Bukit Darah up by massive Rs 644.25: Colombo Stock Market is at History best levels.

June 12, 2010 - PRLog -- 11/06/2010 (S.L.S.Picks) – Colombo Stock Market closed for the week today by registering record gains in both indices, where All Share Price index was up by massive 65.09 points to close at 4561.33 & the Millanka Price Index was up by 44.79 points to close at 5182.16 points.

Today is a historical day for the Sri Lankan investment community, since this is the first time in the history of the Colombo Stock Exchange that the All Share Price index closed above 4500 index level. During the early part of this week Millanka price index crossed the 5000 barrier level for the first time in the history.

Turnover for the day was healthy Rs 3.3b.n. Well supported by the buying interest from Retail investors, High Net Worth individuals, & Institutional investors.

Foreign participation was at a high level than for the previous day. Foreigners were net buyers by Rs 138m.n for the day which is really an encouraging factor. Foreigners purchased Rs 907m.n. worth of shares & sold shares worth of Rs 769m.n.for the day.

Oil Palm sector jumped by 12.31% was the leading sector today due to the share price appreciation of Bukit Darah Company after its announcement of the restructuring of the Malaysian Palm Oil Companies, followed by Power & Energy sector. Foot ware & Textile sector was leading in the negative performing sector’s list.
There were 83 positive contributors as against 68 negative contributors for the day.

CLOSER LOOK

   * During the week many listed companies in the Colombo Stock Exchange released their JAN – MARCH 2010 profit figures & most of companies showed improved results for the period. So far earnings for the 1Q has risen more than 150% & these results will greatly support to bring down the overall market valuations to attractive levels.

   * Foreign participation was at a high level than the previous day & they were net buyers for the day.

   * Active Institutional participation was encouraging & they were buying in to strong future growth counters helped to boost the market activities.

   * Crossings counter was filed with large trades in the counters such as Distilleries, First Capital, Commercial Bank, Seylan Bank Non voting etc.

   * Seylan Bank(X) share traded in large quantities today. It represented both high volumes traded & highest traded counters today.

   * Share prices of Hemas Holdings & Cargills( Ceylon)appreciated sharply on back of strong future growth potential.


STOCKS TO WATCH

   * Cargills(Ceylon)

   * Hemas Holdings

   * Seylan Bank X

   * Richard Peiris & Company

   * Lanka Ceramics

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