The share market remained stagnant with the indices revolving around the last levels mainly due to the holiday atmosophere now creeping in. Most CEOs and Fund Managers are on their annual vacation. The situation abroad is the same as most Foreign Fund Mnagers take a break at the end of the year. Therefore the market is also at a slow pace, closing for the week just below the 6000 mark. However the year-end window dressing and portfolio adjustment will take effect.
Some results were seen in the Japanese controlled brokerage, New World Securities which sponsored an Investors Forum in Japan recently, according to reports in the Daily FT. The share price of Pan Asia Bank rose marginally on reports of the bank hoping to raise a massive Rs 1 billion through a 5-year debenture issue to Japanese investors, but tapered down on Friday.
Nawaloka Hospitals was also a beneficiary when it entered into a joint venture with the Japanese Bioteck firm Mebiopharma for clinical trials, new drug development,and Pharmaceutical manufacturing, according to the Daily FT.
There had been moderate activity in this stock of late but around the last levels. Surprising it ended fractionally lower on Friday at Rs.3.90 Foreign investors were on the selling side this week also, of which JKH was a constituent. Dialog Axiata, Panasian Power and Renuka Agrifoods were traded in substantial quantities. Expolanka which dipped to its lowest level of Rs 8.60 was also in demand with over 4 million shares were transacted on Friday.
First Capital Holdings in which a fraud was reported was slightly lower. Dunamis also suffered a slight erosion in price to end at Rs.14.70. Peoples Leasing which had an IPO recently was losing ground further to close at Rs 16. Price bands were imposed on HVA Foods from December 5 to 9; on Entrust Securities on December 7-13th to 13 and Trade Finance & Investments on December 8-14.
Changes in directorates: SEMB Leasing PLC said A.N.Bahudeen has resigned as an Independent Non Executive Director from November 29 while Rohan Senanayake, Non Executive Director is resigning from March 2012. At Free Lanka Capital Holdings, Ishara.
Nanayakkara was appointed to the Board of Directors; Hayleys Exports saw the resignation of I. Piyasena effective 15th February 2012 while Dudley Perera and Niroshan Udage were appointed as Independent Non Executive Directors.
At Amaya Leisure - C.J. Wickramasinghe has stepped down as Chairman to be succeeded by A.M. Pandithage while Dhammika Perera is stepping down as Deputy Chairman, to be replaced by former chairman Wickramasinghe. Ms Shyamalie Weerasooriya and Ms Ramani Nelum Ponnambalam were appointed aa Independent Non Executive Directors.
At Hotel Services (Ceylon) PLC, Upul Gamage will cease to be a Director upon his resignation from employment from Hayleys Leisure Holdings (Pvt) Ltd.
At CTC Land Development, Mahendra de Alwis was appointed Executive Director.
Ms Minette D A Perera was appointe a director at First Capital Holdings .
Turnover for the week was a dissapointing - Rs. 4.1 billion when compared to Rs.10.6 last week. Both indices were lower, the All Share Price Index falling 91.42 points or 1.5% to end at 5996.44, while the Milanka was also slightly lower losing 15.46 or 0.1% to close at 5231.12. The appointment of a new chairperson at the Securities & Exchange Commission (Thilak Karunaratne) failed to generate any excitement in the market. |
E-mail
