The Colombo bourse on Monday began on an extremely encouraging manner yet again, led by John Keells Holdings (JKH) and National Development Bank Ltd. (NDB) shares, a Bartleet Mallory Stockbrokers (Pvt.) Ltd. report said. But as the day progressed, the combination of foreign selling of NDB shares and profit taking by investors, saw most of the early gains diminish. The end result was that both indices witnessed only marginal gains for the day. The ASPI appreciated by a mere 0.50 points to close at 493.5 points, while the MPI picked up by a slender margin of 1.70 points to close at 803.7 points. However, price advances outnumbered declines by a significant margin of 39 to 14.

Market turnover closed the day at a rather moderate Rs. 36.2 million, which is a decline of 29% from the previous day’s figure of Rs. 50.8 million. NDB shares was the leading contributor to the day’s turnover accounting for 37% of that figure. Other significant contributions to the day’s turnover came from JKH, John Keells Limited, Caltex Lubricants, Royal Ceramics and Vanik shares. The foreign selling of NDB shares dominated foreign activity resulting in a net foreign outflow of Rs. 8.4 million to be recorded for the day. Foreign purchases and sales accounted for 2% and 26% respectively of the day’s turnover.

Meanwhile, the number of NDB shares traded yesterday was 237,200 in 175 trades. NDB gained by 50 cents to close Rs 55 at the end of yesterday’s trading. The number of JKH shares traded was 75,900 in 117 trades. JKH closed at the same price as on Friday which was Rs 47.

76,800 shares of John Keells Ltd (JKL) was traded in three trades, with JKL closing at Rs 42.50, the same closing price as on Friday’s closing, 30,000 shares of Caltex being traded in 11 trades at Rs 62 a share, 81,300 shares of Royal Ceramics in 31 trades. Royal Ceramics lost by Rs 4.75 to close at Rs 20 at the end of yesterday’s trading.

The total number of shares traded yesterday was 2,522,277; as against 1,332,434 the previous day. The number of trades however declined from 813 to 791. Among the top losers on the main board were Indo-Malay (listed under Oil and Palms) which lost Rs 25 on a share to close at Rs 225, and Vanik Incorporated Ltd’s debt issue losing by Rs 3 to close at Rs 14. There were seemingly no appreciable gains at Monday’s trading.