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Friday, October 22, 2010

Healthy volumes on large cap stock CSE closes trading week with both indices up

The Colombo bourse closed the trading week yesterday with a turnover of Rs.3.32 billion, down from the previous day’s Rs.5.2 billion, with both indices up – the All Share by 21.77 points (0.33%) and the Milanka by 42.34 points (0.59%) with gainers ahead of losers by 86 to 76.

Brokers reported healthy volumes on large cap stocks like JKH, Distilleries, Commercial Bank and Sampath with some large institutional trades completed.

JKH once again led the turnover league with nearly 4.1 million shares traded between Rs.302 and Rs.310 losing Rs.1.40 to close at Rs.302 generating over Rs.1.2 billion.

Distilleries followed with 2.35 million shares done between Rs.180 and Rs.183 losing Rs.2 to close at Rs.181 contributing Rs.450.4 million to the day’s business volume.

Banking stock continued their upward trend with Commercial Bank, Sampath, NDB, HNB and Seylan (non-voting) posting price gains and volume while DFCC edged down on a thin volume.

Commercial Bank was up Rs.5.60 to close at Rs270.10 on nearly 0.7 million shares traded between Rs.265 and Rs.280 while Sampath closed Rs.18.30 up at Rs.494 on over 0.6 million shares done between Rs.275 and Rs.295.

NDB gained Rs.1.80 to close at Rs.378 on nearly 0.2 million shares done between Rs.375 and Rs.380, Seylan X was up 60 cents to close at Rs.54.20 on over 0.4 million shares done between Rs.53.80 and Rs.55.

Asiri Hospitals which has acquired over 30% of Asiri Surgical announced that it would be making a mandatory offer of Rs.9.50 per share for shares not already owned by itself following its acquisition of 10.01% of Asiri Surgical on Tuesday increasing its holding to 39.56%.

Hotel Reefcomber announced that it has purchased a beach front property of 7 acres 3 roods 27 perches with approximately a kilometer of beach frontage at Waskaduwa in Kalutara North at a price of Rs.221.7 million.

This property was previously owned by BOI approved Falcon Hotels (Pvt) Limited. Reefcomber plans to build a 150-room four-star resort there with construction billed to commence in mid January 2011.

"This purchase is the first initiative in strategic acquisitions for the company under the vision of the new management," Reefcomber said in a Stock Exchange filing.

source - www.island.lk