"The market was quiet although the All Share Price Index was up 30 points during early trading," Prashan Fernando of Acuity Stockbrokers said. "At the close of trading, the All Share was only marginally up while the Milanka was down 10 points."
He said that retail play was evident in the stocks that generated much of the day’s business volumes – Browns, Lanka Aluminum, Colombo Fort Lands and Central Finance to a lesser extent.
Analysts said that forced selling, with insistence that if the T+3 deadline is not met, forced selling must begin on T+5 was a market damper. Some day traders have authorized brokers to hold sales proceeds against purchases, protecting themselves against forced sales.
Browns was the day’s top turnover generator gaining Rs.9.30 to close at Rs.356 on nearly 0.5 million shares done between Rs.349.80 and Rs.359.70. The counter contributed Rs.163.1 million to turnover.
Sampath, where two crossings totaling slightly over 400,000 shares at a price of Rs.277 were seen, was up Rs.1.20 to close at Rs.276 on the trading floor.
Brokers said that Lanka Aluminum on which there has been a lot of recent speculative play gained Rs.18.20 to close at Rs.95 on over 1.1 million shares done between Rs.77.20 and Rs.100.
Colombo Fort Lands gained Rs.2.40 to close at Rs.86.30 on slightly over 1.1 million shares traded between Rs.80.20 and Rs.89.90 while Central Finance closed Rs.27.10 up at Rs.1,450 on 48,900 shares done between Rs.1,440 and Rs.1,465.
JKH and Ceylon Guardian also saw two crossings – 100,000 JKH at Rs.280 and 100,000 Guardian at Rs.380.
HNB announced a one for six rights issue on both its voting and non-voting shares with the voting shares priced at Rs.219.50 and the non-voting at Rs.119.50.
The bank also said that it plans a private placement of 13.5 million new voting shares at a price of not less than Rs.235 per share subject to CSE and shareholder approval.
These shares would be placed with institutional investors, both foreign and local, to be identified by the managers to the issue with the shares issued to those making the best offer/offers. Investors in the private placement will not be entitled to the rights issue.
Dividends were also announced by the DFCC Bank where a final dividend of Rs.3 per share for 2010/11 will be paid after shareholder approval at the June 30 AGM. The shares will trade XD from July 1 with payment on July 11.
Piramal Glass announced a dividend of Rs.0.30 per share first and final for 2010/11 following shareholder approval at the July 19 AGM. The shares will trade XD from July 20 with payment on July 28.
Equity Two announced a final dividend of Rs.0.20 per share for 2010/11 with shareholder approval at the June 21 AGM with the shares trading XD from June 22 and with payment on June 30.
Pegasus Hotels announced a first and final dividend of Rs.0.30 per share for 2010/11 subject to shareholder approval at the June 17 AGM. The shares will trade XD from June 18 with payment on June 28.
source - www.island.lk
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