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Friday, August 17, 2012

Bourse slides with profits taken

The Colombo bourse was unable to sustain gains of the previous two days with both turnover and the indices declining – the All Share down 30.94 points (0.63%), the Milanka losing 58.83 points (1.28%) and S&P down 20.90 points (0.75%) on a turnover of Rs.208.7 million, down from the previous day’s Rs.1.04 billion, with 114 losers outpacing 74 gainers and 119 counters closing flat.

JKH was the day’s business generator closing Rs.4 down at Rs.195 on over 0.2 million shares done between Rs.192.20 and Rs.198.80 generating a turnover of Rs.46.4 million.

Panasian Power followed with 8.5 million shares done between Rs.2.50 and Rs.2.60 closing 10 cents up at Rs.2.50 and contributing Rs.21.3 million to turnover. One large parcel of 7.7 million shares was among the trades.

Brokers said that the market was largely retail driven and that the decline in the indices was not too bad given the fact that turnover was low.

"The indices gained about 100 points in the previous two days and some profit taking was seen," a broker said. "Earlier selling that was present in the market took effect."

Among the most traded stocks were Seylan Bank (non-voting) down 50 cents to Rs.26, Citrus Waskaduwa closing flat at Rs.7.50 on nearly 1.7 million shares, LIOC closing flat at Rs.16.40 on over 0.5 million shares, Commercial Credit up 40 cents to close at Rs.15.10 on nearly 0.3 million shares and Overseas Realty down 10 cents to Rs.13.20 on nearly 0.3 million shares.

J.L. Morison announced a second and final dividend of Rs.2 per share for 2011/12 with dates to be notified and Commercial Credit & Finance a first and final dividend of Re.1 per share for 2011/12 after shareholder approval at a Sept.21 AGM with the share trading XD from Sept. 24 with payment on Oct. 2.

Free Lanka Capital Holdings announced a first and final dividend of five cents per share for 2011/12 following shareholder approval at a Sept. 26 AGM with the share trading XD from Sept. 27 and with payment on Oct. 5 while Lanka Aluminium announced a first and final dividend of 50 cents per share following shareholder approval at a Sept. 24 AGM XD from Sept. 25 with payment on Oct. 3.

source - www.island.lk