Bourse loses steam after mega deals

* Turnover and indices down

The Colombo Stock Exchange lost steam yesterday after the mega deals in JKH and Aitken Spence primarily on EPF selling had been concluded.

Turnover dropped to Rs.627.5 million, down from the previous day’s Rs.3.1 billion, and both indices were down – the All Share by 35.44 points (0.65%) and the Milanka 13.16 points (0.27%) with 62 gainers trailing 139 losers.

"The market was a bit quiet with activity centered on JKH and the Commercial Bank," a broker said.

JKH where nearly 0.5 million shares were done closed flat at Rs.200 edging up slightly beyond that level in intra-day trading while Commercial Bank closed flat at Rs.99.90 on nearly 0.6 million shares traded.

Brokers said that a foreign fund that had been recently selling Commercial Bank in quantity continued on the sell side.

Other stocks showing volume but declining in price at close of trading included ERI, HNB non-voting and Aitken Spence.

ERI closed 90 cents down at Rs.15 on over 2.5 million shares, HNB X was down 70 cents to close at Rs.92 on over 0.2 million shares and Spence lost 50 cents to close at Rs.115.50 on over 0.1 million shares.

Guardian gained Rs.10 to close at Rs.225 on 75,831 shares while Dialog was up 10 cents to close at Rs.7.20 on nearly 1.6 million shares.

Kegalle Plantations announced a dividend of Rs.7.50 per share for 2011/12 XD from March 29 and with payment on March 30 while Namunukula announced a dividend of Rs.4.50 per share for 2011/12 XD from March 29 and with payment on March 30.

source - www.island.lk