CSE slips for third straight session though turnover hits Rs. 6 billion

By Hiran H.Senewiratne

The CSE fell in mid-morning trade after opening in the green yesterday, slipping for the third straight session, despite touching a high turnover level of more than Rs 6 billion. However, in the last few days net foreign inflow recorded Rs 10.2 billion, with SG Holdings, being the main shareholding company of Expolanka Holdings, reportedly purchasing more shares yesterday, stock market analysts said.

Amid those developments, both indices moved downwards. The All- Share Price Index declined by 124.27 points (1.24 per cent) to end the day at 9.901.13 points and the S and P SL20 declined by 12.52 points (0.39 per cent) to end the day at 3205.22 points, Turnover stood at 6.05 billion with two crossings. Those crossings were reported in Expolanka Holdings, which crossed ten million shares to the tune of Rs 2.3 billion, its shares traded at Rs 228 and Cargills Ceylon Ltd. 241,000 shares crossed to the tune of Rs 54.2 million, its shares traded at Rs 225.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 771 million (2.7 million shares traded), Expolanka Holdings Rs 485 million (2.1 million shares traded), CIC Holdings Rs 155 million (1.7 million shares traded), Lankem Development Rs 149 million (4.2 million shares traded), First Capital Treasuries Rs 149 million (7.7 million shares traded), ACL Cables Rs 144 million (1.4 million shares traded) and JKH Rs 139 million (970,000 shares traded). During the day 124 million share volumes changed hands in 34000 share transactions.

Yesterday, profit- takings were noted in manufacturing and banking sector counters. High buying interest was witnessed in Lanka- IOC, whose share price gained by Rs 11.20 or 4.2 per cent. Its share price shot up to Rs 279.79 from Rs 268.50. The major sectors that had contributed to the turnover were the Transport sector, which contributed Rs 2.7 billion, Energy sector Rs 772 million (Lanka IOC is the main contributor) and the Capital Goods sector Rs 679 million.

Yesterday the Central Bank-announced US dollar spot buying rate was Rs 369.33. The Central Bank’s prudential monetary policies stabilized the rupee against the dollar to a greater extent, financial sources said.