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By Ravi Ladduwahetty

Trading in the Colombo Bourse was dominated by the Janashakthi- National Insurance Consortium which made inroads into Colombo Fort Land, NDB and NDB Bank, market analysts told the Daily News yesterday. Janashkthi bought 5.5 million shares of Colombo Land from the Government owned Urban Development Authority amid market interest that there's an expansion program at the Liberty Plaza premises. However, the analysts also refuted speculation in the market that the Colombo Fort Land shares were sold to a Singaporean property developer.

Of the other two transactions which were entered into by he Janashakthi-NIC Consortium, 1,017,400 shares of NDB Bank were sold at prices varying from Rs. 16.50 to Rs. 17 while the Consortium also purchased 516,000 shares of NDB where price remained static at Rs.104. It was a foreign seller at this instance Asia Pacific Fund. Janashakthi-NIC Consortium also made their pickings into a slice of Ceylon Grain Elevators.

Of the other transactions, which were dominated by individuals, the Captains Family purchased a slab of 100,000 shares of Hayleys at a block value of Rs. 192 where the total volume of Hayleys shares which were sold were 158,600 shares. There were 151,700 Aitken Spence shares which were bought by the Employees Trust Fund. There were also Rs. 5.3 million worth of foreign purchases into Aitken Spence.

In another transaction, 1.6 million shares of Distilleries also changed hands at Rs.18.50. There was also 1.023,200 Asian Hotels shares which traded between Rs. 13.75 and Rs. 14. Interest on JKH share also continued with 551,000 shares also changing hands between Rs. 82.25 and Rs. 80.50. Analysts pointed out that the price for the JKH share was slightly above yesterday. They said that though the JKH share rose to Rs. 100 yesterday, it was due to the bonus issue of 1:4 where the real value of the share is Rs. 80.50. In a separate transaction there were 259,4000 shares of Ceylon Grain Elevators which were traded at Rs. 27 but closed at Rs. 26.50. It is believed that all these transactions were driven by retails investors.

The All Share Price Index (ASPI) rose 2.97 points to 918.44 points while the Milanka Price Index rose 12.67 points.

Analysts believe that the Market was driven firmly by retail investors following the unprecedented success at the Tokyo Donor Conference where Sri Lanka was pledged USS 4 billion, which was an excess of the anticipated US$ 3 billion. They also expect the foreign funds to look at Colombo Bourse in a more positive manner now that the market fundamentals have been established in Tokyo.

However, they also point out that the market could take a dip in the short-term in the ensuing days following the conference as the rise from last week.

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