DAILY MARKET REVIEW
10/05/2010 (S.L.S.Picks) - Colombo Stock Exchange was down today due to retail profit taking on a start of a fresh week of trading here in Sri Lanka.
All Share Price index was down 1.09 points to close at 4222.04 & Millanka Price index down by 15.39 points to close at 4746.98
Today we saw that the investor interest was once again focused towards Dialog Telecom, after the company has announced improved profit figures for the last quarter.
IT sector was the highest gainer among the sectors today by registering a growth of 8.00% due to share price increase in E-channeling Company, followed by the Motors sector. Land & property sector was down by 2.46% was the leading sector in negative growth.
Turnover reported for the day was a massive Rs1.3b.n
Foreign participation was at a low level. Foreigners purchased shares worth of Rs 126m.n & sold shares worth of Rs 211m.n reflecting a net foreign out flow of Rs 85m.n.
- Abans Co. Capitalization of reserves - 1 for 2 & a Rights issue 1 for 3 Shares @ Rs 45
- Lion Brewery PLC First & Final dividend of Rs 3.00 /share
- Ceylon Brewery (Ceylon) First& Final dividend of Rs 3.00 /share
- Watapota Investments PLC First& Final dividend of Rs 132.00 /share
- Dialog Telecom was back in profits after several quarters. Share price went up to Rs 9.00 & later cooled off @ Rs 8.25. Shares traded in large quantities.
- Tourist arrivals to the country are increasing on every month over the same period in the last year.April Tourist arrivals rose by 47% & Jan - April arrivals up by 49.7%.Hence we strongly believe that there will be another mini rally in the hotel sector companies in the near future.
- Today we saw share price appreciations in several Renuka group of Companies, such as Renuka Holdings (Both N,X Class), Coco Lanka ( Both N & X class) & Renuka Agri .We can expect further upward price movements in these shares in medium to long term on back of expected improved profits for the Jan - March 2010 quarter.
STOCKS TO WATCH
- Richard Pieris & Company
- Seylan Bank (X)