Business Times

Brokers in different plateau!

Rumblings between clients and some disgruntled brokers has become a complex question and it seems to be one of the causes for the slide in the indices.Analysts presume that there may be a tendency that brokerage firms will fall into 2 categories depending on the extent of credit that they can offer,which in the longer term is not good for the market . That the recent changes have created more complex issues is the view of the majority.

Activity through out the week was somewhat cautious and hence the turnover was also pruned down, although the bourse saw a slight lift in the last two days of the week. One member of a high profile brokerage firm expressed great surprise at the lethargy in the market, taking into consideration factors like the absence of any IPO and any major rights issue at present,and with most companies reporting steady growth numbers.

East West, HVA foods and Lanka Hospitals which were the rage last week were on the retreat this week, while Pan Asia Power, PC House and Textured Jersey from the IPO casualty list were traded in fair volumes.There has been an appetite for Amana of late,its closing level being Rs 2.30. HVA Foods which was in demand last week as well state that it is arranging for an organic farm and that they will enter the leisure sector as planned, It closed for the week at Rs 38.20 slightly lower than its peak. Softlogic Holdings that had a successful IPO but disappointed in its debut has reported astonishing quarterly growth of 169%, and it will further diversify with expansion of its retail outlets of international brands, and move into the leisure witha hotel in the city in colloboration with Movenpick.It closed for the week at Rs22.90. There has been fair demand for this stock at current levels.

Some of the spicy stocks;Colombo Pharmacy was at Rs1759.90, J.L.Morisons Sons & Jones at Rs3800,and Kalamazoo Systems at a substantial Rs 3900.

The price band was removed from Colombo Land Multi Finance, and HVA Foods on 26th August 2011.
The turnover for the week was Rs.8.6 billion very much lower than the figure of Rs 19.4 billion.The indices were also lower, the All Share Price Index ending 96.16 points or .1% below at 6852.96, while theMilanka was 99.68 points or .1% lower at 622208

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