Buying Interest in John Keels Holdings helps to report 1.16% Gain in Colombo Stock Exchange

 DAILY MARKET REVIEW

26/03/2010 – Colombo Stock Exchange reported substantial gains today as the shares improved further for the second consecutive day. Before this upward trend starts market was in a 03 month low position as at 24/03/2010. Upward trend which started yesterday was fueled by the large trades in Blue chip companies such as John Keels Holdings, Distilleries Company, Commercial Bank, together with the support of bargain hunters.

All Share Price index was up by 43.33 points to close at 3773.76 & Milanka Price index was up by 54.17points to close at 4391.22.

Foreigners were on the selling side today as well. They purchased shares worth of Rs 46 m.n. & foreign sales were Rs 427 m.n. Net foreign outflow for the day was Rs 381 m.n.

There were 84 positive contributors as against 47 negative contributors.

Services sector was the leading sector with a growth of 8.28 % due to the price improvement of John keels Limited by Rs 22.50 to close at Rs 194.75, followed by the Power & Energy sector. IT sector was the worst performing sector with a negative growth of 2.37%.

Dividend announcements for the day

COMPANY	TRADING     PRICE	DIVIDEND RATE	XD DATE	DIVIDEND YIELD
JINS	Rs 14.25	Rs 1.00	08/04/2010	6.21%
RCL	Rs 112.75	Rs 2.50	08/04/2010	2.00%

        TOP FIVE GAINERS FOR THE DAY                                                              TOP FIVE LOSERS FOR THE DAY

     LARGE VOLUMES TRADED FOR THE DAY

     CROSSINGS FOR THE DAY

 CLOSER LOOK

• There were several large parcels changed hands today in John Keels Holdings ,Nations Trust Bank, DFCC Bank, Hatton National Bank .
• Colombo Land & Development traded on high volumes as well. The counter appreciated by 0.50 cents to close at Rs 7.75.
• All the Blue chip counters were improved in prices & these counters have buyers at current market price levels.This is a very positive sign in terms of the growth of the Colombo Stock Exchange.
• John Keels Holdings was the star company during the last five days[Last week].It's price appreciated by Rs 14.00 to close at Rs 186.00 WOW.
• Prices of most of Banking sector shares were improved today. We can expect this trend to continue in future as well.
• Colombo Market may continue it's upward trend in next week as well, on back of the renewed buying interest on selected fundamentally strong counters.
• We can expect dividend announcements from the listed companies in coming months as well as the March 2010 quarter results.
• Elpitiya Plantation commenced trading after it's rights issue of ordinary shares @ Rs 30.00 /share yesterday in the market. It peaked Rs 35.00 & closed  at Rs 33.50 today giving a 11.67% gain for the investors who subscribe for the rights.