Bourse ends week on a mixed note

Saturday, 21 January 2012 00:38 - - {{hitsCtrl.values.hits}}

The Colombo bourse yesterday further continued its struggle as the indices depicted an erratic behavior though activity level remained encouraging.

“Trading initiated with gains denoted in both the ASPI & MPI as they touched high points of 5,818.63 (up 32 points) and 4,952.77 (up 43 points). However, momentum failed to sustain as the indices then glided down touching lows of 5,791.2 & 4,908.3 points respectively,” Arrenga Capital said.

“Following a see-saw run, triggered by investors’ lack of direction, indices closed on a mixed note, with the benchmark index closing marginally in the red at 5,781.1 points,” it added.

The uneasy market saw year to date negative return move towards 5% mark whilst the Milanka’s dip was at almost 6%.

However activity levels of the bourse continued to remain healthy as the day recorded a total of 51.3 million shares in total being traded.

Arrenga said newest addition to the retail favourite picks, Asia Asset Finance, continued to witness mixed investor sentiments, as heavy investor activity in the counter led it to top the day’s turnover list with a circa 22% contribution. The counter continued to encounter high volatility as it fluctuated between a range of Rs. 6.0 and Rs. 8.7, albeit closed at Rs. 6.2 with a 12.7% loss.

Renewed interest in Singer Industries, led it to appreciate by circa 25% at its high of Rs. 324.0. The counter grabbed the second place in the day’s turnover list advancing by 9.8% at its close of Rs. 285.4.

Meanwhile, banking sector heavyweight, Commercial Bank of Ceylon, continued to record a further crossing of 520,000 shares being dealt at Rs. 100.0 each. Non – voting share of the counter also grabbed some attention trading at trailing PBV of 1.4X.

Food & beverage sector player, Ceylon Tobacco, also secured interest as the counter witnessed a single block carrying 50,000 shares being crossed off at Rs. 505.0 (1% premium to its previous closing). However, the counter closed with a marginal dip at Rs. 495.8. Buying interest emerged in Distilleries and John Keells Holdings, as they climbed up by 1% & 2% respectively.

Speculative chase continued in Environmental Resources Investments, HVA Foods, Colombo Land & Development, however each continued to lose further ground as they closed with losses of 1.6%, 4.7% and 2.6% respectively. Renewed retail & high net worth play in Nation Lanka Finance and Ascot Holdings, led them to advance by 2.5% and 1.2% respectively.

Adding further, a single block carrying 2.7 million shares in Asiri Hospital Holdings was seen taken on board at Rs. 8.5 per share. This assisted the counter to be among the day’s top performers, where it closed with a 3.4% dip at Rs. 8.5.