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Tuesday, May 17, 2011

CSE moves up 0.53% before Vessak holidays

Brokers speculate further relaxation of market regulation

The Colombo Stock Exchange moved to positive territory yesterday (16) with both indices making gains before closing for a two-day Vessak holiday.

The All Share Price Index gained 0.53 percent, up 38.75 points to close at 7,358.69 while the Milanka Price Index of more liquid stocks gained 0.69 percent during the day, up 46.86 points to close at 6,816.22.

Monday’s turnover amounted to a little more than Rs. 2 billion with more than 97 million shares changing hands with 112 counters making positive gains and 77 negative.

According to LBO, this comeback was boosted by encouraging first quarter earnings and growing anticipation that the regulator would further relax the margin trading credit settlement period.

Alliance Finance was the top gainer of the day with its share up 552.3 rupees to 1435.30 while Finlays Colombo was the top loser, its share down 70 rupees to 211 .00.

The Ceylon Brewery, which announced its name will change to Ceylon Beverage Holdings, went up 46.30 rupees (8.57 percent) to close at 586.80 rupees.

Brokers said they were anticipating an announcement by the regulator further relaxing the margin trading credit settlement period when the market re-opens after being closed for religious holidays Tuesday and Wednesday, LBO said.

Ceylinco Insurance closed at 685 rupees, up 52.60 with 20 million (173 million rupees) shares done.

source - www.island.lk