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Saturday, May 14, 2011

Retail play dominates CSE - All Share up, Milanka marginally down

Two more financial services companies to be listed

The Colombo bourse closed the week with the indices pointing in opposite directions – the All Share Price Index up 19.12 points (0.26%) while the Milanka lost 7.33 points (0.11%) on a turnover of Rs.1.63 billion, down from the previous day’s Rs.2 billion, with 93 gainers hard on the heels of 99 losers.

Nation Lanka Finance saw heavy retail play gaining Rs.2.50 to close at Rs.21.60 on 20.3 million shares traded between Rs.19.40 and Rs.21.80.

"About one-fourth of the day’s turnover was accounted for by this stock," Prashan Fernando of Acuity Stockbrokers said. "Retailers were very visible in counters like Citrus Leisure, Marawila and even pricey Central Finance."

JKH which closed flat at Rs.296 on nearly 0.3 million shares done between Rs.293 and Rs.297 was second on the turnover league contributing Rs.77.1 million to the day’s business volume followed by Citrus Leisure, up Rs.6 to close at Rs.73 on over a million shares traded between Rs.68.10 and Rs.78.50.

Marawila continued to be heavily traded with nearly 5.3 million shares done between Rs.12.10 and Rs.13.20 closing 20 cents up to Rs.12.30 while Central Finance gained Rs.10.60 to close at Rs.1,579.90 on 35,400 shares.

Brokers said that as on the previous day retail play was evident in a number of counters with heavy trading in terms of share volume seen in Colombo Land (nearly 1.7 million shares), Renuka Agro (9 million shares), Citrus warrants (nearly 1 million) and Dunamis Capital (1.4 million shares).

Two more financial services companies, Multi Finance Co. Ltd and AMW Capital Leasing Ltd have been approved by the CSE to be listed on the second board by way of introduction. Multi Finance will have nearly 18 million shares quoted while AMW will have 20 million.

Analysts said that many finance companies complying with Central Bank directive are listing on the CSE but not offering any of their shares to the public.

``Some of them have not been traded at all since they were listed,’’ they noted.

source - www.island.lk