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Thursday, December 16, 2010

Indices marginally down of Rs. 670 mn. turnover Late rally on JKH help arrest steep decline

The Colombo bourse yesterday arrested the previous day’s steep decline though the market closed with both indices marginally down – 11. 84 points (0.19%) on the All Share Price Index and 9.37 points (0.14%) on the Milanka on a turnover of just Rs.670 million, down from the previous day’s Rs.1.25 billion.

JKH generated the biggest turnover, gaining Rs.1.40 to close at Rs.297 on over 0.2 million shares traded between Rs.291.10 and Rs.297 contributing Rs.68.6 million to the day’s business volume.

"We saw some buying coming into JKH in the latter part of the day which helped the market," Prashan Fernando of Acuity Stockbrokers said noting that the share had gone below the previous close earlier in the day.

70,000 JKH were crossed at Rs.294 during the last 35 minutes of trading with the price moving up from these levels to a peak of Rs.297 at which the market was cleared.

Sampath, with over 0.2 million shares done between Rs.254 and Rs.257 lost 90 cents to close at Rs.256 with trades including one crossing of 223,000 shares at a price of Rs.255.

Brokers said that there was a retail interest in the non-voting shares of Tokyo Cement with nearly 1.5 million shares done between Rs.38.30 and Rs.38.90 losing 40 cents to close at Rs.38.50.

Speculation-driven retail interest in Nation Lanka Finance was also evident with over 2.1 million shares done between Rs.22.30 and Rs.23.40 with the counter gaining a rupee to close at Rs.23.

Among blue chip gainers yesterday were Ceylon Theatres, up Rs.3.10 to Rs.183 on over 0.1 million shares done between Rs.180 and Rs.186. Abans was up Rs.12.90 to Rs.256 on 35,300 shares and Grain Elevators up Rs.1.30 to Rs.63.80 on over 0.1 million shares.

Among banking stock, HNB was down 30 cents to Rs.403 on over 0.1 million shares and Commercial Bank down 10 cents to Rs.259 on 67,200 shares.

The Singer Finance Initial Public Offer was heavily over-subscribed on the opening day as widely anticipated with the company announcing that the issue closed at 4.30 pm yesterday.

Chevron Lubricants announced a fourth interim dividend of Rs.3 per share for the financial year 2010, XD from December 27 with payment on January 5.

source - www.island.lk