CSE indices rise as turnover hits Rs. 4 billion

By Hiran H.Senewiratne

CSE activities were negative at the beginning of yesterday due to notable profit-taking of several companies but later on it recovered .The stock market reverted to a positive mode as both indices moved upwards, with a healthy turnover being registered.

Fresh buying interest was noted in investor favorite counters yesterday, stock market analysts said. Moreover, hope of positive corporate quarterly earnings heightened during the sessions, brokers said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 27.5 points and S and P SL20 rose by 34 points. Turnover stood at Rs. 4.1 billion with two crossings. Those crossings were reported in TJLanka, which crossed 3.5 million shares to the tune of Rs. 147 million, its shares traded at Rs. 42 and Commercial Bank 520,000 shares crossed for Rs. 44.2 million, its shares trading at Rs. 85.

In the retail market five companies that mainly contributed to the turnover were, Expolanka Rs. 1.35 billion (19.1 million shares traded), Browns Investments Rs.455 million (69.3 million shares traded), Royal Ceramic Rs. 303 million (7.6 million shares traded), LOLC Holdings Rs. 221 million (468,000 shares traded) and Lanka Tiles Rs. 173 million (2.9 million shares traded).

Top gainers for the All Share Price Index were Expolanka, which contributed 28.23 points, Browns Investments Rs. 12.9 points and LOLC nine points, while top negative contributors were JKH, which contributed seven negative points, Carsons Cumberbatch four negative points and Sri Lanka Telecom two negative points. During the day 311.2 million share volumes changed hands in 29700 transactions.