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Tuesday, August 23, 2011

Retailers keep bourse active

By Dinali Goonewardene

The market slipped lower on turnover of Rs. 2.3 b and was largely retail driven. The All Share Price Index edged 0.34% lower to 6928.03 while the Milanka Price Index dipped 0.66% to Rs.2.3 billion.

“We expect the market to remain at current levels during the course of the week with interest in the same type of stocks in which there is retail interest,” said Prashan Fernando, a stock broker at Acuity Stock Brokers.

“Only the speculative counters were seen mostly watched by retailers whilst a few crossings assisted to hold up activity levels,” Arrenga Capital said.

“Despite the initial marginal gains recorded with an intraday high of 6983.8 (Vs last week’s close of 6951.6 points), the market ended on a weaker note. Overall market behaviour was on a slow mode demonstrating the negative investor sentiment.

Though the credit rules were relaxed by the regulator, market was unable to sustain its previous week’s upward momentum owing to profit taking by the retail investors,” noted Asia Wealth Management.

The highest turnover for the day was generated by HVA Foods which saw 11 million shares trade for Rs.

423 million with share price up 9.4% to Rs. 39.50 while four million shares of Laughs Gas traded contributing Rs. 194 m to turnover. Retailers were most active on HVA in addition to Laugfs which also saw institutional play.

Among the other heavily traded stocks were Citrus Leisure which saw 1.7 million shares trade contributing Rs. 146 million to turnover. Interest was also seen in PC House with 6.25 million shares traded for Rs. 120 million though share price dipped by 6% to Rs. 19.10.

Among the day’s top gainers were Miramar which gained 13.21% or Rs. 35 to close at Rs. 300 and Asiri Central which gained 11.42% or Rs. 22.30 to close at Rs. 217.50. The top losers for the day were Beruwala Walk-inn which lost 8.84% to close at Rs. 173.20 and EB Creasy which dipped 8.33% to close at Rs. 2,200.

A redeemer for the day was the net foreign inflow Rs. 44.2 million.

source - www.ft.lk