Quote for the day

“If stock market experts were so expert, they would be buying stock, not selling advice.” - Norman R. Augustine

LSL Market Review 17th Apr 2013

Sentiment remained strong buoyed by interest on blue-chips. Foreign accumulation of blue-chips has seen local investors also building their appetite for equities.  Banking counters and John Keells Holdings continued to be the dominant performers in the market. Retail activity is rallying around the surge in foreign buying. However, investors are cautioned to stick to value investing to minimize unwarranted speculation.

ASI gained 15.85 points (0.27%) to close at 5,868.53 and the S&P SL20 index gained 10.42 points (0.31%) to close at 3,361.99. Turnover was Rs. 611.5Mn.

Top contributors to turnover were John Keells Holdings with Rs. 101.3Mn, Nations Trust Bank with Rs. 74.6Mn and Ceylon Tobacco Company with Rs. 40.2Mn. Most active counters for the day were Blue Diamonds, Nations Trust Bank and Citrus Leisure warrant 19.

Notable gainers for the day were Environmental Resource Investments up by 23.1% to close at Rs. 1.60, Citrus Leisure warrant 19 up by 19.2% to close at Rs. 3.10 and Laxapana Batteries up by 14.6% to close at Rs. 5.50. Notable losers for the day were Amana Takaful down by 6.3% to close at Rs. 1.50, Swarnamahal Financial Services down by 5.6% to close at Rs. 3.40 and Asian Alliance Insurance down by 4.8% to close at Rs. 80.00.

Cash map for today was 61.04%. Foreign participation was 17.07% of total market turnover whilst net foreign buying was Rs. 43.74Mn.