CSE indices dip as Softlogic Group records profit-takings

By Hiran H.Senewiratne

After multiple days of losses, the CSE managed to remain resilient on the previous day, thereby finishing the first month of 2022 on a positive note but it was not able to maintain that momentum yesterday because profit-takings were noted in the Softlogic Group of companies, along with Expolanka Holdings, stock market analysts said.

It is said that following four consecutive sessions of losses, the indices returned to positive territory on Monday with the ASPI regaining the 13,000 level, recording its biggest single-day gain (146 points) in two weeks, boosted by sharp price gains in Softlogic Group stocks. But heavy profit- takings were noted in the Softlogic Group of companies, resulting in both indices moving downwards. However, turnover reached more than the average level, touching more than Rs nine billion, market analysts said.

Amid those developments, the All- Share Price Index went down by 87.38 points and S and P SL20 declined by 59.2 points. Turnover stood at Rs 9.7 billion with two crossings. Those crossings were reported in Softlogic Holdings, which crossed 400,000 shares to the tune of Rs 29.4 million, its shares traded at Rs 73.50 and JAT Holdings 700,000 shares crossed to the tune of Rs 21 million, its shares traded at Rs 30.

In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital Rs 1.6 billion (73.2 million shares traded), Softlogic Life Insurance Rs 1.5 billion (7.9 million shares traded), Expolanka Holdings Rs 1.1 billion (3.3 million shares traded), Softlogic Holdings Rs 689 million (8.7 million shares traded), Lanka IOC Rs 638 million (8.7 million shares traded), Browns Investments Rs 403 million (26.5 million shares traded) and Agstar Plc Rs 373 million (21 million shares traded). During the day 399 million share volumes changed hands in 73000 transactions.

It is said high net worth and institutional investor participation was noted in JKH, Lanka IOC and Access Engineering. Mixed interest was observed in Expolanka Holdings, Softlogic Holdings and LOLC Holdings, while retail interest was noted in Softlogic Capital, SMB Leasing (voting & nonvoting) and Browns Investments.

Yesterday, the US dollar rate was quoted at Rs 201.80, which was the Central Bank controlled rate. But the actual rate would be more than Rs 250, informed sources said.