (-4.84%), dragged down by declines on CINV (-6.61%)
Amid those developments, both indices showed a downward trend; ie, the All Share Price Index went down by 20.07 points and S and P SL20 was down by 20.11 points. However, the day's turnover stood at Rs. 928.64 million with one crossing. That crossing was from JKH where 2.5 million shares crossed for Rs. 373.33 million and the per share value was Rs. 150.
In the retail market, again JKH became the main contributor to the day's turnover which was Rs. 395 million and 2.5 million shares were traded during the day. Two other companies that mainly contributed to the day's turnover were: Commercial Bank Rs. 22.3 million (163,000 shares traded) and HNB (Non voting) Rs. 16.4 million (80,000 shares traded).
During the day 15.28 million share volumes changed hands in 3928 transactions.. JKH shares dominated the market but other counters in the CSE did not trade in a significant manner. It is said that 83 percent of the day's turnover was contributed by JKH.
Analysts said the release of the government gazette notification on the new Inland Revenue Act will also weigh on the market over the next few days.
Turnover was Rs. 670.3 million on Tuesday, less than this year’s average of around Rs. 928.6 million .
Top private lender Commercial Bank of Ceylon fell 2.3 percent, while market heavyweight and top conglomerate John Keells Holdings closed 3 percent weaker.
Finance Minister Mangala Samaraweera imposed new taxes on motor vehicles, telecoms, banks and liquor in a bid to boost revenues in the 2018 budget as the budget deficit for the current year slipped to 5.2 percent of the gross domestic product.
Meanwhile, JKSB reports -
ASPI: 6,428.83 (-29.07 pts; -0.45%); Val T/O: Rs. 929mn (US$6.05mn); Vol T/O: 15.2mn; Trades: 3,928
Advance/decline ratio: 88/82; Top gainer: HAPU.N (+18.11%) ; Top loser: SEMB.X (-33.33%)
Highlights:
• The ASPI ended lower amid improved turnover levels. JKH, COMB, and HNB.X led market activity with trading in JKH amounting to 83% of total turnover.
• Diversified Holdings was the most actively traded sector (-1.67%)
• Plantations was the best performing sector (+2.34%), supported by gains on MAL (+7.69%)
• Investment Trusts was the worst performing sector (-4.84%), dragged down by declines on CINV (-6.61%)
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