CSE gains nearly three-and-half-year high

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) yesterday remained resilient reaching a near three-and-half-year high with above average turnover. The market was positive and not so bullish because the number of volumes have increased sans major price appreciations, stock market analysts said.

Amid those developments Asiri Hospitals, Expolanka and Hemas Group are driven by speculations owing to the Covid 19 vaccine, which all three entities are major players where the vaccine is concerned.

Both indices moved upwards. All Share Price Index up 26.08 points and S and P SL20 moved up 11 points. The turnover stood at Rs 3 billion with two crossings. Those crossings reported in Sanasa Development Bank, which crossed 702,000 shares to the tune of Rs 39.8 million and its share price traded at Rs 56.50 and Dipped Products 107,000 shares crossed for Rs 37.5 million and its share prices traded at Rs 350.

In the retail market top five companies that mainly contributed to the turnover were Browns Investment Rs 489 million (114 million shares traded), Expolanka Rs 259 million (8.9 million shares traded), Asiri Hospitals Rs 198 million (5.8 million shares traded), JKH Rs 184 million (1.2 million shares traded) and Hemas Holdings Rs 132 million (1.3 million shares). During the day 187 million share volume changed hands in 21346 transactions.

Sri Lanka rupee was bid around 186 to the US dollars with no offers, in intra -day trading on December 31, with activity muted amid market participants said, while bond yields were flat.

There had been spot trades around 185.50 to the US dollar. Sri Lanka’s Central Bank said it would take aggressive action to keep a rupee peg to the US dollar around Rs.185. Sri Lanka however has excess liquidity in money markets.