07/06/2010 (S.L.S.Picks) - Colombo Stock Exchange was up by substantial 1.77% to record the history best index levels today backed by the improved quarterly results published by listed companies in Colombo Stock Exchange for the 1st quarter 2010, & the continuous buying interest for the Banking sector companies expecting a reduction in effective tax applied on banks. The Government last week reduces tax on Motor Vehicle imports & Electrical goods.
However still we can see banking sector is trading at a discount to the overall market, where the sector P.E is around 15.9 as against the market P.E of 21.89.
All Share Price index was up by 77.12 points to close at 4431.32 & Millanka Price index up by massive 135.57 points to close at 5103.91. This is the first time in the history of Colombo Stock Exchange that the Millanka index crossed the 5000 barrier.
Investor interest was focused to trading shares as well as blue chip counters. The positive news released about the rating of John Keels Holdings, country’s premier blue chip company lifts the price of the share by Rs 6.00 to close at Rs 198.00 after touching Rs 200.00 during mid day trading session.
Lanka Aluminum industries was up by Rs 6.25 to close at Rs 42.50 after Mr. Dammika Pereira’s purchase of 25.54% of the issued share capital of the company @Rs 34/= share. This share has a further upside potential due to the illiquid nature of the same.
Services sector was the highest gainer among all sectors today by registering a growth of 6.86% due to share price increase in John Keels Ltd Company, followed by the Manufacturing sector. IT sector was down by 4.65% was the leading negative growth sector.
Turnover reported for the day was a massive Rs2.6b.n
Foreign participation was at a low level. Foreigners purchased shares worth of Rs 188m.n & sold shares worth of Rs 559m.n reflecting a net foreign out flow of Rs 371m.n.
There were 93 gainers as against 69 losers for the day.
CLOSER LOOK
- Banking & Finance sector companies have received more attention from the investors as the share prices of all most all the companies in the sector have performed well during the last couple of weeks. Still we can see the growth potential of the recently listed Vallible Finance Company where Mr. K.D.D. Perera has a substantial stake.
- We observed the price improvements of the companies that Mr. K.D.D. Perera has interests during last two weeks.
- Prices of ceramics companies listed in the Colombo Stock Exchange reflects buying interests from the investors.
- Crossings counter was full of valued shares listed in the Colombo Stock Exchange.
- Vallibel Finance Company
- Seylan Bank X
- Lanka Ceramics
- Lanka Aluminum
- Lanka Indian Oil Company
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