The Colombo bourse sustained Monday’s momentum with turnover topping Rs.1.5 billion, down from Rs.1.8 billion the previous trading day, with both indices moving up sharply – the All Share by 38.77 points (1.33%) and the Milanka by 43.60 points (1.31%) with some big crossing of JKH during late trading.

Brokers said that there were about eight crossings of JKH during late trading with the market buzzing with rumours about who the seller was. Many thought that Mr. Raj Rajaratnam was selling his personal stake in the conglomerate, but well informed sources indicated that the Genesis was the seller and the buyer was a new fund investing in the blue chip.

According to the CSE’s market statistics for the day, nearly 7.8 million JKH traded between Rs. 145 and Rs. 152, gaining Rs. 4.50 to close at a volume weighted average of Rs. 150.50 but brokers said that the crossings were at Rs. 154.

Hundred counters gained yesterday strongly outpacing 20 decliners.

"The big trades in JKH went over market at a price of Rs.154," Prashan Fernando of Acuity Stockbrokers said. "With JKH going up prices of other stocks too tended to improve."

On Monday, the last trading day, Rajaratnam’s Galleon Fund sold a large DFCC stake enabling turnover to hit Rs.1.85 billion.

Before the JKH trades before the market closed, the biggest business volume was generated by nearly 0.3 million of Tokyo Cement voting shares (where a sub-division is pending). The counter closed flat at Rs.250 on a trading range of Rs.250 to Rs.255 generating Rs.65.1 million turnover.

Distilleries followed with over 0.2 million shares done at Rs.90 gaining 75 cents on its previous close to contribute Rs.21.2 million turnover. Environmental Resources (Walker & Greig) saw over 0.5 million shares traded between Rs.40 and Rs.43.25 gaining Rs.2.50 to closer at Rs.42.50.

Hotel Developers, owners of the Colombo Hilton, trading on the default board was a big gainer yesterday, seeing nearly 0.2 million shares traded, up Rs.8.75 to close at Rs.103.25 on a trading range of Rs.100 to Rs.105 generating Rs.18.6 million turnover.

Lanka Cement with over 0.5 million shares traded gained Rs.2 to close at Rs.24.50 while Lanka Tiles was up Rs.3 to close at Rs.59.75 on slightly over 0.2 million shares. Leather Products, was up 75 cents to Rs.60 on over 0.1 million shares and Environmental Resources (Warrants), up 75 cents to Rs.28.25 on 0.2 million shares.

Haycarb jumped Rs.6 to Rs.116 on 36,300 shares while DFCC was up Rs.3.50 to Rs.143 on 27,500 shares. Dialog closed flat at Rs.7 on over 0.2 million shares.

Merchant Bank of Sri Lanka announced that the Renuka Agri Foods share issue was over subscribed 12 times with over Rs.3.2 billion in share application money received.

MBSL who were Managers & Registrars to the issue, an Initial Public Offer of 120 million shares priced at Rs.2.25 each, said that the company will make a public announcement on the basis of allotment and the over-subscribed amounts will be returned in the third week of this month.