Friday, October 15, 2010

Investors in cash look for bargains Bourse edges down in dull day’s trading

The Colombo bourse could not sustain Wednesday’s gains yesterday and edged down with the All Share Price Index declining l6.75 points (0.10%) while the Milanka was down 27.81 points (0.29%) on a turnover of Rs.2.83 billion, down from the previous day’s Rs.4.34 billion, with 113 decliners outpacing 61 gainers.

"It was a dull day’s trading starting a bit strong but closing with both indices down on a lackluster turnover," Prashan Fernando of Acuity Stockbrokers said. "Market players are in cash but waiting on the sidelines for bargains."

LOLC was the day’s biggest business generator with over 0.3 million shares done between Rs.1,281 and Rs.1,339 losing Rs.8.90 to close at Rs.1,281. The pricey counter, awaiting a 10 for one share subdivision, contributed Rs.416.8 million to turnover.

Brokers said that one big parcel of 300,000 at Rs.1,325 was among the trades.

JKH followed in turnover terms with nearly 1.2 million shares traded between Rs.315 and Rs.325 before closing Rs.3.50 down at Rs.315 contributing Rs.373.5 million to the day’s business. A parcel of 150,000 crossed at Rs.325 was included in the trades.

Most counters that showed volume were down in price with Sampath, Touchwood, Commercial Bank, Central Finance, Tokyo (non-voting)and Dialog being the exceptions.

Sampath, with nearly a million shares traded between Rs.245.10 and Rs.252, gained Rs.4.90 to close at Rs.248.50 while Touchwood, which announced that a District Court action filed against it had been withdrawn, was up Rs.3.10 to close at Rs.30.50 on slightly over 2.4 million shares traded between Rs.28.50 and Rs.34.

Commercial Bank was up Rs.4.50 to Rs.259.90 on over 0.2 million shares and Central Finance up a sharp Rs.36.40 to Rs.800 on 62,100 shares.

Tokyo X gained Rs.1.20 to close at Rs.31.50 on over 1.2 million shares and Dialog was up 20 cents to Rs.12.30 on 3.2 million shares among counters that saw price gains with volume.

Keells Hotels (over 1.7 million shares) closed flat at Rs.19.60 and Richard Pieris closed flat at Rs.10.90 on nearly 2.8 million shares.

Ceylon Theatres also showed quantity with nearly 0.9 million shares done between Rs.188 and Rs.198 but lost 10 cents to close at Rs.188. One crossing where over 0.1 million shares changed hands at Rs.190 was among the trades.

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