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Friday, July 22, 2011

Bourse down sharply on disappointing turnover

There was a sharp fall on the Colombo bourse yesterday with both indices down by over 80 points – the All Share by 83.49 points (1.25%) and the Milanka by 81.12 points (1.31%) on a turnover of Rs.1.09 billion, down from the previous day’s Rs.1.38 billion, with 38 gainers trailing 164 losers.

"We saw quite a serious fall on many fronts," Prashan Fernando of Acuity Stockbrokers said. "The previous day’s dip was not as bad."

Brokers noted that blue chips like JKH, Carson’s and J.L. Morison had all lost ground with Carson’s down Rs.17.10 to Rs.581.10 on 5,700 shares traded between Rs.575.50 and Rs.581.10.

JKH generated the day’s top turnover of Rs.159.6 million losing Rs.2.70 to close at Rs.199.90 on nearly 0.8 million shares done between Rs.199.50 and Rs.203.

Two crossings on JKH at prices of Rs.200 per share accounted for over 0.2 million shares and were the only crossings for the day.

Brokers said that shares of some companies that recently had IPOs like Softlogic Holdings (over 3.3 million shares), Orient Garments (nearly 1.6 million shares), Vallibel One (nearly 1.6 million shares) and Expolanka (nearly 2.5 million shares ) showed some quantity in the context of the disappointing turnover.

"However, all of them were on the losing side, except for Vallibel One which closed flat," a broker said.

"At one point turnover was just Rs.200 million," Fernando of Acuity said. "There was a lttle bargain hunting, but the market continued to fall."

Among shares that showed some quantity and gain in price were Hayleys, up Rs.6.50 to Rs.370 on 55,000 shares, Piramal Glass, up 10 cents to Rs.8.50 on nearly 2.4 million shares, Hotel Sigiriya, up Rs.8.70 to Rs.81.90 on nearly 0.3 million shares and Nanda Investments, up Rs.9.30 to Rs.27.90 on over 0.8 million shares.

Central Investment and Finance Limited’s IPO of 40 million shares at an issue price of Rs.10 closed at 4.30 p.m. yesterday, the opening day, as the issue was oversubscribed.

The registrars to the issue, SSP Corporate Services, said that the basis of allotment will be notified to the CSE in "due course.’’

source - www.island.lk