CSE turnover hits Rs. 5.52 billion as Expolanka Holdings shines

By Hiran H.Senewiratne

Expolanka Holdings  PLC secured exceptionally strong top and bottom line growth during the quarter ended September 30, 2020 (2Q20), largely as a result of a focused and consistent strategy along with the ability to stay agile and optimize opportunities presented in a dynamic operating environment, market analysts said.

The company recorded the highest retail driven intra-day trade of Rs. 1.3 billion at the CSE, with  57.2 million shares traded yesterday.  The reason being that second quarter results of Expolanka recorded 646 percent compared to the corresponding year 2019. It is said that the company had  recorded Rs. 4.5 billion profit against Rs. 830 million lost in the second quarter, stock market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 34.41 points  and S and P SL20 rose by 12.89 points. The turnover stood at Rs. 5.52 billion with four crossings. Those crossings were reported in United Motors, which crossed 4.5 million shares to the tune of Rs. 151.3 million, its share price traded at Rs. 61, Vallibel One  3.1 million shares crossed for Rs. 80.6 million, its share  traded at Rs. 26, CIC 200,000 shares crossed for Rs. 26 million, its shares trading at Rs. 130 and Union Bank two million shares crossed for Rs. 23 million, its shares trading at Rs. 11.50.

In the retail market top five contributors to the CSE turnover were, Expolanka Rs. 1.3 billion (57.2 million shares traded), Royal Ceramic Rs. 241 million (1.53 million shares traded), Hayleys Rs. 218.8 million (498000 shares traded),Lanka Wall Tiles Rs. 217 million (1.78 million shares traded) and Dipped Products Rs. 208.4 million (554,000 shares traded). During the day 225.2 million share volumes changed hands in 38618 transactions.

The CSE  showed a remarkable turnaround last week with sharp gains by both indices and heavy turnover with several second and mid-tier stocks gaining aided by impressive earnings.

Last week also saw an average daily turnover of Rs. 3.35 billion, last experienced consistently in early to mid-October. In the previous week, the average was Rs. 1.3 billion.Elated by the performance of the Colombo bourse despite the lockdown, Money, Capital Markets and Public Enterprise Reform State Minister Nivard Cabraal tweeted: “Investor confidence levels are indeed encouraging.’

Sri Lanka rupee was quoted weaker at 184.60/70 to the US dollar in the spot market on Monday, while yields were marginally up in dull market trade, dealers said.

The rupee closed at 184.45/55 to the US dollar on Friday.