Thursday, October 6, 2011

E-Channelling top gainer

Colombo stocks ended in red yesterday with both indices recording losses. ASI dropped 15.06 points (-0.22%) to close at 6,706.48 while sensitive MPI closed at 5,966.51, dip of 16.44 points (-0.27%).
Market turnover stood at Rs 1.3 billion.

Retail investor favourite E-Channelling Plc made the highest contribution of Rs 309.1 million to the market turnover and was traded heavily during the day.

E-Channelling was the top gainer of the day and it reached the high of Rs 10.30 and closed at Rs 9.90, up Rs 1.20 (+13.8%). Radiant Gems Plc (Rs 69.8 million) and Hydro Power Free Lanka Plc (Rs 62.0 million) lagged behind in terms of turnover but were next in line to E-Channelling and traded heavily. Further, Ceylon & Foreign Trades Plc was among the mostly traded stocks and closed at Rs 11.40, the maximum price the counter could reach within the 10% price band.

Lanka Milk Foods recorded an off-the-floor deal of 245,000 shares at a price of Rs 130.00.

At the end of the day the stock closed at Rs 132.00, up Rs 4.50. Low investor interest pushed the share prices of blue-chips further down.

Premier blue-chip John Keells Holdings closed at Rs 200.00, a dip of Rs 2.80, Commercial Bank closed at Rs 111.50, down by Rs 1.30 and Colombo Dockyard closed at Rs 256.00, drop of Rs 3.20. Moreover profit realization was seen in speculative counters such as Laxapana Batteries Plc, Regnis Lanka Plc and Radiant Gems Plc.

Foreign participation was low at 8.5%. At the end of trading foreign investors were net sellers with a net foreign outflow of Rs 88.0 million. Lanka Securities Research

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