With no final word yet from the Securities and Exchange Commission on the credit issues widely blamed for the current market downturn, the Colombo bourse yesterday was unable to defend Wednesday’s gains.
Both indices slid on a turnover of Rs.2.5 billion, down from the previous day’s Rs.2.54 billion, with the All Share Price Index down 52.81 points (0.77%) and the Milanka dipping 34.24 points (0.56%) with 134 losers strongly outpacing 60 gainers.
"Although turnover was not bad, the market was down throughout the day’s trading recovering a little loss ground at one point though still in the red but slumping by close of trading," Prashan Fernando of Acuity Stockbrokers said.
"Seylan Developments (CSD) and East West were the big turnover generators although both counters were down a bit from the previous day’s levels.’’
There was considerable interest in Lanka Hospitals (Apollo) which gained Rs.12 to close at Rs.56.20 on nearly 3.5 million shares trading between Rs.41.30 and Rs.58 with retail interest markedly evident.
CSD, the day’s top contributor to business volumes, was down 90 cents to close at Rs.17.10 on 33.7 million shares done between Rs.17.10 and Rs.20.60 generating Rs.638.4 million turnover.
East West followed, down 10 cents to close at Rs.38 on nearly 5.9 million shares traded between Rs.37 and Rs.41 contributing Rs.230.7 million to turnover.
Most of the counters that demonstrated volumes and contributed usefully to turnover all posted price gains – Orient Garments up Rs.5.30 to Rs.41.20 on over 3.1 million shares, Elephant Lite up 10 cents to Rs.13 on nearly 8.1 million shares, Marawila up Rs.1.50 to Rs.12.80 on 7.7 million shares, Odel up Rs.3.60 to Rs.36.20 on nearly 2.4 million shares, CSF up Rs.1.40 to Rs.21.40 on over 3.6 million shares and JKH up a rupee to Rs.197 on over 0.3 million shares.
Distilleries closed flat at Rs.170 on slightly over 0.2 million shares, brokers said.
Stocks which showed both volume and price gains were mostly driven by retailers with just three crossings reported for the day – two of Central Finance for 15,000 shares at Rs.1,350 and Rs.9,600 shares at Rs.1,366 and one parcel of 255,500 JKH at Rs.195.
Sathosa Motors which had announced a dividend of Rs.5 per share for 2010/11 announced the dates – AGM on August 26, XD August 29 and payment September 7.
Sigiriya Village announced a first and final dividend of Re.1 per share for 2010/11 with the AGM on Sept. 16, XD on Sept. 19 and payment on Sept. 27.
source - www.island.lk
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