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Wednesday, June 8, 2011

Market falls 0.83%

The Colombo Stock Exchange dipped for the second day on Tuesday with selling pressure continuing with strong interest on penny stocks, brokers said adding that liquidity was drained in view of the forthcoming IPOs.

The All Share Price Index fell 0.83 to close 60.89 points lower at 7,294.54 while the Milanka Price Index of more liquid stocks closed at 6,795.23, down 0.65 percent after shedding 44.25 points during the day’s trading which saw more than 514 million shares change hands sending turnover to near Rs. 4.2 billion.

Seventy (70) counters made positive gains while 125 closed negative.

"Sustained selling pressure dragged the indices lower amid healthy turnover levels driven by large trades on JKH and strong retail activity on selected second tier counters," John Keells Stockbrokers said.

Bartleet Mallory Stockbrokers said the market was retail driven.

"Penny stocks like Panasian Power and Blue Diamond contributing to much of the day’s turnover and volume levels. Stocks in diversified, power and land and property sector came under investor radars during the day’s trading sessions," it said.

According to analysis done by LBO: "Free Lanka Capital Holding was the highest contributor to the day’s turnover with 129.7 million shares traded, adding 669.7million rupees to turnover. It rose 10 cents to close at five rupees.

"Panasian Power closed at 7.50 rupees, down 0.80 or 9.64 percent with 80.9 million shares worth 633.7 million rupees changing hands, the second biggest contributor to the day’s turnover. Brokers said four million Panasian Power shares went in a single crossing at 7.90 rupees each.

"Hunter & Company Limited shares fell to 1,174.70 rupees, down 41.24 percent or 824.30 rupees. Hunter & Company has only 5.15 million shares in issue and 70 percent owned by a single share holder.

"John Keels Holdings closed at 300.60 rupees, up 0.60 cents with just over one million shares done of which 950,600 shares went in a single crossing at 300.00 rupees each.

"Over 85 million shares in SMB Leasing also traded and it closed at 2.40 rupees, down 10 cents. E-Channeling rose 0.20 cents to close at 4.90 rupees with over 28 million shares traded.

"Blue Diamonds Jewellery Worldwide fell 10 cents to close at 4.80 rupees with over 38 million shares traded."

source - www.island.lk