Saturday Nov 16, 2024
Saturday Nov 16, 2024
Tuesday, 29 March 2011 00:33 - - {{hitsCtrl.values.hits}}
In between Saturday’s World Cup quarter final victory and high hopes for today, investors failed to match the Lankan spectators’ excitement as the Bourse remained lackluster yesterday.
The benchmark All Share Index dipped by 0.4% whilst Milanka was unchanged on a day when turnover was only Rs. 1.6 billion.
“The ASPI dipped on lack of buying interest amid low retail participation where the activity levels were driven by large trades on PHAR and trades on banking and finance counters,” John Keells Stock Brokers said.
“A buying momentum during the latter half recovered indices marginally after the initial downtrend. However, ASPI closed in red while MPI managed to stay stagnant amidst interest witnessed in index heavy Commercial Bank (up Rs. 6.90 to Rs. 269.10) and John Keells Holdings (up Rs. 2.90 to Rs. 276.60),” NDB Stockbrokers said. “Prices of blue chip counters are expected to pick up in the coming few days amidst low turnover levels,” it added.
Bank, Finance & Insurance sector was the main contributor to the market turnover (due to Commercial Bank, Sampath Bank (up Rs. 2 to Rs. 285.30) and Central Finance (up Rs. 55.70 to Rs. 1,105.70) with sector index increasing 0.65%. Stores & Supply sector also contributed to the market turnover with sector index decreasing 1.14%. Sector turnover was boosted by Colombo Pharmacy (9 crossings of 54,000 shares at Rs. 3,500) in which profit taking was witnessed after making a quick gain last Friday. The share price decreased by Rs. 31.10 (0.88%) and closed at Rs. 3,427.
Singer Sri Lanka saw its share price gain by 5% or Rs. 11 to close at Rs. 221 on the news of an enhancement in liquidity of its shares following the planned sale of 1.6% stake by subsidiary Singer Industries Plc.
Asia Securities said High net worth and retailers continued their interest in Colombo Pharmacy, making it the top contributor accounting for circa 18.7%. Bargain hunters’ presence was evident in banking sector counters where Commercial Bank and Sampath Bank registered mid-sized blocks being crossed off at Rs. 270 and Rs. 285.0 respectively. Retail chase on Central Finance extended into this trading week as well, resulting the counter in the day’s top price gainers list with a price appreciation of 5.3% to close Rs. 1,105.7. Renewed investor play was evident in Brown & Co whilst Sierra Cables continued to grab investor attention during the day.
