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Friday, June 10, 2011

Penny stock hold the floor, Softlogic closes on Day 1

The Colombo bourse yesterday caught up some of the ground lost the previous day in a day of volatile trading with penny stocks dominating market activity.

The All Share Price Index closed 21.92 points (0.03%) while the Milanka was up 21.26 points (0.31%) on a turnover of Rs.4.06 billion, up from the previous day’s Rs.3.3 billion with 78 gainers trailing 118 losers.

Softlogic announced that its Rs. 4 billion IPO was over-subscribed and was closing at 4.30 pm on the opening day yesterday. This was widely anticipated. There was no word on the extent of the over-subscription. This was the biggest IPO since Dialog Axiata PLC went public in 2005.

Panasian Power, with 211.8 million shares traded, posted a turnover of nearly Rs.1.7 billion losing 20 cents to close at Rs.7.40 on a trading range of Rs.7.20 to Rs.8.30.

"That amounted to 42% of the company but the same shares were being bought and sold so that a big slice of the company has not changed hands,’’ Prashan Fernando of Acuity Stockbrokers explained.

Other heavily traded stocks included 48.9 million voting shares and nearly 43 million non-voting shares of Blue Diamonds, 52 million e-Channeling, 35.6 million Amana Takaful and 19.6 million Nawaloka.

Among the pricey stock, Aitken Spence saw million shares done between Rs.148.40 and Rs.149 gaining a rupee to close at Rs.140 with one crossing of a million shares at Rs.145 among the quantities traded.

Pan Asian Power saw two crossings of 3 million shares at Rs.8.10 and 7 million shares at Rs.8, brokers said.

Singer Industries saw wild price fluctuations gaining Rs.170.30 to close at Rs.413.70 on 0.2 million shares traded between Rs.271 and Rs.413.70.

"The share was going up and down the whole day," Fernando of Acuity said. It will be on the price band from Friday.

Capital Trust announced that it’s client, e-Channeling, has purchased 13.24% of Blue Diamonds. There was speculation that a change of ownership was in the offing driving up the Blue Diamond share price in recent weeks. The counter closed flat yesterday at Rs.5.80 while e-Channeling gained 80 cents to close at Rs.5.60.

Amana Takaful, up 30 cents to Rs.2.30 and Nawaloka, up 10 cents to Rs.4, were on the gaining side while JKH was up Rs.1.50 to close at Rs.302.

source www.island.lk