Business Times

Credit problems still unresolved

Stockmarket Review
By Elton R. Ebert

As the market navigates for direction an element of excitement was provided by shares in the property sector. East West Properties, Seylan Developments,Colombo Land, and Shaw Wallace & Hedges are classified under the Investment Trusts sector, the last having the Mayfair City project under its wing. East West and Seylan Developments were extensively traded reaching very high levels, the former reaching the maximum peak level of Rs 41.80 according to the price band stipulation on Friday. At this price there were quoted buyers. An East West subsidiary has negotiated with Marriot International for collaboration in a 150 room star hotel in the Weligama Bay in the Matara district. Over 46 million shares in Seylan Developments were transacted on Tuesday,and a further 33 million on Thursday. Here the maximum price it reached was Rs 20.60.

The other success story emanates from DIMO which has reported a QR1 321% growth. Apart from its usual motor vehicle sales, a good percentage comes from the Construction,Agricultural and material handling machinery sector. Its closing level for the week was Rs 1430.

Among the other heavily traded stocks Panasian Power, Expo Lanka, Free Lanka Capital and Laxapana Batteries were prominent. Adding a positive tone to a market pegged with a depressed sentiment on Thursday, Lanka Hospitals in which Fortis Global has a 28.6% stake made a substantial leap in price to reach Rs 55.90 when over 3.5 million shares were transacted. It graduated further to Rs58.10 the next trading, possibly due to the 26% 1st half growth. Increased activity was noticed in Environmental Resourses Investments normal shares and warrants, and at better prices.

It was another disapointment when Textured Jersey Lanka joined the list of IPO failures on its opening day of trading on Tuesday. It commenced trading at Rs 15 but closed for the day at Rs 14 and still remains bordering that area. Softlogic which is in this category captured a 73% stake in Asian Alliance Insurance at Rs 120 per share but the share closed at Rs 134. Softlogic Holdings experienced a fractional improvement as a result closing at Rs 23.70.

Price bands - Wemoved from East West,Three Acre Farms, and Orient Garments on 9th August 2011. It was imposed on Seylan Developments and East West from 10th August 2011 to 16th August 2011 and on Laxapana Batteries from 12thAugust 2011 to 18th August 201.

Multifinance PLC - E K I De Soysa was appointed Chairman and R M M J Ratnayake was appointed Deputy Chairman on. As trading ended for the week both indices were better than last week. The All Share Index closing 81.77 or .1% better at 6833.06 while the Milanka was also 34.48 points or 0.05 higher at 6186.71. After a spell the turnover was encouraging when it almost registered a 100% increase over last week when it was just Rs 8.6 billion. This week the turnover was Rs 15 billion.

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