LG polls results lead to flat trading on CSE

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) was rather inactive after the local government election held on February 10, as most of local and foreign investors are adopting wait-and-see approach. Amid those developments both indices went down ie All Share Price Index 29.03 points and S and P SL20 13.70 with three crossings. The day's turnover stood at Rs 598 million. Those crossings were Softlogic Holdings crossed 7.74 million shares for Rs 150.45 million and per share value Rs 20 and Sampath Bank crossed 100,000 shares for Rs 31.95 million and per share value Rs 319.50.

When it comes to the retail market, companies that mainly contributed to day's turnover were Rs 103.33 million (5.29 million shares traded), Sampath Bank Rs 100.29 million (314,000 shares traded) and Seylan Bank (Non Voting) Rs 20.28 million (367,895).  Yesterday, banking and financial sector stocks moved well.Foreign buying in Softlogic Holdings by a Middle Eastern fund and the speculation over Swarnamahal Finance Services Plc, which is facing financial difficulties getting a business partner to continue the business, helped increase the zeal of the retail market, analysts said.

Meanwhile JKSB said: "The ASPI ended lower amid subdued market turnover. SHL, SAMP, and SEYB.X led activity levels including crossings. Trading in SHL amounted to 42% of total turnover. Foreign participation resulted in a net inflow of Rs.289mn"

ASPI: 6,542.99 down by 29.30 points (-0.45%)

S&P-SL20: 3,714.97 down by 15.21 points (-0.41%)

Turnover: Rs. 597.56 million

Foreign Purchases: Rs. 311.90 million

Foreign Sales: Rs. 22.70 million

Net Foreign Inflow/ (Outflow): Rs. 289.20 million

Most Actively Traded Sector: Diversified Holdings (-0.96%)

Best Performing Sector: Trading (+0.54%)

Worst Performing Sector: Footwear & Textiles (-4.28%)

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