If it was Dhammika Perera, the Captains and Raj Rajaratnam among others who have dominated the Colombo bourse over the past decade, the ‘new kid of the block’ (not entirely young anyway) is high networth investor Dr T. Senthiverl who is swiftly making a name for himself as an active trader in the market.
This week Dr.T Senthiverl who cornered around 1.5 million shares in Ceylon Tea Services at a reduced price of Rs. 650 per share, took a 13.5 % stake in Bogawantalawa Plantations, and invested Rs 500 million in The Finance share issue. “He is a big player in the market,” one stockbroker said.
Meanwhile at this week’s shortened trading week, palm oil stocks drove the market up on Monday to healthy heights, which also activated most of the bourse resulting in the ASI reaching the record 7811 points, a massive gain of 225 points! Other shares linked to the Carson Cumberbatch chain also made hefty gains - Ceylon Guardian closed at Rs 446.50 and Ceylon Investment at Rs.189.40.
The same day there was over 11 million shares in Bogawantalawa Plantations and 20 million Dialog shares rendering support to the day’s turnover.
However on Tuesday the palm oil stocks took a beating with Indo Malay down to Rs 1500, Good Hope to Rs 1300 and Shalimar to Rs.960 following the rest of the market in which a heavy round of profit taking took place. Guardian Capital which shocked the bourse last week was again drawing attention but at lower levels. Shareholders at the end of trading on Friday 18th, were entitled to the Rights Issue of 75 shares for every 2 shares at Rs.20.
In the rest of the activity, Perpetual Capital, the arm of Free Lanka Group, appears to be perpetually scouting for solid investments as seen by the purchase of 448,000 shares in Lanka Ashok Leyland at a bargain price of Rs.1000 per share. It immediately moved up and closed for the day at Rs.2383. Last week, this group took a 10.3% stake in Ceylon Grain Elevators.
Also on Tuesday HVA made its debut at Rs 24 and moved up to Rs 29, eventually closing at Rs 26.30 in dealings of over 19 million shares. Meanwhile indications are that the Union Bank IPO is drawing a massive response.Lanka Ashok Leyland gained further on Friday to close at Rs 2620.
The price band was lifted on MTD Walkers on February 18 while it was imposed on Lanka Ashok Leyland on the same day to March 11.
East West Properties 3 for 1 at an issue price of Rs.10.
Richard Peiris 9,420.900
The All Share Index which experienced a depression on Tuesday ended the week at 7672.49, gaining 85.86 points or 1.13% while the Milanka was 17.66 points or .05% lower at 7242.15
(Elton, our regular columnist on the stockmarket, could be reached at firstname.lastname@example.org)