ASI Today - 24.10.2017. ASCOT bought over by Foreign/Local Investors

Some lucky Traders capitalized on the ASCOT deal as it went up from 32 to 44.50 during intra-day trading. This was due to a group of Investors both Local and Foreign bought more than 44% upto a high of 42.50. When the 1st block crossed at 42/- it was trading at 33.00 in the normal board. This made the traders to JUMP AND BUY from the sellers. The lucky traders managed to grab roughly about 50K of shares below 38.00. They were the most benefited. A Mandatory Offer will be made at 42.50 as the Investors have exceeded 30% trigger.

More than LKR 250M worth of T/O came from ASCO, whilst the Balance LKR 490M, were shared among others, in a total T/O of LKR 743M+.

Another stage of the Plantations rally is on, and would exist till the Sept results are out. Yet this sector is highly volatile, which is famous for versatile surprises. Hence caution is the best medicine.

A further 17 points were added to the ASI today, and it stood at 6588 points in the end of trading.
Market was a bit busy today than yesterday, but has a long way to go.

There is a resistance around 6600 points to 6620 points. Need to see whether it will be respected.