Bourse bounces

The Colombo stock exchange snapped a three days losing streak and closed higher yesterday.

ASI gained 21.92 points (+0.30%) to close at 7,279.62 while liquid MPI advanced by 21.26 points (+0.31%) to close at 6,800.32.

Market turnover improved drastically Rs 4.1 billion.

Panasian Power Plc (PAP) remained at top in the turnover list (Rs.1.7bn) with a significant contribution with active investor participation. PAP recorded two off-the-floor deals amounting to 10 million shares at prices Rs 8.00 and Rs 8.10 respectively. Moreover during market hours, two direct market transactions of 19.9 million shares and 17.0 million shares of PAP at prices of Rs 8.00 and Rs 8.20 were executed. as per the announcement made to CSE, Power Hub International has sold 68.3mn shares at a price of Rs 8.00 and Rs 8.20. subsequent to this transaction the stake of Power Hub reduced to 28 percent from 42 percent. PAP closed at Rs 7.40 (down Rs 0.30), cruised to a high of Rs 8.30.

In addition Blue Diamonds Plc (Rs 319.6 million) and E-channeling Plc (Rs 290.7 million) made notable contributions to the turnover with aggressive trading. E-Channelling purchased 13.7mn voting shares of Blue Diamond Jewellery which amounts to 13.24 percent of the total shares.

A 10 percent price band was imposed on Singer industries (Lanka) Plc (SINI) from June 10 to June 17. Today SINI posted heavy gains (Top gainer) with significant buying pressure. SINI closed at Rs 413.70, up Rs 170.30 (+70.0 percent).

Foreign participation was 10.67 percent of the total market activity. At the end of the day foreign investors were the net sellers with a net foreign outflow of Rs 382.9 million.

Lanka Securities Research