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Thursday, January 31, 2013

Mega trades in ComBank drive indices and turnover

Foreigners sell, Captains and Indra de Silva on buy side

Crossings in Commercial Bank worth Rs 1.82 billion with foreign selling and local high net worth buying dominated trading on the Colombo bourse yesterday with a turnover of Rs. 2.68 billion posted, up from the previous day’s Rs. 1.35 billion, and both indices up – the All Share by 25.15 points (0.43%) and S&P SL20 by 7.87 points (0.25%) with 103 gainers outpacing 79 losers while 130 counters closed flat.

Brokers said that the Captains and motor trader Indra de Silva were among the buyers while a foreign fund was the seller. The ComBank crossings accounted for 17.7 million shares done in three block trades at a price of Rs. 103 a share generating a business volume of Rs. 1.82 billion.

John Keells Stock Brokers summed up the market saying: ``The ASPI ended higher amid strong gains in several large cap counters, reversing a three day downtrend. Turnover crossed the Rs. 2bn mark on the back of a block trade on COMB which accounted for over 65% of turnover. The market also saw crossings on JKH and LOLC."

Foreign sales stood at Rs. 1.91 billion and purchases at Rs. 487.68 million with an outflow of Rs. 1.43 billion.

Apart from ComBank where a second interim dividend of Rs. 1 per share is pending, there was a single block trade of 145,700 JKH at Rs. 225 worth Rs. 32.8 million and two parcels of 5 million LOLC crossed at Rs. 71.50 contributing Rs. 357.5 million to turnover.

ComBank was the main business generator on the trading floor too closing 90 cents up at Rs. 105.80 on 0.9 million shares done between Rs. 104 and Rs. 106.50 contributing Rs. 92.2 million to turnover.

Brokers said that some of the big sellers had in addition to the block trades sold on the floor as well.

JKH too saw floor trades totaling 0.2 million shares closing Rs. 4.60 up at Rs. 229.70 trading between Rs. 225.90 and Rs. 229.70 contributing Rs. 48.2 million to the day’s turnover.

LOLC closed 30 cents down at Rs. 69 on 0.2 million shares traded on the floor.

Other big contributors to business volumes on the trading floor included HNB closing flat at Rs. 144 on over 0.2 million shares, DFCC closing a rupee down at Rs. 124 on nearly 0.3 million shares and Royal Ceramics, up 20 cents to close at Rs. 99.50 on 0.3 million shares.

Sampath was up 40 cents to close at Rs. 220 on 80,812 shares done on the floor while Browns edged down 10 cents to close at Rs. 123.90 on over 0.1 million shares traded.

source - www.island.lk