Interest in blue chips
The Colombo bourse yesterday saw one of its sharpest recent single-day gains with all three indices moving up tidily on investor interest in fundamentally strong blue chips, brokers said.
Though turnover at Rs.479.5 million was down from the previous day’s Rs.489 million, the indices moved up strongly with the All Share Price Index gaining 98.86 points (1.82%), the Milanka 97.77 points (1.99%) and S&P 31.34 points (1.06) with 224 gainers way ahead of 19 losers while 68 counters closed flat.
"Advancers outweighed decliners by over 11:1 causing the ASPI to reach a 17 day high, on the back of positive investor sentiment following a 25 basis point rate cut by the CBSL today,’’ John Keells Stock Brokers said in a market report.
``Activity levels were led by trades on JKH, HNB, and NEST, which collectively accounted for over 35% of market turnover, inclusive of crossings."
Foreigners were net sellers with sales at Rs. 148.58 million against purchases of Rs. 117.73 million leading to a net outflow of Rs. 30.85 million.
Crossings in HNB where nearly 0.5 million shares changed hands at Rs.140 contributing Rs.65.5 million to turnover and Nestle where 15,000 shares were crossed at Rs.1,500 in a deal worth Rs.22.5 million was less dominant than on the previous day.
Brokers said that the Central Bank moving towards easing monetary policy has sent favourable signals to the market although turnover volumes were unexciting.
``Investor interest in fundamentally strong stocks is evident,’’ a broker said.
JKH topped the turnover league with 0.2 million shares traded, closing Rs.3.20 up at Rs.215 trading between Rs.221.80 and Rs.215 and contributing Rs.44.6 million to turnover.
High-priced Nestle, which has recently seen activity, generated the day’s second highest turnover with 18,038 shares traded between Rs.1,500 and Rs.1,506 gaining 30 cents to close at Rs.1,500.60 contributing Rs.27.1 million to turnover.
HNB (voting) was next closing a rupee down at Rs.140 on nearly 0.2 million shares done between Rs.140 and Rs.143 generating a turnover of Rs.22.6 million.
Commercial Bank closed Rs.1.10 up at Rs.101.10 on over 0.2 million shares done between Rs.100 and Rs.102 contributing Rs.22 million to the day’s turnover.
Other most traded blue chips included NDB closing 60 cents up at Rs.132.50 on 0.1 million shares, Ceylon Tobacco up 30 cents to close at Rs.760 on 13,392 shares, Chevron up Rs.3.50 to close at Rs.198 on 45,082 shares and Distilleries up Rs.2.60 to close at Rs.154.10 on 52,609 shares.
source - www.island.lk
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