CSE exceeds 11,000 ASPI points in all-time record; buying interest in LOLC Group and Expolanka Holdings

By Hrian H.Senewiratne

CSE bounced back to close high after dipping in early morning trade on initial concerns over Budget 2022. It bounced back during the latter part of the day due to huge buying interest in LOLC Group and Expolanka Holdings counters yesterday.

This resulted in the stock market ending on a positive note with an attractive turnover and touching 11,000 points in the All Share Price Index, stock market analysts said.

The rebound was due to improved sentiments on the illiquid LOLC Group counters, such LOLC Finance, LOLC itself, Commercial Leasing and Finance (CLC) and LOLC Development Finance (NIFL), while Expolanka Holdings and Ceylon Tobacco Company (CTC) also boosted the index.

When the market opened, the benchmark All Share Price Index (ASPI) plunged by 398 points but spirited buying interest from investors enabled it to close on a positive note and it set a new record with the All Share Price Index surpassing 11,008.33 points and S and P SL20 going up by 22.54 points. Turnover was a high Rs. 10.2 billion with four crossings.

Those crossings were reported in Vallibel One, which crossed 456,000 shares to the tune of Rs 27.6 million, its share price was Rs 60.50, Chevron Lubricants 240,000 shares crossed for Rs 25.2 million, its shares traded at Rs 105, Melstacorp 400,000 shares crossed for Rs 22.8 million, its shares traded at Rs 57 and LOLC Holdings 26800 shares crossed for Rs 20.1 million, its shares traded at Rs 750.

In the retail market top six companies that mainly contributed to the turnover were; LOLC Finance Rs 3.6 billion (101 million shares traded), Expolanka Holdings Rs 1.2 billion (5.7 million shares traded), Browns Investments Rs 717 million (63 million shares traded), Sunshine Holdings Rs 525 million (17.6 million shares traded), Commercial Leasing and Finance Rs 487 million (six million shares traded) and Lanka Credit and Business Finance (LCB- Finance) Rs 345 million (69.3 million shares traded).

During the day heavy selling pressure was witnessed in large corporates due to the new surcharge tax and increase in VAT by three percent for banking and financial counters.

Yesterday, the US dollar rate was quoted at Rs 202.05, which was the controlled price of the Central Bank to prevent escalation of essential goods prices in the country.