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Saturday, May 4, 2013

ASPI clears 6,000 point barrier

Foreigners chase fundamentals, retailers punt on cheaper shares

The All Share Price Index of the Colombo bourse yesterday breached the 6,000 point resistance barrier with both indices gaining tidily – the ASPI up 40.81 points (0.68%) and S&P SL20 up 24.61 points (0.73%) on a turnover of Rs.881.5 million, up from the previous day’s Rs.637.8 million.

The ASPI closed 6,013.18 points while S&P closed at 3,405.99. Gainers outpaced losers 162 to 56 while 94 counters closed flat.

Brokers said that both blue chips and punting stock were on a run with counters with strong fundamentals like JKH, Commercial Bank, NDB and Hayleys showing both price gains and quantity.

"Foreigners were chasing the blue chips while retailers were looking at shares like Colombo Land, Touchwood, Asian Alliance Insurance and Expolanka," a broker said.

JKH was the most traded stock yesterday with two block trades totaling nearly 0.4 million shares done at a price of Rs.252 contributing Rs.96 million to turnover.

The blue chip conglomerate was also the most traded stock on the floor closing Rs.3 up at Rs.253 on nearly 0.6 million shares done between Rs.250.50 and Rs.253 contributing Rs.145.6 million to the day’s business volume.

Commercial Bank (voting) closed Rs.1.50 up at Rs.116.50 on nearly a million shares done between Rs.115 and Rs.118 while NDB closed Rs.2 up at Rs.172 on nearly 0.2 million shares done between Rs.169.50 and Rs.172.50.

Hayleys, where 59,454 shares were traded, hit a intraday high of Rs.300 but closed a tad lower at Rs.299.90 while Asian Alliance Insurance gained Rs.6 to close at Rs.93 on 0.2 million shares.

Among the punting stocks, Colombo Land was up Rs.2.20 toRs.53.20, Touchwood up 20 cents to Rs.5.90 and Expolanka up 30 cents to Rs.7.30.

Brokers said that following settlement of accounts at the end of April retailers were active in less pricey speculative stock.

DFCC Bank announced a first and final dividend of Rs.5 a share for 2012/13 following shareholder approval at the June 28 AGM with the stock trading XD from Juy 1 and payment on July 9.
source - www.island.lk