New Europe-based fund buying into JKH

Thursday, 13 October 2011 00:35 - - {{hitsCtrl.values.hits}}

Buying by a new fund operating out of Europe into premier blue chip John Keells Holdings (JKH) has been the only silver lining in an otherwise gloomy Colombo stock market.

Analysts said that the fund based in London has been picking up available JKH quantities during the past two market days, including yesterday. The major seller on most days had been the Captains out of their trading portfolio.

Foreign holding in JKH had increased by three million shares to 317.6 million shares (or nearly a 38% stake) from 314.6 million shares on Friday.

Yesterday JKH saw 2.17 million of its shares traded for Rs. 434.7 million, of which 1.56 million shares were done via six crossings at Rs. 200. The bulk of the buying had been by the foreign fund.

On Monday, 1.63 million shares of JKH traded for Rs. 325.6 million inclusive of 0.87 million shares via three crossings at Rs. 200 each.

On Friday slightly over one million of JKH shares traded before closing at Rs. 202.50. Of the quantity traded, 0.45 million shares were done via two crossings at Rs. 201 per share.