Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Thursday, May 5, 2011

Bourse continues to dip

The Colombo bourse lost more ground yesterday, though not as steeply as in the previous day, with the All Share Price Index down 57.33 points (0.79%) and the Milanka down 43 points (0.64%) on a turnover of Rs.1.8 billion, down from the previous day’s Rs.5.7 billion, with 168 decliners way ahead of 37 gainers.

Business volumes yesterday largely came off Royal Ceramics, Distilleries, Asian Hotel Properties and Seylan Merchant Bank, brokers said with Royal Ceramics and Distilleries being the main turnover generators.

Analysts noted that the indices were dragged down with sharp downturns in many pricey shares on very thin volumes.

One million shares of Royal Ceramics were crossed at a price of Rs.165 with brokers saying there was interest in the counter during the afternoon trading.

The share closed Rs.8.40 up at Rs.158 with nearly 4.5 million done between Rs.148 and Rs.163.

Distilleries lost 70 cents to close at Rs.180 on nearly 1.4 million shares traded between Rs.179 and Rs.180 with two crossings of parcels of 640,000 each at the Rs.180 price.

Asian Hotel Properties with a million shares crossing at Rs.188 closed Rs.1.80 up at this price with transactions on the trading floor amounting to just 3,700 shares transacted between Rs.185.10 and Rs.190.

"Asian Hotels has been more or less stagnant at this price," a broker said.

Seylan Merchant Bank saw high volumes with nearly 57.6 million shares traded between Rs.190 and Rs.2.10 closing 10 cents down at Rs.1.90. A large parcel of nearly 26.8 million shares at a price of Rs.2 was among the trades.

Brokers expected market activity to remain subdued at present levels for some time but said that current price levels may encourage some strategic deals with buyers finding prices attractive at current levels and sellers also seeing exit opportunities for large quantities.

CIC and Tokyo Cement (non-voting) also saw crossings – two parcels of CIC of 143,600 shares each changing hands at Rs.151 and two parcels of Tokyo X of 804,100 shares transacted at Rs.44.Sri Lankan losses contract in 2010

source - www. island.lk