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Thursday, May 13, 2010

Nawaloka exit from Galadari Hotels: Colombo Stock Up by 0.34%

DAILY MARKET REVIEW

12/05/2010 (S.L.S.Picks) – Sri Lanka stock Market was up marginally despite the continuous selling pressure by the retail investors.

All share price index was up by marginal 14.18 points to close at 4229.40 & more liquid Millanka index was down by 5.64 points to close at 4742.17

Turnover for the day was healthy Rs 2.1b.n backed by Retail investors, High net worth individuals, & Institutional investors.

Foreigners were net buyers for the second consecutive day today where they purchased shares to the tune of Rs 478m.n. & sold shares to the tune of Rs 378m.n. reflecting a net foreign in flow of Rs 100m.n. for the day.

Services sector rose by massive 5.60% & was the leading sector among all sectors today, due to price appreciation of John Keels Ltd shares, followed by Power & Energy sector. The leading negative performing sector was the Investment Trust sector.

There were 66 gainers as against 66 negative performing counters.

ANNOUNCEMENTS

Hunter & Co PLC declared First & Final dividend of 0.50cents /share

Haycarb PLC declared a Final dividend of Rs 3.00 /share

Ceylon Guardian Investment declared First & Final dividend of Rs 9.00 /share

Ceylon Investment Declared First & Final Dividend of Rs 6.70 / share

Carsons Declared First & Final Dividend of Rs 2.00 / share

Kahawatte Plantations Rights issue 1 for 3 shares held @ Rs 15/ share

CLOSER LOOK

Large quantities of Nawaloka Hospital changed hands during today’s trading session as well @ Rs 34.00 /share. Investors are expecting the Hospital to report improved profits for the future quarters, after the sale of their stake in Galadari Hotel. There were “Rumors” in the market that the buyer was a Fund connected to the Government. However no official announcement received in this regard up to the time of publishing this report.

Renuka Holding Non Voting shares traded in large quantities today.Investors are expecting improved profits from the company for the last quarter.

Shares of NDB changed hands in large quantities as crossings today.The share is one of fundamentally sound companies in Colombo Stock Exchange, which has low P.E. multiples when compared to other banking sector counters & other listed companies in the CSE.

STOCKS TO WATCH