22/04/2010 (S.L.S.Picks) – Shares at Colombo Stock Exchange moved up today as well despite some profit taking activities by retail investors. Index was moved up due to the heavy buying interest in the Banking sector counters, Hotel shares & some Plantation sector companies.
All Share Price Index was up by 16.52 points to close at 4038.89 & more liquid Millanka Price index was up by 39.69 points to close at 4619.48.
Turnover for the day was massive Rs 2.2b.n, due to the several large crossings in Hotel Services @ Rs 30.00 & several crossings in other companies.
Foreigners were net sellers for the day. They purchased shares worth of Rs 269m.n & sold Rs 809m.n. worth of shares.Net foreign out flow for the day was Rs 540m.n.
Investment Trust sector rose by 5.44% was the leading growth sector today due to the price increase in Environmental Resources Investment shares & warrants, followed by IT sector & Plantation sector. Hotels & Travels sector was the leading negative performance sector for today.
There were 74 gainers as against 72 losers.
- Banking sector & Hotel sector counters saw renewed buying interest today from retail investors,Institutional investors as well as high net worth individuals.
- Hotel services share completed several large crossings today @ Rs 30.00 /share. Hayleys has announced that they received only 2690 shares from the recently concluded mandatory offer for the remaining shares of the Hotel services. Before the mandatory offer Hayleys hold 51% of the Hotel services.
- Several large crossings took place today in the shares like Central Securities, Commercial Bank, Sampath Bank, Seylan Bank (X), Keels hotels etc.
- Central Bank of Sri Lanka has forecast a 6.5 % economic growth for the country in year 2010.
- Stable government to adopt consistent economic policies in the country.
- Expected boom in the Tourism sector in future. Tourist arrivals to the country has increased after the end of 30 year old civil war & already recorded a 50.3% growth so far for the year 2010. ( JAN - MARCH).
- The Economic growth in future is expected to be well supported by the development activities in the Construction & the Agricultural sectors as well.
- Sri Lanka Share Market (Colombo Stock Exchange) ranked No 01 in Asia & second best in the world in 2009. We are the best performing stock exchange in Asia so far for year 2010.
- Announcement of the holding an Indian film festival in Sri Lanka will boost the hotels sector.
- Expected positive earnings by the listed companies in future.