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Aug 18, 2010

Sri Lanka Stock Market Update - 18th August 2010

Sri Lankan stocks rallied for the third straight day, Tuesday, from renewed buying interest on midcap stocks despite low trading volumes, while retail interest on volatile 'penny' stocks continued, brokers said. The All Share Price Index closed at 5,305.80, was up 2.21 percent (114.50 points) while the Milanka index of more liquid stocks rose 0.26 percent (15.09 points) to close at 5,796.49, according to stock exchange provisional figures.

Turnover was 1.46 billion rupees.

Midcap stocks appreciated in price despite low trading volumes, brokers said.

Abans Electricals closed at 160.40 rupees, up 14.50 (9.94 percent), Alliance Finance closed at 489.00 rupees, up 44.40 (9.99 percent) with 1,900 shares traded and Cargo Boat Development Company closed at 113.60 rupees, up 3.60 (3.27 percent).

Ceylon Tea Services closed at 660.00 rupees, up 55.00 (9.09 percent) on 500 shares traded, Colombo Pharmacy closed at 440.00 rupees, 40.00 (10 percent), and Singer Industries closed at 122.40 rupees, up 10.40 (9.29 percent), brokers said.

Environmental Resources Investments (ERI) shares bounced back after a steep fall, brokers said.

ERI normal shares closed at 98.90 rupees, up 7.40 (8.09 percent), while its Warrants 0001 closed at 75.30 rupees, up 6.80 (9.93 percent), and W0002 closed at 48.50 rupees, up 4.40 (9.98 percent).

ERI's W0003 closed at 45.30 rupees, up 4.10 (9.95 percent), and W0006 closed at 45.00 rupees, up 4.00 (9.76 percent), brokers said.

Monday's retail buying interest on penny stocks continued, brokers said.

Blue Diamonds Jewellery Worldwide close flat at 4.50 rupees, while its non-voting shares closed at 2.40 rupees, down 10 cents (4.0 percent).

Piramal Glass Ceylon close flat at 3.30 rupees with 5.6 million shares traded.

SMB Leasing close at 1.70 rupees, up 10 cents (6.25 percent) with 5.6 million shares changing hands, while its non-voting shares closed at 1.50 rupees, up 10 cents (7.14 percent) with 2.85 million shares traded, brokers said.

Touchwood Investment, a forestry company closed at 34.80 rupees, up 2.40 (7.41 percent) on 2.18 million shares traded, brokers said.

Courtesy - LBO

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