Eight-day winning streak ends on CSE, big deal of Vallibel Power

An eight-day winning streak on the Colombo bourse ended yesterday with both indices losing ground on a turnover of Rs. 1.99 billion, up from the previous day’s Rs. 1.68 bn. with over half the turnover accounted for by a mega deal in the Dhammika Perera- controlled Vallibel Power Erathna.

"There was a foreign seller on the counter and a high net worth local buyer," a broker said. "The deal involving 160 million shares was done at Rs. 6.60 a share on the trading floor and not as a crossing as the share was trading at a higher level on the floor."

A total of nearly 187.6 million Vallibel Power was traded between Rs. 6.60 and Rs. 7.30 closing at Rs. 6.90 contributing Rs. 1.25 billion to turnover. Dr. T. Senthilverl who was believed to be the buyer also mopped up whatever available quantities outside the big block and is now believed to have around 13% of the company, brokers said.

The day’s turnover was up from Rs. 1.68 billion the previous day and the All Share Price Index closed 32.26 points (0.44%) down and the S&P SL20 declined 18.44 points (0.44%) with 131 losers ahead of 74 gainers while 67 counters closed flat.

"The ASPI declined marginally due to broad based profit taking, amid high turnover due to heavy trading in the hydropower firm VPEL which accounted for a majority of the days turnover," John Keells Stock Brokers said.

"Plantations was the best performing sector (+1.21%), supported by gains on WATA (+1.45%) and  Healthcare was the worst performing sector (-1.82%) dragged down by a decline in ASIR (1.65%)."

Crossings in Ceylon Guardina Investment Trust where 250,001 shares were done at Rs. 200 and Commercial Bank (voting) with 0.2 million shares done at Rs. 169.30 in deals worth Rs. 50 million and Rs. 33.9 million respectively contributed Rs. 84 million to turnover.

Apart from Vallibel Power, LIOC was the most traded stock on the floor with over 1.1 million shares changing hands between Rs. 53.30 and Rs. 54.90, closing Rs. 1.30 up at Rs. 54.60 contributing Rs. 61.8 million to turnover. Brokers said that apart one parcel of 49,000 shares, all other transactions were retail.

"There has been retail play on this counter for the past several days," they noted.

JKH was number three on the turnover league losing Rs. 4 to close at Rs. 253 on over 0.2 million shares traded between Rs. 252.50 to Rs. 257.90 contributing Rs. 53.5 million to turnover while Commercial Bank (voting), which is also attracting foreign interest, closed 40 cents up at Rs. 169.60 with nearly 0.3 million shares traded between Rs. 169 and Rs. 170.

People’s Leasing, a stock that had attracted a lot of retail play and also foreign interest recently, saw over two million shares done between Rs. 22.10 and Rs. 22.40 closing 10 cents down at Rs. 22.20 contributing Rs. 45 million to turnover.

JKH announced an interim dividend of one rupee per share for 2014/15 XD from Nov. 14 with payment on Nov. 15.

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