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Wednesday, January 12, 2011

Mid-tiers heavily traded : Retailers continue to stoke bull run

The bull run on the Colombo bourse continued yesterday with heavy retail play on not-so-pricey counters with turnover hitting Rs.4.48 billion, down from the previous day’s Rs.5.05 billion, with both indices gaining nicely – the All share by 75.86 points (1.10%) and the Milanka by 32.75 points (0.25%) with 107 advancers ahead of 71 decliners. "The All Share Price Index at 6,992.71 points is now just below the 7,000 mark," Prashan Fernando of Acuity Stockbrokers noted. "Retail activity mostly is moving the market." Among the counters which saw high volumes and price gains yesterday were three on which price bands are in force – Laugfs X, Citrus warrants W0019 and PC House.

Yesterday’s biggest business generator was the Laugfs ordinary share, up Rs.6.90 to close at Rs.48.20 on nearly 15.2 million shares done between Rs.40.50 and Rs.49.80 contributing Rs.705.6 million to turnover. Brokers said that one crossing of nearly 0.5 million shares at Rs.49.90 was among the trades.

Citrus followed with over 0.4 million shares traded between Rs.80.30 and Rs.91.50 gaining Rs.4.80 to close at Rs.90 generating a turnover of Rs.366.5 million.

Grain Elevators continued to gain on quantity, up Rs.11.40 to close at Rs.126 on nearly 2.7 million shares done between Rs.107.50 and Rs.126 including about a million shares changing hands in three crossings at Rs.120.

Laugfs X was up Rs.3.70 to close at Rs.41.20 on nearly 6.1 million shares traded between Rs.33.80 and Rs.41.20.

JKH was down 70 cents to close at Rs.295 on over 0.6 million shares done between Rs.294.60 and Rs.298.50 including two crossing of 100,000 each done at Rs.295.

Odel, up Rs.6.20 to Rs.47.90 on nearly 3.8 million shares, Citrus W0019 up Rs.1.70 to Rs.30.80 on nearly 3.2 million and W0018 up Rs.5.80 to Rs.42.90 on two million, Kotmale up Rs.9.40 to Rs.75.50 on nearly 1.2 million shares and Vallibel Power up Rs.1.40 to Rs.11.40 on nearly 6.1 million shares were other gainers showing quantity.

Among the blue chips, DFCC was down Rs.2.10 to close at Rs.205 on over 0.3 million shares while Distilleries was up Rs.1.90 to Rs.180 on over 0.3 million shares.

With the HVA Foods share issue opening on Wednesday already over-subscribed and closing at 4.30 pm today considerable liquidity will be absorbed from the market, brokers said.

"Despite that the retailers are running the show," a broker said.

source - www.island.lk