With parliamentary elections just eight days away, investors seem to have got the nervous jitters, still unsure of a clear outcome, Bartleet Mallory Stockbrokers (Pvt.) Ltd.said. This resulted in investors, both local and foreign, adopting a cautious approach towards the market. With retailers continuing to sell-out, both indices came down for the third consecutive on Tuesday.

The ASPI and the MPI dropped by a further 3.7 points and 7.4 points respectively on a day where price declines dominated advances by a margin of 54 to 16. Market turnover continued to remain on the quiet side totalling Rs 50.7 million. The leading contributors to the day’s turnover came from JKH, Commercial Bank (voting and non-voting), Caltex Lubricants and Asia Capital.

A net foreign inflow of Rs 3.2 million was recorded for the day with foreign purchases and sales accounting for 6.6% and 0.2% respectively of market turnover. Foreign purchases were seen in Caltex Lubricants, JKH and Asian Hotels. No significant foreign sales were recorded in any stock.

Sectorally, there were as many as nine sector indices that declined during the day, with the banks, finance and insurance, chemicals and pharmaceuticals and the beverage, food and tobacco sectors leading the way. Only three sector indices appreciated in the course of the day.

Meanwhile, sources describing Tuesday’s market performance said that there was profit taking by a few retailers, but institutions and high networth individuals were watching and a few of them will enter prior to the elections, they said.

‘With four trading days left prior to the elections, there should be a rally in the last two days, with the market anticipating a change.’ the sources said. Among Tuesday’s main trades were 245,400 shares of JKH traded at between Rs 46.50 and Rs 48 a share. Out of that, 190,000 shares were traded at Rs 47, ‘among one buyer and one seller,’ with speculation that the buyer was Sohli Captain.

56,400 shares of Commercial Bank at Rs 110 a share, with high networth individuals buying, and retail clients selling. 82,700 non-voting shares of Commercial Bank believed to have been bought by Captain, with the seller being ETF and retail investors. ETF is now left with 50,000 non-voting shares of Commercial Bank at the most, the sources said.

Caltex Lubricants traded at between Rs 60.50 and Rs 65 a share. 29,000 shares of the 61,500 Caltex shares traded, were bought by foreigners. 495,000 shares of JKH traded at prices ranging from between Rs 7.25 and Rs 7.75 a share.

31,900 shares of NDB traded at prices ranging from between Rs 55.50 and Rs 57 a share. 18,500 shares of Hayleys Ltd traded at between Rs 82.50 and Rs 84 a share, 235,500 shares of Distilleries traded at between Rs 5.75 and Rs 6 a share and12,900 shares of DFCC Bank traded at between Rs 96 and Rs 99.50 a share.

The main stocks that moved up were ITH by 30% to close at Rs 14. Stafford Motors by 20% to close at Rs 6 and Central Securities up by 7% to close at Rs 14. Among the top losers were Vanik (non-voting) down by 20% to close at Rs 1, Keells Foods down by 18% to close at Rs 12 and Bata down by 11% to close at Rs 8 a share. (PA)