Thursday, February 9, 2012

JP Morgan fund buys 10 m shares of Expolanka for Rs. 70 m

A foreign fund linked to JP Morgan yesterday bought 10 million shares or 0.5% stake in Expolanka Holdings for Rs. 70 million.

Around 11.3 million shares of Expolanka traded yesterday for Rs. 79 million accounting for 6% of the day’s relatively low turnover in a highly bearish market. Of the quantity traded 9.4 million shares changed hands via crossing at Rs. 7 each with the buyer being the JP Morgan fund. Expolanka touched a high of Rs. 7.10 before closing 10 cents lower at Rs. 7.

Bulk of the selling was by local entity Ruvera Capital and to a lesser extent Indra de Silva.

Buying into Expolanka contributed to net foreign inflow of Rs. 239.5 million with non-national activity dominated on JKH, Commercial Bank and Nestle among a select others.

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