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Friday, July 27, 2012

Bourse edges down but retail activity evident

The Colombo bourse edged down yesterday with all three indices down on a turnover of Rs.266.6 million, up from the previous day’s Rs.257.7 million, with 102 losers outpacing 92 gainers while 49 counters closed flat.

The All Share Price Index was down 7.69 points (0.16%), the Milanka down 10.13 points (0.24%) and S&P down 5.02 points (0.23%) with retail interest evident in counters including Odel which announced that a regional retailer was acquiring a stake of the company (see accompanying story), Panasian Power and HVA.

Odel which closed Rs.3.50 up at Rs.26.50 on over 2.1 million shares traded between Rs.22 and Rs.26.90 had been demonstrating both quantity and price gain during the past few days on rumours of the arrangement announced after trading closed yesterday.

Odel was the day’s top turnover generator contributing Rs.52.7 million to business volume followed by Distilleries which closed Rs.1.20 down at Rs.120 on slightly over 0.2 million shares done between Rs.120 and Rs.122 generating a turnover of Rs.26 million.

Carson’s closed flat at Rs.450 on 51,381 shares done during the day with brokers saying that there is a buying demand for the stock although prices had moved down from Rs.465 to Rs.450.

Apart from Odel, retailers were active in Panasian Power closing flat at Rs.2.40 on 9 million shares done between Rs.2.40 and Rs.2.50 generating a turnover of Rs.21.7 million shares and HVA down 30 cents to Rs.13.20 on nearly 0.8 million shares done between Rs.13 and Rs.13.50.

Among stocks demonstrating volume among the most traded counters were Swarnamahal down 10 cents to Rs.6.10 on nearly a million shares, Richard Pieris closing flat at Rs.6.90 on nearly 0.8 million shares, E-Chanelling closing flat at Rs.4.70 on over a million shares and Singer Finance where a rights issue is pending at Rs.11 closing 10 cents up at Rs.111.40 on over 0.4 million shares.

Swadeshi Industrial Works announced a final dividend of Re.1 per share after shareholder approval at a Sept. 14 AGM with the share trading XD from Sept. 17 and with payment on Aug. 25.

source - www.island.lk