DAILY MARKET REVIEW
08/04/2010 – Colombo Stock Market continues its upward momentum in today’s trading sessions as well. Trading time was limited up to 12 Noon today due to the General Elections.
All share price index was up by 30.01 points to close at history best 3939.62 points & the more liquid Milanka price index was up by 27.75 points to close at 4524.99.
Turnover for the shorter trading day was Rs 1.1b.n.
Many investors chased behind stocks in the Banking & Hotel sector companies. Many undervalued companies & fundamentally sound companies also attracted investor interest ahead of the General Elections, expecting better results for the 1Q of the financial year 2010 which are to be released within couple of week’s time.
There were 95 gainers as against 32 negative contributors.
Foreigners purchased shares to the value of Rs 209 m.n. & sold shares to the value of Rs 257 m.n. reflecting a net out flow of Rs 48 m.n.
Sri Lanka share market is up 16.4 percent so far this year & up to now it is the best performing stock market in Asia according to the reports received from Reuters.
MARKET SNAP SHOT
CROSSINGS FOR THE DAY
- Many Blue chip companies were chased by the investors. Banks, Hotels & diversified companies were among the top picks today.
- Sunshine holding appreciated by Rs 5.25 to close at Rs 51.00. It peaked Rs 54.00 during mid trading session today.Company still has strong upside potential.
- Share price of Metropolitan Resource Holdings company holding company of one of Sr lanka's finest tea processing company Bogawantalawa Plantations came down substantially during the last couple of days. It came down from Rs 60+ levels to Rs 26.75 levels during this period. However today as per the communique received by the Colombo Stock Exchange by the company secretary of MPRH, M/S Esjay corporate services (pvt) ltd Dr Romesh Dias Bandaranayake one of directors of Metropolitan Resource Holding company has purchased 1,056,000 shares of the company @ Rs 30.00 today.We believe that this is a very positive signal to all the investors & the share price of the company may go up in the near future.
- Metropolitan Resource Holding company has three subsidiaries. Bogawantalawa Plantations (Bogawantalawa Tea Estate PLC + BPL Teas (pvt)ltd & Ceylon Tea Gardens. MPRH reported Rs 27 m.n. profit for the first six months ended 30/09/2009 as against a loss of Rs (7,959) reported for the same period in year 2008.
- Latest records reveals that the tourists arrivals to Sri Lanka have increased by 53% over the same period in year 2009. This graph clearly shows us the improvement of the Tourist arrivals to the country over the last one year period. Especially after the end of 30 year old civil war in the country ( After may 2009) we can clearly see the growth in arrivals.
- In today's context all the hotels may be overvalued technically. But if we think about the future of the sector we must pay more attention to Hotels & Travel sector before it get too late.
- John Keels Hotels.
- Light House Hotel.
- Aitken Spence Hotel Holdings.