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Friday, May 6, 2011

Illiquid stocks become top gainers

By Jithendra Antonio

The highly illiquid stocks which represent less than 10 million of issued shares were seen gaining heavily in the market in the past couple of days, in terms of price, market analysts said.

Despite all hot stocks including blue chips falling with red signals on Wednesday, market sentiments lifted illiquid stocks such as Miramar Beach (MIRA) to close at Rs.513.40 (up 20.09%), HDFC to close at Rs.1640 (up 15.27%), Beruwela Walk Inn (BINN) to close at Rs.289.60 (up 9.99%) , Huejay International Investments (HUEJ) to close at Rs.243.80 (rose 9.97%) and Eastern Merchants Plc (EMER) to close at 1142.40 (up 9.21%).

The trend continued yesterday too with illiquid Singalanka Standard Chemicals Plc (SING) gaining 49.99% to close at Rs.1350, while Serendib Land Plc (SLND) closing at Rs.2400 (up 41.59%).

Radiant Gems International (RGEM) closing at Rs.107.10 (up 40.37%, Alufab PLC (ALUF) up closing at Rs.144.80 (up 37.38%), and On’ally Holdings (ONAL) closing at Rs.101.50 (up 28.48%).

Industry analysts forecast given the recent increase of share capital of nearly 80% of companies by way of splits, capitalization of reserves and rights; market is now poised to boom with brokers and analysts pointing investors to go for highly illiquid shares with no fundamentals.

source - www.dailymirror.lk