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| Tuesday, 10 June 2003 |
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Bourse responds positively to JKH shares, retail investors By Ravi Ladduwahetty Buoyed by the anticipation of success of the Tokyo donor conference which began yesterday, the Colombo bourse responded positively with a large retail interests on blue chips, where a record 407 transactions took place on premier blue chip John Keells Holdings Ltd. Market analysts said that the 401 transactions on JKH yielded a commanding Rs. 112 million of the total turnover of Rs. 251.7 million. It is also moot that the average volume per day on the JKH share was around 30 transactions, in contrast to the 407 yesterday The record number of transactions on the JKH share followed the company's announcement of the bonus share issue of one share for every four and also the ten percent dividend which was effective till yesterday. The rest of the contributors to the turnover were-NDB- Rs. 17.8 million, DFCC-15.3 million, Aitken Spence Rs. 13.1 million and NDB Bank Rs. 9.1 million. The rest of the turnover were the contributions of the retail investors. The All Share Price Index (ASPI) moved up 13.8 points to 916.9 while the Milanka Price Index moved up 36 points to close at 1665. Analysts believe that the ASPI will move up to the four figure mark by the end of June. Of the other noteworthy transactions, there were a million shares of Sri Lanka Telecom which were bought by Ceybank while of the 1.2 million JKH shares which were sold, 200,000 each were bought by Janashakthi and Asia Capital. Over 80 percent of the DFCC shares which were sold were bought by the Captains Group. There was an overall increase in the premier blue chips which saw DFCC up Rs. 11 from Rs. 210 to Rs. 221 while Commercial Bank was up Rs. 5 from Rs. 170 to Rs. 175. The John Keells Holdings Share also rose Rs. 4 from Rs. 97 to Rs.101 while NDB shares also rose by Rs. 4 from Rs. 101 to Rs. 105. A further highlight of the trading volume was that the twenty stocks which were traded yielded Rs. 199 million of the Rs. 251 million turnover. Of the sectoral turnovers, diversified holdings sector yielded Rs. 127 million turnover with the banking finance and insurance sectors, emerging second, yielding Rs. 60 million while the Food, Beverage and Tobacco sectors yielded Rs. 13 million. The hotel and tourism sectors also yielded Rs. 12 million. Foreign purchases and sales were very minimal with purchases amounting to Rs. 12 million while the sales were Rs. 21 million. The market reacted positively to the success at the donor conference, which has already achieved the initial target of US$ 3 billion. Despite the LTTE maintaining their demand for a full-fledged interim administration in the North East, the investors are continuing their optimism that they will return to the negotiating table. We feel that the success of the donor conference could further improve the market sentiment in the short run, but the long-term sustainability is closely linked with the success of the peace process, Hasitha Premaratne of HNB Stockbrokers said. |
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