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Wednesday, November 24, 2010

Both indices down but looks up in last 20 minutes Bourse disappoints despite investor friendly budget

Despite the wide perception that Monday’s budget was investor friendly, the Colombo bourse was down quite sharply for the second consecutive day with the All Share Price Index losing 61.62 points (0.95%) and the Milanka 97.55 points (1.38%) on a turnover of Rs.1.3 billion down from the previous day’s Rs.1.46 billion with 139 losers trailing 29 gainers.

"The market response to an investor friendly budget was, to say the least, most disappointing," a broker who asked not to be named commented. He believed that the broker credit issue - extension of credit by brokers to small investors - was still hanging over the market sending out negative signals.

Brokers said that the last 15 or 20 minutes trading before the market closed saw some share prices moving up and the day’s indices loss at close was not as bad as during earlier trading.

Yesterday’s top turnover generator was the Commercial Bank where nearly 0.7 million shares were done between Rs.270 and Rs.276 with the counter losing Rs.3.80 to close at Rs.273 generating the day’s top turnover of Rs.185.6 million.

Brokers said that there were no very big parcels of ComBank done yesterday with the biggest being 63,500 shares traded at Rs.274.90 while a parcel of 50,000 closed at Rs.275.

Sampath too saw volume with 0.6 million shares done between Rs.265 and Rs.271 losing 60 cents to close at Rs.266 while HNB lost 30 cents to close at Rs.399.90 on 0.1 million shares traded between Rs.291.10 and Rs.401.

JKH lost Rs.4.60 to close at Rs.295 on a thin volume of 74,000 shares traded between Rs.295 and Rs.301 while Dialog lost 10 cents to close at Rs.12 on nearly 1.2 million shares.

NDB was another banking counter that lost Rs.1.80 to close at Rs.350.50 on 32,200 shares while Central Finance was down Rs.10.40 to close at Rs.715.30 on 44,500 shares.

Blue chips that generated some turnover included Bukit Darah up Rs.67.20 to close at Rs.8,340 on 6,000 shares, CIC up 30 cents to close at Rs.135 on over 0.3 million shares, Dimo up Rs.1.60 to close at Rs.1,000 on 31,300 shares and Aitken Spence up Rs.1.30 to close at Rs.185 on over 0.1 million shares.

Piramal Glass closed flat at Rs.5.60 on over 4.1 million shares.

Hydro Power Sri Lanka announced that its shares allotted in the recent IPO would be listed on November 25 on the Main Board under Power and Energy while The Finance Company indefinitely postponed its adjourned EGM due to be held yesterday in terms of an order from the High Court of Colombo.

source - www.island.lk