"The market moved phenomenally," Prashan Fernando of Acuity Stockbrokers said. "The banking and financial services sector did particularly well although JKH contributed the day’s highest turnover followed by Colombo Pharmacy where Environment Resources Investments (ERI) bought control."
JKH was up Rs.7.30 to close at Rs.300 trading between Rs.292 and Rs.300 on over 2.7 million shares with 2 million shares accounted for by a crossing at Rs.295.
Colombo Pharmacy closed at Rs.1,300, up a massive Rs.651 with over a million shares trading between Rs.900 and Rs1,365.
The controlling shareholding changed at a price of Rs.653.80. ERI in a Stock Exchange filing said that it had purchased 66.4% of the asset rich company with valuable Union Place and Galle Road, Bambalapitiya real estate for Rs. 552.6 million.
The company said that a mandatory offer for the balance shares will follow and a stock exchange announcement in this regard will be made ``in a short while.’’
J.L. Morison Sons. and Jones who held 24.16 of Colombo Pharmacy ``as an investment’’ exited at the same Rs. 653.80 price while Mr. Nimal Perera, investment advisor to Mr. Dhammika Perera, was also a buyer of 10.3% of Colombo Pharmacy, also at the same Rs. 653.80 price as a ``strategic investment.’’
Among the banking and financial services stock, large trades were seen in Pan Asia, Seylan X, NTB, Merchant Bank, Vallibel Finance, HNB, LOLC, DFCC, Commercial Bank, Seylan Bank and The Finance among others.
"Some of the price gains in these stocks were very sharp," Fernando of Acuity said. "For example, Pan Asia closed Rs.20.20 up, Vallibel Finance gained Rs.25.40, HNB Rs.20.10, LOLC Rs.108.90, DFCC Rs.33 and NTB warrants Rs.18.60.’’
``Investors were comparing prices. Somebody willing to pay Rs. 70 for Pan Asia saw DFCC worth Rs. 300,’’ he said.
Brokers said that high net worth, retail and institutional investor funds were flowing into the market with one broker commenting "nobody knows where it will end."
source - www.island.lk
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