Friday, October 12, 2012

Bourse continues to tumble

Turnover up but indices losing ground

The Colombo bourse yesterday took a sharper tumble than on Wednesday although turnover at Rs.679.2 million was up from the previous day’s Rs.398.1 million with brokers saying that retail participation had been slow.

The All Share Price Index lost 51.66 points (0.89%), the Milanka was down 75.78 points (1.43%) and S&P dipped 34.82 points (1.11%) with 133 decliners outpacing 85 gainers while 93 counters closed flat.

"The ASPI dipped sharply for a fourth consecutive day amid volatility with turnover being driven by trades on diversified, banks and finance counters," John Keells Stockbrokers said.

The day saw a net foreign outflow of Rs. 10.09 million as foreigners sold Rs. 248.14 million.

There was one block trade yesterday with slightly over a million Aitken Spence traded at Rs.132 in a deal worth Rs.132.1 million.

Brokers noted that the All Share Price Index had fallen from levels of 6,000 points to 5,600 this month.

Interest in JKH persisted although the share price kept falling with the counter closing Rs.4.80 down at Rs.204 on nearly 0.7 million shares done between Rs.203 and Rs.210 generating the day’s top turnover of Rs.136.1 million.

Brokers said that the fall in the JKH price was impacting significantly on the indices.

Ceylon Hospitals (Durdans) saw quantity gaining Rs.3.90 to close at Rs.90 on over 0.6 million shares done between Rs.86 and Rs.90 contributing Rs.57.8 million to turnover while Commercial Bank (voting) finished third on the turnover league closing 80 cents down at Rs.111 on over 0.2 million shares done between Rs.111 and Rs.114 contributing Rs.24.5 million to turnover.

Gainers among the most traded stocks yesterday included Lion Brewery up Rs.3.60 to Rs.245 on 94,405 shares, Royal Ceramics up 30 cents to Rs.105 on over 0.1 million shares and Richard Pieris (voting) up 10 cents to Rs.8.70 on over 2.3 million shares.

NDB lost 90 cents to close at Rs.139.60 on over 0.1 million shares done between Rs.139.50 and Rs.141.70.

Union Assurance announced a one for seven rights issue at Rs.70 a share to infuse Rs.750 million equity capital into the company to meet capital requirement stipulations of the Insurance Board. The issue is subject to CSE and shareholder approval.

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