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Saturday, June 16, 2012

Bourse up sharply as sentiment changes

Retailers active, ASPI proaches 5,000 point benchmark

Building on the upturn of the previous two days, the Colombo bourse surged yesterday with the All Share Price Index up 68.19 points (1.39%) and the Milanka 68.41 points (1.56%) on a turnover of Rs.758.5 million, up from the previous day’s Rs.428.1 million, with 180 gainers leaving 44 losers trailing far behind.

"By mid morning market had really shot up with the All Share Price Index up over 100 points," a broker said. "It then eased off to around 40 points and thereafter was creeping up again at the close of trading."

The All Share Price Index which closed at 4,991.21 was approaching the 5,000 point resistance level it plunged through recently and the market was at a three-week high, brokers said.

Turnover was supported yesterday by four block trades in Textured Jersey with nearly 3.8 million shares crossed at Rs.8.20, Dialog with 4.5 million shares crossed at Rs.6, Commercial Bank (non-voting) with over 0.9 million shares crossed at Rs.74 and 200,000 Commercial Bank (voting) crossed at Rs.101.

Brokers said that all these block trades accounting for a turnover of Rs.145 million were done at previous closing prices.

"There was bullish sentiment among retailers with the market seeing heavy retail participation," a broker said.

Apart from the block trades on Commercial Bank, both voting and non-voting, ComBank voting closed 10 cents down on the trading floor at Rs.100.80 on slightly over 0.3 million shares done at the Rs.100 level while the non-voting shares closed Rs.2 up with 59,000 shares done at Rs.76.

Other blue chips that showed quantity included Carsons closing flat at Rs.467 and JKH up Rs.2 to close at Rs.188 on 66,864 shares traded between Rs.185.50 and Rs.189.

Less pricey stocks that showed volume included ERI up 80 cents to close at Rs.14 on nearly 1.7 million shares done between Rs.13.20 and Rs.14.80, HVA up 60 cents to close at Rs.10.70 on nearly 1.9 million shares done between Rs.10.10 and Rs.11.30, Lanka Hospitals (Apollo) up Rs.4.70 to close at Rs.30.90 on nearly 0.6 million shares done between Rs.26 and Rs.32 and ERI Warrants (W0006) up 40 cents to close at Rs.5.70 on nearly 2.2 million warrants.

source - www.island.lk