Stock market closes positive for Christmas

Tuesday, 25 December 2012 00:00 -     - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday closed on a positive note ahead of Christmas today.

Amidst the holiday mood the Bourse yesterday saw lakclustre activity with Rs. 101.3 million in turnover from the trading of mere 6.5 million shares.

The benchmark All Share Index (ASI) gained 8.4 points to close in the green whilst the S&P SL 20 Index rose by 5 points. Milanka Index however dipped 5 points. The market is closed today due to Christmas.

Despite low activity, market enjoyed another day of net foreign inflow though small. Foreigners bought Rs. 11.8 million worth of shares and sold Rs. 8.4 million, resulting in a net inflow of Rs. 3.3 million and year to date figure of Rs. 38.4 billion.

“Colombo bourse closed in the green ahead of holidays despite the lackluster momentum. Mid-day turnover read Rs. 63 million which gathered some force to cross the Rs. 100 million mark at the end of trading depicting the lowest turnover since 17.04.2009,” Softlogic Stockbrokers said.

It said ASI’s gain was assisted by improvements made by Nestle Lanka (+3.4%), Bukit Darah (+2.9%) and Sri Lanka Telecom (+2.6%).

Investor attention was centered on Haycarb as a parcel of 50,000 shares which was transacted on-board at Rs. 175 each led the counter to spearhead the day’s turnover. Its price gained 4.2% as it touched Rs. 177.9 on thin volumes before settling at Rs. 175 (+2.5%).

PC House highlighted the trading screen, being the key contributor to the day’s volume. Two large blocks of 1.5 million shares and 750,000 shares changed hands at its peak of Rs. 5.3 (+1.9%).

Bukit Darah secured focus as interest weighed higher on the buying side. A few trades at mid-day led the share to touch Rs. 690.0 (+2.9%) at its intra-day high before it closed at Rs. 689.7.

Softlogic Holdings edged up the top turnover slot at the last few minutes of trading with an on-board block of 95,000 shares which changed hands at Rs. 10.50. Its price gained 1.9% at its close of Rs. 10.5.

Banking cluster players National Development Bank and Sampath Bank gathered some interest as each counter denoted gains of 1.4% and 1.5% at their respective intra-day high price levels of Rs. 139 and Rs. 202.0 on thin volumes.

Further, Lanka Milk Foods which encountered significant foreign interest during the past week, continued to depict buying interest while it closed at its peak of Rs. 100 (+2.9%).

Piramal Glass saw some renewed activity as two tranches amounting to 206k shares were seen transacted at price levels of Rs. 5.80 and Rs. 5.90.