Bourse ends week on a mixed note

After a welcome gain on Thursday the Colombo stock market ended the week yesterday on a mixed note.

The benchmark ASPI marginally moved up by 2 points whilst Milanka dipped by over 10 points. Turnover was only Rs. 1.7 billion.

The Rs. 35 billion gain in market’s value on Thursday due to all round buying couldn’t be sustained yesterday exposing the fickleness of the investor confidence level, analysts said. However foreign investors remain net buyers, which is a positive sign.

“Positive momentum seen over the last 2 days lost steam today. Positive earnings results may boost indices next week,” NDB Stockbrokers said.

“The indices remained flat with much of trading activity dominated by local retail participation,” added John Keells Stock Brokers.

The Bank, Finance & Insurance sector was the main contributor to the market turnover (mainly due to Sampath Bank and Central Finance) with the sector index increasing 0.06%. Brown and Co. was the main contributor to the market turnover. The share price increased by Rs. 9.30 (2.67%) and closed at Rs. 357.10.

The Manufacturing sector also contributed to the market turnover (sector index increasing 0.35%). Hatton National Bank announced a rights issue of 1 for every 6 shares held.

The Voting and Non Voting rights will be priced at Rs.219.50 and Rs.119.50 respectively.

EChannelling saw10.3 million of its shares (amounting to 8.5% stake) traded for Rs. 42.7 million with the price up 20% or 70 cents to close at Rs. 4.20. It hit a peak of Rs. 4.50.

Lanka Aluminum back in the price band

LANKA Aluminum returned to the SEC’s price band yesterday after the share price shot up by 24% or Rs. 18.20 to Rs. 94.80.

The stock had an intra-day high of Rs. 100 whilst the volume traded was 1.1 million shares.

Following the rise in terms of the SEC directive the 10% price band has been imposed on Lanka Aluminum (LALU.N.0000) with effect from 9 May 2011 to 13 May 2011 (both days inclusive).

This is the second term for Lanka Aluminum whereas in February it came under the original band of 15 market days. The second term however will be for five market days.

Meanwhile the 10% price band imposed on HUEJ.N.0000 will be removed with effect from 9 May 2011.