The Colombo stock market last year saw banking counters, the diversified sector, manufacturing and the hotel sector performing well while shares such as Richard Pieris and Lanka IOC (LIOC) did not do so well, according to stock analysts.
“Banking shares like Commercial, Sampath, HNB, NDB, DFCC performed well due to favorable conditions in the sector,” Jaliya Wijeratne, Director Institutional Sales SMB Securities told the Business Times.
He noted that diversified sector counters such as JKH, Hayleys, Aitken Spence, Carsons, Ceylon Theatres also did well due to their solid fundamentals and bright future prospects. “In the manufacturing sector counters such as Lanka Lubricants, ACL Cables, Kelani Cables, Tokyo Cement did well,” he said, adding that apart from each company’s unique prospects the overall sector is projected to prosper with potential development expected to take place in the North and East this year.
Naren Godamunne, Director Sales, Acuity Stockbrokers said that the banking sector, diversified sector and the hotel sector performed very well, due to the high market sentiment – especially after the war.
Mr. Wijeratne noted that CTC did well and gave high dividend returns due to its solid fundamentals, while Chemenex and Haycarb also did well.
He said that hotels like Asian Hotels and Properties, Ahungalla Hotels and Keells Hotels performed well soon after the war ended with expectation of higher arrivals, adding that Colombo Dockyard did well due to its earning potential.
Mr. Wijeratne noted that Richard Pieris was affected during the year due to their high gearing situation, while Lanka IOC counter also was negative due to a poor performance during the year. “CIC was a stagnant share during the year,” he added.
source - www.sundaytimes.lk
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