No respite for East West Properties from playing the price band!

Wednesday, 10 August 2011 01:29 - - {{hitsCtrl.values.hits}}

East West Properties Plc yesterday got captured under the SEC price band formula on the very day it traded freely finishing a previously imposed five-day period.

After gaining to Rs. 25.90 on Monday, the last day of its five-day period price band, East West yesterday touched a peak of Rs. 38.20 before closing at Rs. 34.70, up by Rs. 8.80 with 13 million shares traded. Its net asset per share is Rs. 12.74.

Analysts pinned the investor retail craving on East West partly to rally on property sector stocks as well as on speculation.

Last week East West emerged second highest gainer percentagewise with share price up 70% or Rs. 9.70 to close at Rs. 23.60. Around 38.2 million shares changed hands via 7,022 trades for Rs. 715.5 million. It surpassed the previous 52-week high of Rs. 18. In the week ended 29 July, East West rose by only Rs. 1.60 with 7.7 million shares traded.

Public holding of East West is 28% whilst majority is controlled by Nahil Wijesuriya and connected parties.