"Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond." - Charlie Munger
Tuesday, 12 March 2013
LSL Market Review – 12th Mar 2013
Indices gained on the back of improved buying activity on
blue-chips such as John Keells Holdings, Commercial Bank and Ceylon Tobacco
Company. National Development Bank rose by around Rs. 3.00 on relatively thin
volumes as investors expect a lump sum final dividend. Foreign buying on
blue-chips have driven the market from last year’s low levels and we expect
this trend to continue in the mid-term.
ASI gained 27.01 points (0.48%) to close at 5,704.32 and the
S&P SL20 index gained 17.90 points (0.55%) to close at 3,247.09. Turnover
was Rs. 671.6Mn.
Top contributors to turnover were John Keells Holdings with
Rs. 347.6Mn, Commercial Bank with Rs. 56.9Mn and Hatton National Bank
non-voting with Rs. 26.7Mn. Most active counters for the day were Asiri
Surgical, John Keells Holdings and Commercial Bank.
Notable gainers for the day were Asiri Surgical up by 18.1%
to close at Rs. 11.10, Seylan Developments up by 5.8% to close at Rs. 9.10 and
Commercial Leasing & Finance up by 4.8% to close at Rs. 4.40. Notable losers
for the day were PC Pharma down by 7.1% to close at Rs. 7.80, PC House down by
2.4% to close at Rs. 4.00 and Lanka Cement down by 2.4% to close at Rs. 8.00.
Cash map for today was 53.44%. Foreign participation was
35.23% of total market turnover whilst net foreign buying was Rs. 320.99Mn.
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