Colombo Stocks dip in busy week’s trading

Saturday, 20 August 2011 01:53 - - {{hitsCtrl.values.hits}}

By Dinali Goonewardene

The market dipped marginally as turnover hit Rs. 3.18 m on Friday at the end of an active week of trading.

The All Share Price Index edged down 1.13 per cent to 6951.64 and the Milanka Price Index fell 1.18 per cent to close at 6334.41.

“Some of the clients did not purchase today after watching the unrelated foreign market coverage yesterday; therefore the index dropped,” Chief Executive Officer, Capital Trust Securities, Tushan Wickremasinghe said.

There was high net worth individual interest in PC House which saw 32 m shares trade, contributing Rs. 704 m to turnover, Colombo Land and Development Company which saw 458 m shares trade contributing Rs. 6.8 m to turnover and HVA Foods which saw 9.9 m shares trade contributing Rs. 353 m to turnover.

“This was mainly momentum trading or technical trading,” Wickremasinghe said.

It was a retail-driven market which saw some profit taking, a stock broker at DNH Financial Pvt. Ltd. Nishantha Mudalige said.

The main contributors to turnover were the Information Technology and Land and Property sectors. Net foreign sales were Rs. 218 m.

Lake House Printers gained 20.52 per cent to close at 162.70 and Serendib Hotels’ non voting shares rose 15.34 per cent to Rs.21.80 and were among the day’s top gainers. Harishchandra Mills closed 44.83 per cent lower at Rs. 1,600 and Lanka Hospitals dropped 24.17 per cent to Rs. 70.90 being among the day’s top losers. Renuka City hotels declared a dividend of Rs. 5.50, Cargo Boat Rs. 4 and Colombo Fort Land and Building a 20 cent dividend.