Dialog drives bourse

Thursday, 30 December 2010 00:07 - - {{hitsCtrl.values.hits}}

Heavy trading in Sri Lanka’s leading mobile operator Dialog yesterday boosted the Colombo bourse in addition to preventing an overall dip.

The third biggest stock in terms of market capitalisation, Dialog saw 46.57 million of its shares trade for Rs. 558.6 million. It was subjected to three crossings of 42,201,000 shares at Rs. 12 while the share price increased by Rs. 0.40 (3.45%) and closed at Rs. 12.

“Early trading was on a red note with thin volumes until DIAL entered with three negotiated transactions to lift the indices up at the end,” said NDB Stockbrokers.

The ASPI gained marginal 5.7points to close at 6,646.9 points (+0.1%), whilst the Milanka Price Index also gained 11.0 to close at 7,074.8 points (+0.2%). The gain yesterday was the eight straight session and the Bourse has gained 4.5% since 12 December.

Plantations and Poultry sectors were also on the up.

“The last week of the year is on its way to end on a high note to cap a great year for equity,” noted NDB Stockbrokers.

The Telecommunications sector index increased by 3.28% and Bank, Finance & Insurance sector index decreased by 0.05%.

Three Acre Farms also contributed to the market turnover while the share price increased by Rs. 7.30 (9.43%) and closed at Rs. 85.10.

Two crossings were recorded for 168,000 shares of Commercial Bank at Rs. 248.50 and 100,000 shares of Sampath Bank at Rs. 259.

Asia Securities said Dialog saw foreign buying whilst Three Acre Farms proved to be popular amongst high net worth and retail participants which traded with almost 10% price gain whilst Commercial Bank grabbed the interest of the high net worth investors. Further e-Channelling and Bairaha Farms were mostly sought after by retailers.

Meanwhile, the rupee ended flat at 110.92/96 a dollar in sluggish trade, currency dealers said. It has risen 3.07 per cent so far this year.