Commercial Leasing and Finance contributes 154 points to bourse

By Hiran H.Senewiratne

CSE trading activities kicked off yesterday with a market downturn but later indicated an exceptional interest in Commercial Leasing and Finance stocks. Consequently, the All-Share Price Index shot up to a comfortable territory, stock market analysts said.

The market began the penultimate month of 2021 on a negative note amid lacklustre investor sentiment triggered by political undercurrents and external concerns. But due to the low interest regime people are quite enthusiastic to invest in stocks. However, yesterday, Commercial Leasing and Finance being the main performer in the market, contributed 154 points to the stock market. Its share prices increased by 22 percent or Rs 10.80. Its shares started trading at Rs 48.20 and at the end of the day they shot up to Rs 59. Since the company is an index heavy entity, its stocks are sought after in the stock market for trading purposes, market analysts said.

Amid those developments, the All Share Price Index went up by 139.59 points and the S&P SL20 Index rose by 6.08 points, while turnover was Rs. 4.4 billion involving 117 million shares and the number traded was 34000. During the day three crossings were reported and those crossings were, Melstacorp 6.5 million shares crossed to the tune of Rs 370.5 million, its shares traded at Rs 57, Elpitiya Plantations 500,000 shares crossed to the tune of Rs 52.5 million, its shares traded at 105 and Sunshine Holdings one million shares crossed for Rs 27 million, its shares fetching Rs 27.

In the retail market top five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1 billion (five million shares traded), Commercial Leasing and Finance Rs 396 million (7.2 million shares traded), Browns Investments Rs 215 million (20 million shares traded), Royal Ceramic Rs 166 million (2.9 million shares traded) and Central Industries Rs 163 million (one million shares traded).

The lacklustre investor interest or their being on the sidelines was despite the release of impressive corporate earnings so far. Nevertheless, macro concerns remain; hence, less enthusiasm yesterday, though some believe there will be a fresh round of buying ahead of the presentation of budget 2022.

It said high net worth and institutional investor participation was noted in selected stocks, such as, Sampath Bank and Commercial Bank. Mixed interest was observed in Expolanka Holdings, Royal Ceramics and Commercial Leasing and Finance.

Yesterday the US dollar was quoted at Rs 202.49 as per the Central Bank controlled price to prevent escalation of prices in essential goods.