Free fall on bourse arrested in late trading

The free fall on the Colombo bourse was arrested yesterday after continuing during early trading although both indices were down fairly sharply by over 60 points each – the All Share down 61.71 points (0.94%) and the Milanka by 69.19 points (1.13%) on a turnover of Rs.1.34 billion, up from the previous day’s Rs.1.09 billion, with 143 losers comfortably outpacing 69 gainers.

"It was much worse during early trading with the indices at one point down by over 100 points," Prashan Fernando of Acuity Stockbrokers said. "But there was some recovery during later trading with bargain hunting and institutional interest in selected counters."

Vallibel One was the day’s major contributor to turnover generating a business volume of Rs.87.1 million with nearly 3 million shares traded between Rs.28.30 and Rs.30 dropping 10 cents to close at Rs.29.90.

Aitken Spence followed dropping 60 cents to close at Rs.140 on over 0.4 million shares done between Rs.133 and Rs.140 contributing Rs.62 million to turnover.

Brokers said that there were two crossings of Aitken Spence at a price of Rs.140 comprising parcels of 143,000 and 157,000 each.

Softlogic also attracted interest with 2.3 million shares done between Rs.23.60 and Rs.24.90 closing 30 cents down at Rs.24.20.

Brokers said that other crossings seen during the day were Seylan Bank (non-voting) where a million shares was crossed at Rs.30, Bairaha Farm with 132,400 was crossed at Rs.260 and Lanka Walltiles where 300,000 shares was crossed at Rs.120.

Bairaha gained 30 cents to close at Rs.274 on nearly 0.2 million shares done between Rs.250 and Rs.275.

JKH lost Rs.5.10 to close at Rs.194.10 on over 0.2 million shares done between Rs.192 and Rs.200 while Central Finance was down sharply by Rs.73.20 to Rs.1,435 on 30,200 shares.

Among the gainers were Asian Hotels, up 10 cents to Rs.90.50 on l0.4 million shares traded between Rs.89.70 and Rs.90.60, Lanka Walltiles up Rs.2.80 to Rs.116.10 on 0.3 million shares traded between Rs.116.10 and Rs.120 and Orient Garments up 20 cents to Rs.35.40 on nearly a million shares done between Rs.33.50 and Rs.35.80.

HNB, where a rights issue is pending at Rs.219.50 gained Rs.2.20 to close at Rs.205 on 0.1 million shares, Pan Asian Power was up 10 cents to Rs.4.50 on nearly 5.7 million shares and Expolanka up 50 cents to Rs.14.50 on nearly 1.5 million shares.

source - www.isand.lk