Market upbeat on JKH shares

Colombo stocks started the day upbeat on selected buying, but selling pressure later in the end brought down the indices. The broader benchmark ASPI lost 6 points (-0.3%) to end at 1,712, whereas the MPI which tracks the liquid stocks ended day marginally down at 1,927.

Turnover improved on large transactions in John Keells Holdings. JKH saw Rs 95.3 million worth of transactions and the share closed up 50 cents at Rs 65.00. Hemas Holdings closed at Rs 61.00 (up 50 cents) on transactions of Rs 14.6 million, while Chevron Lubricants closed flat at Rs 97.00 on deals worth Rs 12.7 million.

Cargo Boat Holdings was the other stock to see significant turnover, with Rs 11.6 million of shares changing hands.

The share lost 50 cents to close at Rs 22.25.

Asian markets declined sharply with regional benchmarks such as the Hang Seng (-4%), Straits Times Index (-4%) and Sensex (-3%) saw their fourth day of declines. The Nikkei which declined for the third day consecutive day lost 7% on Thursday.

European markets were trading lower as well with the FTSE -100 already having lost 2% and Germany losing 3%. Both countries are officially in recession.

Source: First Guardian Equities