Market Up Foreigner sales

Sri Lankan shares closed up due to increase in trading by foreign investors. who ended up as net sellers, brokers said.

The main share indexs All Share Price Index rose 20.29 points (0.37 percent) to 5,442.62, while the more liquid Milanka index rise 27.21 points (0.56 percent) to close at 4,875.07. Total Turnover was 1.1 billion rupees.

There were several crossings or off-the-floor privat deals in Nestle Lanka which accounted for the highest turnover of the day.

There was one single crossing of 300,000 shares at 856 rupees each.

There was also interest seen in Ceylon Tobacco Company and John Keells Holdings.

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Hilton Colombo joins world Hilton chain

 The government has found a better deal for Hilton Hotel in Colombo with the world Hilton Hotel chain Treasury Secretary T B Jayasundara said at a media briefing held at the Hnance Ministry last week . The cabinet approval has been granted recently for this transaction .and the new agreement will be signed shortly.

The hotel will be restructured and according to the new agreement 11.75 percent of the turnover will go to Hilton whereas it was 35 percent in the earlier agreement. This will save more foreign exchange to the country. The government took over the hotel as the owners of the leading hotel had only paid two months of lease to the government since its inception.

The Hilton Hotel deal was signed by the Urban Development Authority (UDA) during the UNP regime in 1984. Then six acres of land at Echelon Square, Colombo 1 where the Hilton Hotel stands today was leased to Comel and Company Ltd for Rs 136 million Updating media on other loss making companies taken over by the government he said the Grand Heights international hotel chain is keen in investing in the Celestial Towers and the government will invest on Sevanagala and Hingurana sugar factories along with the SME sector., Meanwhile the government has given four BOI factories to new people out Of the ten taken Over and two of them are utilized as store rooms for the paddy harvest. Jayasundara said.

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Market Up 1.36%

Sri Lankan shares closed firmed Friday with trading also improving  low value or speculative stocks, help improve market.

The main All Share Price Index rose 72.63 points (1.36% to 5,422.33, while the more liquid Milanka index rose 67.04 (1.40 percent) to close at 4,847.86. Turnover was 927 million rupees, according to stock exchange provisional figures. figures.

Index heavyweight John Keells Holdings closed at 194.80 rupees, up 3.70.

Tea Smallholder Factories was the day's highest gainer, closing at 56.10 rupees, up 11.10 rupees followed by two warrants of Environmental Resources Investments. ERI shares were the most actively traded, closing at 16.80 rupees, up 1.70 rupees.

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Michael Jackson’s home on sale for $23.9 million

‘A major celebrity is interested in buying it’

The plush Los Angeles mansion where Michael Jackson died is on sale for $23.9 million, and a major celebrity is interested in buying it, according to realtors and the TMZ celebrity website.

The seven-bedroom. 13-bathroom property, described as the centre piece of an “elegant and sophisticated French chateau estate,“ includes its own mevie theater, a gym and a pool. said the realtors‘ website. “The estate... offers a glamorous theater for screenings in a grand style. a magnificent wine cellar and tasting room, elevator. a spacious spa with gym, and an elegant guesthouse," as well as an “expansive pool and gardens,“ it said.

The house, built in 2002 in the Holmby Hills district west of Los Angeles, includes more than 17,000 square feet (1,530 square meters) of living space with 12 working fireplaces, and is set in a “lush and mature landscape" of some 1.26 acres (0.5 hectares).

TMZ reported that the property went on sale on Monday, and said a “major celebrity“ is set to visit it on Thursday. Realtor Mauricio sky, head of The Agency in Beverly Hills, will only show the property to serious buyen; who have prequalified, meaning they have the money to buy it.

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Market Down

Today extended its losing streak as activity levels showed a marked decline for the 2nd consecutive day mainly owing to uncertainty on political and economic factors prevailing in the country.

The benchmark ASPI shed 34.40 points to close at 5,349 whilst the liquid MPI lost 41.05 points to close at 4,780. Total turnover for the day was 354 mn Total volume traded was close to 15 mn shares.

No Crossings were witnessed during the day confirming the dull sentiments which prevailed at the bourse today. However, Substantial interest was seen on heavyweights JKH and COMB which emerged as the top two contributors during the day. Market heavyweight JKH continued to witness selling pressure throughout the day and closed at Rs.191.10 shedding 1.59% for the day.

Further, banking sector caps such as SEYB.X,SAMP and NDB also dragged interest during the day as attractive volumes changed hands. Conglomerate HHL also witnessed renewed interest during the day and saw small blocks changing hands at Rs.26. Cautious Institutional accumulation was seen on caps BRWN and LOLC as small parcels changed hands.

Retail activity showed a marked decline as most retail favourite counters such as GREG,HVA and BLUE.N continued to witness heavy selling pressure.
In addition, volumes were topped by CSF.W021, BIL and ATL whilst SEMB.X emerged as the top gainer.

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Rupee stabilize below Rs.125

Sri Lanka's Treasury secretary P B Jayasundera said. about foreign currency exchange. He mentioned rupee should stabilize below 125 to the US dollar once the initial adjustment to the currency's float and seasonal demand work their way out of the system.

Foregin Exchange reserve loss

The floating of the rupee had stemmed any further foreign exchange reserve losses, he told a news conference. He said the rupee was expected to fluctuate after the initial float but would stabilize.

"The rate would definitely stabilise below 125 rupees."

The spot rate was 130.15 / 130.30 against the green back with the local currency having opened at 129.90 / 130.20.

The rupee has fallen sharply against the dollar and other key international reserve currencies in recent days and had slumped to a record low of 131.60 to the dollar Monday, March 19.

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