Wednesday, 6 February 2013
“I always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.”- Richard Dennis
Gains on banking sector counters such as Commercial Bank and Sampath Bank failed to uplift the broader index as retail selling persisted throughout trading today. Foreigners were seen on the buying side of banking and financials such as Hatton National Bank, Commercial Bank and Sampath Bank. Yields on most treasury bills fell in today’s auction but a period of stable interest rates could be expected going ahead.
ASI fell points 1.21 points (0.02%) to close at 5,780.09 and the S&P SL20 gained 13.48 points (0.42%) to close at 3,217.39. Turnover was Rs1, 171.1Mn.
Top contributors to turnover were Hatton National Bank with Rs.658.3Mn, Commercial Bank with Rs.153.3Mn and Sampath Bank with Rs.74.6Mn. Most active counters for the day were Commercial Bank, Vallibel One and SMB Leasing von-voting.
Notable gainers for the day were Commercial Leasing & Finance up by 8.3% to close at Rs.3.90, Blue Diamonds up by 5.4% to close at Rs.3.90 and Ceylinco Insurance up by 5.2% to close at Rs.950.00. Notable losers for the day were Bimputh Lanka Finance down by 14.4% to close at Rs.15.50, Lanka Orix Finance down by 5.6% to close at Rs.3.40 and Richard Pieris down by 3.8% to close at Rs.7.60.
Cash map for today was 37.62% which is a slight improvement from yesterday. Foreign participation was 69.49% of total market turnover whilst net foreign selling was Rs.70.6Mn.