Too soon to see real impact says analysts
Monday’s SEC announcement easing broker credit and other rules intended to boost the Colombo Stock Market had little effect yesterday with the All Share Price Index and S&P down although the Milanka was marginally up at close of trading, brokers said.
However some brokers and analysts said that it was too early to have an impact. ``You must wait a few days to judge how the changes have affected the market,’’ one broker said.
Turnover at Rs.526.1 million was up from the previous day’s Rs.434.9 million, with the All Share down 13.85 points (0.24%) while the Milanka was up 19.39 points (0.36%) and S&P down 9.74 points (0.31%) with 118 losers ahead of 93 gainers while 53 counters closed flat.
Brokers said that the market was up during early trading with the All Share gaining as much as 40 points but lost ground later in the day.
The SEC chairman had a meeting with representatives of broking firms last morning to explain the changes that had been announced through a press release the previous day. These changes were in line with recommendations made by broking firms.
JKH gained Rs.3 to close at Rs.213.50 on over 0.2 million shares done between Rs.212 and Rs.215.40 generating the day’s top turnover of Rs.54.3 million followed by E-Channelling up 10 cents to close at Rs.6.40 on slightly over 5 million shares done between Rs.6.40 and Rs.6.70 contributing Rs.33.2 million to turnover.
There were two crossings during the day with 180,000 Commercial Bank done at Rs.112.50, 80 cents below the previous close, in a deal worth Rs.20.3 million and 2 million ERI done at Rs.16.30, 30 cents above the previous close, in a transaction valued at Rs.32.6 million.
Brokers said that retail activity was evident in ERI, Laugfs Gas and E-Channelling among the most traded stocks with the NDB too attracting retail interest.
Laugfs closed 10 cents up at Rs.21.20 on nearly 1.3 million shares done between Rs.20.90 and Rs.22.20 generating the day’s third biggest turnover of Rs.28.7 million.
NDB was Rs.1.40 down to close at Rs.143 on nearly 0.2 million shares done between Rs.143 and Rs.146 while Central Finance closed flat at Rs.165 on 70,440 shares done between Rs.173.50 and Rs.176.50.
Among the other most traded stocks were Blue Diamonds closing flat at Rs.5.30 on nearly 2.3 million shares, Dialog closing 20 cents up at Rs.8.90 on nearly 1.4 million shares and ERI warrants closing flat at Rs.53.40 on 2 million warrants.
Swarnamahal closed 10 cents down at Rs.4.70 with 2 million shares and Nation Lanka Finance closed flat at Rs.12.80 on over 0.6 million shares.
source - www.island.lk
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