WRITTEN BY THARANGA SENARATNE
Dec 04, 2012 (LBT) - Market sentiments remained dormant during early trading before thelarge deals which took place revived the level of activity to touch a one-week high. The benchmark index took a volatile path as it swung between marginal gains and losses at its peak of 5,345.18 points (+7points) Vs its intra-day low at 5,330.72 points (-8 points) before it settled in the red territory at 5,331.45 points. The major gains for the day stemmed from; Chevron Lubricants (+8.2%), John Keells Holdings (0.9%),Cargills (+3.6%) and NDB Capital Holdings (+3.4%).
The S&P SL20 index plunged to 2,925.48 points at mid-day trading while the gains during latter trading hours did not suffice to surpass its peak of 2,937.93 points touched during the initial hour of trading before it closed with a marginal gain at 2,934.90 points. Interest in John Keells Holdings did not fade away as it topped the day’s turnover assisted by a crossing of c.658k shares which changed hands at its peak of LKR210.0 (+1.4%) before it settled at LKR209.10 (+0.9%).
The initial trading hour witnessed two tranches of Environmental Resources Investments Warrants being crossed off taking activity level to a one week high. Its Warrant:0003 and Warrant:0006 recorded one block each amounting to c.24.9 shares and c.24.8 shares at 52-week low levels of LKR3.6 and LKR4.0 respectively.
Among the counters which gained renewed interest were Chevron Lubricants and Keells Hotels. The former saw buying interest as a block of c.77.8k shares were picked on board at its peak of LKR200.0 (+8.7%) while the latter witnessed two blocks totaling c.821.4k shares being transacted at its intra-day high level of LKR13.3 (0.8%). Citizens Development Business Finance [Non-Voting] encountered some selling as several blocks were transacted on-board between LKR27.50 and LKR29.0. The counter which gathered some interest during recent trading days gained 3.6% at its closing price of LKR29.0.
Investor focus in banking sector counters prevailed with several trades taking place in National Development Bank. Its share price plunged to LKR130.0 (-0.8%) at which most of the day’s trades took place. Retail interest gathered around penny stocks; Free Lanka Capital Holdings (+0.9%), Renuka Shaw Wallace Rights (-50.0%), SMB Leasing (+11.1%) and Browns Investments (+2.78%). CT Holdings touched a 52- week low of level of LKR120.0 during today’s trading.
Most Asian Stocks Decline as US Manufacturing Shrinks; European Stocks Climb for Second Day as Banks Advance: Most Asian stocks fell after US manufacturing unexpectedly shrank and American lawmakers grappled with new budget proposals. The MSCI Asia Pacific Index slipped 0.1% to 124.53 as of 2:40 p.m. in Tokyo. The Stoxx Europe 600 Index advanced 0.2% to 276.8 at 8:51 a.m. in London. Oil depicts a consecutive dip: Crude oil (WTI) on the New York exchange reported USD89.04 (-0.06%) while Crude Oil (Brent) traded at USD110.75 with a dip of 0.15%. Activity level inch up to a one week high.