Indices lose in October; awaits budget outcome
View(s):The Colombo market last month moved on a subdued manner awaiting the interim results and outcome of the November budget (which was presented on Friday) with both indices losing in value, analysts say. The benchmark index lost 8.81 points (-0.1 per cent) month on month (MoM) to close at 7,042.06. The S&P SL 20 also followed suit depreciating 23.15 points (0.6 per cent) MoM closing at 3,803.The poultry segment was a prominent gainer during the first week of the month with Ceylon Grain Elevators PLC and Bairaha Farms PLC reaching a 52 week high, a Bartleet Religare report said.
Export oriented counters such as Richard Pieris Exports PLC, TESS Agro, and Hayleys Fabric PLC also showed interest during the month with expectations of a positive GSP+ concession. The report said that the Banking and Finance sector counters NTB, Commercial, HNB, Sampath and People’s Leasing and Finance PLC were active during the month while interest was seen on Distilleries Company during the latter part of the month with 4.44 million shares changing hands posting a turnover of Rs. 1.22 billion. This stock closed at Rs. 275 for the month.
Interest was evident on Access Engineering PLC and Textured Jersey spurred by their interim results, according to the report. The retail segment participation was evident on midcap stocks and low valued counters during the month.The cumulative turnover for October recorded Rs. 20.7 billion aided by 651 million shares changing hands with daily average turnover for the month amounting to Rs. 987 million.