ASPI ends sharply lower with most sectors witnessing declines

By Hiran H.Senewiratne

Trading activities at the Colombo Stock Exchange (CSE) were positive in the early part of yesterday, however, an acute market downturn was witnessed due to profit taking towards the end of the day especially at blue chip counters, market analysts said.

“The ripple effect from the global markets due to tensions between Russia and the western world on Ukraine as well as high inflation rate recorded in major global economies continue to reflect on emerging markets like Sri Lanka,” they said.

“Overall however, CSE was able to maintain a healthy turnover level despite profit taking”, they said.

Amid such developments both indices moved downwards. All Share Price Price down by 173.9 points and S and P SL20 down by 111 points. Turnover stood at sis billion with two crossings. Those crossings were reported in Hemas Holdings, which crossed 1.3 million shares to the tune of Rs 91 million and its share price traded at Rs 70 and Vallibel One 350,000 shares crossed to the tune of Rs 32.5 million and its share price traded at Rs 93.

In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 1.26 billion (3.2 million shares traded), Softlogic Life Insurance Rs 512 million (4.1 million shares traded), Browns Investments Rs 339 million (20.3 million shares traded), Kelani Valley Plantations Rs 201 million (1.6 million shares traded), Ceylon Cold Stores Rs 201 (289,000 shares traded), ACL Cables Rs 191 million (1.5 million shares traded) and Grain Elevators Rs 185 million (1.3 million shares traded). During the day 151 million shares volume changed hands in 51000 transactions.

During the day Ceylon Cold Stores share price appreciated by  24 percent or Rs 127.75 after announcing a share subdivision on the basis of one into 10 to boost the number of shares without a corresponding increase in the stated capital.  At present, CCS had 95.04 million shares in issue, and post-subdivision, it will increase to 950.4 million.The CCS share startered trading at  at Rs. 525.75 at the end of the day it shot up to Rs 649.. The move is subject to shareholder approval at an EGM. The public float of CCS is 18.56 percent  held by 2,264 shareholders.JKH saw 80.65 million of its shares traded for Rs. 12.98 billion. Single biggest shareholder, the Canada-based global financial services giant Fairfax, transferred part of its holding via Citigroup Global Markets Ltd. Agency Trading Prop Securities to related party HWIC Asia Fund.Citigroup Global Markets Ltd. Agency Trading Prop Securities as of 30 September 2021 held 141.85 million shares, or 10.7 percent . Of that, 80.16 million shares were transferred to HWIC Asia Fund via two crossings at Rs. 161 per share. The balance stake is expected to be transferred as well to HWIC Asia Fund which held 39.2 million shares, or 3.2 percent  stake, in JKH as of 30 September 2021.