Wednesday, October 20, 2010

Asiri buys 10% of Asiri Surgical Bourse picks up on banking stock

The Colombo bourse picked up yesterday largely on interest in banking stock with both indices up sharply – the All Share by 81.02 points (1.22%) and the Milanka by 124.45 points (1.73%) on a turnover of slightly over Rs.3 billion, up from Rs.1.94 billion the previous day with 125 gainers comfortably ahead of 42 losers.

"The market rebounded mainly on the banking sector," Prashan Fernando of Acuity Stockbrokers said. "There was a lot of interest on banking stock towards the end of the day with price and volume increases seen."

Brokers said that 10% of Asiri Medical Services (Surgical) changed hands with slightly over 53 million shares traded between Rs.8.60 and Rs.9.80 with the counter closing 40 cents up at Rs.9.10.

They said that over 52.8 million shares of this counter in a single parcel were done shortly after noon at a price of Rs.9.50 in a deal involving the parent increasing its stake in the subsidiary at a price of Rs. 9.50 a share.

The transaction was worth Rs. 500 million market sources said.

Yesterday’s biggest turnover generator was JKH with nearly 1.9 million shares done between Rs.307 and Rs.311 gaining Re.1 to close at Rs.310 contributing Rs.581.9 million to the day’s business volume.

Brokers said that there were four crossings in this counter, three at Rs.307 and one at Rs.310.

Banking stock that saw both volume and upward price movement yesterday included Commercial Bank, NDB, Sampath, Seylan (non-voting), HNB, Seylan, Pan Asia, NTB and DFCC.

"Up to about 12.30 pm total turnover was about Rs.1 billion," Fernando of Acuity said. "When the market closed at 2.30 pm, business volumes had topped Rs.3 billion.’’

Commercial Bank, up Rs.3.30 to Rs.265.20 with nearly 1.8 million shares traded between Rs.260 and Rs.271 was the biggest contributor from banks to yesterday’s turnover.

In price terms, NDB was up Rs.26.50 to Rs.380 on over 0.3 million shares, Sampath up Rs.19.10 to Rs.272 on over 0.4 million shares and DFCC up Rs.9.30 to Rs.445 on 52,000 shares.

There was interest in Vallibel Power where over 10.8 million shares were done with the counter edging down 90 cents to close at Rs.10 and Nawaloka Hospitals where 8.7 million shares were done gaining 40 cents to close at Rs.8.50. Dialog too was up 30 cents to Rs.12.60 on nearly 3.2 million shares.

source - www.island.lk

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