Thursday, August 11, 2011

Retailers drive bourse on property stock

The Colombo bourse looked up yesterday with both indices advancing on a turnover of Rs.2.54 billion, up from the previous day’s Rs.2.47 billion, with the All Share Price Index up 69.71 points (1.03%) and the Milanka up 35.38 points (0.58%) with 172 gainers strongly outpacing 42 losers.

"The market closed on a positive note with anticipation of a favourable decision on credit issues from an SEC meeting on Wednesday evening," Prashan Fernando of Acuity Stockbrokers said. "Improvements in international markets too helped sentiment."

He said that there was considerable activity in the property sector with focus on East West, Ceylinco Seylan Developments (CSD), Colombo Land and Overseas Realty being very actively traded and driven by retailers.

East West closed Rs.3.40 up at Rs.38.10 on 6.9 million shares done between Rs.35 and Rs.38.10 generating the day’s top turnover of Rs.258.4 million.

CSD followed gaining Rs.1.70 to close at Rs.18.90 on 13.5 million shares done between Rs.18 and Rs.19 contributing Rs.254.1 million to the day’s business volumes while Colombo Land was up Rs.2.30 to Rs.43 on nearly 2.7 million shares done between Rs.41 and Rs.45.30 contributing Rs.117.2 million to the day’s business volume.

Overseas Realty was up 20 cents to Rs.16.50 on over 6.8 million shares done between Rs.16 and Rs.18.50 posting a turnover of Rs.116.4 million.

Elephant Lite too saw considerable activity gaining Rs.2.30 to close at Rs.13.80 on 8.1 million shares done between Rs.11.20 and Rs.14.30.

Environment Resources Investments (Walker & Greg) attracted interest gaining Rs.6.70 to close at Rs.71.50 on over 1.4 million shares done between Rs.65.60 and Rs.74 while Aitkin Spence closed Rs.1.10 up at Rs.138 on over 0.6 million shares done between Rs.137.50 and Rs.138.90.

Commercial Bank, where a rights issue will close next Tuesday was down Rs.14.20 to Rs.224 on nearly 0.4 million shares done between Rs.224 and Rs.240. This included a crossing of 124,200 shares at Rs.236.50.

Brokers noted that the share was still trading above the rights issue price of Rs. 181.65 per voting share and Rs. 130.13 on the non-voting share.

There were two crossings of 15 million Browns Investments at Rs.4.70 and a crossing of 926,300 East West at Rs.38.

Among other counters that showed quantity and price gains were Browns Investments up 20 cents to close at Rs.4.90 on nearly 16.7 million shares, Dimo up Rs.20.50 to Rs.1,410 on 51,900 shares, Grain Elevators up Rs.1.20 to Rs.135 on nearly 0.5 million shares and Pan Asian Power up 40 cents to Rs.4.80 on nearly 12.4 million shares.

Elpitiya Plantations announced a first and final dividend of Rs.0.36 per share for 2010/11 following the September 26 AGM with the share trading XD on September 27 and payment on October 5.

Swadeshi Industrial Works announced a first and final dividend of Re.1 per share following the September 23 AGM, XD from September 26 and with payment on October 4.

source - www.island.lk

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