Friday, November 19, 2010

Turnover tops a billion & both indices up tidily CSE looks up ahead of the budget

The Colombo bourse looked up yesterday ahead of the Budget with turnover clearing the billion rupee mark and both indices up tidily – the All Share by 92.58 points (1.23%) and the Milanka by 132.01 points (1.89%).

"The market moved on expectations of the budget and also with refunds from the various IPOs coming in," Prashan Fernando of Acuity Stockbrokers said. "The banking sector dominated the day’s volumes."

Friday is a CSE holiday on account of the President’s oath taking and the market will re-open on Budget Day although the proposals will be announced only after the usual 2.30 p.m. closure of the CSE.

The day’s biggest turnover was from Sampath Bank where over 1.1 million shares were done between Rs.264 and Rs.274 gaining Rs.5.20 to close at Rs.272. Brokers said that a million shares were crossed at Rs.266 but had no word on buyers and sellers.

The banking sector saw Commercial Bank, NDB, HNB, DFCC and Seylan (both voting and non-voting) showing both volume and price gains. Outside this sector JKH and Piramal Glass were the major contributors to business volumes ranking two and three in the turnover league.

Yesterday’s turnover of Rs. 1.2 billion was down from Rs. 3.5 billion the previous trading day when a Distilleries bought a block of Aitken Spence.

The day also saw 141 gainers way ahead of 26 losers.

ComBank with nearly 0.2 million shares done between Rs.265.10 and Rs.273.40 was up Rs.6.40 to close at Rs.273 while NDB with over 0.1 million shares done between Rs.345 and Rs.359.90 gained Rs.3.20 to close at Rs.350.

HNB was up Rs.4.50 to close at Rs.412.90 on 75,900 shares and DFCC was up Rs.5 to close at Rs.207.10 on 0.1 million shares.

JKH was the day’s second biggest turnover generator gaining Rs.7.20 to close at Rs.301 on over 0.6 million shares done between Rs.292 and Rs.301 while Piramal Glass was 40 cents up to close at Rs.5.10 on over 12.3 million shares done between Rs.4.60 and Rs.5.10.

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