CSE retail turnover hits remarkable high of Rs. 5.04 billion

By Hiran H.Senewiratne 

The CSE enjoyed its highest ever retail turnover and the highest ever  number of transactions despite both indices indicating a downward trend yesterday. The reason for the market decline was selling pressure in banking and large cap counters. However, demand for low valued stocks remained bullish,  stock market analysts said.

The turnover stood at Rs. 5. 04 billion with two crossings. Those crossings were reported from Pan Asia Power, which crossed 40 million shares to the tune of Rs. 180 million; its share price trading at Rs. 4 and Sierra Cables 18 million shares crossed for Rs. 75 million, its shares trading at Rs. 5. However, the All Share Price Index went down by 38.08 points and S and P SL20 declined by 25.75 points. 

In the retail market, top five companies that mainly contributed to the turnover were,  Expolanka Rs. 864 million (49 million shares traded), RIL Properties Rs. 373 million (36.4 million shares traded), Piramal Glass Rs. 341 million  (52 million shares traded), Tokyo Cement (Non Voting) Rs. 339 million (6.2 million shares traded) and Tokyo Cement (Voting) Rs. 277 million  (4.3 million shares traded). During the day 582 million share volumes changed hands in 40884 transactions.

It is said that close to Rs. 5 billion came from the retail trade minus the two crossings. Due to foreign selling pressure local investors have become more active in the market. RIL Property share price moved  up to Rs. 10 from Rs. 4 and the company has informed the CSE that their share price has increased unusually due to speculative trading. 

Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company voting and non-voting) while the sector index gained 5.30%. The share price of Tokyo Cement Company non-voting gained Rs. 5.00 (10.99%) closing at Rs. 50.50, while foreign holdings decreased by 2,231,075 shares. Further, the share price of Tokyo Cement Company moved up by Rs. 5.00 (9.03%) to close at Rs. 60.40.Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index increased by 14.37 percent. The share price of Expolanka Holdings increased by Rs. 2.10 (14.38 percent) to close at Rs. 16.70.RIL Property and Hayleys Fabric were also included among the top turnover contributors. The share price of RIL Property recorded a gain of Rs. 2.10 (29.17 percent) to close at Rs. 9.30, while the share price of Hayleys Fabric declined by Rs. 1.10 (4.47 percent) to close at Rs. 23.50.

 Sri Lanka rupee quoted slightly weak at 184.20/27 to the US dollar on Tuesday while bond eased, dealers said. The rupee closed at 184.15/25 against the greenback on Monday.