ASI closed higher due to extraordinary gain in CDIC.

Market opened positively for a fresh week today but lost the momentum few hours later. At the end of the day’s trading there were 143 losers and only 65 gainers reported. ASI was up by 8.83 to close at 7468.41 while MPI lost 9.25 to close at 6866.29. Day’s turnover amounted to 3.12 billion rupees.

The main reason for ASI to close positive was Rs 303.10 gain in Capital Development and Investment Company Plc (CDIC). Investors are speculating more than 2 billion rupee capital gain if AVIVA decides to exit from Aviva NDB Insurance PLC. Currently CDIC’s largest investment is in Aviva NDB Finance Lanka (Pvt) Ltd, through which the Company holds a 36.27% stake in Aviva NDB Insurance PLC. CDIC closed at Rs 707.30 for the day.

Lanka Ashok Leyland Plc closed at Rs 5990.00, up 490.00. Mercantile Shipping Company the only listed shipping company in Sri Lanka closed 155.20 higher at Rs 465.70. Sri Lanka Telecom Plc lost 1.70 to close at Rs 56.60 while Aitken Spense Plc was down by 2.40 to end the day at Rs 151.60. 1,256,900 shares of Union Bank changed hands and closed 30 cents lower at Rs 29.10.

Foreign investors were net sellers with net outflow of Rs 165,306,736.00.