Plantation stocks pick up on tea price rise



By Hiran H.Senewiratne


The stocks in  plantation and financial sector counters became active at the Colombo Stock Exchange (CSE) yesterday due to an increase in tea prices and also on account of the Capital Alliance stock deal. Consequently,, prices in 112 companies went up, 70 companies' prices went down and 49 companies' prices remained unchanged.


Amid those developments, the day's turnover stood at Rs. 627 million with two crossings. Those crossings were: Commercial Bank crossed 818,000 shares to the tune of Rs. 116.5 million with a per share value of Rs. 135 and Hemas Holdings 210,000 shares crossed to the tune of Rs. 25.3 million with a per share value of Rs. 120.50.


When it comes to the retail market, the companies that mainly contributed to the day's turnover were; JKH Rs. 145.6 million (904,000 shares traded), HNB Rs. 51.4 million (220,000 shares changed hands) and TJL Rs. 32.5 million (113,000 shares traded).


Due to these developments the All Share Price Index went down by 3.6 points and  S and P SL20 went up by 6.7 points. During the day 23.7 million share volumes were traded in 5510 transactions. The good sign is the buying interest from the local side that was lacking for a while was seen yesterday even though foreigners were net sellers. The overall market was flat; no major variations in both indices.


When it comes to the market scenario, the plantation sector companies stocks appreciated, especially Maskeliya Plantations. Further Capital Alliance stock prices went up from Rs. 20 to Rs. 27.30 during the day.


Meanwhile, JKSB reported -


ASPI: 6,372.70 (-4.68 pts; -0.07%); Val T/O: Rs. 627mn (US$4.10mn); Vol T/O: 23.7mn; Trades: 5,510


Advance/decline ratio: 111/67; Top gainer: PCP.N (+100.00%) ; Top loser: SLND.N (-24.95%)


Highlights:


• The ASPI ended marginally lower amid moderate turnover levels. JKH, COMB, and HNB led market activity with a crossing also seen in HHL. Trading in JKH amounted to 23% of total turnover.


• Banks, Finance, & Insurance was the most actively traded sector (-0.02%)


• Chemicals & Pharmaceuticals was the best performing sector (+2.37%), supported by gains on HAYC (+6.52%)


• Services was the worst performing sector (-0.99%), dragged down by declines on JKL (-2.83%)


 
 
 
 
 
 
 
 
 
 
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