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Jun 12, 2011

Interest in penny stocks at Colombo



Colombo Stock Indices continued with the negative momentum to close in red. Turnover was lifted by the Power & Energy sector by Panasian Power PLC (PAP).

Retail investors also showed interest in penny stocks such as Blue Diamond Jewellery Worldwide PLC (BLUE) and SMB Leasing PLC (SEMB) while most blue chip counters failed to gain amidst low investor participation.

The All Share Price Index (ASPI) closed at 7,355.43 points, fell 0.68% by 50.59 points and the Milanka Price Index (ASPI) came down 0.26% by 17.92 points to close at 6,839.48 points during the day.

Turnover was Rs.4.94 billion (up 19.18%) with a volume of 611.5 million (rose 234.20%) shares changing hands. Foreign purchases fell 37.72% to Rs.200.7 million and foreign sales fell 48.39% to Rs.123.85 million. Price to forward Earnings Ratio (PER) 0.52% 24.8 times.

Power & Energy sector was the main contributor to the market turnover due to Pan Asian Power (PAP) & Vallibel Power Erathna (VPEL), while the sector index rose by 4.85%. Panasian Power (PAP) share price gained by Rs.3.70 (80.43%) and closed at Rs.8.30.

Panasian Power was the highest gainer and highest contributor to the day's turnover with 367.6 million shares done, generating 2.5 billion rupees. Initially, 76.64 million shares crossed at Rs.6 per share, at 10:31 am whilst another 4.1 million and 14.9 million shares crossed around 11.40 a.m. at Rs.7.40 and Rs.7.60 respectively. Thereafter another 11.8 million shares and 3.08 million shares crossed at Rs.8 per share and the last crossing was done at Rs.8.10 per share with a block of 4.08 million shares. The share got caught to 10% price band for next five days.

Emagewize, a firm controlled by Dilith Jayawwera, was the buyer of Panasian Power for Rs.6.00 a share.

Banking, Finance and Insurance sector also contributed significantly to the market turnover with the sector index decreasing 1.06%. Investors continued profit taking in Colombo Land (CLND) after the rapid gains during last week. Sunshine Holdings (SUN) announced a final dividend of Rs.0.30 per share.

Several crossings were done including LB Finance PLC (LFIN) 500,000 shares at Rs.190, Citrus Leisure PLC Warrant 19 (REEF.W19) 1,271,120 shares at Rs.20.30 and Citrus Leisure PLC Warrant 17(REEF.W17 ) 635,560 shares at Rs.33.10 per share.

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