JKH remains main business generator
Turnover down but bourse makes good lost ground
The Colombo bourse closed the week catching up the ground lost in a correction on Thursday with both indices moving up – the All Share by 36.07 points (1.04%) and the Milanka by 38.12 points (0.95%) though on a turnover which at Rs.929.6 million, down from the previous day’s Rs.1.6 billion, fell below the billion rupee mark sustained earlier in the week.
JKH once again was the major business generator with nearly 0.4 million shares traded between Rs.179 and Rs.180.25 gaining 50 cents to close at Rs.180 generating Rs.67.5 million turnover.
"The market was once again positive being up the whole day," Prashan Fernando of Acuity Stockbrokers said. "There were no big crossings in JKH with retail and high net worth investors trading the counter."
He also said there was interest in Environmental Resources (Walker & Greig) for its ordinary shares as well as its warrants for 2010 and 2011 with retailers focusing on the stock.
Ninety three advancers comfortably outpaced 44 decliners yesterday.
The ordinary shares of Environmental Resources saw nearly a million shares done, gaining a sharp Rs.9.50 to close at Rs.69, while the warrants gained equally sharply with over 1.2 million (2010) and 1.1 million (2011) gaining Rs.11.75 to Rs.49.25 and Rs.10.50 to Rs.49 generating substantial turnover.
Brokers said that these transactions were largely retail driven as was the Seylan Bank non-voting share, up a rupee to Rs.18 on nearly 3.6 million shares traded.
"There is substantial retail interest in relatively moderately priced counters," a broker said. ``This was true of Overseas Realty too.’’
LOLC which had increased its stake in Browns was up Rs.5.75 to close at Rs.147 on over 0.3 million shares while Seylan Bank’s voting share was up Rs.1.25 to close at Rs.40.75 on over a million shares traded.
Overseas Realty also attracted retail interest attributed largely to relatively low priced consideration with over 2.9 million shares traded. The stock closed flat at Rs.16.25.