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Retailers power bourse on relaxed credit expectations
Retailers yesterday powered the Colombo bourse with turnover topping the billion rupee mark after a long lapse and both indices moving up sharply – the All Share by 77.41 points (1.32%) and the Milanka by 55.46 points (1.11%) with 176 gainers leaving 33 losers trailing far behind.
Turnover at Rs.1.06 billion was up from the previous day’s Rs.577.7 million with much of the business volumes coming off Environment Resource Investments (ERI), Asia Asset Finance and other speculative counters.
"The market started dull but picked up later trading with ERI and associated warrants and several second tier stocks doing very nicely," Prashan Fernando of Acuity Stockbrokers said. "Retail play was most evident."
While speculative (one broker said ``manipulative’’) stock did well, some blue chips edged down though mostly on thin volumes. Brokers and analysts said that expectation of relaxation of broker credit rules by the SEC helped the upward swing.
ERI closed Rs.5.30 up at Rs.34.60 on over 8.4 million shares done between Rs.29 and Rs.34.90 generating the day’s top turnover of Rs.272.3 million.
Asia Asset Finance, where the recent offer for subscription took an uncharacteristic long time to be oversubscribed unlike the other post-conflict IPOs, gained Rs.1.70 to close at Rs.4.30 on 38.5 million shares traded between Rs.3 and Rs.4.30 coming second on the turnover league contributing Rs.144.1 million. The share which debuted on the bourse yesterday had gained 72 percent by the close.
JKH which remained a heavily traded stock continued to edge down losing Rs.2.30 to close at Rs.163.40 on nearly 0.4 million shares done between Rs.163.30 and Rs.167.
Ceylon Leather, an ERI subsidiary, gained Rs.10.10 to close sat Rs.112 on nearly 0.3 million shares done between Rs.101 and Rs.112.
ERI warrants (W0002) was up 1.50 to close at Rs.16.60 on nearly 1.8 million traded, Blue Diamonds (non-voting) up 20 cents to close at Rs.4.00 on 5.7 million shares and Colombo Land up a rupee to close at Rs.55.10 on 0.4 million shares.
Ceylon Leather warrants (W0013) was up Rs.2.70 to close at Rs.21.10 on over 1.1 million, ERI (W006) up Rs.1.90 to Rs.16.60 , Ceylon Leather (W0014) up Rs.2.60 to Rs.21 on nearly 0.6 million and ERI (W0003) up Rs.1.80 to Rs.16.50 on over 0.6 million.
Among the blue chips listed as most traded yesterday were Commercial Bank up 30 cents to Rs.100 on 85,000 shares, Chevron up a rupee to Rs.170 on 56,100 shares and Lion up Rs.5 to Rs.190 on 64,300 shares.
Tokyo (non-voting) up 50 cents to Rs.28.20 on 0.4 million shares, Parquet up Rs.1.50 to Rs.22 on nearly 0.6 million shares, Tess Agro up 40 cents to Rs.4.50 on nearly 7.3 million shares and HVA up Rs.1.40 to Rs.37.60 on 0.4 million shares also attracted interest.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=43071
Retailers yesterday powered the Colombo bourse with turnover topping the billion rupee mark after a long lapse and both indices moving up sharply – the All Share by 77.41 points (1.32%) and the Milanka by 55.46 points (1.11%) with 176 gainers leaving 33 losers trailing far behind.
Turnover at Rs.1.06 billion was up from the previous day’s Rs.577.7 million with much of the business volumes coming off Environment Resource Investments (ERI), Asia Asset Finance and other speculative counters.
"The market started dull but picked up later trading with ERI and associated warrants and several second tier stocks doing very nicely," Prashan Fernando of Acuity Stockbrokers said. "Retail play was most evident."
While speculative (one broker said ``manipulative’’) stock did well, some blue chips edged down though mostly on thin volumes. Brokers and analysts said that expectation of relaxation of broker credit rules by the SEC helped the upward swing.
ERI closed Rs.5.30 up at Rs.34.60 on over 8.4 million shares done between Rs.29 and Rs.34.90 generating the day’s top turnover of Rs.272.3 million.
Asia Asset Finance, where the recent offer for subscription took an uncharacteristic long time to be oversubscribed unlike the other post-conflict IPOs, gained Rs.1.70 to close at Rs.4.30 on 38.5 million shares traded between Rs.3 and Rs.4.30 coming second on the turnover league contributing Rs.144.1 million. The share which debuted on the bourse yesterday had gained 72 percent by the close.
JKH which remained a heavily traded stock continued to edge down losing Rs.2.30 to close at Rs.163.40 on nearly 0.4 million shares done between Rs.163.30 and Rs.167.
Ceylon Leather, an ERI subsidiary, gained Rs.10.10 to close sat Rs.112 on nearly 0.3 million shares done between Rs.101 and Rs.112.
ERI warrants (W0002) was up 1.50 to close at Rs.16.60 on nearly 1.8 million traded, Blue Diamonds (non-voting) up 20 cents to close at Rs.4.00 on 5.7 million shares and Colombo Land up a rupee to close at Rs.55.10 on 0.4 million shares.
Ceylon Leather warrants (W0013) was up Rs.2.70 to close at Rs.21.10 on over 1.1 million, ERI (W006) up Rs.1.90 to Rs.16.60 , Ceylon Leather (W0014) up Rs.2.60 to Rs.21 on nearly 0.6 million and ERI (W0003) up Rs.1.80 to Rs.16.50 on over 0.6 million.
Among the blue chips listed as most traded yesterday were Commercial Bank up 30 cents to Rs.100 on 85,000 shares, Chevron up a rupee to Rs.170 on 56,100 shares and Lion up Rs.5 to Rs.190 on 64,300 shares.
Tokyo (non-voting) up 50 cents to Rs.28.20 on 0.4 million shares, Parquet up Rs.1.50 to Rs.22 on nearly 0.6 million shares, Tess Agro up 40 cents to Rs.4.50 on nearly 7.3 million shares and HVA up Rs.1.40 to Rs.37.60 on 0.4 million shares also attracted interest.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=43071
