Sri Lanka Stock Picks

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Tuesday, May 25, 2010

Hayleys share price up: Colombo Stock Market was down marginally

DAILY MARKET REVIEW

24/05/2010 (S.L.S.Picks) - Colombo Stock Exchange was down today due to continuous retail profit taking on a start of a fresh week of trading here in Sri Lanka.

All Share Price index was down 2.77 points to close at 4232.92 & Millanka Price index down by 6.61 points to close at 4732.12

Investor interest was focused to Banking sector shares today. Several large parcels of Commercial bank & Hatton National bank changed hands today as crossings at improved price levels over last day’s closing price levels.

Hayleys which reported history best profits of Rs 2.6b.n for the financial year 2009 continuous to attract investor attention. The share was up by Rs 10.50 to close at Rs 305.50 on improved volumes. There was a crossing of 750,000 shares of Hayleys @Rs 305 today.

Motors sector was the highest gainer among all sectors today by registering a growth of 2.29% due to share price increase in United Motors Company, followed by the Food & Tobacco sector. Power & Energy sector was down by 2.39% was the leading negative growth sector.

Turnover reported for the day was a massive Rs1.3b.n

Foreign participation was at a low level. Foreigners purchased shares worth of Rs 139m.n & sold shares worth of Rs 376m.n reflecting a net foreign out flow of Rs 239m.n.

There were 53 gainers as against 79 losers for the day.

ANNOUNCEMENTS

Richard Pieris Exports PLC declared First & Final dividend of Rs 1.00 /share

Chemical Industries (Colombo) PLC declared Final dividend of Rs 1.35 / share

CLOSER LOOK

Market was down due to the fact that the most of brokering firms are involved in recovering of debts before the month end of May 31 2010. These operations were further tightening by the shortened week due to the Wesak Poya holidays.[Only three trading days for this week]

Sri Lanka is ready to host the IIFA awards ceremony in Colombo during the early parts of the month of June 2010, which will give the much needed boost & the confident to the investors.