Mar 21, 2013 (LBT) - Bourse adopts a bullish tone: The benchmark index was on an upward momentum today with the index gaining during the 1st hour and the last hour of the day. The midday was more of a consolidation phase for the index. With the blue chips on the run, the S&P SL 20, too has witnessed a similar pattern gaining 14 points during the day. Nestle, DFCC and Aitken Spence weighted positively on index while Carsons and Dialog weighted negatively on the index.
Large blocks in speculative counters lead turnover: East West was the top performer for the day with a crossing of 6mn shares taking place at 52-week low off- market price of LKR15.0. Heavy trading in PC House continued to grab investor attention following the announcement of its rights issue which generated selling pressure. The counter recorded an off-market deal of 9.8mn shares at LKR3.1. The counter touched a 52-week low price of LKR2.9 before closing the day at LKR3.0. Its holding company PCH Holdings also recorded on-board interest with a large block of 3.7mn shares changing hands at LKR5.8.
Banks continue to impress investors: Commercial Bank witnessed considerable on board interest as the counter traded between LKR113.5 and LKR114.4 while it closed marginally down for the day at LKR113.7 (-0.3%). Hatton Nation Bank [Voting] and Non-Voting counters continued to attract investor attention with the former recording a crossing of 500k shares at LKR165.0 while the latter renewed its 52-week high price to LKR132.0. Further interest was noted in National Development Bank, DFCC and Seylan Bank [Non-Voting] with all 3 counters recording 52-week high prices. Retail activity slowly switching to the blue-chips: The retail favourite counters have been recording continuous selling pressure during the current quarter with most investors looking to switch to more fundamental counters which continue record high turnover levels.