Fresh buying interest notable in Expolanka and LOLC Group

By Hiran H.Senewiratne

CSE activities began on a negative note yesterday due to worries over the pandemic situation in the country. However, during the second session they recovered and fresh buying interest was noted in several companies, mainly in Expolanka and the LOLC Group of companies, stock market analysts said.

It is said that due to the low bank interest regime, many investors are now looking at suitable options to invest their money. Therefore, many are now focusing on the stock market, which indicated that retail trading activities had increased significantly yesterday, market analysts said.

The market indicated mixed reactions. The All Share Price Index went up by 12.68 points and S and P SL20 declined by 12.39 points. Turnover stood at Rs. 3.8 billion with a single crossing. The crossing was recorded in Expolanka, which crossed 239,507 shares to the tune of Rs. 27.1 million; its shares traded at Rs. 75.40.

In the retail market, five companies that mainly contributed to the turnover were; Expolanka Rs. 1.48 billion (18.6 million shares traded), Browns Investments Rs. 339 million (50.3 million shares traded), Tokyo Cement (Non Voting) Rs. 180.4 million (3.5 million shares traded), Ambeon Holdings Rs. 131 million (3.6 million shares traded) and Royal Ceramic Rs. 129 million (3.3 million shares traded). During the day 187.6 million share volumes changed hands in 31184 transactions.

While the number of positive Covid cases remains on the rise, media reports dismissing the likelihood of another lockdown is being viewed as a stimulant to company performances for the ongoing September quarter (3Q CY21), analysts said.

Analysts said foreigners recorded a net inflow of Rs. 9.1 million while their participation increased to 1.5 per cent of turnover (previous day 1.1percent ). Estimated net foreign buying topped in the same as in the previous month at Rs. 22.4 million and net foreign selling topped in at Rs. 10.2 million.