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Thursday, June 9, 2011

Sri Lanka: Panasian Power, John Keells and Blue Diamonds rallies the market

By J.A. Fernando in Colombo

Colombo, 09 June, (Asiantribune.com): Colombo’s All Share Price Index (ASPI) dipped 36.8 points to close at 7,257.7 points (-0.5%), whilst the Milanka Price Index (MPI) also dipped 16.2 to close at 6,779.1 points (-0.2%) on Wednesday the 8 June 2011.

The total turnover was at Rs.3.3 billion whilst the volume traded for the day was 249.11 million shares. Foreign purchases amounted to Rs.274.0 million fell (15.1%) whilst foreign sales amounted to Rs.539.5 million rose 31.2% compared to earlier day. Price to Forward Earnings Ratio fell by 0.4% to 24.4 times. As per data Market capitalization is at Rs.2.47 billion and Year to date performance is 9.4%.

Top traded counters were recently emerging Colombo stock market billionaire Dilith Jayaweera bought Panasian Power (PAP) with Rs.719.5 million turnovers, John Keells Holdings (JKH) with Rs.510.2 million, Brown & Company (BRWN) with Rs.357.8 million, Blue Diamonds Jewellery (BLUE) with Rs.284.4 million and Colombo Land & Development (CLND) with Rs.259.2 million turnovers.

Market continued with its downward momentum at the closure of the third trading day for the week according to brokers. Overall activity levels lowered due to profit taking and investors liquidating their stakes to subscribe for the upcoming IPO.

Panasian Power (PAP) became the top traded counter for the day both in terms of turnover and volume, constituting almost 39% of the day’s trade volume. The counter was majorly driven by retail and high net worth participation including Arjun Aloysius led Perpetual Fund that saw a price gain of 2.7% during trading.
Meanwhile, heavy weight John Keells Holdings (JKH) were backed by institutions, encountered six crossings amounting to Rs.1.4 billionn shares at a price of Rs.300.

Subsequently, institutional backing on Brown & Company (BRWN) breathed in to the day’s trading. In addition, renewed retailer focus towards Blue Diamond Jewellery (BLUE) registered an impressive price gain of 22.9%. Furthermore, across the board participation was evident towards Colombo Land & Development (CLND), although it witnessed a price dip of 3.4%.

Abans Financial Services, Associated Motor Fianace and Bimputh Lanka investments announced approvals from the SEC with regard to their respective introductions to list the ordinary voting shares in Colombo.

source - www.asiantribune.com