Sri Lanka Stock Picks

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Saturday, September 15, 2012

Bourse continues to zoom - Focus on blue chips and banking stock

The Colombo bourse continued to zoom yesterday with turnover hitting Rs.3.23 billion, up from the previous day’s Rs.1.9 billion, and all three indices up sharply – the All Share by 149.68 points (2.59%), the Milanka by 168.76 points (3.11%) and S&P by 81.76 points (2.61%) with 212 gainers strongly outpacing 54 losers while 41 counters closed flat.

Brokers said that the focus was on banking and blue chip stocks with some retailers previously focused on penny stock migrating to midcaps and blue chips.

JKH saw three crossings totaling slightly over 0.8 million shares at prices of Rs.216 and Rs.217 with the block trades worth Rs.174.9 million. Additionally, over 0.9 million shares of the conglomerate were done between Rs.213.60 and Rs.218.30 on the trading floor with the counter closing Rs.5.60 up at Rs.218 contributing Rs.403 million to turnover.

Commercial Bank saw two crossings of slightly over 4.2 million shares at Rs.115 contributing Rs.483 million to turnover while floor trades in this counter saw nearly 2 million shares done between Rs.113 and Rs.115.90 with the share closing Rs.3.50 up at Rs.216.60 contributing the day’s top turnover of Rs.224.7 million.

There was also a crossing of 3.85 million Dialog at Rs.7 contributing Rs.27 million to turnover. Additionally, nearly 5.8 million Dialog was done on the floor closing 70 cents up at Rs.7.30 contributing Rs.40.9 million to turnover.

Among the banking stocks that were most traded yesterday were HNB, both voting and non-voting, with 0.4 million voting shares done closing Rs.7 up at Rs.166 and nearly 0.3 million non-voting shares closing Rs.2.80 up at Rs.118.50.

Among low priced counters that demonstrating volume were Nation Lanka Finance with nearly 10.6 million shares traded closing Rs.1.10 up at Rs.124.30, over 4.7 million Vallibel One closing Rs.3.40 up at Rs.23.50, over 13.2 million e-Channelling closing 50 cents up at Rs.6.40, over 2.9 million Touchwood closing 90 cents up at Rs.19.30 and over 2.4 million Access Engineering closing Rs.1.20 up at Rs.19.

source - www.island.lk