Two leading banks have come out with a timely and prudent decisions of Rights issues targeting the floating capital available for investment. Commercial Bank has added the carrot of a subdivision, post-Rights. High networth individuals and institutions will like to increase their portfolio by investing further in these two high calibre banks. These Rights issues and the two mega IPOs - Vallibel One and Softlogic Holdings Pvt Ltd will absorb most of the available funds making it uncomfortable for future IPOs.
Activity was more pronounced this week especially in stocks where there were subdivisions and in companies which released favourable growth figures. JK Holdings had both these factors experiencing moderate but increased activity. Dunamis also released good results evoking extraordinary demand and a resultant price upheaval. Colombo Land continued to draw massive interest while Janashakthi Insurance, Pan Asia Power, Touchwood and Richard Peiris were in demand.
Nation Finance Lanka was also transacted but not in the same volumes of the earlier week. In the leisure sector Nuwara Eliya Hotels and Fortress Resorts came in for strong support with heavy trading in the latter. Chilaw Finance and Swarnamahal Financial Services commenced trading this week.
Price bands - The price band was imposed on Kelsey Developments from 24.5.2011 to 2.6.2011
Directors - Renuka Agricultural Foods PLC: Sanmugam Vasanthakumara was appointed Chief Operating Officer effective 24th May2011.
The All Share Price Index was fractionally [0.02%] lower at 7459.58 while the Milanka was a meagre four points down at 6875.54. Turnover for the full, 5-day week recorded Rs 15.5 bilion as against Rs 8.2 billion for the 3 days last week. |
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