Sri Lanka stocks up 0.3-pct

Officials from the CA Sri Lanka overseas chapters

June 24, 2011 (LBO) – Sri Lankan stocks rebounded slightly Friday after four consecutive days of falls, mainly due to slight price increases of high market capitalization stocks, brokers said. Friday’s other notable crossing was 2,454,260 shares of Reefcomber Hotel at 80 rupees each. The All Share Price Index closed at 6,892.56, up 0.30 percent (20.88 points) while the Milanka Price Index of more liquid stocks closed at 6,439.30, up 0.04 percent (2.40 points), according to stock exchange provisional figures.

Turnover was 1.89 billion rupees. There were 86 gainers and 140 losers. The market’s cash out was 826 million rupees while the cash in was only 650 million rupees.

Meanwhile, the prevailing down trend has caused companies re-assess their initial pubic offers, said Malik Cader, director-general of the Securities and Exchange Commission.

He said there are another 20 IPOs in this year’s list and 20 IPOs done during the first six months of the year.

Carson Cumberbatch, a high market capitalization stock, closed at 594.70 rupees, up 24.60 rupees or 4.62 percent and Bukit Darah closed at 1,080 rupees, up 17.10 or 1.61 percent.

Indo-Malay was the top gainer of the day, closing at 1,300 rupees, up 289.90 or 28.70 percent.

John Keels Holdings closed at 282.30, down 2.20 rupees or 0.77 percent, with a crossing of 180,000 shares at 278 rupees each. Distilleries closed at 178.40, down 60 cents or 0.34 percent with 454,100 shares crossed at 180 rupees.

”Unless there is big foreign participation we cannot expect remarkable growth from our market the near future,” said Capital Alliance Securities head Harinlal Athurupana.

He said many shares were overvalued.

“We also cannot expect today’s growth momentum will continued on Monday because at the month-end a large number of forced selling is likely to be happen,” he said.

Colombo Land was the highest contributor for the day to turnover and closed at 42.30, up 10 cents or 0.24 percent. More than 03 million Colombo Land shares were traded generating 137 million rupees.

Blue Diamonds Jewellery Worldwide voting shares closed at 8.90 rupees, down 40 cents or 4.30 rupees with more than 11 million shares changing hands, generating 105 million rupees.

More small finance companies being sought after by retail investors, brokers said.

Of 35 registered finance companies in Sri Lanka, so far 20 have listed in the Colombo stock exchange, the SEC’s Cader told LBO.

It took three months for Senkadagala Finance to trade. SFCL was listed on March 22 but its first trade only happened Friday.

There were two Senkadagala Finance crossings of 01 million shares each at 40 rupees a share, up from a reference price of 20 rupees.

The Colombo Stock Exchange has approved an application by Lanka Orix Finance company for the listing of its ordinary voting shares on the Diri Savi Board. A statement said 2,800 million voting shares of the company will be listed by way of an introduction.

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