Business Times

JKH trades send turnover soaring

Stockmarket Review
By Elton P. Ebert

A record turnover exceeding Rs.15 billion was reported on Friday mainly due to transactions of around 75 million shares in foreign favourite, JKH. This share is also the fancy of most of the high networth individuals.

It must have been celebrations at the broker camps who handled these deals! A few more crossings in HNB and Commercial Bank were also done throughout the same day. Incidentally both these stocks have cash dividend and scrip dividends pending subject to approval.

Friday's heavy transactions helped to transform the dull sentiment which prevailed at the bourse for some time and resulted in many other good stocks being on the upside. The Autodrome rose to Rs.750 while Nuwara Eliya Hotels was at Rs.1140. Abans Electricals which was at Rs.186.80 on Thursday slipped to Rs.151. Waskaduwa Beach gained Rs 10.30 on dealings of around four million shares on Friday, while 5.8 million shares in Kalpitiya Beach Resorts were also transacted. Commercial Bank has said it has expansion plans to branch out in countries closer to Sri Lanka like Nepal, Cambodia Myanmar and Indonesia, which should boost the stock. It has got approval for the issue of 500,000 unsecured Subordinated Redeemable Debentures at an issue price of Rs.1000 each, with the option to issue a further 500,000 if oversubscribed. Sampath Bank is also planning to issue 15 million quoted debentures at a par value of Rs.100, with the option to issue a further 10 million if oversubscribed.
Access Engineering has announced the basis of its allotment of its recent IPO, and many are waiting for the initial trading of the stock. Meanwhile Mackwoods Energy has on offer 25 million shares at Rs.14. per share. The issue opens on 22nd March.

Changes in directorates: Ceylon Tobacco - Alif Hasan resigned from the board on 12th March while Ariful Islam was appointed Finance Director; Aviva NDB Insurance - Anura Siriwardena was appointed a director on 8th February; Infrastructure Developers - Prof. Ranjith Bandara was appointed a Director on 1st March; People's Merchant - Rajeeva Dias Bandaranaike tendered his resignation effective 1st May 2012.

The turnover for the week was a massive Rs. 18.1 billion due to the dealings on Friday much in contrast to the Rs. 2.2 billion last week. The All Share Price Index was 7.22 points of 0.1% lower at 5449.05 but the Milanka was 45.39 or 0.1% better to finish at 4864.25.

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JKH trades send turnover soaring


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