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Wednesday, June 1, 2011

Bourse down on profit taking & settlement cycle

The Colombo bourse lost ground yesterday although a turnover of Rs.3.5 billion, up from the previous day’s Rs.3.1 billion, was posted with the All Share Price Index losing 50.34 points (0.67%) and the Milanka down 12.68 points (0.18%) with 140 losers well ahead of 67 gainers.

"The downturn was attributable to profit taking as well as the month-end settlement cycle with retailers settling accounts," Prashan Fernando of Acuity Stockbrokers said. "There was profit taking on retail stock that had been moving up in recent days."

Nation Lanka continued to attract intense activity gaining Rs.2.50 to close at Rs.31.90 on 17.2 million shares done betwe3n Rs.28.60 and Rs.32.30. This counter generated the day’s top turnover of Rs.534.7 million.

Singer Sri Lanka continued to be active following the previous day’s sale by Singer Industries which took a substantial profit on its investment in its parent.

"The same shares were going round and round with nearly 3.5 million shares done between Rs.135 and Rs.169.50 with the share gaining Rs.20.10 to close at Rs.149 generating a turnover of Rs.527.6 million,’’ brokers said.

Other stocks that generated volume included Lion Brewery (over 0.9 million shares) including three crossings at a price of Rs.230 absorbing most of the quantity traded. The counter gained a rupee to close at Rs.230.10 trading between Rs.230 and Rs.240.

Ceylon Tobacco was down Rs.5 to Rs.375 on over 0.5 million shares done between Rs.375 and Rs.380 including two crossings at Rs.375 accounting for 450,000 of the business.

Ceylon Theatres saw a crossing of 500,000 shares at a price of Rs.201 losing 30 cents to close at Rs.203.50 on 523,000 shares traded between Rs.203.50 and Rs.215.

Brokers said that retail play was evident in Nation Lanka, Colonial Motors (down Rs.13.20 to Rs.456), Janashakthi (down Rs.1.30 to Rs.19.50 on 4.6 million shares) and Seylan non-voting.

Union Chemicals announced a final dividend of Rs.6 per shares for 2010 with the AGM scheduled for June 10. The share will trade XD from June 13 with payment on July 14.

Kotagala will pay a dividend of Rs.5 per share following its June 30 AGM, XD from July 1 and payment on July 11.

source - www.island.lk