Thursday, September 29, 2011

Sentiment stays dull on Colombo bourse

In another day of lackluster trading, the Colombo bourse continued to dip on a modest turnover of Rs.1.5 billion, up from the previous day’s Rs.1.39 billion, with both indices down – the All Share by 27.01% (0.40%) and the Milanka by 28.21 points (0.47%) with 72 gainers trailing 126 decliners.

"There was no improvement in sentiment," Prashan Fernando of Acuity Stockbrokers said. "The market was stronger during early trading and weakened later in the day."

An unusually large quantity of 208,000 Nestle, dominantly controlled by the foreign parent, was crossed yesterday at a price of Rs.875 per share. The counter which saw a total 234,800 shares traded closed Rs.14.30 down at Rs.880 generating the day’s top turnover of Rs.205.5 million.

"A foreign shareholder seems to have been the seller," Fernando of Acuity said. "Not many other than the parent have quantity and in addition to the parcels crossed there was a biggish parcel of 18,500 and another of 5,000 traded on the floor at the same Rs.875 price."

One other crossing of 50,000 Bukit Darah at Rs.1,070 was also posted yesterday with the counter gaining Rs.15.30 to close at Rs.1,070. Outside the big parcel there was one trade of 1,400 and several in smaller quantities.

Regnis continued to fly clearing the Rs.400 barrier closing Rs.56.20 up at Rs.401 with nearly 0.5 million shares done between Rs.345 and Rs.403 while Colombo Land was also up 50 cents to close at Rs.65.90 on 2.7 million shares done between Rs.65.50 and R.69.

Both Asian Alliance Insurance and Tess edged down, Asian down 20 cents to Rs.239.90 on over 0.4 million shares and Tess down 30 cents to Rs.5.60 on nearly 10.5 million shares.

Radiant Gems was down 90 cents to Rs.204 on nearly 0.3 million shares.

Among the blue chips, both JKH (83,700 shares) was down 90 cents to Rs.209 and Commercial Bank down Rs.1.30 to Rs.111.

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