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Saturday, February 12, 2011

ASPI moves on sharp gains on thin volumes of illiquid stock

The All Share Price Index on the Colombo bourse gained over 93 points (93.01) (1.24%) yesterday on very sharp price gains on thin volumes of several illiquid stocks, brokers said.

Turnover at Rs.3.8 billion was down from the previous day’s Rs.5.03 billion, with 132 losers comfortably ahead of 77 gainers as the gap between the All Share and Milanka price indices widened further with the Milanka also gaining 29.45 points (0.41%).

"The indices were pushed up on very small quantities of illiquid stocks gaining sharply," Prashan Fernando of Acuity Stockbrokers said. "J.L. Morison (non-voting) closed Rs.390 up on 600 shares, Good Hope up Rs.252.60 on 8,000 shares, Singalanka up Rs.149.40 on 2,000 shares, Alliance Finance up Rs.100 on 100 shares, Selinsing up Rs.68.90 on 2,000 shares and Kalamazoo up Rs.62.50 on 1,000 shares."

Bukit Darah, however, was an exception gaining Rs.254.50 to close at Rs.1,200 on 55,100 shares generating a turnover of Rs.62.8 million.

Kelani Tyres was yesterday’s biggest turnover generator with over 14.8 million shares done between Rs.58 and Rs.69 closing Rs.5.90 down at Rs.59.20. Brokers said that one parcel of a million shares and several of 100,000 were done at a price level of Rs.58 – Rs.59.

Market talk was that a high net worth investor had sold out of the company realizing substantial capital gains to fund a purchase elsewhere.

Richard Pieris which posted strong nine months result with a profit of Rs.1.6 billion saw nearly 6.7 million shares traded between Rs.15.10 and Rs.15.80 losing 10 cents to close at Rs.15.20.

Colombo Fort Land and Buildings also saw over 0.3 million shares traded between Rs.550 and Rs.580 closing 30 cents up at Rs.553 while Dialog gained 50 cents to close at Rs.11.90 on nearly 10.6 million shares traded between Rs.11.60 and Rs.12.10.

The company announced a first and final dividend of Rs.0.20 per share for 2010 with no dates given.

Aviva NDB announced a first and final dividend of Rs.9 per share after approval at the March 31 AGM, XD from April 1 and payment on April 11.

HVA Foods said that shares issued in its recent IPO which was heavily oversubscribed will be listed on the Diri Savi Board of the CSE on February 15.

source - www.island.lk