LOLC share price hike triggers positive investor sentiment; indices move up

By Hiran H. Senewiratne

LOLC share prices moved up by Rs 35 or 11 percent yesterday, resulting in an increasing demand for shares of LOLC Group companies. This brought some positive sentiment to the stock market, resulting in both indices moving up.

All Share Price Index was up by 39.4 points, while the S and P SL20 rose by 17.4 points. Turnover stood at Rs 1.5 billion with four crossings. Those crossings were reported in Melstacope, which crossed 1.3 million shares to the tune of Rs 119.25 million, its shares traded at Rs 90, HNB 400,000 shares crossed for Rs 62.4 million; its shares traded at Rs 156, Hemas, 523,000 shares crossed for Rs 40 million; its shares traded at Rs 75 and Central Finance 200,000 shares crossed to the tune of Rs 20 million and its shares sold at Rs 100.

In the retail market top seven companies that mainly contributed to the turnover were; LOLC Rs 204 million (644,000 shares traded), Expolanka Holdings Rs 150 million (11 million shares traded), Union Assurance Rs 132 million (2.7 million shares traded), Lanka IOC Rs 112 million (1 million shares traded), JKH Rs 81.4 million (440,000 shares traded), Browns Investments Rs 80 million (18.3 million shares traded) and DFCC Rs 34 million (491,000 shares traded).During the day, 49.8 million share volumes changed hands in 10853 transactions.

Yesterday, the rupee opened at Rs. 309.05/15 to the US dollar from 309.50/70 previously, dealers said.

Bond yields were broadly stable. A bond maturing on 01.08.2026 was quoted at 10.90/11.05 percent from 10.90/11.00 percent on Thursday. A bond maturing on 15.09.2027 was quoted at 11.90/12.05 percent from 11.90/12.10 percent. A bond maturing on 01.07.2028 was quoted at 12.15/30 percent from 12.20/25 percent.