Friday, August 19, 2011

Punting stock drive the bourse, retailers active

Punting stock drove the Colombo bourse yesterday with turnover hitting Rs.6.19 billion, up from the previous day’s Rs.4.56 billion with the indices closing in opposite directions – the All up 12.90 points (0.18%) while the Milanka was down 8.48 points (0.13%) with 91 gainers a little behind 113 losers.

The big business generators were Colombo Land where turnover reached Rs.1.6 billion, HVA Food posting a turnover of slightly over a billion rupees, Citrus Leisure (Rs.543.9 million) and PC House (Rs.401.9 million).

"Most of yesterday’s activity was focused on Colombo Land which sustained its upward momentum gaining Rs.3.10 to close at Rs.62 with nearly 23.8 million shares traded between Rs.59.50 and Rs.73.40," Prashan Fernando of Acuity Stockbrokers said. "HVA Foods also joined the big league turnover-wise.’’

However, stocks like Lanka Hospitals and East West which were also running in recent days lost some steam, he noted.

HVA, with 31 million shares done between Rs.22 and Rs.38.70 closed Rs.14.30 up at Rs.33.60 while Citrus Leisure was up Rs.11.10 to Rs.84.20 on nearly 6.5 million shares done between Rs.75 and Rs.89.30.

PC House gained Rs.1.40 to close at Rs.20.40 with over 19.9 million shares done between Rs.18.30 and Rs.21.30.

There were three crossings of Hayleys at a price of Rs.360 absorbing most of over 0.9 million shares traded yesterday. The counter closed Rs.4.20 down at Rs.360. There was speculation that Mr. Dhammika Perera was increasing his stake in the company.

Vallibel One too saw three crossings at a price of Rs.30 with over 5 million shares traded accounting for by off-the-floor deals.

Brokers said that NDB and Colombo Land also saw some crossings, NDB with a million shares crossed at Rs.135 and Colombo Land with about a million shares crossed at Rs.64.

Among the blue chips, JKH edged up Rs.1.10 to Rs.210 on nearly 0.2 million shares done between Rs.208 and Rs.211.90.

Among the most traded stocks was Odel (4.6 million shares) up Rs.4.70 to close at Rs.41.30.

SMB Leasing announced that it was not proceeding with an application to the Monetary Board of the Central Bank to obtain a license as a registered finance company as approved in principle by its directors last May.

Tokyo Cement announced that it was incorporating a subsidiary to set up a power generation plant at Mahiyangana using gliricidia loppings obtained from out-growers. The project, expected to be commissioned in mid-2013 will entail an investment of Rs.1.5 billion. A power purchase agreement with the CEB has already signed.

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