Where is the Market Bottom?
No one truly knows when a Bear Market will end. One can say bear market will end when Market Price Earnings Ratio falls to single digit. If that so CSE may fall further because CSE’s current Market PER is around 13x. However the most important factor to change the bear run is change in Investors sentiment. When people see more sell orders in order book of a stock everyone will try to sell but as soon as they start to see enough buy orders sellers may change their minds.
Colombo Stock Market started trading for a fresh week with the bad news of steep fuel price increase. In early trading ASI was crashed almost 4.5 percent but later recovered half of early losses. At the end of Monday’s trading ASI lost 117.01 points or 2.2 percent to close at 5199.98 while more liquid Milanka index closed 4524.17, down 102.97 points. Day’s total turnover was amounted to 1.46 billion rupees.
187 stocks lost their value during the trading session while only 37 stocks closed higher. Index heavy Carsons Cumberbatch Plc lost 17.50 to close at Rs 432.50 while John Keells Holdings Plc closed 3.30 lower at Rs 160.30. Environmental Resources Investments Plc (GREG) lost three rupees and closed at 20.20. Commercial Bank (COMB) lost 50 cents to close at Rs 100.50.
Foreign investors were net buyers with net inflow of Rs 44,334,737.00.
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Tagged with: bear • Colombo Stock Exchange • cse • daily
Filed under: Daily Stock Market Report
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really good.