Wednesday, January 16, 2013

Bourse holds ground with heavy trading in JKH & ComBank

Retailers remain subdued

The Colombo bourse held its ground yesterday on a turnover of Rs.727.7 million, up from the previous day’s Rs.454.1 million, with both indices marginally up - the All Share by 3.75 points (0.07%) and S&P SL20 by 0.45 points (0.01%) with 118 losers comfortably ahead of 67 gainers while 126 counters closed flat.

Foreign purchases amounted to Rs. 494.69 million, resulting in a net inflow of Rs. 190.57 million.

Brokers said that the bulk of the day’s business volumes came from block trades in JKH and Commercial Bank (voting). Apart from that there was substantial volumes of these counters traded on the floor.

JKH saw two parcels totaling 450,000 shares done at Rs.225 in business worth Rs.101.25 million while four parcels of Commercial Bank totaling nearly 2.1 million shares was done at a price of Rs.105.

The block trades accounted for Rs.318.5 million of the day’s turnover with JKH generating another Rs.81.4 million in floor trades and ComBank Rs.41.4 million on the trading floor.

Apart from these counters, Sampath Bank came second in the turnover league with slightly over 0.3 million shares done closing Rs.2.20 up at Rs.205.on a trading range of Rs.202 to Rs.205.50.

Central Finance too continued to gain closing Rs.3.40 up at Rs.180 on nearly 0.2 million shares done between Rs.176 and Rs.180 contributing Rs.30.1 million to turnover.

There was heavy trading in Dialog closing flat at Rs.8.30 on 3.2 million shares generating a turnover of Rs.26.7 million and Panasian Power closing flat at Rs.3 on 5.1 million shares traded contributing Rs.15.3 million to turnover.

Other most traded blue chips included Chevron closing Rs.3.90 up at Rs.219 on over 0.1 million shares and Distilleries closing flat at Rs.180.20 on 85,967 shares.

Brokers said that retail participation was subdued with pricey blue chips comprising most of the business transacted during the day.

"The indices ended marginally higher amid strong gains in some large cap counters. Activity levels were dominated by trades on JKH, SAMP, and COMB, which collectively accounted for almost 70% of market turnover, inclusive of crossings on JKH and COMB," John Keells Stockbrokers said.

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