Business Times

Surprise, shock then relief over Softlogic trading

Stockmarket Review
By Elton R. Ebert

It is learnt in certain quarters that on the first day of trading in Softlogic Holdings, the low price of Rs16.20 was deliberately keyed in for the purpose of depressing its price, so that interested parties could harvest a quick profit. It seems to have served the purpose because the share remained stagnant for that day, but gradually gained the next day. It reached Rs 27.90 on Friday.

Whether this was a genuine mistake or a deliberate act, it sent shock waves to the investing community who were already battered and bruised due to a crashing market. Most investors were caught up in the sorry saga of Expolanka and Free Lanka Capital, and to the added misery of witnessing the disappointing start of a stock with good potential. Many seem to think that the fate of future IPOs appear to be very weak in the present share market sentiment.

To the relief of many Softlogic appears to be making steady headway and many expect to reap some profit from this stock. It is heavily traded since its debut. Many benefits should accrue with Softlogic Holdings proposal of taking over of Alliance Insurance.

Most of the retail segment are satisfied with the price of Vallibel One which wiped off many unpleasant experiences in the bourse.Vallibel One continues to trade in substantial quantities and remains above its issue price. Panasian Power, Free Lanka Capital Holdings, Swarnamahal Financial Services and Expolanka which surprisingly improved on Friday attracted fair support.

Paragon Ceylon ended the week at Rs 1680, J.L.Morisons Son & Jones at Rs 3800 while E B Creasy was down to Rs1750. Of the IPO.s that are to commence trading soon, Textured Jersey Lanka may experience less selling because many may like to hold on to this stock. Price Band: It was removed from Onally Holdings on 13th July 2011.

Changes in directorates: Blue Diamonds Jewellery World Wide PLC -- P.J.L.M. Fernando was appointed Non Executive Director from 16th June 201; Onally Holdings PLC - Aliasghar Yusuf Tyebkhan, an Independent Director, was appointed alternate director to Dr, Darin Gunasekera.

In comparison to the earlier five day trading week when the turnover was Rs 8.2 billion,a turnover of Rs 8.3 billion was recorded for the current four days of trading. The two indices were however depressed, the All share Price Index lower by 165 .05 points or 0.01 % at 6777.03 while the Milanka was also 0.01% or 75.84 points lower at 6311.13

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