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Wednesday, September 29, 2010

Retail interest in less pricey stock CSE continues to adjust down, profit taking seen

The Colombo bourse eased off for the second day yesterday after its three-week long bull run with the All Share Price Index down 35.78 points (0.52%) and the Milanka dipping 36.21 points (0.50%) on a turnover of Rs.3.2 billion, down from Rs.3.7 billion the previous day.

"Both profit taking and the monthly settlement cycle pushed down indices though retailers continued to be active on shares like Dialog, Colombo Land, Reefcomber, Bogala and Seylan (non voting)," Prashan Fernando of Acuity Stockbrokers said.

Brokers noted that the market had eased on Monday and the All Share Price Index closing seven points down and the Milanka lost 31 points with both indices being in negative territory. But most of yesterday, unlike on the previous day when the All Share cleared the 7,000 point barrier and thereafter lost steam before close of trading, the indices were in negative territory.

Dialog was the day’s biggest turnover generator with nearly 26.4 million shares done between Rs.11.90 and Rs.12.10 gaining 10 cents to close at Rs.12 contributing Rs.316.7 million to business volume.

Colombo Land was up Rs.6.30 to Rs.23.40 on over 12.7 million shares traded between Rs.17.20 and Rs.23.60 while Reefcomber gained Rs.2.70 to close at Rs.20.50 on nearly 8 million shares done between Rs.19.80 and Rs.21.50.

Bogala Graphite gained a hefty Rs.28.60 on nearly 1.8 million shares traded between Rs.59 and Rs.100 with the counter closing at Rs.79.

Seylan X dropped Rs.3.30 to close at Rs.58.10 on over 2.3 million shares done between Rs.58 and Rs.62.

Among the blue chips, JKH was up Rs.3.10 to Rs.305 on nearly 0.4 million shares done between Rs.299 and Rs.305 though some of the others including Carsons, DFCC and the NDB were down.

LOLC continued galloping gaining Rs.80.40 to close at Rs.1,400 on 35,100 shares done between Rs.1,300 and Rs.1448.90.

Among the recent high flyers, Colombo Pharmacy lost Rs.565.60 to close at Rs.2,800 on 5,100 shares, Ceylinco X lost Rs.59.40 to close at Rs.325 on 6,500 shares, Aitken Spence was down Rs.47.80 to close at Rs.3,160 on 5,500 shares and Carsons lost Rs.42.20 to close at Rs.990 on 10,600 shares.

Among plantations Watawala gained Rs.4.60 to close at Rs.37.90 on nearly 1.7 million shares while Kelani Valley gained Rs.50.50 to close at Rs.210 on 15,200 shares. Several other counters in the sector showed both volume and price gains.

These included Kegalle, up Rs.11.30 to close at Rs.155.50 on over 0.1 million shares and Namunukula up Rs.8.10 to close at Rs.120 on nearly 0.2 million shares. Balangoda was up Rs.4 to close at Rs.66.50 on over 0.4 million shares.

source - www.island.lk