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Tuesday, March 29, 2011

CSE down 0.42% on low retail interest

Lanka Ventures PLC subsidiary invests Rs. 384mn in 10MW wind-power project

East-West Properties sees revaluation increase asset value by Rs. 695mn

Low retail participation and lack of buying interest saw the bourse slip 0.42 percent on Monday, brokers said.

The Colombo Stock Exchange dipped 0.42 percent yesterday (28) with the All Share Price Index losing 30.18 points to close at 7,210.09 points. The Milanka Price Index of more liquid stocks gained 0.01 percent to close at 6,838.41 points, up 0.39 points, data from the exchange showed.

Turnover amounted to Rs. 1,608.5 million.

The top gainers were Gestetner of Ceylon up 24.65 percent to close at Rs. 135, SMB Leasing warrants up 20 percent to 60 cents, Asian Alliance Insurance up 13.33 percent to Rs. 170.

Nation Lanka Finance was down 15.91 percent to close at Rs. 3.70.

Colombo Pharmacy saw 84,600 shares change hands at Rs. 3,489.90 while Commercial Bank and Sampath Bank saw 542,600 shares at Rs. 269.10 and Rs. 311,828 shares at Rs. 285.30 respectively.

"The ASPI dipped on lack of buying interest amid low retail participation where the activity levels were driven by large trades on Colombo Pharmacy and trades on banking and finance counters," John Keells Stockbrokers said.

Meanwhile, East-West Properties PLC in a stock exchange filing said its assets were revalued resulting in an increase of value amounting to Rs. 694,663,496. The assets revalued were leasehold land, a condominium apartment and a warehouse. Further, it said it had leased out property valued at Rs. 634 million as at March 20, 2011 on a lease agreement which would expire in 2027.

LVL Energy Fund Private Ltd (LEF), the fully owned subsidiary of Lanka Ventures PLC, announced that it had entered into an agreement with LTL Holdings Private Ltd on March 28 2011 to set up a 10MW wind-power generation project in the Kalpitiya peninsular.

"LEF’s investment in the project will be Rs. 384 million representing an equity stake of 40 percent in the project company named ‘Pawan Danavi Private Ltd," .

source - www.island.lk