The Colombo bourse lost more ground yesterday with the All Share Price index dipping 13.21 points (0.51%) while the Milanka was down 13.79 points (0.43%) on a turnover of Rs.175 million, down from the previous day’s Rs.207.8 million.

SLT dominated the market with over 1.3 million shares done between Rs.48.75 and Rs.49 closing flat at Rs.49 generating Rs.64.3 million to turnover.

Brokers said that Global Telecommunications Holdings, a special purpose vehicle of Malaysia’s Usaha Tegas floated to acquire a substantial stake in SLT is continuing to mop up shares that are in the market and has now raised its stake in the company to over 41% prior to the company’s mandatory offer of Rs.50.50 a share from June 2.

"Over 1.1 million SLT was done in one parcel," a broker said but did not speculate on who the seller might have been. ``The buyer most probably was GTH.’’

Ruhunu Hotels, owners of the Fortress Hotel, saw nearly 1.9 million shares done at a seven rupee price. There was speculation of an inter-company transfer within Mr. Dhammika Perera’s group.

Similarly, over 0.7 million shares of East West controlled by Mr. Nahil Wijesuriya changed hands yesterday and this too was possibly a related party deal, brokers said. However, there was no confirmation.

There was renewed interest in AMW where 50,400 shares were done between Rs.156 and Rs.163 with the counter gaining Rs.3.75 to close at Rs.156.

Kelani Tyres also saw nearly 0.2 million shares traded between Rs.42.75 and Rs.45 gaining 50 cents to close at Rs.44.50.

Dialog lost another 25 cents in trades between Rs.14.75 and Rs.15 closing at Rs.14.75 on 0.2 million shares adversely affecting both the indices.

E.B. Creasy where a large parcel changed hands the previous day gained Rs.6.50 to close at Rs.261 on 6,100 shares traded between Rs.260.25 and Rs.265.