The Colombo bourse held its ground yesterday although dipping in early trading but recovering with both indices moving up slightly at close – the All Share by 11.43 points (0.20%) and the Milanka by 5.82 points (0.1%) on a turnover of Rs.3 billion, up from the previous day’s Rs.1.9 billion, with 88 decliners a neck ahead of 85 gainers.
Brokers attributed the decline in early trading to rumours that the Regulator had decided that the 10% price band would remain at least for the time being. However, there was no formal announcement and the market moved up thanks largely to JKH and other blue chips like Hayleys, DFCC and LOLC.
The bulk of yesterday’s business was generated by JKH where over 2.9 million shares were traded on a narrow band between Rs.260 and Rs.263.10, gaining a rupee to close at Rs.263.10.
Brokers said that some large parcels were done during early trading at a price of Rs.262. However the first trade of 177,000 shares was at Rs.260.
United Motors saw a large volume of over 1.7 million shares traded between Rs.194 and Rs.200 with the counter closing Rs.1.60 up at Rs.199.90.
"With car sales moving up on the duty cut, there is expectation of high earnings by motor companies," Asmath Iqbal of John Keells Stockbrokers said.
There was no word on who the buyers or sellers of UML were although there were two large parcels including one of 1.5 million shares and another of slightly over 0.2 million shares, both done at a price of Rs.200, accounting for the bulk of the trades.
Hayleys continued to attract interest gaining Rs.5.80 to close at Rs.329 on a trading range of Rs.321 to Rs.331 with one parcel of 200,000 shares done at a price of Rs.325.
PC House had a disappointing debut closing at the issue price of Rs.11 with over 12.2 million shares traded between a low of Rs.10.90 and a high of 14.70.
Analysts noted that this share too was comfortably oversubscribed in the IPO with allotments pro rated but did not appreciate substantially when trading commenced.
DFCC gained a further Rs.2.60 to close at Rs.329 on nearly 0.4 million shares done between Rs.315 and Rs.340 while LOLC to gained strongly closing Rs.78.40 up at Rs.863.10 on 45,100 share.
"This stock has been trading for the past few days at the upper limit of the 10% price band with some investors expecting a share split," brokers said. "However, there has been no announcement from the company."
Vallibel Finance announced a first and final dividend of Rs. 1 per share XD from Sept. 6 and with payment on Sept. 15.
Dankotuwa Porcelain made a stock exchange filing saying that the SEC has waived the rule on a 20% limit on private placement in response to the company’s application. It can now go ahead with the placement enabling a substantial cash infusion as both shareholder and SEC permission has been received.
Under this arrangement, Environment Resources Investments will take control of Dankotuwa.
source - www.island.lk
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