Wednesday, 27 March 2013
"Trading runs in cycles: some good; most bad. Trade large and aggressively when trading well; trade small and modestly when trading poorly. In "good times," even errors are profitable; in "bad times" even the most well researched trades go awry. This is the nature of trading; accept it." - Dennis Gartman
John Keells Holdings and National Development Bank contributed well in terms of gains and turnover. However, drops in other blue-chips had an overall negative effect on the indices. Softlogic Holdings made an announcement it will issue Rs. 750 worth debentures to shore up its balance sheet.
ASI dipped 0.56 points (0.01%) to close at 5,744.99 and the S&P SL20 index lost 1.28 points (0.04%) to close at 3,294.68. Turnover was Rs. 938.0Mn.
Top contributors to turnover were John Keells Holdings with Rs. 335.4Mn, National Development Bank with Rs. 173.7Mn and Aitken Spence with Rs. 52.8Mn. Most active counters for the day were National Development Bank, Pan Asia Bank and Commercial Bank.
Notable gainers for the day were Property Development up by 5.5% to close at Rs. 46.10, Pan Asia Bank up by 3.8% to close at Rs. 19.10 and National Development Bank up by 2.4% to close at Rs. 166.00. Notable losers for the day were Blue Diamonds non-voting down by 6.7% to close at Rs. 1.40, Radiant Gems down by 5.9% to close at Rs. 48.10 and Alliance Insurance down by 5.8% to close at Rs. 800.00.
Cash map for today was 59.57%. Foreign participation was 31.96% of total market turnover whilst net foreign buying was Rs. 408.17Mn.