The market followed Monday’s pattern gaining by a single point to close at 609.6 points on the All Share Index (ASI) at the end of Wednesday's trading, while the Milanka Price Index (MPI) gained by 6.1 points to close at 998.1 points, data on a Colombo Stock Exchange (CSE) release showed.

Turnover recorded for the day was Rs. 32.4 million, with sources predicting that the market would behave in a lackadaisical manner during the coming days due to the ‘Avurudhu’ season. Yesterday was the last day of trading before the ‘Avurudhu’ holidays. The market would be closed for trading today and would only reopen on Tuesday, with Monday also being a holiday for the stock market.

"With most players keeping away onWednesday on account of the ‘Avurudhu’ season, we expect the market to be reactivated only from the week beginning on April 22, with the week immediately following the ‘Avuruddha’ also expected to be slack," they said. Meanwhile, the market experienced a net ‘foreign gain’ onWednesday, with foreign purchases amounting to Rs. 14.6 million and foreign sales, Rs. 79,075. Foreign purchases were mainly seen in Asia Capital (Rs 6.7 million), Hayleys (Rs. 5.7 million) and Aitken Spence (Rs. 1.9 million).

Some of the main contributors to the day’s turnover were Asia Capital, Rs. 7.7 million on a volume of 1,024,000 shares. Out of this volume, 900,000 shares were bought by a foreign fund, while the sellers were believed to have been retailers. Asia Capital closed at Rs. 7.50; 25 cents more than the previous day’s closing price.

Hayleys, Rs. 5.8 million on a share volume of 50,600, with the majority of these shares believed to have been bought by a foreign account, and the seller, speculated to be the EPF account. Hayleys closed at Rs. 115, the same price it closed the previous day.

Royal Ceramics Lanka Ltd (RCLL), Rs. 4.5 million on a share volume of 279,500. RCLL closed at Rs. 16; the same price it closed at the end of the previous day’s trading. ‘With between 500,000 to two million RCLL shares believed to be in circulation in the market, including shares bought in a Rights issue at Rs. 10 a share, it is speculated that Wednesday’s trading in RCLL shares were mainly conducted by retailers (as against strategic investors), as a profit making exercise,’ the sources said.

Other major contributors to Wednesday’s trading were Richard Pieris, Rs. 3.2 million on a share volume of 32,700. These trades were conducted at between Rs. 95 and Rs. 96.25 a share. Richard Pieris closed at Rs. 96.25; Rs. 1.25 more than the previous day’s closing price.

Aitken Spence Rs. 1.9 million (foreign purchases) on a share volume of 20,000; conducted at Rs. 95 a share. Aitken Spence closed at Rs. 95, a rupee more than the previous day’s closing price. Pelwatte Sugar Rs. 1.1 million on a share volume of 143,600, with trades conducted at between Rs. 7.75 and Rs. 8 a share. Pelwatte closed at Rs. 8; 25 cents more than the previous day’s closing price.

And Distilleries, Rs. 1.046 million on a share volume of 135,000. Distilleries closed at Rs. 7.75, the same price it closed the previous day. Among some of the gainers at Wednesday’s trading were Ceylon Guardian, up by Rs. 5 to close at Rs. 100 on a share volume of 400.

Central Finance, up by Rs. 4.50 to close at Rs. 54.50 on a share volume of 9,300. DIMO, up by Rs. 3 to close at Rs. 34 on a share volume of 200 and Caltex, up by Rs. 1.50 to close at Rs. 78 on a share volume of 700.

And, among some of the losers, Ceylon Brewery, down by Rs. 3.75 to close at Rs. 40 on a share volume of 500; Sampath Bank, down by Rs. 2 to close at Rs. 56 on a share volume of 400; Lion Brewery, down by Rs. 1.25 to close at Rs. 46.75 on a share volume of 3,700; Reckitt, down by a rupee to close at Rs. 31 on a share volume of 600 and Overseas Realty, down by 75 cents to close at Rs. 3.25 on a share volume of 300. (PA)