Business Times

Better share prices this week as debate on Expolanka mounts

Stock Market Review
By Elton R.Ebert

An interesting scenario at present is how the stock broking fraternity is dealing with the Expolanka IPO. The general belief is that it would be fully subscribed with support from foreign funds and some high networth individuals. But the starting price when it commences trading, and the price the following day is what many are looking forward to.

These deliberations are due to the discomfort created by the recent large scale sell-down cum private placement. The outcome will be the reflection of the future IPOs now in the pipeline. Another financial institution, Swarnamahal Financial Services Ltd, intends to offer by way of an introduction 25 million voting shares on the Diri Savi Board, in keeping with the Central Bank ruling for registered financial institutions.

The market made a slight recovery from the depression it was in for the past few days. On Thursday and Friday the institutions moved into action which created an air of confidence to the bourse but lacked sufficient venom, as depicted by the close of trading on Friday.

Royal Ceramics came out with encouraging quarterly growth numbers, and it also proved lucky for an entrepreneur who purchased a million shares on May 4 at Rs 150 and sold it off within minutes when an institution made purchases close to Rs 165! Activity was fairly spread with hotels shares like Miramar Beach making vast strides, although it shrank a bit to end at Rs 438. Piramal Glass, Free Lanka Capital, Nation Finance Lanka, and Laugfs gas were in the demand list. Lankem Developments Rights commenced trading on Friday with fair interest. From the cluster of illiquid stocks Paragon was up to Rs 2100, E.B. Creasy to Rs 2631 and the recent entrant Singa Lanka Standard Chemicals which closed at Rs 1385. Meanwhile Colombo Pharnacy eased off at Rs 2901, Eastern Merchants to Rs 1050, and Gestetner to Rs 398.

The All Share Price Index ended 37.82 points or 0.05% lower at 7319.15 while the Milanka Index was 85.89 points or 0.01% lower at 6736.88. The turnover for the 4-day week of Rs 10.8 billion was better than last week when it registered Rs 8.2 billion.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Sharp increase in frequencies to India
Expolanka ‘chosen few’ won’t sell; will take longer term view
Seylan to finalise Rs 600 mln VRS tomorrow
Many respond to Commods Exchange offer
Govt. agrees to give pension for life
Six Senses group plans IPO
Comment - Of private placements and share pricing
Call to create a knowledge economy
Etisalat open for acquisitions in related businesses
BPO boom to get a push with Firstsource Solutions
Merchant Credit, Ceylease merger won’t see staff retrenchment
“Need to recognize, researchers and investors with decent wages”
Sri Lankans may carry ‘clean air’ just like bottled water
Feb 2011 exports, imports up 36% and 27%, remittances up 26%
Aging population: Younger Sri Lankans have to earn more to look after elders
Insurance industry law sees amendments through; shows 19.6% growth in 2010
Authentic Borah food at special Borah trade show
Datacard USA recognizes DMS for outstanding achievements
German help for IDPs resettled in Mullaitivu, Kilinochchi
Not the time to expand oil palm
Sri Lankan export trade exhibition for foreign buyers in 2012
Greenwich introduces Sage ERP ACCPAC V6
Pears refurbishes paediatric wards at Jaffna Hospital
Applying for a job is serious business say top CEOs
JusticeWeeramantry to speak at Global Compact Network Ceylon event
CEB to test its employee through a balanced score card
Coca Cola celebrates its 125th anniversary of ‘spreading happiness’
Innovative city in Sooriyawewa
Singapore Airlines to promote Sri Lanka tourism
Seylan Bank Rights issue to raise Rs. 4.6 bln
Letter
Trinco rice mill industry gets a boost
Asia Capital says joins prestigious Rs 1 billion profit per-year club
Better share prices this week as debate on Expolanka mounts
‘Six Sigma’ powerful to improve quality-US expert says
Samsung enhances intelligent technology at home
Singapore firm to manage new Sunshine group hotels
‘Ceylon Tea’ gets seal for tea of origin

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution