Tuesday, October 4, 2011

AAIC hits another record high despite probe talks

Despite reports that suggested Securities and Exchange Commission has started a probe into the unusual price hike witnessed in the shares of Asian Alliance Insurance PLC (AAIC), the share hit another record high yesterday breaking all previous records.

Yesterday, AAIC share opened trading at Rs.345 and hit the record Rs.394.30 and closed at the same price.

According to brokers, two large trades of AAIC shares took place during the day; two blocks of 100, 000 shares at Rs.360 and Rs.362. The trade that took place at Rs.360 was a crossing, they pointed out.

The total volume of shares traded for the day was 598, 300 and the turnover generated by the trades was Rs.218 million.

According to analysts, this was the second highest daily volume of AAIC traded since Softlogic Holdings PLC (SHL) and/or Softlogic Capital PLC (SCAP) sold at least 1.5 million shares of AAIC at Rs.121 per share on September 20 this year.

Following the conclusion of the mandatory offer, SHL and SCAP had 98.59 percent of AAIC. However, so far no disclosure has been filed to the Colombo Stock Exchange about a sale of shares either by SHL or SCAP.

source - www.dailymirror.lk

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