CSE turnover hits Rs. 6 billion; ASPI crosses 8000 mark

By Hiran H.Senewiratne

The CSE was boosted yesterday by a sudden interest in Expolanka stocks. This resulted in the daily turnover level touching more than Rs. 6.billion. This was the highest turnover reported after three and a half months. Earlier, the highest turnover was reported at Rs. 7 billion on April 30 this year, stock market analysts said. Besides, the ASPI crossed the 8000 mark, up by 55.60 points. The index closed at 8,022.55.

The major reason for the turnover level to increase along with the investor interest in Expolanka shares was because during the weekend it was speculated in the social media that the Expolanka share price is trading below the valued price. Therefore, Expolanka share prices appreciated by Rs. 8.50 or 16 percent. Its shares started trading at Rs. 54.50 and at the end of the day they moved up to Rs. 63. One of the major attributing factors for its share price to rebound is the market perception that its share value is trading under its normal value, market analysts confirmed. Therefore, it has really given an impetus to the share market. Due to the heavy demand for Expolanka stocks, it was able to contribute more than 40 percent to the day’s turnover, analysts added.

Besides the ASPI’s rise, S and P SL20 was up by 53.48 points.

Amid those developments, turnover stood at Rs 6.22 billion with three crossings. JHK’ s, 3.75 million shares crossed for Rs. 526 million, its shares traded at Rs. 141.50, Commercial Bank 3.82 million shares crossed for Rs. 334.6 million, its shares traded at Rs. 87.50 and TJLanka 1 million shares crossed for Rs. 41.5 million, its share price stood at Rs. 41.80.

In the retail market, the top five companies that mainly contributed to the turnover were, Expolanka Rs. 2.5 billion (41.4 million shares traded), LOLC Rs. 446.9 million (one million shares traded), Browns Investments Rs. 323.4 million (50.3 million shares traded), Dipped Products Rs. 296.5 million (5.3 million shares traded) and Royal Ceramic Rs. 179.3 million (4.9 million shares traded). During the day 439 million share volumes changed hands in 32339 transactions.