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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Crossing of 1.2 billion Ceylinco drives CSE turnover No word on seller, indices up sharply

Crossing of 1.2 billion Ceylinco drives CSE turnover No word on seller, indices up sharply

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Turnover on the Colombo bourse yesterday topped Rs. 3.65 billion, up from the previous day’s Rs. 1.1 billion, largely on account of the crossing of 1.2 billion Ceylinco Insurance shares at Rs. 1,602 each in a deal worth over Rs. 1.9 billion with no confirmation of who the buyers or sellers were.
"There are just four shareholders with that quantity including one foreign shareholder (Pictet and Cie), two employees share ownership trusts and Global Rubber Industries of Mr. Prabhash Subasinghe. It is not clear just yet who the seller was and who the buyer was," a broker said.
Yesterday’s foreign activity figure suggested that the Ceylinco parcel had been bought by a foreign buyer as foreign purchases topped Rs. 2.25 billion, against sales of Rs. 302.25 million with an inflow of nearly Rs. 1.95 billion.
Apart from turnover, the indices too moved up sharply with the ASPI, now over the 7,300 point mark, gaining 52.90 points (0.73%) while S&P SL20 was up 27.19 points (0.67%) with 149 gainers strongly outpacing 68 losers better than two to one while 108 counters closed flat.
Other block trades for the day included Lanka Wall Tiles with 1.55 million shares done in a single parcel at Rs. 130 a share contributing Rs. 20.15 million to turnover, JKH seeing two parcels totaling 0.85 million done at Rs. 198.50 (Rs. 168.72 million), and Bimputh Finance where 1.57 million shares were done in two parcels at Rs. 61 a share (Rs. 96.04 million) with block trades including Ceylinco contributing a hefty Rs. 2.2 billion to the day’s business volume.
"The ASPI recorded healthy gains amid improved activity levels, with market turnover crossing the Rs. 3bn mark on the back of a large block trade on CINS which accounted for over 50% of the day’s turnover," John Keells Stock Brokers said in a market report. "The market also saw strong buying interest on selected large cap diversified and construction and engineering counters."             
Banks, Finance, and Insurance was the most actively traded sector (+0.53%), it noted adding that the construction and engineering sector was helped by Access Engineering which gained 10%.
Textured Jersey topped the floor trades closing 10 cents down at Rs. 30.40 on over 3.85 million shares done between Rs. 30.40 and Rs. 30.70, a one year high for the counter. Brokers said that a couple of large parcels at Rs. 30.50 accounted for most of the trades.
JKH followed closing Rs. 2.40 up at Rs. 197.50 on 0.55 million shares done between Rs. 195.10 and Rs. 198.80. JKH warrants of both tenors also saw heavy volumes with W0022 up Rs. 1.70 to Rs. 34 on over 1.73 million and W0023 up Rs. 2.70 to Rs. 43 on over 0.68 million.
"Retailers were active in the warrants, perhaps betting on the cheaper option against the pricey JKH share in a rising market," a broker said.
Other most traded shares included Access up Rs. 2.50 to Rs. 27.50 on 3.87 million shares, Central Finance up Rs. 2.30 to Rs. 267 on over 0.25 million shares, MTD Walker up Rs. 2.40 to Rs. 61.60 nearly 1.1 million shares and Bimputh down Rs. 1.10 to Rs. 62 on nearly a million shares.
"Access was mainly retail driven while the biggest JKH parcel on the floor was 50,000 shares with the others in smaller lots indicating retail interest," a broker said. "Central Finance was done in a few large parcels, MTD Walker in smaller parcels and Bimputh in a few large parcels."
Swadeshi Industrial Works announce a one rupee final dividend for 2014/15 following shareholder approval at a Sep. 25 AGM with the share trading XD from Sep. 28 and with payment on Oct. 6.
One share of this highly illiquid counter traded yesterday at Rs. 14,990 although the volume weighted average at he close of trading was the previous closing price of Rs. 13,500.
Courtesy: Daily News 29 July 2015

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