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3-June-2010
Although Colombo bourse was flat yesterday large volumes got traded with SLT topping the most traded stocks with over 3 million shares.
SLT was the highest trading stock amounting to 3,708,100 shares that got traded yesterday up by 0.68% at prices up by 25 cents on the heels of the court ruling yesterday which cleared a sale of an equity stake to a foreign buyer.
SLT accounted for the highest turnover, contributing 137 million rupees to the day's turnover .
Some 3.7 million SLT shares were traded within a range of 35-37.25 rupees, after a court ruling permitted the managing shareholder NTT to sell its stake to Malaysia's UT group.
UT has expressed interest in buying up a 35.2 percent stake of SLT now held by NTT, but earlier reports said only a 25 percent stake would be sold by NTT. A sale of 30 percent of stock would trigger a mandatory offer.
With both recording negative performance, the ASPI was down by 0.34 points closing at 2567.45 while the MPI was down by 0.58 points closing at 3217.33.
However, the turnover for the day was up at Rs.710.7 million compared to the previous week's close of Rs.403.3 while the market value remained the same.
Market was pushed up on high volumes in stocks of JKH, Commercial Bank, Nawaloka, Parquet and SLT making considerable trades.
JKH saw shares amounting to 1,030,400 changing hands at a high of Rs.121.75 which saw one block of 1,017,000 shares trading at Rs.120.75.
Commercial Bank had 1,251,600 shares trading down by 0.84% with one block of 1,215,000 shares getting traded at Rs.148.25. Nawaloka had 1,555,300 shares trading at prices between Rs.3 and Rs.2.90.
Parquet had 1,419,600 shares trading at prices up by Rs.2.50.
Large amount of sales took place by foreign investors totalling Rs.485.3 million that occurred yesterday while Rs.253.3 million worth of domestic purchases was observed.
