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| Thursday, 23 October 2003 |
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Gold Quest sells 3.8 m shares in Asian Hotels Among the heavily traded stocks at the Colombo bourse yesterday were those of Asian Hotel Corp (AHOT), with 3.8 million shares changing hands at Rs 30.25 and Rs 30.50. It is believed that Gold Quest International was the frontline seller on Asian Hotels (foreign selling of Rs 39.1 million), with the buyers being local institutional investors. The mandatory offer at Rs 30 made by John Keells Holdings will be closed today. JKH gained 3.9% to Rs 140.25 on volumes of over 466,000 shares as investors grappled with the news that the market's largest conglomerate had successfully placed 24 million shares at Rs 134 per share, primarily among foreign investors. The proceeds will be used to part-fund JKH's recent AHOT acquisition. The Stock Market's largest stock- Sri Lanka Telecom (SLT) came under some selling pressure, closing down 2% at Rs 28.50 on volumes of over 1.6 million shares.Analysts believe that institutional investors booked profits on SLT, and added that the share was likely to rise further in the short term amidst speculation that large investors were seeking strategic stakes in the company. The market ended on a positive note despite another 30 minute trading failure at the Colombo Stock Exchange, with the All Share Index closing a provisional 0.5 points at 1,392.5 points. The more sensitive Milanka Price Index however provisionally closed a stronger 19.5 points at 2,491.3 points. Turnover remained healthy at Rs 551 million. Lanka Lubricants (Caltex) finally announced its long-awaited dividend, giving a generous 60% interim dividend. Caltex had been sitting on over Rs 2 billion cash, and with the company deciding to drop out of the bidding to become the third player in petroleum retailing. The share gained Rs 8 to close at Rs 113, on a volume of 155,000 shares. Almost Rs 50 million worth of Seylan Bank (Non-Voting) shares were traded, with the share closing over Rs 30 for the first time in its brief trading history, closing up 5% at Rs 30.50. Market analysts expect the bank to report record earnings, benefiting from the booming bond market and feel the share has further upside. Over 880,000 shares of fellow commercial bank- Nations Trust Bank (NTB) were also traded, with the share gaining a further 1% to close at Rs 40.50. NTB is also expected to release record profits, with the bulk of its profits coming from its Fixed Income Securities trading division. (RL) |
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