"The market recovered although we saw a slump in morning trading with the All Share down 100 points at one point," Prashan Fernando of Acuity Stockbrokers said. "However, it recovered in an hour or two although the turnover was not all that high compared to what we have seen recently."
Asked whether state institutions helped push the market up, brokers said that institutional buyers were purchasing at current market and not pushing up prices. Also, they had their eyes open for bargains.
The banking sector moved up yesterday although not sharply so with Commercial Bank, Seylan, NDB, HNB, Seylan X and DFCC moving up and showing volume.
JKH was the top business generator of the day although it closed Rs.4 down at Rs.321 with over 1.5 million shares traded between Rs.318 and Rs.325 with a couple of crossings at Rs.320, brokers said.
Among the banking stocks, Seylan was the biggest gainer, up Rs.8 to close at Rs.112 on nearly 0.8 million shares done between Rs.100 and Rs.112.50. Commercial Bank followed gaining Rs.3.40 to close at Rs.274.90 on nearly 0.7 million shares done between Rs.270 and Rs.275.
NDB was up Rs.2, HNB Rs.3.50, Seylan X (with nearly 1.4 million shares traded) Rs.1.80, DFCC 60 cents and NTB 80 cents.
Browns, with speculation that state institutions were buying into the company, moved up Rs.16.40 to Rs.270 with over 0.3 million shares done between Rs.252 and Rs.274.
Richard Pieris traded yesterday for the first time after a share split where each existing share was sub divided into 15. Over 10.4 million new shares were done gaining 20 cents to close at Rs.11.90 after factoring the split.
Other shares that showed quantity included Keells Hotels, up 10 cents to Rs.20.90 on 4.4 million shares, Seylan Merchant Bank, up 10 cents to Rs.1.50 on nearly 18.7 million shares and Kahawatte, down Rs.2.90 to Rs.24.50 on over 0.9 million shares.
source - www.island.lk
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