Saturday, October 6, 2012

Turnover low, indices point in opposite directions

LOLC gains further on high volumes

The Colombo bourse yesterday closed on a low turnover of Rs.551.7 million, down from the previous day’s Rs.565.5 million, with the indices pointing in opposite directions – the All Share up by 18.34 points (0.31%), the Milanka down 9.18 points (0.17%) and S&P down 7.74 points (0.24%) with 161 gainers strongly outpacing 65 losers while 83 counters closed flat.

Brokers said that the market was down during early trading but picked up later in the day with one block trade of 180,000 Commercial Bank (voting) done at Rs.113.30 in a deal worth Rs.20.4 million.

Foreigners were net sellers after several days with purchases of Rs. 62.97 mn. and sales of Rs. 128.49 mn. with an outflow of Rs. 65.51 mn.

John Keells Stock Brokers commented: "The ASPI rebounded towards the latter half of the day due to renewed buying interest centered on second tier counters, snapping a four day losing streak. The Milanka however dipped lower due to losses on large cap diversifieds. Activity levels remained low and were driven by trades on finance and banking counters".

LOLC continued to gain strongly on the trading floor with nearly 2.5 million shares done closing Rs.4.10 up at Rs.57 trading between Rs.52.50 and Rs.57.70 generating the day’s top turnover of Rs.133.3 million.

While there were some large parcels among the trades, the biggest being one of 350,000 and a couple more of over 100,000, retailers too were active in this stock, brokers said.

Sanasa Development Bank closed Rs.5.30 down at Rs.83.90 on nearly 0.64 million shares done with one parcel of 611,000 traded.

JKH lost some ground yesterday dipping Rs.3.90 to close at Rs.216 on nearly 0.2 million shares done between Rs.213.50 and Rs.220. Brokers commented that foreigners have been focusing on this stock and speculated that buying was drying up.

NDB too did well closing Rs.6.40 up at Rs.147.50 on nearly 0.2 million shares done between Rs.140 and Rs.147.50. Yesterday’s top price was close to the 52-week high of Rs.155 reached as news of the bank selling its stake in Aviva NDB Insurance reached the market.

Asiri Hospital Holdings in which retail play was reported closed 10 cents up at Rs.11.50 on over 1.6 million shares while Distilleries edged down 10 cents to Rs.155.90 on slightly over 0.1 million shares with retail play too seen in this counter.

Aviva NDB Insurance was up a sharp Rs.28.90 to close at Rs.395.10 on 20,239 shares done between Rs.369 and Rs.400. This share hit a high of Rs.448.90 when control of the company changed hands last month.

SMB Leasing was up 10 cents to 50 cents on nearly 0.4 million shares and Royal Palm Beach Hotels up Rs.5 to close at Rs.63 on 56,053 shares traded between Rs.58.50 and Rs.63.90.

Sampath Bank announced the closure at 4.30 pm yesterday of its issue of 15 million unsecured subordinated redeemable debentures that had been oversubscribed. The directors of the bank had decided to close this issue at Rs.1.5 billion without exercising the option of raising a further Rs.1 billion.

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