CSE bull run driven by Lanka IOC, Expolanka Holdings and plantation counters

By Hiran H.Senewiratne

The CSE gained over 1 per cent in mid-day trade yesterday after slipping in the previous session and the turnover exceeds the Rs 6 billion level. Accordingly, the stock market was extremely bullish, mainly driven by Lanka IOC, Expolanka Holdings and plantations sector counters. Satisfactory tea production and the high US dollar rate have positively impacted dollar earning companies, especially plantation companies, market analysts said.

Amid those developments both indices moved upwards. The All- Share Price Index gained 149.97 points (1.61 per cent) to end the day at 9480.30 and the S and P SL20 gained by 29.98 points (1.00 per cent) to end the day at 3028.17 points.

Turnover stood at Rs 6.08 billion with four crossings. Those crossings were reported in Expolanka Holdings, which crossed ten million shares to the tune of Rs 2.2 billion, its shares traded at Rs 225, Kelsey Developments 7.4 million shares crossed to the tune of Rs 182 million and its shares traded at Rs 24.60, Kelani Valley Plantations 453,000 shares crossed to the tune of Rs 56.7 million and its shares fetched Rs 125 and Swisstek 970,000 shares crossed to the tune of Rs 20.4 million, its shares trading at Rs 21.

In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 585 million (2.5 million shares traded), CIC Holdings (Non -Voting) Rs 244 million (3.8 million shares traded), Expolanka Holdings Rs 242 million (1.1 million shares traded), Lankem Development Rs 227 million (7.1 million shares traded), Richard Peiris Rs 197 million (7.1 million shares traded), Ceylon Cold Stores Rs 152 million (4.1 million shares traded) and Kotagala Plantations Rs 122 million (11.4 million shares traded). During the day 276 million share volumes changed hands in 34000 share transactions.Yesterday, the Central Bank’s dollar buying rate was Rs 358.33 and selling rate Rs 369.33.