* Central Investment & Finance announces Rs. 400mn IPO
* SLI purchases 12.7% stake in Blue Diamond
* Rs. 250mn Browns Investments IPO oversubscribed
The Colombo Stock Exchange slipped to new lows in recent times on Thursday with both indices continuing to slide on punting and a liquidity crisis.
The All Share Price Index lost 56.06 points to close down 0.81 percent at 6,871.68, gaining 3.55 percent year-to-date while the Milanka Price Index fell by a sharper 1.22 percent, losing 79.56 points to close at 6,436.9, down 8.84 year-to-date.
The day’s turnover reached to a little over Rs. 1.8 billion on a share volume of over 115 million which saw 140 counters close in the red while 59 counters made gains.
Foreign investors were net sellers with purchases amounting to Rs. 85.23 million as against Rs. 228.33 million sales.
"The market continued to see its bearish sentiments to close the day in the red. This is mainly owing to the liquidity crisis the market is currently facing," Bartleet Mallory Stockbrokers said.
John Keells Stockbrokers said, "The indices declined for the fourth consecutive day due to lack of liquidity while activity levels were dominated by the local retailers punting on small cap counters."
East West Properties continued to dominate in terms of turnover with 12.6 million shares changing hands to close at Rs. 15.30, down 6.13 percent from the previous day. Blue Diamond (non-voting shares) was next with 16.8 million shares traded, closing at Rs. 9.30 up 6.9 percent to also be the second largest in terms of volume.
Blue Diamond (ordinary voting) shares topped the list in terms of volume with 19 million shares changing hands with the stock closing unchanged at Rs. 2.30. This interest was triggered by the purchase of a 12.70 percent stake in Blue Diamond’s by state-controlled Sri Lanka Insurance Corporation-General Fund by way of 13.1 million ordinary voting shares, a stock exchange filing disclosed.
Property Development PLC was the biggest loser, down 16.11 percent to close at Rs. 60.40 while Shalimar (Malay) PLC was the biggest gainer, up 37.49 percent to close at Rs. 907.70.
The Colombo Stock Exchange on Thursday approved in principle Central Investments and Finance Ltd’s application to list 40 million shares on the main board of the exchange through an initial public offering at Rs. 10 per share. The subscription list is expected to open on July 21, 2011. The IPO is managed by Kananga Investment Corporation Ltd.
Meanwhile, the exchange announced that Abans Financial Services’ 37 million shares would be permitted to trade from next Monday (27).
The Rs. 250 million IPO of Browns Investments Ltd was oversubscribed on the opening day yesterday (23) a little before noon, a stock exchange filing noted.
It was announced that 43.3 ordinary voting shares and 41.1 million non-voting shares of Seylan Bank were listed yesterday, pursuant to a 1:3 rights issue.
The Colombo Stock Exchange announced its revised Milanka index yesterday as well.
Chevron Lubricants Lanka PLC announced its first interim dividend of Rs. 2.50 per share for the 2011 financial year. Marked ex-dividend July 04, payments would be made on July 13, 2011.
Alliance Finance Company PLC proposed a first and final dividend of Rs. 27.50 per share to be approved at the AGM on July 29 with the payment expected to be made on August 5.
source - www.island.lk
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