Sri Lanka Stock Picks

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Thursday, October 14, 2010

Both indices up, market cap gains Rs. 0.03 trillion Trade halt arrests free fall on CSE, market rebounds thereafter

"I can’t remember a time when the market tripped like it did today," Prashan Fernando of Acuity Stockbrokers said. "But it recovered with ups and downs closing up with the All Share gaining 94.81 points (1.45%) and the Milanka 47.13 points (0.66%).’’

The trade halt was enforced in terms of an SEC directive of December 2008 incorporated into the computerized trading system. ``It just stopped and after that there was an announcement,’’ a broker said.

Turnover was a healthy Rs.4.34 billion, up from the previous day’s Rs.3.04 billion, with gainers outpacing losers by 102 to 80 in what Asmath Iqbal of John Keells Stockbrokers called "quite an eventful day."

CSE figures indicated that market capitalization was up from Rs. 2.161 trillion the previous day to Rs. 2.192 trillion

Brokers noted large gaps between the high and the low of several stocks – Bukit Darah traded at a low of Rs.5,561 and a high of Rs.8,000 on 16,100 shares and Carsons traded between Rs.790 and Rs.1,049 on nearly 0.2 million shares – indicating the market’s see-saw mode.

JKH was the day’s biggest business generator with nearly 3.1 million shares done between Rs.300 and Rs.325 gaining Rs.6.70 to close at Rs.320 generating Rs.966.9 million turnover.

Brokers said that much of that quantity was in large parcels accounting for nearly half the trades with the big parcels done at prices ranging from Rs.312 to Rs.320.

Other big contributors to turnover yesterday included LOLC (over 0.2 million shares), Hayleys (nearly 0.7 million shares), Ceylon Theatres (nearly 0.9 million shares) and Carsons (nearly 0.2 million shares).

LOLC dropped Rs.5.60 to close at Rs.1,315 on a trading range of Rs.1,280 to Rs.1349.80 while Hayleys was up Rs.1.70 to Rs.344 trading between Rs.325 and Rs.344.

Brokers said that Mr. Dhammika Perera personally and Royal Ceramics controlled by him had declared substantial purchases of Hayley on Tuesday at a price of Rs.340.

Ceylon Theatres was down Rs.10.40 to close at Rs.190 trading between Rs.186 and Rs.294 and Carsons was up Rs.153.50 to Rs.1,030 on a trading range of Rs.790 to Rs.1,049.

Banking stock were both up and down with NTB losing Rs.3.30 to close at Rs.87.50 on over 1.7 million shares done between Rs.80.40 and Rs.91 while Seylan X gained 60 cents to close at Rs.52.40 on nearly 2.6 million shares done between Rs.48 and Rs.53.

Sampath closed flat at Rs.248 on nearly 0.4 million shares done between Rs.215 and Rs.249 while DFCC was up Rs.4.40 to close at Rs.446 on 0.2 million shares done between Rs.400.10 and Rs.459.

NDB and HNB gained at close while Commercial Bank was down – NDB up Rs.4.70 to Rs.360 on over 0.2 million shares, HNB up Rs.3.80 to close at Rs.399 on nearly 0.2 million shares and Commercial Bank downRs.5.10 to Rs.257 on nearly 0.2 million shares.

source - www.island.lk