Market preparing to pass ASI 6000 barrier

ravin · 1 Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 2:10 pm

ravin

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Seems to be Market preparing to pass ASI 6000 barrier.
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Malika1990 · 2 Re: Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 3:00 pm

Malika1990

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I think credit clearing is over.
So tomorrow will start another run

traderathome · 3 Re: Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 4:09 pm

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ravin wrote:Seems to be Market preparing to pass ASI 6000 barrier.
Share your views...

who has taken my real name....... Very Happy

Anyways todays resilient to go below is encouraging........All BULLS get ready to charge ahead tomorrow... Razz

TAH

WildBear · 4 Re: Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 4:09 pm

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Bull is struggling to pass 6000 barrier, once it passed with good volume, anothet 300 pints might gain in no time.

sahan8896 · 5 Re: Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 4:13 pm

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I think foriengers have put breaks on bulls.Look at buying and selling by them today.It's a matter of time. cheers

traderathome · 6 Re: Market preparing to pass ASI 6000 barrier Tue Sep 25, 2012 4:19 pm

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SEC Chairman Dr. Nalaka Godahewa yesterday clarified that his only investments in listed companies were Colombo Land (1%) and George Steuart Finance (5%)and he would not be trading in either whilst in office.

“As part of best practices, I have taken a personal decision not to trade in shares during the time I hold office as Chairman SEC. I won’t sell my holdings in Colombo Land, whilst as a promoter shareholder, I am also locked in for one year with regard to George Steuart Finance,” Godahewa said.

In reference to the bizarre rise of the GSF share price, he also said that no one has control of the price of a share as it is determined by the market and sentiments. He also noted that value adduced to a person holding particular shares was only on paper.
“Prior to assuming duties as SEC Chairman, I have resigned from directorship of several companies (except Colombo Lana and Lanka Hospitals) and had divested shares which I could.”
On its debut, GSF which had a reference price of Rs. 20, peaked to Rs. 480 whilst last week it peaked to Rs. 1,500 before closing at Rs. 1,163.30, up by Rs. 700. Only around 200 shares of GSF have traded since debut a fortnight ago. Yesterday three shares traded before closing at Rs. 1,200.
With a market capitalisation of Rs. 27 billion, GSF was ranked as the 18th most valuable, ahead of more established companies such as Aitken Spence Holdings, Hayleys, Chevron, NDB and others. At its peak of Rs. 1,500, the market cap of GSF was a staggering Rs. 33.75 billion, a value which Sampath Bank was yesterday.
GSF, formerly Divasa Finance and Asia Commerce, had an asset base of Rs. 1.2 billion as at March 2012 and an operating profit of Rs. 37.3 million, whilst income was Rs. 185 million.
Some market observers had dismissed the bizarre rise of GSF given the insignificant volume of shares traded as well as on the basis that it was merely sentiment-driven associated with a new listing rather than on fundamentals. Some viewed the rise as being on perceptions of future value given plans for expansion and synergies, though many disapproved this notion.
GSF operates five offices, including branches in Kalutara, Negombo, Gampaha and Wennappuwa. It has selectively picked locations for branches based on the potential to increase the deposit portfolio. New branches have significantly contributed to increase in business volumes with an increased clientele.
Further, as a strategy and in line with the Central Bank requirement for a balanced dispersion of branch network, GSFL plans to concentrate on establishing new branches outside the Western Province in the future