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Saturday, April 2, 2011

Bourse up sharply as blue chips pick up

The Colombo bourse moved up sharply yesterday, though on a relatively low turnover of Rs.1.63 billion, down from the previous day’s Rs.2.19 billion, with the All Share Price Index moving up 151.10 points (2.09%) and the Milanka up 149.89 points (2.18%) with 173 gainers strongly outpacing 18 losers.

Brokers noted that many blue chips including JKH and DFCC had gained strongly and the indices had been further helped by some illiquid counters gaining sharply on very thin volumes.

"Most of the blue chips started to pick up," Prashan Fernando of Acuity Stockbrokers said. "The illiquid blue chips too fuelled the indices."

The Milanka was back over the 7,000 barrier below which it plunged some weeks ago but still a wide gap remains between the All Share Price Index which closed yesterday at 7,377.22 points and the Milanka at 7,024.63 points.

Yesterday’s biggest turnover generator was Distilleries with nearly 0.9 million shares done between Rs.179 and Rs.183 closing Rs.2.30 up at Rs.182. One crossing of 0.8 million shares at Rs.180 was among the trades.

A lot of retail activity was seen on PC House which gained Rs.2.40 closing at Rs.20.10 on 6.2 million shares and Watapota (Guardian Capital Partners), up Rs.29 to close at Rs.319.60 trading between Rs.302 and Rs.319.60.

Central Finance which had been moving up for the past several days on unconfirmed speculation of a share split dropped Rs.31.10 to Rs.1,249 on 67,100 shares done between Rs.1,220 and Rs.1,290.

Grain Elevators posted a Rs.5 gain to close at Rs.173.50 on nearly 0.5 million shares done between Rs.170 and Rs.176 while Piramal Glass was up a rupee to Rs.12 on nearly 7 million shares done between Rs.11.20 and Rs.12.20.

Union Bank continued to be vigorously traded with over 1.9 million shares done gaining 70 cents to close at Rs.36.50 while DFCC, which announced an interim dividend of Rs.7 per share, gained Rs.10.80 to close at Rs.182 on slightly over 0.1 million shares traded.

The DFCC dividend is for 2010/11 and the share will trade XD from April 12 with payment on Apr. 25. The Commercial Bank announced that its dividend of Rs. 2 will be paid on Apr. 8.

source - www.island.lk