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The Colombo bourse was back in the red yesterday on a low turnover of Rs. 588.9 million, down from Rs. 646.96 million the previous day, with the indices losing about half Wednesday’s gains – the ASPI down 23.31 points (0.32%) and S&P SL20 12.83 points (0.33%) with 78 gainers trailing 110 losers while 136 counters closed flat.
"The market is going nowhere with turnover remaining thin and over 40 percent of the day’s business coming off block trades in Dialog, Distilleries and Tokyo, both voting and non-voting," a broker said. "There was a little retail play but most investors are on the sidelines on a wait-and-see mode."
Dialog saw 10 million shares crossed in two parcels of five million each at Rs. 11.20 contributing Rs. 112 million to turnover, Distilleries a parcel of nearly 0.33 million shares crossed at Rs. 280 (Rs. 92.2 million), Tokyo a parcel of 0.5 million voting shares crossed at Rs. 52 (Rs. 26 million) and a parcel of 0.5 million non-voting shares crossed at Rs. 41.50 (Rs. 20.8 million). The block trades contributed Rs. 251 million to the day’s business volumes.
Foreign activity was in line with turnover with a small outflow of Rs. 17.38 million with purchases of Rs. 171.60 million behind sales of Rs. 188.97 million.
The chicken stock, Ceylon Grain Elevators and Bairaha Farms, saw both volume and price gains with Grains which topped the floor trades closing Rs. 3.60 up at Rs. 82.90 with over 0.5 million shares done between Rs. 78.10 and Rs. 83 positing a turnover of Rs. 41.9 million. Bairaha closed two rupees up at Rs. 180 on 53,323 shares done between Rs. 175.70 to Rs. 180 (Rs. 9 million).
"Retail play was evident in Grains," a broker said.
"The ASPI saw declines amid weak turnover levels," John Keells Stock brokers said in a market wrap. "The manufacturing, telco, beverage, food & tobacco, and diversified sectors accounted for a majority of turnover with crossings seen in DIAL, TKYO (voting), DIST, and TKYO (non-voting).
Manufacturing was the most actively traded sector (-0.37%), the report noted.
Illiquid Kalamazoo saw an unusually large volume of 34,341 shares done yesterday closing Rs. 219.70 down at Rs. 1,600 trading between 1,067.70 and Rs. 1,810 with the bulk of the shares done in a fraction of a second indicating a single buyer or seller.
JKH closed 20 cents down at Rs. 175 on 0.18 million shares done between Rs. 174.80 and Rs. 177 while more of the Hayleys employees shares were transacted with the counter closing 10 cents up at Rs. 331 on 67,235 shares.
Among the most traded banking stock, Commercial Bank (voting) closed 30 cents down at Rs. 167 on 84,581 shares, NDB Rs. 1.90 down at Rs. 233.10 on 50,250 shares and Sampath 10 cents down at Rs. 262 on 42,942 shares.
Courtesy: The Island 10 September 2015
