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Thursday, December 2, 2010

All stock free of price bands Upswing continues on CSE with indices up sharply

The upswing on the Colombo bourse continued yesterday with further sharp gains – the All Share up 125.04 points (1.94%) and the Milanka 122.44 points (1.75%) on a turnover of Rs.3.3 billion against the previous day’s Rs.4.9 billion.

"The positive mood resulting from the extension of broker credit deadlines continued with the CSE also announcing that no price band will apply from Thursday on any of the stocks listed on the Exchange," Prashan Fernando of Acuity Stockbrokers said.

"There was a lot of activity in the banking sector with both voting and non-voting shares of Seylan Bank moving on unconfirmed speculation."

CSE figures indicated that 154 gainers strongly outpaced 23 losers.

The biggest contributors to turnover yesterday were JKH, Seylan X, Aitken Spence, Seylan and Piramal Glass.

JKH, with over 1.5 million shares traded between Rs.297 and Rs.301 closed 90 cents up at Rs.300 contributing Rs.465.3 million to the day’s business volume.

Seylan (non-voting) saw a sharp price fluctuation between Rs.49.90 and Rs.56.10 gaining Rs.3.70 to close at Rs.53 on 6 million shares traded yesterday.

Brokers said there was a crossing of a million JKH at Rs.301 and a second parcel of 100,000 was also crossed at this price.

"Seylan X attracted a lot of retail and high net worth activity on speculation," a broker said.

Aitken Spence was up Rs.4.90 to Rs.179.50 on over l.3 million shares done between Rs.175.20 and Rs.180. Two crossings at Rs.180 were included in the trades.

LOLC was up Rs.10.90 to close at Rs.132 on 0.6 million shares done between Rs.123.90 and Rs.134.

Among other banking stock that gained yesterday were Sampath (up 40 cents to Rs.265 on nearly 0.3 million shares), Pan Asia (up Rs.3.90 to Rs.55.90 on over 1.1 million shares), NTB (up Rs.2.90 to Rs.85.90 on nearly 0.7 million shares) and Commercial Bank (up Rs.4.60 to Rs.274.70 on nearly 0.2 million shares).

Piramal Glass where there was a lot of retail and high net worth activity saw over 23.2 million shares traded between Rs.6 and Rs.6.80 closing 60 cents up at Rs.6.60.

J.L. Morison’s announced a hefty interim dividend of Rs. 20 per share, XD from Dec. 10 and with payment on Dec. 22.

source - www.island.lk