“It is foolhardy to make a second trade, if your first trade shows you a loss. ” “Never average losses. ” Let that thought be written indelibly upon your mind.” -Jesse Livermore
Monday, 28 January 2013
LSL Market Review 28th Jan 2013
Profit taking on retail driven counters saw the broader index losing ground whilst gains on a handful of blue-chips saw the S&P SL20 index gaining marginally. Premier blue-chip John Keells Holdings dominated turnover contributing more than 72%. The counter closed marginally higher at Rs. 225.00.
ASI lost 23.10 points (0.39%) to close at 5,855.09 and the S&P SL20 index gained 4.07 points (0.13%) to close at 3,194.72. Turnover was Rs. 759.6Mn.
Top contributors to turnover were John Keells Holdings with Rs. 547.9Mn, Environmental Resource Investments with Rs. 73.8Mn and Commercial Bank with Rs. 11.8Mn. Most active counters for the day were Environmental Resource Investments, HVA Foods and John Keells Holdings.
Notable gainers for the day were Panasian Power up by 3.6% to close at Rs. 2.90, Renuka Shaw Wallace up by 3.2% to close at Rs. 19.50 and Dialog Telekom up by 2.3% to close at Rs. 8.80. Notable losers for the day were Kotagala Plantations (announced a 1 for 4 rights issue at Rs. 45.00) down by 18.3% to close at Rs. 64.00, Environmental Resource Investments (warrant – 6) down by 9.1% to close at Rs. 4.00 and C.W. Mackie down by 6.9% to close at Rs. 69.80.
Cash map for today was a disappointing 28.8%. Foreign participation was 66% of total market turnover whilst net foreign buying was Rs.22Mn.
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