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Wednesday, August 10, 2011

Textured Jersey closes below IPO price

* Heavy trading in CSD & East West as market continues to fall

Heavy trading in Ceylinco Seylan Developments (CSD) and East West featured on the Colombo Stock Exchange where the downward trend continued after the previous day’s respite.

Turnover was nearly Rs.2.5 billion with both indices down - the All Share by 56.78 points (0.83%) and the Milanka by 90.19 points (1.46%), up from the previous day’s Rs.1.78 billon, with 148 losers strongly outpacing 59 gainers.

"The market downward continued with speculative trading on CSD, owners of the prime Galle Road commercial and residential property," Prashan Fernando of Acuity Stockbrokers said. "There was a lot of speculative retail activity on this counters.

CSD was the day’s top turnover generator with nearly 47 million shares done between Rs.13.60 and Rs. 17.80 gaining Rs.3.30 to close at Rs.17.60.

East West followed with over 12.8 million shares done between Rs.27 and Rs.38.20 gaining Rs.8.80 to close at Rs.34.90 contributing Rs.429.7 million to turnover.

Both CSD and East and West were placed with the 10% price band in terms of the SEC directive of September 14, 2010.

Textured Jersey, following its successful IPO, began trading yesterday posting a high of Rs.15, the IPO price, and closing one rupee down at Rs.13.90 with over 1.7 million shares traded between Rs.13.50 and Rs.15.00.

Analysts said that the performance of this stock, in a falling market, did not bode well for other IPOs in the pipeline unless the market shrugged off the on-going bear run.

The so-called "chicken stock" – Ceylon Grain Elevators, Three Acre Farms and Bairaha Farms all lost steam but continued to show quantity, brokers said.

Grain Elevators was down Rs.10.70 to Rs.132 with over 1.5 million shares trading between Rs.131 and Rs.151.90, Three Acres down Rs.2.90 to Rs.130 with nearly 0.9 million shares trading between Rs.129 and Rs.155 while Bairaha was down Rs.15 to Rs.295.10 on nearly 0.2 million shares trading between Rs295 and Rs.320.

Softlogic Holdings was up 20 cents to close at Rs.23.30 on nearly 1.9 million shares done between Rs.22.80 and Rs.23.40 while Asian Hotel Properties gained Rs.1.50 to close at Rs.93.40 on over 0.3 million shares done between Rs.91 and Rs.93.40.

Orient Garments was down 40 cents to Rs.33.80 on nearly 0.8 million shares while JKH too was down 40 cents to Rs.194.50 on slightly over 0.1 million shares.

source - www.island.lk