The Colombo bourse continued its downward trend yesterday with the All Share Price Index dropping 58.49 points (0.86%) and the Milanka down 64.26 points (1.03%) on a turnover of Rs.1.17 billion, up marginally from the previous day’s Rs.1.16 billion, with 37 gainers trailing 167 losers.
Business volumes came mainly from the non-voting shares of Tokyo Cement contributing Rs.80.1 million turnover, Central Finance (Rs.68.4 million) and JKH (Rs.54.5 million).
"It was another bad day although the fall was steeper earlier in the day than at the close of trading," Prashan Fernando of Acuity stockbrokers said. "The market was on a downward trend most of the day with most stocks on the losing side."
Fernando said that falling markets elsewhere affected sentiment though Sri Lanka had no direct exposure.
There were three crossings during the day with 25,000 Central Finance crossed at Rs.1, 400 a share and two parcels of Tokyo (non-voting) crossed at Rs.41 per share.
Tokyo non-voting lost 30 cents to close at Rs.41 on nearly 2 million shares traded between Rs.41 and Rs.41.60 while Central Finance closed Rs.24.20 down at Rs.1,376 on 48,900 shares done between Rs.1,376 and Rs.1,415.
Brokers said there was at least one big buyer looking for quantities of JKH which closed Rs.1.20 down at Rs.196.50 on nearly 0.3 million shares done between Rs.195 and Rs.197.
Eastern Merchants which on Thursday announced that each of its ordinary shares would be sub-divided into 70 without increasing the stated value of the company, gained Rs.1,107.60 per share to close at Rs.3,110 on 15,500 shares traded between Rs.2,950 and Rs.3,850 generating a turnover of Rs.48.3 million.
Blue Diamonds continued to show quantity but lost 60 cents to close at Rs.8.10 on nearly 5.8 million shares done between Rs.7.90 and Rs.8.90 while Grain Elevators too lost Rs.4.90 to close at Rs.125 on nearly 0.4 million shares done between Rs.120 and Rs.133.
Among the blue chips, Aitken Spence was down Rs.1.50 to Rs.138.50 on nearly 0.3 million shares and HNB up Rs.2.50 to Rs.219 on 0.1 million shares. Asian Hotel Properties closed flat at Rs.91 on nearly 0.2 million shares and Dialog closed flat at Rs.8.60 on nearly 1.3 million shares.
Distilleries announced a final dividend of Rs.2.50 per share for 2010/11 payable on September 21 after shareholder approval is obtained at the company’s AGM on September 12. The share will trade XD from September 13.
Mr. S.H.N. Rishan who with PC House has acquired 51% of Orient Garments Limited announced a mandatory offer at Rs.28 per share for the remaining shares of that company.
source - www.island.lk
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