Profit realization drags market down

The Sri Lankan market ended its winning streak today and closed on negative note mainly on account of the apparent profit realizing behavior in the market.

ASI closed at 6,956.21, down 41.82 points (-0.59%) while liquid MPI closed at 6,293.08, down 33.83 points (-0.53%).

 

The market turnover was notable at Rs.3.2bn.

 

Browns Investment Plc (Rs.495.6mn) was the top contributor to the turnover along with East West Properties Plc (Rs.251.7mn) and HVA Foods Plc (Rs.196.0mn). In addition Browns Investment Plc and East West Properties Plc depicted active level of trading during the day. Furthermore Browns Investment Plc recorded a crossing of 16.1mn shares at a price of Rs. 5.70.

 

10% price band was imposed on Ceylon Tea Brokers with effect from 7th September to 13th September.

 

Textured Jersey which commenced its secondary trading below its IPO price of Rs.15, appreciated above the introductory level today to reach the all time high of Rs.15.70 for the first time and closed at Rs.15.10.

 

Foreign participation stood at 6.21% of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs. 119.3mn