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Friday, January 18, 2013

Bourse continues to fly

Turnover tops Rs. 2bn, foreigners pay premium for blue chips

The Colombo bourse yesterday sustained Wednesday’s momentum on a turnover of Rs.2.05 billion, up from the previous day’s Rs.636.2 million, with the All Share Price Index gaining 62.81 points (1.08%) and S&P SL20 up 20.08 points (0.63%) with 172 gainers against 43 losers with 96 counters closing flat.
Foreign purchases amounted to Rs. 1,101.98 million, with foreign selling amounting to Rs. 949.46 million, a net inflow of 152.52 million was recorded for the day.

"Aggressive foreign buying of blue chips propelled the indices," a broker said. "We saw block trades in HNB, Distilleries, LMF, Aitken Spence, JKH and Commercial Bank with Distilleries leading the pack." Asked whether there were sellers in blue chips in high demand, he said as these stocks commanded a premium "at these prices there is selling."

These crossings generated Rs.962.5 million with Distilleries gaining Rs.10.

"The ASPI continued to trend sharply higher amid strong gains in most large and mid cap counters. Turnover crossed the Rs. 2bn mark, supported partially by block trades on DIST, JKH, SPEN,COMB, LMF, and HNB, which collectively accounted for over 45% of market turnover," John Keells Stockbrokers said.

Brokers said there were eight block trades in this counter all at the Rs.190 price in deals worth Rs.466.5 million on the crossings board.

HNB saw two parcels totaling slightly over 650,000 shares crossed at Rs.146 contributing Rs.94.9 million to turnover, LMF a single parcel of 0.4 million shares crossed at Rs.120 in a deal worth Rs.48 million, Aitken Spence three parcels totaling nearly 0.9 million shares crossed at Rs.121.50 and Rs.121.60 contributing Rs.105.1 million to the day’s business volumes, JKH two parcels totaling 260,000 shares at Rs.225.30 generating Rs.58.6 million and Commercial Bank four parcels of 1.8 million shares done at Rs.105 contributing Rs.189.4 million.

ComBank was the most traded stock on the floor with nearly 2.2 million shares done between Rs.104.50 and Rs.105 closing flat at Rs.105 and contributing Rs.427.9 million to the day’s business volume.

Distilleries saw floor trades of over 0.6 million shares closing Rs.9.50 up at Rs.190 on a trading range of Rs.180.50 and Rs.190 contributing Rs.117.1 million to turnover. Dialog was active with nearly 12 million shares done between Rs.8.20 and Rs.8.30 closing flat at Rs.8.30 generating a turnover of Rs.99.2 million.

JKH closed 10 cents up at Rs.225.10 on slightly over 0.3 million shares done on the floor, Sampath closed Rs.2.90 up at Rs.208 on 0.3 million shares and SLT closed Rs.1.80 up at Rs.48.50 on nearly a million shares transacted yesterday.

LMF which owns 12% of Distilleries closed Rs.15 up at Rs.122, the sharpest gain among the most traded stocks on nearly 4 million shares transacted.

Among the less pricy stocks showing volume were Softlogic Holdings with over 2.9 million shares traded closing 10 cents down at Rs.12.90, over 3.7 million Richard Pieris closing 10 cents up at Rs.8 and nearly 2 million Textured Jersey closing 50 cents up at Rs.9.60.

source - www.island.lk