ASPI hits all-time high; CSE turnover reaches Rs. 15 billion

By Hiran H.Senewiratne

CSE trading activities were extremely bullish yesterday; especially blue-chip counters noted a very strong buying interest, which enabled the All- Share Price Index to reach an all- time high of 440 points or the 13000 level and turnover touched more than Rs 15 billion. However, during the last hour that momentum did not prevail and profit- takings were noted but the CSE ended on a positive note, stock market analysts said.

Central Bank approval to merge Commercial Leasing and Finance and Sinhaputhra Finance gave some impetus to stock market trading activities yesterday, analysts added. Amid those developments both indices moved upwards. The All- Share Price Index went up by 276 points and reached the 13000 level and S and P SL20 rose by 76.6 points.

Turnover stood at Rs 15.5 billion with three crossings. Those crossings were reported in JKH, which crossed 501,000 shares to the tune of Rs 75.2 million; its shares traded at Rs 150, TJ Lanka 500,000 shares crossed for Rs 23.5 million, its shares traded at Rs 47 and Softlogic Holdings 2.2 million shares crossed for Rs 20.3 million, its shares traded at Rs 9.

In the retail market top seven companies that mainly contributed to the turnover were, Sierra Cables Rs 2 billion (176 million shares traded), Browns Investments Rs 1.9 billion (108.6 million shares traded), Agstar Rs one billion (136 million shares traded), Expolanka Rs one billion (35 million shares traded), LOLC Finance Rs one billion (35 million shares traded), LOLC Holdings Rs 778 million (552,000 shares traded) and Sunshine Holdings Rs 558 million (9.3 million shares traded).

With regard to Sierra Cables, its main shareholder Sierra Holdings, which owns 312 million shares equivalent to 58 per cent of the entire shareholdings, sold 176 million shares in the retail market. Agstar Plc Voting share price moved up by seven per cent or 70 cents. Its share price moved up to Rs 11.20 from Rs 10.50 and Agstar Non- Voting share price increased five per cent or Rs 1.10. Its share price moved to Rs 6.10 from Rs five. During the day, 951 million share volumes changed hands in 85000 transactions.

It is said high net worth and institutional investor participation was noted in National Development Bank, Sampath Bank and Asia Siyaka Commodities. Mixed interest was observed in Lanka Orix Finance, Browns Investments and Prime Lands Residencies, while retail interest was noted in Industrial Asphalts, Tess Agro and SMB Leasing non-voting. It is said specific counters of LOLC Group contributed largely to the ASPI rise.

Yesterday, the US dollar was quoted at Rs 201.70, the CBSL controlled price. The purpose of it is to prevent price escalation of imported essential items. But the actual price of a dollar would be Rs 250, market sources said.