Saturday, September 24, 2011

Milanka down sharply as week closes on negative note

*Regnis clears Rs. 300 barrier
The Milanka Price Index on the Colombo bourse yesterday suffered one of its sharpest recent single day falls losing 83.56 points (1.37%) while the All Share Price Index was down 27.78 points (0.41%) on a turnover of Rs.1.14 billion, down from the previous day’s Rs.1.9 billion, with 56 gainers trailing 126 losers.

"Overall, sentiment was down the whole of this week with very little happening on the market," Prashan Fernando of Acuity Stockbrokers said.

Regnis, the Singer Sri Lanka subsidiary, continued to fly gaining Rs.26.30 to close at Rs.306 on over 0.6 million shares done between Rs.270 and Rs.315. The counter contributed the day’s highest Rs.183.1 million to turnover.

Renuka Holdings was next best on the turnover league with two crossings of nearly 1.8 million shares at a price of Rs.65.50 being among 2.2 million shares traded during the day. The counter closed Rs.3.50 up at Rs.64.40 generating Rs.144.9 million turnover.

Radiant Gems which had attracted recent interest gained Rs.8.90 to close at Rs.196.50 on nearly 0.4 million shares done between Rs.182 and Rs.197 while Asian Alliance Insurance was up Rs.10.80 to close at Rs.201 on nearly 0.4 million shares done between Rs.174 and Rs.209.

Brokers said that although the market had declined, six of the most traded stock yesterday had all posted price gains. This included Tess Agro up 70 cents to Rs.6 on 6.7 million shares and Singer Sri Lanka up 30 cents to Rs.124 on nearly 0.3 million shares.

"This could be due to the very sharp price movement of Regnis which is a Singer subsidiary," Prashan Fernando of Acuity said.

Many blue chips were among the losers yesterday although mostly on thin volumes. JKH was down to Rs.209 on 80,300 shares, Chevron down to Rs.158.60 on 14,100 shares, Ceylon Tea Services down Rs.5 to Rs.800 on 100 shares and Royal Ceramics down Rs.5.80 to Rs.136 on 11,300 shares.

Among blue chip losers were Hayleys down Rs.2.30, Cold Stores down Rs.2, Asian Hotel Properties down Rs.1.90, Commercial Bank down Rs.2 and Distilleries down Rs.2.30.

ACL Cables announced an interim dividend of 70 cents per share for 2011/12 XD from Oct. 3 and with payment on Oct. 13.

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