Sri Lanka Stock Picks

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Friday, June 25, 2010

Dankotuwa Porcelain led the top gainers list: Colombo Stocks Recovered

DAILY MARKET REVIEW

24/06/2010 (S.L.S.Picks) – Colombo Stock Exchange closed for the week today on a positive note as tomorrow being a Poya holiday.

Both indices of the Sri Lanka stock Market were moved upward directions today ending the downward trend reported in last two days due to profit taking by retail investors & the forced selling by the broker companies to recover their debts before the June month end.

All share price index was up by 10.38 points to close at 4601.55 & more liquid Milanka index was up by 28.42 points to close at 5290.17

Investors chased behind low valued stocks as well as speculative stocks such as Nawaloka Hospitals, Seylan Merchant Bank, Dankotuwa Porcelain, Colombo Land, etc.

Dankotuwa Porcelain announced that they have struck a deal with prospective investors to infuse a fresh capital of Rs 433.5m.n which will help the loss making company to turnaround. However share price improvement in high valued stocks such as Sampath bank, Central Finance etc help to push the market up.
High net worth individuals, Institutional investors & Foreigners were buying in to selected high value stocks & retail players were busy in picking low valued counters.

Turnover for the day was healthy Rs 2.2b.n

Foreign participation was at a low level in today’s trading session. They were net sellers for the day by Rs 74m.n. Foreigners purchased shares to the tune of Rs 294m.n & sold shares to the tune of Rs 368m.n.

IT sector index rose by 3.80% & was the leading sector among all sectors, followed by Motor sector. The leading negative performing sector was the Health Care sector.

There were 77 gainers as against 74 negative performing counters.

CLOSER LOOK

2.0 m.n. Distilleries company shares change hands today as a crossing @ Rs 125.00 /share

Dankotuwa Porcelain will benefit from the new capital infusion of Rs 435 m.n.We can expect the company to perform well in the near future.

Seylan Bank continues to attract investor interest. There were several crossings took place @ Rs 45.00 per share.

Forced selling by the brokering firms may have eased by now & we can expect gradual buying building up for the growth stocks at current price levels & for the stocks that are trading attractive price levels due to massive price reduction in these shares during last two days such as Cargills ,Grain Elevators, Richard Pieris etc.