Anticipating a reply to the brokers plea for relief for a section of the investing public, the Colombo market changed course and gradually slipped into negative territory, on a reduced trunover. The usual forced selling being one of the causes in addition to some quick profit taking. The general belief is that some form of relief would be given which will halt the serious downward course at the bourse.
Although market conditions were on the dull side, Eastern Merchants was able to lift the spirits at the bourse with its mind-boggling announcement of the sub-division of one share into 70. This share went into orbit immediately, escalating to Rs 2002.40 on Thursday and improving further the next day to Rs 3110.
There was an announcement of a sub-division by Onally Holdings in which there was a mild upside.It closed for the week at Rs. 95. Orient Garments fitted into the expansion plans of PC House when it took control on August 1 also giving a boost to the das turnover of Rs 3.5 billion.
Certain stocks in the Land and Property sector like East West Properties and Seylan Developments (earlier CSD) evoked unusual interest, which also witnessed an increase in price levels. There was also heightened activity in the former. Blue Diamonds which produced a substantial profit for e-Channelling, Panasian Power,Vallibel One and Free Lanka Holdings were in the basket of heavily traded stocks. Among the recent IPOs, SoftLogic Holdings Expolanka and Free Lanka Capital still remain in the discomfort region.
In the high priced category, E B Creasy was at Rs 1799.90 while Colombo Pharmacy dipped down to Rs1659.70 and J L Morisons & Jones down to Rs 3775.
There were many questions asked when a price band was imposed for two days on Ceylon Leather Products Warrants W 00 12. The warrants was trading at Rs 1.90 and shareholders were informed that the cut-off date was 4th August 2011.
Price bands were imposed on East West Properties, Orient Garments and Three Acre Farms from August 2 to 8.
Changes in directorates were seen in Lankem Developments where veteran professional Chrisantha Perera was appointed an Independent Non Executive Director; at Haycarb – Dhammika Perera and Dr S A K Abayawardana were appointed Independent Non Executive Directors. At Hayleys Exports, G M P de Silva was appointed Managing Director while J A W M Jayasekara was appointed Executive Director.
At National Development Bank, Hemaka Amarasuriya was appointed Chairman with Ashok Pathirage as Deputy Chairman.
The turnover for the week of Rs 8.6 billion was lower than last week’s Rs.9.7 billion. Both indices were depressed in comparison to last week with the All share Price Index at 94.09 points or 0.13% lower at 6751.29 while the Milanka was 57.84 points or 0.9% lower at 6152.23. |
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