Rocketing bourse gathers further momentum
Blue chips on upward trajectorySeptember 13, 2012, 12:00 pm
The Colombo bourse gathered further momentum yesterday with turnover topping Rs.1.9 billion, up from the previous day’s Rs.1.2 billion, with all indices gaining strongly – the All Share up 108.92 points (1.92%), the Milanka up 110.89 points (2.09%) and S&P up 66.06 points (2.15%) with 185 gainers strongly outpacing 63 losers while 58 counters closed flat.
Brokers said that the market was very positive with consistent buying in banking and conglomerate stocks with JKH heading the turnover league gaining Rs.4.10 to close at Rs.212.50 on floor trades of nearly 0.6 million shares done between Rs.209.80 and Rs.213. Additionally there was a crossing of 100,000 at Rs.213 generating a further Rs.21.3 million turnover.
Apart from JKH, Commercial Bank (voting) saw block trades of 750,000 shares at Rs.111.50 in a deal worth Rs.82.9 million and nearly 0.7 million Renuka Holdings at Rs.38 generating Rs.26. million.
Banking stocks in the most traded list included Commercial Bank (voting) up Rs.3.30 to Rs.112.50 on nearly 0.9 million shares, HNB up Rs.8.10 to Rs.158.50 on nearly 0.5 million shares, NTB up Rs.1.40 to Rs.62.50 on over a million shares, Seylan Bank (non-voting) up 90 cents to Rs.33.30 on over 1.4 million shares and HNB (non-voting) up Rs.8 to Rs.115 on nearly 0.3 million shares.
Ceylon Theatres Holdings, another conglomerate, gained Rs.10 to close at Rs.117 on over 0.3 million shares while brokers reported strong buying interest in Aitken Spence which closed Rs.4 up to Rs.130 on 0.1 million shares trading between Rs.126 and Rs.131.
"Some of the retail counters have slowed down already," a broker said. This was noticeable in the list of most traded stocks published in John Keells Stockbrokers website.
Among most traded retail stock, Nation Lanka Finance saw nearly 7.4 million shares done gaining Rs.2.10 to close at Rs.13.40, Laugfs (non-voting) up Rs.1.30 to Rs.21.60 on 23.6 million shares, Singer Finance up Rs.1.60 to close at Rs.15.70 on 3.1 million shares and Laugfs (voting) up Rs.1.50 to close at Rs.31.20 on over a million shares.
Institutions, high net worth investors and foreign buyers were focusing on blue chips and fundamentally strong counters, brokers said.
"NDB was Rs.120 two days ago," a broker said. ``Today it was Rs.130."
There was interest in tea growing plantations with rupee prices moving up and in some companies in the manufacturing sector, brokers said.
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