Several land sector counters in the Colombo Bourse rallied yesterday, making the administrating and maintaining company of iconic Colombo property, Seylan Developments PLC (CSD) (former Ceylinco Seylan Developments) the top performer of the day.
Nearly 46.69 million shares changed hands and the share price shot up 23.74% by Rs.3.30 and closed at Rs.17.20. The share price reached high as Rs.17.80 whilst the opening price was 14.20 and made the highest contribution to the market turnover amounting to Rs.754 million. The company recently concluded a rights issue and as at June 2011, 52% of the company was held by Seylan Bank PLC.
Meanwhile other real estate sector counters East West properties that continued to rally last week also shot up 33.98% to close at Rs.34.70 and the share price reached a high at Rs.38.20 during the day. Nearly 12.8 million shares changed hands. Both shares were caught up with regulators price band till August 16, at the end of market hours.
Owners of Majestic City, CT Land (CTLD) also shot up by 11% and reached a high of Rs.35 during the day whilst Overseas Realty (OSEA) owners of World Trade Centre and Havelock City also rallied and rose 8% to a high of Rs.16.70. Colombo Land (CLND) owners of Liberty Plaza also slightly appreciated along with Kelsey Developments (KDL) whilst property arm of Lankem group York Arcade (YORK) rose 8.09% to Rs.34.50 and May Fair Property developer Shaw Wallace % Hedges rose by 15.96% by Rs.44.70.
Sri Lanka is said to have 16.21 million acres or 65610 square kilometers worth about Rs.25.93 trillion (each perch valued at Rs.10,000 average), and analysts points out that Rs.4.3 trillion economy of the country and Rs.2.2 trillion worth stock market is just 16.6% and 8% compared to real estate sector value that has enormous potential to grow. (JA)
source - www.dailymirror.lk
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