Perhaps proving Daily FT’s exclusive analysis yesterday of “Super September!” the Colombo stock market started off the new month with mega deals and sharp gains in indices.
The All Share Index and Milanka Index each gained by slightly over 1% whilst even after excluding the Dhammika Perera-triggered mega deals worth Rs. 5.2 billion, turnover was a high Rs. 3.5 billion.
Overall the turnover was the highest since 4 October, 2010.
“The market returned to a vivacious mood with all round investor participation seeing a distinct rise.
Speculative trading continued along with active trading in selected blue chips,” SC Securities said.
“Strong across the board participation mainly led by institutional and high net worth investors, assisted to push the indices up as it initiated September month’s trading on a positive note,” noted Arrenga Capital.
DNH Financial said retail sentiment improved significantly with buying spread across a number of counters.
Colombo Land saw 8.37 million of its shares traded for Rs. 594 million with share price closing at Rs. 70.50, up by Rs. 5.30. Acme Printing and Packaging saw 11.26 million of its traded including 3.5 million via two crossings at Rs. 24 each, generating Rs. 313 million turnover.
It closed at Rs. 28.10, up by Rs. 5 or 21.6% with deals involving institutional and high networth investors.
Multi Finance made a Rs. 282 million contribution as well with its share price up Rs. 6.20 to Rs. 69.70.
Number one stock JKH saw its share price gain by Rs. 3.30 to Rs. 215. Overseas Reality registered a crossing of 1.2 m shares at Rs. 16.7.
Institutional participation continued in Colonial Motors leading the counter to witness a mid-sized block carrying 50,000 shares being changed at Rs. 422.5. Moreover, Elpitiya Plantations also saw renewed institutional activity to register a parcel of 800,000 shares being dealt at Rs. 30.0. Following the media release on Colombo Dockyard’s projects indicating that the company has secured six new shipbuilding projects, the counter witnessed renewed investor participation driving it to register a gain of 7% to close at Rs. 267.5, leading the construction sector index to rise 5.8%.
DNH said the market coming to the end of the week, the ASPI testing the 7000 resistance level once again was likely “Supported by positive investor sentiment and pent up market momentum we believe that this could be the beginning of a gradual but sustainable rally that could thrust the market above the 7500 level by month end. While we are definitely encouraged by the bourse’s performance, we nevertheless advise investors to accumulate quality stocks which are expected to outperform on an absolute and sharp basis.
source - www.ft.lk
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