Wednesday, 8 May 2013

Quote for the day

“I became overconfident, and that is the most dangerous state of mind anyone can develop in the stock market.” - Nicolas Darvas

LSL Market Review 8th May 2013

Market maintained the momentum with blue-chips leading the way again. Retail counters rallied around blue-chips to entice further speculation of an upward movement in the stock market. Although valuations remain favourable, investors are advised to book profits when able to.

ASI gained 8.42 points (0.14%) to close at 6,210.10 and the S&P SL20 index gained 9.35 points (0.27%) to close at 3,521.30. Turnover was Rs. 1,465.4Mn.

Top contributors to turnover were Commercial Bank with Rs. 371.6Mn, Vallibel One with Rs. 114.0Mn and John Keells Holdings with Rs. 105.1Mn. Most active counters for the day were Vallibel One, Pan Asia Bank and Capital Alliance Finance.

Notable gainers for the day were Capital Alliance Finance up by 19.0% to close at Rs. 23.20, Ceylinco Insurance up by 10.0% to close at Rs. 1,100.00 and Shaw Wallace up by 9.5% to close at Rs. 266.00. Notable losers for the day were Blue Diamonds non-voting down by 5.9% to close at Rs. 1.60, Stafford Hotels down by 5.4% to close at Rs. 36.80 and CFT down by 4.7% to close at Rs. 6.10.

Cash map was 55.25%. Foreign participation was 24.19% of total market turnover and net foreign selling was Rs. 92.13Mn.