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Thursday, February 24, 2011

JKH & Cargills generates turnover Bourse rebounds slightly

The Colombo bourse yesterday recovered some of the ground lost on Tuesday with both indices up – the All Share by 34.12 points (0.45%) and the Milanka 20.75 points (0.29%) on a turnover of Rs.2.4 billion, up from the previous day’s Rs.2.1 billion, with 98 gainers ahead of 86 losers.

"The market rebounded after the previous day’s sharp decline," Prashan Fernando of Acuity Stockbrokers noted. "Prices reached attractive levels enabling both indices to be pushed up."

However, yesterday’s two biggest business generators, JKH and Cargills, both edged down though marginally, brokers said.

JKH closed Rs.1.20 down at Rs.292 on nearly 1.1 million shares done between Rs.290.50 and Rs.293 contributing the day’s top turnover of Rs.319.6 million while Cargills was down 90 cents to close at Rs.231 on over 0.6 million shares done between Rs.231 and Rs.236 generating a turnover of Rs.149.8 million.

Brokers said that both these counters saw crossings - JKH five at a price of Rs.291 absorbing most of the day’s turnover and Cargills two at Rs.234 with nearly 0.3 million shares done off the floor.

Laugfs Gas and Grain Elevators moved up from the previous day’s lows with Laugfs up Rs.3.80 to close at Rs.51.30 on nearly 2.6 million shares done between Rs.47 and Rs.51.40 and Grains up Rs.14.50 to close at Rs.219 on nearly 0.6 million shares done between Rs.202.10 and Rs.222.50. Brokers said that retailers pushed these stocks.

As on the previous day several usually illiquid stocks moved sharply on very thin volumes – Colombo Pharmacy up Rs.513.70 to close at Rs.2,400 on 7,700 shares, Watapota up Rs.287.70 to Rs.863.20 on 100 shares, Industrial Asphalts up Rs.130 to Rs.360 on 100 shares and Good Hope up Rs.90 to Rs.1,190 on 300 shares.

Brokers said that Colombo Pharmacy moved up Rs.100 on just 100 shares a minute before the market closed.

They felt that the Union Bank IPO, which is opening today (24) and expected to close the same day, may help the market but noted that it was drying up a lot of liquidity.

source - www.island.lk