The Colombo bourse held its ground yesterday with the two indices moving marginally in opposite directions - the All Share losing 2.58 points (0.10%) while the Milanka gained 6.94 points (0.28%) on a turnover of Rs.452.2 million, up from the previous day’s Rs.347.5 million, with the bulk of the trading coming off Hotel Services, owners of the Hotel Ceylon Continental.

A total of 9.1 million Hotel Services were done during the day between Rs.16 and Rs.17.50 with around 4 million shares changing hands on crossings at a price of Rs.16 during morning trading.

Brokers said that the largest of these parcels was nearly 2.9 million shares while there were others of around 0.9 million and several of 100,000 and 200,000 all traded at the Rs.16 price.

In the afternoon the share edged up to Rs.16.50 and Rs.16.75 and closed at Rs.17.50, the highest price at which Hotel Services was done yesterday.

Rs.159.3 million of the day’s business volume were generated by this counter followed by Environmental Resources (Walker & Greig) which contributed Rs.42.9 million to turnover with over 1.1 million shares done between Rs.34 and Rs.38.50. This share gained Rs.5.25 to close at Rs.38.25 and brokers said that the trading was largely retail driven.

JKH edged down 25 cents to Rs.135 on a trading range of Rs.134.25 to Rs.136 generating Rs.26.7 million turnovers with brokers reporting one crossing.

Other counters that saw volume included Lanka Lubricants, up one rupee to close at Rs.130.50 on nearly 0.2 million shares and Cargills, also up one rupee to close at Rs.46 on over 0.5 million shares.

As on the previous day Carsons gained sharply moving up Rs.21.75 to close at Rs.238.25 on 77,100 shares done between Rs.220 and Rs.243.75. Among other gainers demonstrating some quantity were HNB (non-voting) with nearly 0.3 million shares done up Rs.2.75 to close at Rs.59, Ceylinco Housing gaining 75 cents to close at Rs.33 on nearly 0.4 million shares and Sampath, up Rs.3 to Rs.128.25 on 95,200 shares.

Asian Hotel Properties gained Rs.1.25 to close at Rs.57.50 on nearly 0.2 million shares while Lanka Cement was down 50 cents to Rs.13.50 on over 0.2 million shares. Dialog closed flat at Rs.6.25 on 0.7 million shares.

Kshatriya Holdings in a Stock Exchange filing said there was a serious loss of more than half its stated capital and its directors, under Section 220 of the Companies Act, were preparing a report dealing with the nature and extent of the losses, the causes of such losses and steps being taken to prevent further losses or recoup what has already been lost.

An extraordinary general meeting of shareholders will be called on October 8 to discuss the board report on these matters as well as the financial position of the company, the filing said.

On Thursday Kshatriya and First Capital Holdings, both members of Janashakthi group, announced that they were reducing their stated capital by setting off accumulated losses against such capital without reducing the number of shares presently in issue.