ASPI closes at all-time high; CSE proving profitable

By Hiran H.Senewiratne

The CSE is still the most attractive and profitable of places to invest in due to the high inflation and low interest rate regime in the country. Accordingly, the All Share Price Index of the stock market surged by 399.81 points yesterday to close at an all-time high of 12,625.82, stock market analysts said.

Headline inflation, as measured by the year-on-year (YOY) change in the Colombo Consumer Price Index (CCP1), increased to a record 12.1 per cent in December 2021 from 9.9 per cent in November 2021.On an annual average basis, the CCPI increased to 6 per cent in December 2021 from 5.3 per cent in November 2021.

The Central Bank said an in-depth analysis of the key drivers of current inflation suggests that a large component of inflation is driven by supply-side factors.

Amid those developments the stock market was positive throughout the day and most of the valued counters showed a considerable price appreciation backed by LOLC Group counters. LOLC Group counters, including LOLC Finance 79.5 points, Commercial Leasing and Finance 58.2 points, LOLC Holdings 50.2 points, Browns Investments 35 points and Expolanka Holdings (Not a LOLC Group company) 50 points contributed to the All Share Price Index yesterday, which broke a record by being the highest intra-day level.

During the day market commenced trading at 10.30 am and at the end of the day both indices moved upwards. All Share Price Index went up by 399 points and S and P SL 20 rose by 114 points. Turnover stood at Rs 9.6 billion with six crossings. Those crossings were reported in Prime Lanka Residence ,which crossed 21.7 million to the tune of Rs 256 million and its shares traded at Rs 11.80, Royal Ceramic 750,000 shares crossed for Rs 59.25 million, its shares traded at Rs 79, Ambeon Holdings one million shares crossed for Rs 51 million, its shares traded at Rs 51, Renuka Holdings two million shares crossed for Rs 41 million, its shares traded at Rs 20.50, LOLC Holdings 300,000 shares crossed for Rs 35.4 million and it shares fetched Rs 1180 and Kotagala Plantations 2.5 million shares crossed for Rs 21 million, its shares traded at Rs 8.

In the retail market top seven companies that mainly contributed to the turnover were Browns Investments Rs 1.52 billion (86.7 million shares traded), LOLC Finance Rs 890 million (35.7 million shares traded), Co-operative Insurance Rs 680 million (81.9 million shares traded), LOLC General Insurance Rs 481 million (22.2 million shares traded), Expolanka Holdings Rs 452 million (1.1 million shares traded), Commercial Leasing and Finance Rs 305 million (8.9 million shares traded), Brown and Company Rs 249 million Rs 249 million (636,000 shares traded).

During the day several valued counters share prices appreciated. Those companies were, Tess Agro share price appreciated by 70 per cent or Rs 1.10. Its share price started trading at Rs 1.50 and at the end of the day it moved to Rs 2.60, LOLC Finance share price appreciated by 34 points or Rs 2.80. Its share price shot up to Rs 26.80 from Rs 20, Industrial Asphalts share price appreciated by 28 per cent or 20 cents. Its share price moved to 90 cents from 70 cents, Softlogic Holdings share price appreciated by 24 per cent or Rs 8.10. Its share price shot up to Rs 42.40 from Rs 34.30, Watawala Plantations share price appreciated by six per cent or Rs 8.25. Its share price appreciated to Rs 138.25 from Rs 130 and Singer Sri Lanka share price appreciated by 13 per cent to Rs 2.60. Its shares started trading at Rs 19.90 at the end of the day they moved to Rs 22.70. During the day 773 million share volumes changed hands in 73000 transactions,

Yesterday the US dollar was quoted at Rs 202.18, which was the Central Bank controlled price. But the actual price in the market is more than Rs 250 per US dollar.