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Thursday, August 4, 2011

Colombo holds ground in the teeth of Asian fall

The indices closed in opposite directions during a quiet day’s trading yesterday on the Colombo bourse with turnover a modest Rs.1.2 billion, down from the previous day’s Rs.1.5 billion, with the All Share Price Index down 7 points (0.10%) while the Milanka was up 17.94 points (0.29%) with 92 gainers slightly ahead of 89 losers.

"Markets in the Asian region were down 1.5% to 2% on concerns on the US economy but Colombo held its ground with the Milanka moving up a bit and the All Share down only marginally," a broker said.

"However it was a very quiet day with nothing exciting. There was focus on retail driven stock including East West, Vallibel One, Grain Elevators and Blue Diamonds while the cement companies too, Tokyo and Lanka Cement, saw upward price movements on expectations of increased profitability."

The main business volumes were provided by East West, up 50 cents to close at Rs.19.30 on nearly 14.5 million shares traded between Rs.18 and Rs.20.20 generating Rs.281.9 million turnover.

Vallibel One followed gaining 10 cents to close at Rs.29.10 on nearly 4.1 million shares done between Rs.28.90 and Rs.29.30 while Grain Elevators was up Rs.5.90 to Rs.131.50 on nearly 0.7 million shares done between Rs.118 and Rs.134.90.

Blue Diamonds was down 20 cents to Rs.9 with nearly 7 million shares done between Rs.9 and Rs.9.60.

Both Lanka Cement, up Rs.3.90 to Rs.26.50 on nearly 1.8 million shares and Tokyo, up Rs.3.10 to Rs.57 on nearly 0.2 million shares were gainers yesterday.

Among the poultry companies, other than Grain Elevators, its subsidiary Three Acre Farms was up Rs.2.80 to Rs.128.50 on 0.2 million shares while Bairaha Farms was up Rs.1.70 to Rs.306 on 54,100 shares.

Brokers said that foreigners were interested in JKH but there were no quantities available at current price levels. The counter gained Rs.1.20 to close at Rs.197.50 on a relatively thin 0.1 million shares traded between Rs.195 and Rs.197.90.

Given recent market gains, there was an element of profit taking and selective buying both in JKH and some banking stocks, they said.

source - www.island.lk