Sri Lanka Stock Picks

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Wednesday, June 23, 2010

Seylan Bank shines: Colombo Stocks Down for the second day

DAILY MARKET REVIEW

23/06/2010 (S.L.S.Picks) – Colombo stocks were down for the second consecutive day today due to the continuous profit taking by the retail investors & more importantly debt clearing operations by the several broker firms before the end of month June 2010.

All share price index was down by substantial 43.56 points to close at 4591.17 & more liquid Millanka index was down by 42.07 points to close at 5261.75

Turnover for the day was a healthy Rs 3.1b.n

Most investors who purchased shares on credit terms sold their quantities by taking a profit or at minimum losses anticipating a market weakness ahead of the June month end. However we strongly feel that this is a very good opportunity to the bargain hunters & the investors who like to collect future growth stocks at any price weakness to enter to the market since the Colombo Stock Exchange still has the capacity to offer above average returns for the long term & medium term investors.

Foreigners were net sellers today by Rs 637m.n. Foreign purchases were at Rs 463m.n. & foreign sales were at Rs 1.1b.n

Plantations sector index was up by 0.43% & was the only sector that performs positively today due to price appreciation several plantation Companies. The leading negative performing sector for the day was the Power & Energy sector.

There were 44 gainers as against 122 negative performing counters.

ANNOUNCEMENTS

Ceylon Leather Products PLC 01 for 01 Rights issue Subject to Approval (Issue Price Rs. 73/= )

The Rights subscribed have attached Warrants as follows

2011 Warrants: One (01) Warrant for each Right share subscribed at an exercise price of Rs. 102/=
2014 Warrants: Two (02) Warrants for each Right share subscribed at an exercise price of Rs. 118/=
2015 Warrants: Two (02) Warrants for each Right share subscribed at an exercise price of Rs. 142/

York Arcade announced a First & final dividend of Cents 0.30 / share

CLOSER LOOK

Ceylon Leather Products was active once again after the announcement of its 1:1 rights issue coupled with warrants today. The share peaked Rs 268.00 & closed at Rs 232.75 down by 0.50 cents for the day.

Sierra Cables traded in large quantities today. It appreciated by cents 20 to close at Rs 2.80

Seylan Bank Both Voting & Non Voting counters traded in large quantities. SEYB N share appreciated by Rs 5.25 to close at Rs 89.25 & the Non Voting counter closed at Rs 47.00 up by Rs 2.00 for the day.

STOCKS TO WATCH