The bull run continued on the Colombo bourse yesterday with both indices moving up sharply – the Milanka less so the All Share - on a turnover of Rs.2.8 billion, down from the previous day’s Rs.4.2 billion, with the All Share Price Index up 146.75 points (2.71%) and the Milanka up 38.64 points (0.66%) with 149 advancers strongly outpacing 36 decliners.
Brokers said that yesterday’s big turnover generators were Lion Brewery, JKH, Environment Resources Investments (ERI), Touchwood and DFCC in that order.
Lion saw nearly 2.9 million shares done between Rs.156 and Rs.162.90 gaining Rs.2.50 to close at Rs.160 generating the day’s top turnover of Rs.446.9 million.
Two big parcels of one million shares and 300,000 shares at a price of Rs.155 were among the trades with speculation that a foreign fund had exited.
"After the big parcels were done the share moved up to a peak of Rs.164.90 and closed at Rs.160,’’ Asmath Iqbal of John Keells Stockbrokers said.
Brokers attributed yesterday’s sharp movement of the indices to strong gains made by some Carson’s companies like Bukit Darah, Watapota and Carsons itself as well as Aitken Spence - but on all on thin volumes.
Bukit was up Rs.742.80 on a thousand shares, Watapota up Rs.136 on 400 shares, Spence up Rs.223.80 on 400 shares while Carsons gained Rs.78.30 on 17,200 shares.
JKH was one of the more liquid shares to demonstrate quantity yesterday with nearly 1.6 million traded between Rs.258 and Rs.258.40 gaining a rupee to close at Rs.258 posting the day’s second highest turnover of Rs.408.6 million.
ERI gained Rs.7.60 to closes at Rs.110.50 on over 1.7 million shares done between Rs.107 and Rs.110.50 while Touchwood was up Rs.1.50 to close at Rs.37.60 on nearly 4.3 million shares traded between Rs.36.70 and Rs.38.70.
The DFCC Bank dropped marginally by 40 cents to Rs.294.50 on over 0.5 million shares traded between Rs.290 and Rs.295 while Leather Products was up Rs.24.40 to Rs.268.90 on over 0.4 million shares traded between Rs.250 and Rs.268.90.
ERI warrants also posted price gains and volume with W0002 up Rs.5.30 to close at Rs.58.60 on over 1.2 million warrants traded, W0003 up Rs.4.90 to close at Rs.54.70 on nearly 1 million and W0006 up Rs.4.90 to close at Rs.54.40 on over 0.5 million traded.
Marawila saw nearly 5 million shares done gaining Rs.1.20 to close at Rs.13.90 while Keells Hotels was up 80 cents to Rs.21.30 on over 2.6 million traded.
The ERI board made a Stock Exchange filing clarifying its position in the market about its investment in Environment Resources Limited of the British Virgin Islands.
The detailed announcement outlined a complex inter-connected web of investments in various overseas companies in the mineral industry. The statement concluded saying that the ERI board wished to state that it has constantly advised shareholders and investors "to take caution by understanding the investment objective and strategy of ERI and make informed investment decisions when investing in shares of the company."
source - www.island.lk
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