The market went into ecstasy on Monday with both indices gaining almost 200 points each,and continued this frenzy on Tuesday, but that was only for the first half and was hesitant for a while.
The expected relaxation of the rigid rules were delayed and therefore it remained stagnant the next day also. However in the new month a fresh wave of enthusiasm came about on Thursday illustrated by the high turnover of Rs.4 billion, in which DFCC Bank took a massive 23 million shares in Nations Trust Bank.
A few high networth investors and institutional investors took up positions while some of the retail segment were in action. The day was marred by the shocking resignation of Securities & Exchange Commissioner Chairperson Indrani Sugathadasa after a long-drawn battle with some high networth investors over market rules.
Contrary to many the market engaged in its old habit of losing ground the next day, Friday.
Earlier in the week Entrust Securities had a successful debut with precision timing when the market was on an upward curve, and had been in the active list. It peaked for the week at Rs.81 on Friday but eased off. Waskaduwa Beach Resorts and Kalpitiya Beach Resorts were unaffected by the vagaries in the market and was oversubscribed on day one itself.
Among the other shares JKH occupied a prominent slot as it attracted good market support while Panasian Power, Dialog, HVA Foods and Free Lanka Capital were transacted in good volumes.
Hunters declined to Rs 581, Colombo Pharmacy dropped to Rs 1101, and E B Creasy also eased off to Rs.1500.
Price bands were imposed on SEMB W.00016 from 28th November to 2nd December, and on Swarnamahal Financial Services from 2nd to 8th December.
Changes in directorships: Colombo Fort Land & Building PLC - A.Rajaratnam was appointed Chairman on 28th November 2011 and S.D.R. Arudpragasam as Deputy Chairman.
Ms A K Gunawardhana was appointed an independent Non Executive Director and Anushman Rajaratnam as Non Executive Director; Nawaloka Hospitals - Upali Dharmadasa resigned as Director on 22nd November; Citizens Development Business Finance – The following resignations are effective from December 31 - R.Renganathan Chairman/Non Executive Director, P A Jayawardena -Non Executive Director while appointments to the same company effective from 1st January 2012 are – D H J Gunawardana as Chairman/Non Executive Director and S R Abeynayake as Non Executive Director; Hotel Developers (Lanka) – all former directors including Thirukumar Nadesan (Chairman/ Director) have been re-apppointed;
Turnover this week of Rs. 10.6 billion was a sharp improvement from last week’s Rs.5.2 billion. Both indices were better; the All Share Price gaining 4% or 284.10 points to close at 6087.86 while the Milanka was 193.67 points or 3% higher when closing at 5246.58. |
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