Agriculture sector counters drive share market

By Hiran H.Senewiratne

CSE trading witnessed volatility throughout yesterday and until the middle of the session the market indicated negative but at the end of the session it turned positive. The market gained 0.96 per cent in mid- market trade and was pushed up by the retail and agriculture sectors, analysts said.

“Lanka IOC shares were reactivated due to global fuel prices being low and stable fuel prices in Sri Lanka. But profit- takings were noted throughout the day, analysts said.

The All- Share Price Index (ASPI) edged up by 10.4 points, while the most liquid All Share Price Index gained 1.37 per cent or 1.6 points. Turnover stood at Rs 2.4 billion with four crossings. Those crossings were reported in JKH, which crossed 636,000 shares to the tune of Rs 95.5 million, its shares traded at Rs 150, CIC Holdings 375,000 shares crossed to the tune of Rs 35.6 million, its shares traded at Rs 95, Lanka IOC 145,000 shares crossed for Rs 31.2 million, its shares fetched Rs 215.50 and C.W Mackie 250,000 shares crossed for Rs 22.5 million, its shares traded at Rs 90.

In the retail trade top seven companies that mainly contributed to the turnover were, Browns Investments Rs 473 million (57.8 million shares traded), Lanka IOC Rs 36.9 million (1.7 million shares traded), Expolanka Holdings Rs 243 million (1.18 million shares traded), JKH Rs 144 million (965,000 shares traded), LOLC Finance Rs 95.1 million (11.3 million shares traded), COC Holdings (Non-Voting) Rs 71.3 million (1.1 million shares traded) and LOLC Holdings Rs 65.2 million (138,000 shares traded).

It is said that food related agriculture counters were been getting activated, because there has been a spike in investor interest in the plantation segment, this is still on lower scales, analysts further stated.In the past sessions the market was carried on positive sentiments because of Expolanka’s plans on acquisition with an international logistics firm. During the day 119.7 million share volumes changed hands in 22000 transactions.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 361.30 and the selling rate Rs 371.71. Inflation is still at a high rate of 70.60 per cent, which is expected to come down gradually.