Sri Lanka Stock Picks

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Wednesday, June 16, 2010

Dankotuwa Porcelain recovered: Colombo Stocks down for the second day

DAILY MARKET REVIEW

16/06/2010 (S.L.S.Picks) – Colombo stocks were down for the second consecutive day today due to the continuous profit taking by the retail investors. Market hit all time high levels in both indexes on Monday 14/06/2010.

All share price index was down by 3.33 points to close at 4603.36 & more liquid Millanka index was up by marginal 1.2 points to close at 5272.23

Turnover for the day was a healthy Rs 2.06b.n backed of retailers buying into mid cap stocks & speculative stocks such as Ceylon Leather Products, which advanced by Rs 7.25 to close at Rs 247.50. The share traded high as Rs 250 during mid day trading session today.

Foreigners were net sellers today by Rs 287m.n. Foreign purchases were at Rs 277m.n. & foreign sales were at Rs 564m.n

Plantations sector index rose by 2.60% & was the leading sector among all sectors for the day due to price appreciation of all most all the plantation Companies, followed by Power & Energy sector. The leading negative performing sector for the day was the Tile sector.

There were 87 gainers as against 61 negative performing counters.

CLOSER LOOK

Ceylon Leather Products was active once again registering a growth of Rs 7.25 to close at Rs 247.50 for the day on speculative grounds. There were rumors that the CLPL share may hit new high price levels within couple of days.

Janashakthi Insurance Company traded in large quantities today. This share has a growth potential medium to long term & this has been mentioned in our Daily market report for several weeks before the recent price appreciation. Today it closed at Rs 16.00 up by 0.75 cents.

Mr.W.D.N.H.Perera who is a director of Vallibel Finance limited has purchased 435,000 ordinary shares of Vallibel Finance on 10th June 2010 @ Rs 33.00/share. We can expect Vallibel share to move up medium to long term due to this move & the company has reported strong profit figures for the last financial year. see report

Share price improvement in the country's largest conglomerate John Keels Holdings is always gives us a positive signal about the future direction of the market.The share was up by Rs 2.00 & closed at Rs 205.00

Share price of Dankotuwa Porcelain, a leading table ware manufacture company in the country moved up today & was representing the top slot in the top 10 gainers list, expecting a positive end to the discussions between management & the trade unions regarding the future of the company.

STOCKS TO WATCH