Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Saturday, September 4, 2010

Retailers help drive CSE to new heights

The Colombo bourse soared yesterday sustained this week’s upward momentum with the Milanka Price Index comfortably clearing the 6,000-point barrier and the All Share Price Index also gaining tidily on a turnover of Rs.4.1 billion, up from the precious dayRs.3.35 billion, with retailers driving the market.

The All Share Price Index was up 94.50 points (1.63%) and the Milanka up 83.80 points (1.45%) with 121 gainers comfortably ahead of 55 losers.

"There was a lot of retail play in a large number of stocks including Distilleries, SLT, Grain Elevators, Kelani Tyres and MBSL (Merchant Bank)," Prashan Fernando of Acuity Stockbrokers said.

"Stocks like Browns, Richard Pieris and Ceylinco Seylan Development also attracted retail play with the upward movement of several stocks halted by the 10% price band ceiling."

JKH was the day’s top business generator with nearly 1.3 million shares traded between Rs.266.80 and Rs.275 closing Rs.2.50 up at Rs.268.50. Brokers said there were three crossings – two at Rs.275 and one at Rs.270.

Browns too saw a single crossing of 1.3 million shares at Rs.151.20 with a total of over two million shares done between Rs.157 and Rs.170 gaining Rs.6.70 to close at Rs.165.50.

Richard Pieris was up Rs.13 to Rs.144.80 with nearly 1.5 million shares done between Rs.136 and Rs.144.80 while Ceylinco Seylan gained Rs.1.70 to close at Rs.18.70 on 7.9 million shares traded.

The Finance continued to demonstrate volume with slightly over 1.8 million shares done between Rs.52.90 and Rs.64. The counter closed Rs.1.50 down at Rs.54.

Hemas Holdings with nearly 2.6 million shares done between Rs.38.90 and Rs.40 was up 90 cents to close at Rs.40 while Distilleries gained Rs.3.80 to close at Rs.152 on over 0.6 million shares done.

Grain Elevators (2.1 million shares) was up Rs.4.30 to close at Rs.47.70 while SLT nudged 2 million shares traded mark gaining Rs.3.60 to close at Rs.49.

Other shares that crossed the million share volume included Merchant Bank (1.9 million), Keells Hotels (3.2 million), Nation Lanka (2.3 million), PMB (1.7 million), Touchwood (1.4 million) and Central Securities (3.3 million).

Lankem and Sigiriya Village Hotels announced the dates to their rights issue where Lankem is offering one for seven at Rs.85 and Sigiriya Village seven for 23 at Rs.90.

PMB announced that it is taking over the assets and liabilities of People’s Merchant Finance Co. Ltd., 99.9% owned by itself, to amalgamate the two companies.

Kelani Tyres announced a share sub-division of one existing share divided into two increasing the number of shares in issue from 40.2 million to Rs.80.2 million subject to shareholder approval and Stock Exchange clearance. A special resolution for this purpose will be moved at the company’s September 28 AGM.

source - www.island.lk