The Expolanka Holdings’ share which debuted in the Colombo bourse failed to create the excitement, but gave a fair performance by being the number one turnover contributor yesterday.
The share which was offered to the public at Rs.14 only, went up 2 percent during the day. The share opened at Rs.15 and then started descending downward to below Rs.14.50 levels.
The highest price the share traded was Rs.15 and the lowest was Rs.14.20. The share closed at Rs.14.40 and contributed Rs.459 million to the day’s turnover.
According to brokers, some investors were reluctant to get into the Expolanka share yesterday due to fears that private placement parties who bought the company’s share at Rs.6 will dump their shares into the market.
“This was one of the main reasons for investors to act somewhat reserved towards the share,” a broker said.
Expolanka offered 172 million shares to the public at Rs.14 to raise Rs.2.4 billion last month. Prior to that in December 2010, the company engaged in a sell-down of 317 million shares at Rs.6.
source - www.dailymirror.lk
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