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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Both indices up, one-share trades raise eyebrows

Both indices up, one-share trades raise eyebrows

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CSE.SAS

CSE.SAS
Global Moderator
Market closes week on an upward note

The Colombo bourse closed the week with both indices up – the All Share by 53.03 points (1.10%) and the Milanka by 28.39 points (0.66%) on a turnover of Rs.313.1 million, down from the previous day’s Rs.348.84 million, with 151 gainers strongly outpacing 47 losers.

One block trade in Central Finance with 575,000 shares crossed at Rs.135 in a deal worth Rs.77.6 million accounted for a big slice of the day’s trading volumes, brokers said.

"There were several trades of one share each in some stocks taking the previous closing price up sharply," a broker commented. "For example, one share of Office Equipment moved up Rs.304.70, one share of Harischandra Rs.294 and one share of Industrial Asphalt Rs.95."

He said that although volume weighted average prices are used for computing the indices, trades such as these do not give a true picture of the market.

"A few days ago there was a similar trading pattern and downward manipulation was suspected," he added.

Commercial Bank gaining 10 cents to close at Rs.104.10 on nearly 0.3 million shares, Ceylon Tobacco up Rs.3 to close at Rs.679.90 on 30,783 shares and Citrus Waskaduwa up 20 cents to close at Rs.5.70 on slightly over 3 million shares were among the main turnover generators.

The Colombo Stockbrokers Association has decided to promote the market in the context of the current slump and go public with one broker called "positive aspects."

Horana Plantations announced a final dividend of Re.1 per share for 2011/12 with dates to be notified.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53340

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