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Thursday, September 30, 2010

Heavy retail activity Bourse catches up lost ground

The Colombo bourse yesterday caught up the ground lost earlier in the week with both indices moving up sharply – the All Share by 84.14 points (1.23%) and the Milanka by 151.82 points (2.11%) on a turnover of Rs.3.2 billion, same as on the previous day, with retail activity strongly evident.

Brokers said that although volumes were relatively thin and some profit taking was visible, a shift in focus from fundamentally strong stock to speculative counters was visible.

"We saw that in Colombo Land, Marawila, Janashakthi and some other counters," Asmath Iqbal of John Keells Stock Brokers said.

"There was a lot of retail activity" Prashan Fernando of Acuity Stockbrokers added. "Except for Asian Hotel Properties and HNB X, there weren’t any large parcels seen."

Colombo Land, owners of the Liberty Plaza generated the day’s top turnover of Rs.277.9 million with nearly 10.7 million shares traded between Rs.23.40 and Rs.29 gaining 60 cents to close at Rs.24.

Marawila Hotels followed with nearly 8.4 million shares done between Rs.13.80 and Rs.18.30 gaining Rs.3.20 to close at Rs.16.60.

Asian Hotel Properties saw nearly 0.7 million shares traded, with over 0.5 million crossed in large parcels at a price of Rs. 200. The counter gained Rs.7.20 to close at Rs.200 on a trading range of Rs.190 and Rs.200.

Janashakthi moved Rs.1.70 to Rs.17.10 on 7.8 million shares done between Rs.15.30 and Rs.17.20.

Other counters that showed volume included Coco Lanka (2 million shares), HNB X (nearly 0.4 million shares), SMB Leasing rights (over 1.3 million), Seylan X (nearly 1.2 million shares), Vallibel Power (over 53.6 million shares) and Sierra (nearly 14.5 million shares).

All these counters closed higher than their previous close with DFCC Bank being one of the highest gainers on some volume (nearly 0.3 million shares) closing Rs.18.50 up at Rs.440.

Retail activity was intense on Colombo Land, Marawila, Janashakthi, Coco, Seylan X, Vallibel and Sierra, brokers said noting that punters were looking at relatively less pricey stock.

source - www.island.lk