CDB makes grand entrance

New entrant to the market, Citizen’s Development Business Finance (CDB) Ltd. which listed by way of introduction saw its share price start the day at Rs 60.00 per share and shoot up all the way to Rs 165.00 and then come down to Rs 93.00 by the end of trade, on a volume of 300,700 shares. The share which was pegged at Rs 15.00 for its introduction had gained 518 percent.

At Rs 165.00, the share had gained 1000 percent from its introduction price. Overall the All Share Price Index lost 128 points (1.9 percent) to close at 6,827 while the more sensitive Milanka Index lost 159 points (2.1 percent) to close at 7,521.

Turnover remained high at Rs 2.7 billion yesterday as many investors made selective investments. High turnover was seen in Hatton National Bank which lost Rs 1.70 to close at Rs 406.50 on turnover of Rs 564 million, John Keells Holdings which lost Rs 8.10 to close at Rs 330.00 on turnover of Rs 310 million and NDB Bank which closed at Rs 393.60, down 10 cents on turnover of Rs 132 million.

In Asian markets, the Nikkei gained 1.8 percent as the Bank of Japan reduced interest rates to less than 0.1 percent to stimulate the economy. The Hang Seng Index gained 1 percent, and Singapore’s Straits Times Index gained 0.9 percent. India’s Bombay Sensex closed up 0.7 percent while Chinese markets were closed for National Day Holidays. First Guardian Equities

source - www.dailynews.lk