Janashakthi trading goes down

Janashakthi Insurance Company Ltd (JICL), which started trading today, did not perform up to expectation as per the stock market analysts, because the share depressed to Rs.11.50 in early trades, down by Rs.2 compared to the initial trading price of Rs.13.50. the Initial Public Offer price was at Rs.12.

According to stock brokers there are 4.9 million shares up for sale while only under a million buying bids were received during the early hours today. “As such JICL may come down further today,” a stock broker said.

He said there will be a lot of retail activity today, but there will not be any improvements in indices.

. A stock market analyst said that some small to mid cap shares also rose driven by retail interest. “This will be the trend during the day,” Srimal Liyanage, Head of Research at Lanka Securities said.

The All Share Index lost 4.09 points to close at 2,408.29 while the Milanka increased marginally with 7.48 points to stand at 2,874.43. Total turnover stood at Rs.22 million.