Combined market value of listed companies skyrockets by Rs. 1 trillion thus far in 2021

By Hiran H.Senewiratne

CSE’s local and foreign investor participation levels yesterday were notable despite the raging COVID pandemic and associated challenges, especially the country’s current economic woes. Investor interest pushed the market to an all-time high with its gain in value reaching the Rs. 1 trillion mark so far in 2021, market analysts said.

The combined market value of listed companies has skyrocketed by Rs. 1 trillion so far this year as CSE’s market capitalization amounted to Rs. 3.97 trillion, up 34 percent year-to-date (YTD). CSE ended 2020 with a market capitalization of Rs. 2.96 trillion, stock market analysts told The Island Financial Review yesterday.

Despite all odds, the stock market was able to establish three records; i.e. the highest retail turnover in history, highest number of trades and the All Share Price Index crossing 9000 (9008.22 in the early session for the first time in history), analysts said. Amid those developments both indices moved upwards. The All Share Price Index went up by 58.81 points and the S and P SL20 rose by 28.01 points. Turnover stood at Rs. 16.5 billion with seven crossings.

Those crossings were reported in Dipped products, where 3.1 million share volumes changed hands at Rs. 202.1 million, its share price being Rs. 65, Hayleys 1.1 million shares crossed for Rs. 129 million, its share price being Rs. 120, Ambeon Holdings 1.5 million shares crossed for Rs. 73.5 million, its shares traded at Rs. 49, Browns Investments five million shares crossed for Rs.38.4 million, its shares trading at Rs. 61.30, Colombo Land Development 1.1 million shares crossed for Rs. 40 million, its shares trading at Rs. 8, Sanasa Development Bank 750,000 shares crossed for Rs. 37.4 million and HNB (Non Voting) 173,000 shares crossed for Rs. 21.6 mllion, its shares fetching Rs. 125.

In the retail market, five top companies that mainly contributed to the turnover were, Expolanka Rs. 5.05 billion (32.8 million shares traded), Browns Investments Rs. 2.8 billion (325 million shares traded), Hayleys PLC Rs. 1.5 billion (13.8 million shares traded), Dipped Products Rs. 1.4 billion (22.8 million shares traded) and LOLC Rs. 921 million (1. 5 million shares traded).

Yesterday the market rallied round Browns Group entities and those were; Browns Investments, Brown and Company and LOLC. Those companies witnessed fresh buying interest as well. Highest contributors to the All Share Price Index were, LOLC 64.2 points, Browns Investments 61.1 points and Hayleys 13. 8 points. Highest negative contributor to the All Share Index was Commercial Leasing and Finance, which contributed 62.9 negative points to the All Share Price Index. During the day 648.6 million share volumes changed hands in 78000 transactions.

It is said high net worth and institutional investor participation was noted in Lion Brewery Ceylon, Hayleys and HNB (non-voting). Mixed interest was observed in LOLC Holdings, Dipped Products and Sanasa Development Bank, while retail interest was noted in Browns Investments, Lanka Orix Finance and Expolanka Holdings.