CSE records remarkable turnover of Rs. 5 billion

By Hiran H.Senewiratne 

The upward momentum at the CSE continued with indices gaining sharper to cross  the 6500 points level a couple of days ago. Moreover, the market recorded a notable turnover of more than Rs. 5 billion yesterday, stock market analysts said.

The market overall was positive and with the profit taken by certain investors the market witnessed a drop to 20 points from 70 points but in the later part of the day it bounced bank to positive territory.

Both indices moved upwards. The All Share Price Index went up by 51.03 points and S and P SL20 by 3.74 points. The turnover stood at Rs. 5.3 billion with three crossings. Those crossings were reported in NDB, which crossed 2.75 million shares to the tune of Rs. 225.5 million; its shares traded at Rs. 82, Hayleys Fabrics 1.4 million shares crossed for Rs. 37 million; its shares traded at Rs. 26.40 and JKH 200,000 shares crossed for Rs. 30.4 million; its shares trading at Rs. 152.

In the retail market top five companies that mainly contributed to the turnover were; Browns Investments Rs. 1.57 billion (449 million shares traded), Hemas Holdings Rs. 332 million (3.6 million shares traded), Softlogic Life Rs. 327.5 million (9.3 million shares traded), JKH Rs. 209.4 million (1.4 million shares traded) and LOLC Rs. 203.6 million (1.44 million shares traded). During the day 5998 million share volumes changed hands in 36664 transactions. 

Amid those developments one of the most sought after companies, Browns Investments, contributed more than 74 percent of the total shares that were traded during the day. Its shares also appreciated by 23 percent or  70 cents. Its shares started trading at Rs. 3 and at the end of the day it moved up to Rs. 3.70. 

It is said high net worth and institutional investor participation was noted in Commercial Bank, DFCC Bank and Dialog Axiata. Mixed interest was observed in John Keells Holdings (JKH), Royal Ceramics and Hemas Holdings, while retail interest was noted in Browns Investments, Expolanka Holdings and HNB. 

E.B. Creasy and Company PLC this week resolved to sub divide its shares on the basis of one existing share to 100 shares to improve liquidity.

The move will increase the number of shares in issue from 2.53 million to 253.5 million without affecting any increase to the Stated Capital of the company.

The increased shares will not be entitled to the proposed first and final dividend of Rs. 18 per share for the year ended on March 31 to be declared at the AGM scheduled for December 30.The sub division move is subject to shareholder approval at an EGM.

Sri Lanka rupee closed steady at 186.50/70 to the US dollar on Tuesday in the spot market while yields remained unchanged in moderate market trade ahead Wednesday’s Treasury Bills auction, dealers said. The rupee closed at 186.60/85 to the US dollar on Monday against the US dollar.