The market on Wednesday witnessed its highest turnover figure for the year and its third highest all time figure, when it recorded a figure of Rs 778.8 million, beating the year’s previous highest figure of Rs 758.5 million (recorded on March 20) mainly due to retailer activity.

The highest ever turnover figure recorded by the bourse was Rs 866.9 million on December 10 of last year and the second highest, Rs 848.9 million, on February 22, 1994. Meanwhile, the Colombo Stock Exchange’s (CSE’s) benchmark All Share Price Index (ASPI) continued to maintain its five year high, gaining by 8.8 points to close at 838.9 points and the more sensitive Milanka Price Index (MPI) continued to set new records, gaining by 14 points to close at 1,449.9 points at the end of the day’s trading.

Sources however said that the market which was up by as much as 11 points by mid-day, could not keep up that momentum due to a market correction, to finally gain by only 8.8 points. ‘The market appears to be losing its steam,’ they said.It is good that this is happening, otherwise a number of retailers are going to get their fingures burnt, the sources added.

Foreign purchases recorded for the day was Rs 289.9 million and foreign sales, Rs 172.9 million. Meanwhile, the much hyped Asian Hotel (A.Hot.) stock, where it had been speculated that George Soros was interested in, lost by Rs 1 over the previous day’s closing figure to finish the day at Rs 14.75.

It is understood that Soros is said to have stated that he was not interested in buying a controlling stake in A.Hot., at least in the near future. However, the day saw 1.1 million shares of A.Hot., being traded, contributing Rs 17 million to the day’s turnover.

However, the single biggest contribution to the day’s turnover came from the trading of JKH stock, which saw 2.5 million shares changing hands, resulting in a turnover figure of Rs 198 million from that stock alone.

It is speculated that as much as two million of these shares, or 1.1% of JKH’s equity was bought by the company’s single biggest shareholder, the Captain family who are now believed to be having more than a 15% stake in JKH’s equity.

These purchases were done at the Rs 80 price levels and the seller was a foreign fund. JKH closed at Rs 82, Rs 1.75 more than the previous day’s closing price. The Captain family was also believed to have had been involved in another transaction, this time involving the sale of Commercial Bank (CB) shares.

They are speculated to have had sold 100,000 CB shares at the Rs 230 price levels to Distilleries, which is controlled by businessman D. Harry Stassen Jayawardena. In total, 131,200 shares of CB changed hands yesterday, contributing Rs 29.1 million to the day’s turnover. CB closed at Rs 225, Rs 5 more than the previous day’s closing price.

Meanwhile, Infrstructure Developers Ltd., said to be businessman Nahil Wijesuriya’s company, was believed to have had been bought by Asia 2000, an offshore company in which Wijesuriya is speculated to be having interests in, at yesterday’s trading. This transaction which was conducted at the Rs 35 price levels per share, contributed Rs 170 million to the day’s turnover on a share volume of 4.9 million. ‘Infrastructure’ closed at Rs 35, Rs 20 more than the previous day’s closing price.

Shares in another of Wijesuriya’s companies, East-West Properties, were also believed to have had been bought by Asia 2000 yesterday. This transaction was valued at Rs 50.8 million, and involved the trading of the majority of the 9.3 million shares of East-West that changed hands yesterday at the Rs 5.50 price levels. However, East-West closed at Rs 8.25, 25 cents more than the previous day’s closing price.

Lighthouse Hotels, Rs 32.8 million on a share volume of 2.3 million. The sellers were believed to have had been DFCC Bank and Sampath Bank, while the buyer, a high networth individual (HNWI). Lanka Walltiles, Rs 27.6 million on a share volume of 767,700. Walltiles closed at Rs 36, Rs 2 more than the previous day’s trading price.

NDB, Rs 22.7 million on a share volume of 280,700. NDB closed at Rs 95, 25 cents more than the previous day’s closing price. Aitken Spence, Rs 10.1 million on a share volume of 72,500. Spence closed at Rs 140.50, Rs 5.50 more than the previous day’s closing price. Hayleys, Rs 6.8 million on a share volume of 25,700. Hayleys was down by Rs 4 to close at Rs 150.

Among the losers were also Central Finance, down by Rs 12 to close at Rs 88 on a share volume of 7,900. Hunters, down by Rs 5 to close at Rs 50 on a share volume of 100 and E-Chanelling, down by Rs 2.75 to close at Rs 12.25 on a share volume of 7,300. Among the gainers were Browns, up by Rs 15 to close at Rs 80 on a share volume of 100 and Sigiriya Village, up by Rs 7.50 to close at Rs 35 on a share volume of 3,700. (PA)