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Friday, September 3, 2010

Indices gain sharply on Rs. 3.34 bn. turnover Up and up on the Colombo bourse

The Colombo bourse generated more steam yesterday with both indices up sharply on a turnover of Rs.3.36 billion, up from the previous day’s Rs.2.78 billion, with the All Share Price Index gaining 94.88 points (1.67%) and the Milanka 52.20 points (0.88%) with 125 gainers comfortably outpacing 59 losers.

"We saw a much improved performance today," Asmath Iqbal of John Keells Stockbrokers said. "The market keeps going up and up with high net worth investors, retailers and foreigners showing interest."

The Milanka Price Index at 5,961.52 is now approaching the 6,000 point barrier. The All Share Price Index has been gaining more rapidly than the Milanka tracking more liquid blue chips, analysts said.

Over a billion rupees of yesterday’s turnover was generated by six counters – JKH, Asia Capital, Ceylinco Insurance, Richard Pieris, Merchant Bank and Browns with JKH leading the pack.

The blue chip conglomerate which has seen heavy trading throughout the week was up Rs.1.70 to Rs.275 on over 1.4 million shares traded between Rs.264 and Rs.280.

Brokers said that while a few big parcels of between 200,000 and 500,000 accounted for most of the trades at a price of Rs.265, the counter was subsequently taken higher on thin volumes to Rs.275 and Rs.280.

Asia Capital with 4.5 million shares done edged down 20 cents to Rs.47 trading between Rs.46 and Rs.49.50. While there were two crossing of over 3 million shares at prices of Rs.45.50 and Rs.48, many retailers were active in this stock brokers said.

Ceylinco Insurance saw over 0.5 million shares done between Rs.310 and Rs.325 gaining Rs.8.30 to close at Rs.320 with a high net worth investor exiting, brokers said.

Among other counters that showed volume were Richard Pieris, up Rs.11.90 to Rs.131.70 on 1.1 million shares, the Merchant Bank, up Rs.3.60 to Rs.40.30 on over 3.2 million shares and Browns, up Rs.9.10 to Rs.158 on over 0.6 million shares.

Colombo Fort Land and Buildings announced a first and final dividend of Rs. 0.50 per share to be approved by shareholders at an AGM on Oct. 11, XD from Oct. 12 and with payment on Oct. 20.

source - www.island.lk