Business Times

Big business at the Colombo bourse

Stockmarket Review
By Elton R Ebert

High networth individuals and local institutions came out of their hibernation this week and kept brokers busy resulting in a high turnover. On Tuesday a group restructuring of Ceylon Hotels Corporation was put into effect by which Curlew (Pvt ) Ltd increased its stake to 70% with transactions of over 31 million shares. On Thursday, 1st September entrepreneur Dhammika Perera was the main player at the bourse accounting for 61% of the day's turnover of Rs.8.7 billion, in dealings valued at Rs.5.2 billion. The main transactions were his sale of the 24.5 million Amaya Leisure shares (Connaissance) and the purchase of 7.2 million Hayleys shares which gave him the cherished target of total control of Hayleys.

This in effect brings Hayleys very much into the hotels sector. The leisure sector appears to be the future honey pot! It was also announced that JK Holdings and Sanken Lankan(Pvt) Ltd are in a joint venture to build a 240 room business hotel in the city estimated to cost Rs.2.9 billion, this is in addition to other investments effected by many other companies especially in the East and other coastal regions.

After a short break HVA Foods and Colombo Land graduated into the heavy demand basket, the former being trapped into the price band once again, which prevented the stock from a further upside on 2nd September as it peaked at Rs 69.30. Colombo Land was slightly depressed at Rs 68.50
Among the other trades, Panasian Power, Amana Takaful and PC House continue to draw attention, with a sudden demand for Blue Diamonds Voting and Non Voting shares which moved up substantially on Friday.

Blue Diamonds voting shares reached Rs11.40 mid session Friday. Institutional activity was visible in Acme Printing & Packaging with 11 million shares transacted on 1st September.

In the high price category Colombo Pharmacy closed at Rs.1800 and Nuwara Eliya Hotels at Rs.1549. Price bands were imposed on Singer Finance and HVA Foods from 1st to 7th September 2011, and on Acme from 2nd to 8th September 2011.

CHANGES IN DIRECTORATES - Asia Capital PLC: S.A. (Stefan) Abeyesinhe was appointed on 29th August 2011 as alternate Director to Deputy Chairman Mr J H P Ratnayeke; Commercial Bank of Ceylon:
B R L Fernando stepped down as deputy Chairman but will continue to serve as a director until 31st December 2011 while Dinesh Weerakkody was appointed deputy chairman on 26th August 2011: Sampath Bank PLC -

Ms D S Wijayatilake and Prof. K A M K Ranasinghe were appointed Non -Executive Independent Directors on 30th August 2011: Amaya Leisure PLC - Nimal Perera resigned from Executive Director position as Group Finance Director but will continue to be a Director from 1st September 2011.
Trading was restricted to four days due to the Ramazan Holiday, but that did not hinder the weekly turnover which was at a high level of Rs.19.3 billion much better than the Rs 8.6 billion last week. Both indices moved strongly into positive territory, the All Share Price gaining 97.65 points or 0.1% to close at 6950.61,while the Milanka was also 0.1% or 75.04 points better at 6297.12.

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