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12 January, 2011 09:14 AM Source: Financial Times - Sri Lanka

Despite being slapped with the price band, PC House continues to be in demand by investors as its share price persists in bettering previous day highs.


The stock closed yesterday at Rs. 19.30, up by Rs. 1.70 from Monday whilst its price has risen by Rs. 4.80 or 33% since the first day of the band. Incidentally the stock is just short of 60 cents gain to equal the rise it enjoyed value wise before being slapped with the band.
Interestingly Laugfs Non Voting which was slapped with the band effective yesterday also gained by Rs. 3.70 to close at Rs. 41.20. Demand for its voting share continues unabated with its price now nearing the Rs. 50 mark as it peaked to a high of Rs. 49.80 before closing at Rs. 48.90, up by Rs. 6.90.
Citrus Leisure (Hotel Reefcomber) one of whose warrants too was subjected to the price band, continued to gain as well. The three warrants produced gains ranging from Rs. 1.70 and Rs. 5.80 whilst the main stock peaked to a high of Rs. 91.50 before closing at Rs. 90, up by Rs. 4.80.
These developments prompted analysts to claim that SEC’s price band remains ineffective whilst reiterating that its existence was anyway a thorn in the market pricking at free play of demand and supply. Criticism has been growing over the 15 market days and three normal weeks-duration of the band as well. However the SEC has from the start maintained that the price band was to deter possible manipulations whilst it doesn’t necessarily mean a stock is junk just because it has been brought under the price band.

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