The Colombo bourse continued to edge downwards yesterday with the All Share Price Index losing 10.12 points (0.34%) and the Milanka 15.01 points (0.44%) on a turnover of Rs.711.1 million, down from the previous day’s Rs.844.5 million, with HNB and Commercial Bank continuing to be the main business generators.

HNB, where Browns is believed to be selling its substantial stake, closed flat at Rs.168 with nearly 0.9 million shares done between Rs.167 and Rs.170 contributing Rs.144.9 million to turnover. One crossing of over 0.8 million shares at a price of Rs.170 was the major trade.

Commercial Bank too, with the Galleon Fund believed to be on the sell side, saw nearly 0.8 million shares done between Rs.175 and Rs.178 losing a rupee to close at Rs.176, contributing Rs.137.2 million to turnover.

A parcel of Rs.0.7 million shares at a price of Rs.175 was the biggest CommBank trade for the day.

"Buyers are a little laid back awaiting a government announcement (on elections) to decide when to enter the market," an analyst said.

"There are buyers and whatever selling there is on banking stock is being taken up," a broker said. "Traders are awaiting an announcement on the political front."

Vallibel Power, with 8.8 million shares traded, gained 30 cents to close at Rs.5 on a trading range of Rs.4.80 to Rs.5.25 following the conclusion of an offer to take about a fifth of the company at a five-rupee price, with the counter contributing Rs.44 million to turnover.

Hemas Holdings closed flat at Rs.125 on over 0.8 million shares done between Rs.125 and Rs.127 generating Rs.104.4 million turnover while Asiri was down Rs.5 to close at Rs.94.50 on nearly 0.7 million shares done between Rs.90 and Rs.95 posting a turnover of Rs.61.5 million.

Dockyards gained 75 cents to Rs.185.75 on over 0.2 million shares while NDB was down 75 cents to Rs.179 on nearly 0.2 million shares and Coco Lanka up Rs.1.25 to Rs.49.50 on over 0.2 million shares.