Thursday, 31 January 2013

Quote for the day

“First if all, never play macho man in the market. Second, never overtrade. My major problem was not the number of points I lost on the trade, but that I was trading far too many contracts relative to the equity in the accounts that I handled.” - Paul Tudor Jones

LSL Market Review 31st Jan 2013

Commercial Bank and John Keells Holdings continued to attract institutional and high net worth investors with the two counters dominating today’s turnover. Retail investors seem to have settled down awaiting another bullish period. Foreign investors exiting certain companies shouldn’t be seen as a worrying issues as these shares are trading at attractive prices and local buying helps to retain future gains.

ASI dipped marginally by 9.01 points (0.15%) to close at 5,816.89 and the S&P SL20 index gained 3.98 points (0.12%) to close at 3,197.16. Turnover was 3,425.1Mn.

Top contributors to turnover were Commercial Bank with 1,609.8Mn John Keells Holdings with Rs. 1,311.5Mn and DFCC with Rs. 140.0Mn. Most active counters for the day were People’s Leasing & Finance, Pan Asia Bank and John Keells Holdings.

Notable gainers for the day were SMB Leasing up by 11.1% to close at Rs. 1.00, people’s Finance up by 7.6% to close at Rs 41.20 and Amana Takaful up by 6.3% to close at Rs. 1.70. Notable losers for the day were People Leasing & Finance down by 9.4% to close at Rs. 13.50, Citrus Waskaduwa down by 6.0% to close at Rs. 6.30 and Colonial Motors down by 4.5% to close at Rs. 145.10.

Cash Map for today was 18.45%. Foreign participation was 70% of total market turnover whilst net foreign selling was Rs. 292Mn.