Bourse closes week on declining mode

The Colombo bourse closed the week yesterday with both indices down and turnover nudging the Rs.2 billion mark with large transactions in Commercial Bank and Colombo Dockyard dominating business volumes together with useful contributions from Colombo Fort Land and Buildings and Pan Asia Bank.


The All Share Price Index lost 20.68 points (0.28%) while the Milanka was down 13.56 points (0.20%) on a turnover of Rs.1.95 billion, down slightly from the previous day’s Rs.2.08 billion, with 119 losers ahead of 76 gainers.

"The market quietened once again with over 2.6 million shares of Commercial Bank providing the biggest business volume," Prashan Fernando of Acuity Stockbrokers said.

"There were three crossings of ComBank at Rs.270 a share with one parcel of 1.6 million shares, one of nearly 0.3 million and another of over 0.1 million at this price. Three other crossings of a total of 500,000 shares were also done but at lower price of Rs.268."

ComBank closed Rs.2.10 up at Rs.270 with over 2.6 million shares done between Rs.268 and Rs.271 contributing Rs.704.2 million to turnover.

Dockyard was the next on the turnover league with nearly 0.5 million shares done between Rs.259 and Rs.260.10 closing flat at Rs.259 with no crossings.

Colombo Fort Land and Buildings where a five for one share split is due closed Rs.14.40 down at Rs.420 with 0.2 million shares done between Rs.420 and Rs.445. Brokers said that yesterday was the last day of trading qualifying for the share split.

Retail play was mostly seen in Colombo Fort Lands, Pan Asia Bank where over 1.5 million shares were done and Browns where over 0.1 million shares were traded.

Pan Asia saw over 1.5 million shares traded between Rs.56.10 and Rs.61.90 closing Rs.2.60 down at Rs.56.50 while Browns, with over 0.1 million shares traded between Rs.342 and Rs.355, closed Rs.2.80 down at Rs.350.

There were crossings in Royal Ceramics where over 0.1 million shares changed hands at Rs.153.70 and Reefcomber where nearly 0.9 million shares were crossed at Rs.66, brokers said.

Trans Asia announced a first and final dividend of Rs. 3 per share for 2010/11 XD from May 11 and payment on May 14 while Royal Ceramics announced a second interim dividend of Re. 1 per share for 2010/11 XD from May 11 and payment on May 20.

Pan Asia Bank announced a sub-division of each share into two doubling the number of share in issue subject to shareholder approval at a general meeting.

Ceylon Tobacco announced a first interim dividend of Rs.4.20 per share for 2011 XD from May 10 with payment on May 20 while Ceylon Cold Stores announced a first and final dividend of Rs.4 for 2010/11 XD from May 10 and payment on May 23.

source - www.island.lk