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Wednesday, March 2, 2011

Bourse opens new week on a mixed note

The Colombo stock market began a fresh week relatively on a mixed note with illiquid stocks being top performers whilst the blue chips remaining lacklustre.

“The indices ended on a mixed note with activity centered on power, finance and manufacturing counters amid moderate turnover levels,” John Keells Stock Brokers said.

ASI gained by 1% whilst MPI was down marginally by 0.4%. Turnover was Rs. 2.1 billion, slightly lower than this year’s average. Foreigners remained net sellers as well.

“Mixed sentiment was predominantly witnessed throughout the day with gains for the day mainly being registered in high priced counters,” Asia Securities said.

“ASI continued to gain with the price appreciations seen on illiquid counters in Investment and Motor sectors along with Carsons and Bukit Darah. Laugfs, Lanka Walltile and Dialog attracted investors although profit taking was witnessed in most counters,” NDB Stockbrokers said.

Bank, Finance & Insurance and Manufacturing sectors were the highest contributors to the market turnover while sector indices decreased by 0.40% and 1.26% respectively.

Laugfs Gas-(Non-Voting) made the highest contribution of Rs. 196 million to the market turnover while the share price increased by Rs. 0.50 (1.20%) and closed at Rs. 42.30.

Asia said interest was evident in Carson Cumberbatch and its related companies subsequent to their repurchase announcement on their palm oil companies. Meanwhile, the group’s investment arm, Watapota Investments, also gained 50% for the day with the rights to commence trading tomorrow.

It said retailers sought after People’s Leasing Finance after their 01: 02 rights issue announcement at Rs. 25.0 with attached warrants. LB Finance and Ceylinco Insurance also witnessed crossings of 150,000 shares at Rs. 299 each and 50,000 shares at Rs. 555 each respectively. Continuing investor interest in Lanka Walltile has led the counter register a week on week gain of 2.5% to close at Rs. 173.5. Active investor play was evident in motor sector counters with Diesel & Motor Engineering, Autodrome and United Motors being among the prominent counters from the motor sector, Asia added.

source - www.ft.lk