Turnover and indices down
The downward trend on the Colombo bourse attributed by brokers and analysts to credit issues continued yesterday on a low turnover of Rs.1.4 billion, down from the previous day’s Rs.3.07 billion, with both indices down – the All Share by 44.68 points (0.65%) and the Milanka by 49.16 points (0.79%) with 48 gainers trailing behind 146 losers.
"It was a very quiet day with the downward movement continuing," Prashan Fernando of Acuity Stockbrokers said. "Overall, market sentiment was dull but diamonds glittered with Blue Diamonds, both voting and non-voting, generating the most business volumes."
Blue Diamonds (voting) closed flat at Rs.11.20 with over 9.2 million shares done between Rs.11.10 and Rs.12.20 while the non-voting share edged down 10 cents to close at Rs.4.90 with over 20.3 million shares done between Rs.4.90 and Rs.5.50. These two counters were the top business generators.
Brokers said that retail play was evident in stocks like Colombo Land, HVA Foods and Regnis although there were a few large parcels done in all these counters indicating some high net worth investor and institutional participation.
Seldom traded Ceylon Guardian saw two crossings of 100,000 shares each at a price of Rs.325 while JKH saw a single crossing of 124,642 at Rs.217.50. There was no word on buyers and sellers.
Brokers noted that Regnis, a member of the Singer group, had been volatile in recent months with the share moving up Rs.17.80 yesterday to close at Rs.195 on over 0.3 million shares done between Rs.166 and Rs.199.90.
Colonial Motors was also a gainer, up Rs.11.10 to close at Rs.475 on slightly over 0.1 million shares done between Rs.460 and Rs.485. Brokers said that this share too had gained sharply in recent months.
Among the penny stocks Muller & Phipps and Tess Agro showed both volume and price gain with Mullers up 30 cents to close at Rs.3.50 and Tess up 50 cents to close at Rs.6.30 on a little over 3.7 million shares.
Distilleries was down a rupee to close at Rs.174.10 on 0.1 million shares while JKH lost Rs.2 to close at Rs.216.70 on nearly 0.3 million shares done between Rs.216.10 and Rs.218.80.
Commercial Bank, both voting and non-voting, gained slightly after its share split with the voting share up 50 cents to Rs.116 on over 0.1 million shares and the non-voting share up 10 cents to Rs.80 on l60,300 shares after factoring the doubling of the shares in issue.
Mr. R. Senathirajah has relinquished the office of Chairman and resigned from the boards of York Arcade Holdings and Colombo Fort Land and Buildings with effect from Sept. 12, the companies said in stock exchange filings. No successor was named.
The SEC announced further changes on basis of large IPO allotments benefiting retailers. The definition of retailer has been changed to applications valued up to Rs. 200,000 from the earlier Rs. 100,000 with a direction that within the segment, smaller applications be given priority.
source - www.island.lk
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