ASPI hits all-time high of 8,920.71 points; market bullish

By Hiran H.Senewiratne

CSE trading activities were bullish throughout yesterday and the benchmark All share Price Index (ASPI) hit an all-time high of 8,920.71 points, surpassing the previous record of 8,812.01 points on January 27, 2021. The ASPI surged 164.08 points (or 1.87 percent) to close at 8,920.71, stock market analysts said.

It is said that the market continued its rally during the first half of trading. The ASPI crossed the 8,900 level and recorded a new all-time high of 8,938 before witnessing a pull-back due to profit-booking at higher levels. The index commenced trading and declined to an intra-day low of 8,667 following a 117 point gap-up. However, subsequently it picked up on the back of buying support extended by retail investors in Expolanka Holdings PLC, which pushed the index to surpass the 8,900 level during the session.

The day’s trading recorded a turnover of Rs.10.49 billion. Here, Expolanka (Rs.3.79 billion), Hayleys (Rs. 1.11 billion) and LOLC Holdings (Rs. 652.44 million) made significant contributions to the turnover of more than Rs. 10 billion, market analysts said. The investor battle on LOLC and Expolanka extended further with just a mere Rs. 129 million difference between the two in terms of value.

The All Share Price Index went up by 164.8 points and S and P SL20 rose by 157.47 points. Turnover stood at Rs. 10.49 billion with three crossings. Those crossings were reported in HNB (Non Voting) where 766,000 shares crossed for Rs. 96 million, its shares traded at Rs. 125, Hayleys 1,000,000 shares crossed for Rs. 93.5 million, its shares traded at Rs. 93.50 and Sanasa Development Bank 1,000,000 shares crossed for Rs. 50 million; its shares traded at Rs. 50.

In retail trading, five top companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 3.79 billion (27.2 million shares traded), Hayleys PLC Rs. 1.12 billion (10.9 million shares traded), LOLC Holdings Rs. 652 million (1.2 million shares traded ), Browns Investments Rs. 570 million (74.2 million shares traded) and HNB 3.9 million shares traded. Expolanka contributed 150 points, Hayleys contributed 22.64 points and LOLC 19.73 points, were the main contributors to the All Share Price Index.

The Expolanka share price moved up by 23 percent or Rs. 27, where its price moved up to Rs. 146.75 from Rs. 122.75. Hayleys PLC shares appreciated by 18 points or Rs. 16.70, its share price increased to Rs. 109 from Rs. 92.30 and LOLC increased its share price by 4.5 percent or Rs. 22.75, its share price moved to Rs. 528 from Rs. 505 25. During the day 285 million share volumes changed hands in 63520 transactions.

It is said high net worth and institutional investor participation was noted in Sanasa Development Bank and Lanka Tiles. Mixed interest was observed in Expolanka Holdings, Hayleys and LOLC Holdings, while retail interest was noted in Commercial Leasing and Finance, Browns Investments and Lanka Orix Finance.