Wednesday, 26 December 2012
Colombo shares extended their gains into Wednesday with most of the blue-chips ending higher. Out of 16 stocks traded in S&P LK20 index, 13 closed with gains.
ASI advanced by 46.02points (+0.8%) to 5,570.91. MPI ended with a 0.4% gain (+21.01 points) at 5,060.83 while S&P LK20 index finished 0.7% higher (+21.59 points) at 3,060.37.The gains in the indices were supported by the price increase in blue-chips such as in Ceylon Tobacco (LKR 800,+2.9%), Dialog (LKR 8.40,+3.7%) and Aitken Spence (LKR 119.90,+2%).
The market turnover improved from last Monday to LKR 242mn despite the holiday-thinned trading. Only 8.2mn shares changed hands today clearly indicating the low activity levels.
The highest contribution for the turnover came from John Keells Holdings (LKR 151mn), Commercial Bank (LKR 27mn) and Bukit Darah (LKR 10mn). Free Lanka Holdings, Nation Lanka Finance and Central Investment and Finance were among the actively traded stocks.
The cash map (exl crossings) advanced to 78% indicating some buying pressure but on low activity.
Foreign participation accounted for 45% of the total turnover and foreigners were net buyers for the eighth consecutive day with a net inflow amounting to LKR 119mn.
“Deciding when to cut your losses is one of the toughest decisions for anyone to make, but traders at the top of their game know that they always have to make the decisions they need to make, which may or may not be the ones they want to make” - Doug Hirschhorn