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Thursday, June 9, 2011

Bourse slumps with penny stock to the fore

The Colombo bourse was down sharply yesterday on a turnover of Rs.3.3 billion, down from the previous day’s Rs.4.1 billion, with the All Share Price Index losing 1l7.25 points (0.68%) while the Milanka lost 40.40 points (0.33%) with 63 gainers trailing 132 losers.

"Pan Asian Power in which there was heavy retail activity generated the day’s biggest turnover both in terms of value and share volume," Prashan Fernando of Acuity Stockbrokers said. ``Penny stock dominated trading.’’

The counter was up 20 cents to close at Rs.7.50 on nearly 98.3 million shares done between Rs.6.80 and Rs.7.80 contributing Rs.719.5 million to turnover.

JKH followed edging down 70 cents to close at Rs.300 on 1.7 million shares traded between Rs.299.50 and Rs.303.

"Much of these trades were accounted for by six crossings all at a price of Rs.300," Fernando of Acuity said.

Browns too saw a million shares crossed at Rs.350 closing Rs.2.30 down at Rs.356.50 with slightly over a million shares done between Rs.354 and Rs.365.

With the market buzzing with unconfirmed speculation that a change in ownership in Blue Diamonds was in the offing, over 51.2 million shares of this company traded between Rs.4.80 and Rs.6 gaining Rs.1.10 to close at Rs.6.

Brokers said that there had been previous speculation on Blue Diamonds when the share price had moved up to Rs.6 from levels of Rs.3 and Rs.4 and thereafter crashed.

"It went as high as Rs.8.50 and thereafter came down sharply," a broker said.

Interest in Colombo Land continued although the share closed Rs.1.70 down at Rs.47.50 with nearly 5.2 million shares done between Rs.47.50 and Rs.52.60.

Other counters that attracted retail interest included Nation Lanka Finance, down 40 cents to Rs.27 on over 2.8 million shares, Blue Diamonds non-voting, up 30 cents to Rs.2.10 on 31.5 million shares and Singer Industries up Rs.43.40 to Rs.265 on over 0.2 million shares.

There was high net worth play on Hunters which closed Rs.117.40 up at Rs.1,292.10 on 55,500 shares done between Rs.1,260 and Rs.1,292.10.

LB Finance announced a first and final dividend of Rs.3.50 per share following shareholder approval at an AGM on June 30 trading XD from July 1 and with payment on July 7.

source - www.island.lk