The Colombo bourse yesterday posted its best recent trading day with both indices moving up sharply and turnover up to Rs.428.1 million from the previous day’s Rs.284.8 million with the All Share Price Index gaining 78.23 points (1.61%) and the Milanka up 77.68 points (1.80%) with 39 losers trailing 202 gainers.
Asked whether the bourse which had seen a persistent losing streak this year has at last reached a turnaround point, brokers said that if the trend continues with even modest gains, not necessarily the highs seen yesterday, confidence will build up and investors would come in.
A block trade of nearly 0.3 million Ascot Holdings which closed flat at Rs.170 in a deal worth Rs.48.2 million dominated the day’s trading.
"There was quite a lot of buying interest in blue chips like Commercial Bank, JKH, Carsons, Chevron Lubricants and Asian Hotel Properties," a broker said.
ComBank (voting) dominated turnover on the trading floor seeing over 0.2 million shares traded between Rs.100.50 and Rs.101 closing 40 cents up at Rs.100.90 contributing Rs.24.1 million to turnover.
JKH was up Rs.3.90 to close at Rs.186 with over 0.1 million shares traded between Rs.182.10 and Rs.187 generating Rs.22.6 million worth of business while Carsons closed flat at Rs.467 contributing Rs.22.4.
ComBank (non-voting) was up 50 cents to close at Rs.74.50 on nearly 0.2 million shares trading between Rs.74 and Rs.74.90 and Chevron Lubricants up Rs.5 to close at Rs.170 on 67,051 shares traded between Rs.164 and Rs.170.
Asian Hotel Properties was down 50 cents to close at Rs.72.50 on over 0.1 million shares.
Brokers said that there was retail play on some of the less pricey stocks with Kalpitiya seeing nearly 4.1 million shares traded between Rs.5 and Rs.5.50 closing 50 cents up at Rs.5.50.
Other inexpensive stocks that demonstrated volume and price gains were ERI up Rs.1.30 to close at Rs.13.40 on over 0.7 million shares, People’s Leasing up 20 cents to close at Rs.11.40 on nearly 0.8 million shares, HVA up Rs.1.40 to close at Rs.10.40 on nearly 0.9 million shares and Commercial Credit up Re.1 to close at Rs.15 on over 0.4 million shares.