Indices gained considerable ground helped by gains on Ceylon Tobacco Company and Chevron Lubricants. Retail favorite Colombo Land & Development rallied with solid activity. A major shareholder of Panasian Power reduced their stake whilst Hemas power was the buyer. The latter will be expanding its portfolio of power generating sites in effect. Investors speculated on Ceylon Tobacco Company announcing its interim dividend anytime soon. High dividend yielding counters are expected to see price appreciations in the short-term.
ASI gained 50.21 points (0.85%) to close at 5,933.73 and the S&P SL20 index 13.66 gained (0.41%) points to close at 3,358.51. Turnover was Rs. 975.3Mn.
Top contributors to turnover were Panasian Power with Rs. 304.8Mn, John Keells Holdings with Rs. 114.3Mn and Commercial bank with Rs. 71.9Mn. Most active counters for the day were Colombo Land & Development, Touchwood Investments and Agstar Fertilizer.
Notable gainers for the day were Industrial Asphalts up by 18.4% to close at Rs. 249.90, Environmental Resource Investments - warrants up by 13.6% to close at Rs. 2.50 and Amana Takaful up by 13.3% to close at Rs. 1.70. Notable losers for the day were Tangerine Hotels down by 14.9% to close at Rs. 68.10, E.B. Creasy down by 4.9% to close at Rs. 951.00 and Lankem Ceylon down by 4.9% to close at Rs. 154.00.
Cash map for today was 70.22%. Foreign participation was 27.2% of total market turnover whilst net foreign selling was Rs. 161.5Mn.
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