Wednesday, August 24, 2011

Retailers keep CSE alive as downslide continues

The downward course on the Colombo bourse continued yesterday with a disappointing turnover of Rs.1.56 billon, up from the previous day’s Rs.1.2 billion, with both indices down – the All Share by 66.30 points (0.96%) and the Milanka by 73.32 points (1.17%) with 47 gainers trailing 159 losers.

"Retailers dominated activity with HVA Foods, Asiri, Colombo Land, PMB and East West generating the business volumes," a broker said.

"While the market was down from morning with factors usually seen at the end of the month kicking in, heavy trading in Asiri Hospitals was a feature of the day."

Asiri gained Rs.3.40 to close at Rs.10.90 on over 12.1 million shares traded between Rs.8.20 and Rs.12.40 contributing Rs.141.7 million to the day’s turnover – the second highest for the day.

Brokers said that activity in this counter picked up later in the day.

The top turnover generator was HVA where nearly 4.4 million shares were traded losing Rs.2.20 to close at Rs.36.80 with the share trading between Rs.35.60 and Rs.40.50 generating a turnover of Rs.167 million.

Colombo Land continued to attract interest and closed Rs.3.20 down at Rs.61.50 with nearly 1.3 million shares done between Rs.60 and Rs.65.80 while PMB was up Rs.1.40 to close at Rs.22.80 on nearly Rs.3.4 million shares done between Rs.22.30 and Rs.24.50.

East West lost Rs.2.70 to close at Rs.48.50 on nearly 1.5 million shares done between Rs.48 and Rs.53 while Colonial Motors gained Rs.21 to close at Rs.346 with nearly 0.2 million shares done between Rs.331.50 and Rs.358.

Many of the Blue chips were down yesterday reflected by the dip in the Milanka Price Indices. Very few of them were among the most traded stock yesterday.

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