CSE turnover remains in billions range but indices dip

By Hiran H.Senewiratne

CSE completed 13 consecutive days of gains, showing consistency, as investor sentiment gathered more momentum due to the low interest rate regime. Despite high turnover levels both indices moved downwards yesterday, stock market analysts said.

Yesterday the market was positive in the morning but during the latter part of the day it could not maintain its momentum, when both indices moved downwards. The All Share Price Index went down by 5. 93 points and  S and P SL20 declined by 16. 53 points. 

Turnover stood at Rs. 3.88 billion with four crossings. Those crossings were reported in JKH, which crossed 195,000 shares to the tune of Rs. 29.7 million, its shares trading at Rs. 152.30, Abans Electricals 196,000 shares crossed for Rs. 29.4 million, its shares traded at Rs. 150, Softlogic Life Insurance 800,000 shares crossed for Rs. 28.4 million its shares trading at Rs. 35.50 and Hemas Holdings 220,000 shares crossed for Rs. 20.2 million, a share trading at Rs. 92.

In the retail market top five contributors to the turnover were Browns Investments Rs 1.33 billion (357.1 million shares traded), Softlogic Life Rs  435 million (2.75 million shares traded), Hemas Holdings Rs 254 million (2.75 million shares traded), Expolanka Rs 225 million (8.6 million shares traded) and LOLC Rs 91.9 million (650,000 shares traded). During the day 477 million share volumes changed hands in 25622 transactions.

During the day Browns Investments, a favourite counter among certain investors, saw its share price fall by three percent or 10 cents. However, on the previous day Browns Investments shot up by 70 cents or 23 percent due to market speculation.

Further, LOLC, a leading listed company in the stock market,  announced a debenture issue. The company will issue 65 million debentures at Rs. 100 to raise 6.5 billion, stock market sources said. 

It said high net worth and institutional investor participation was noted in National Development Bank, JKH and Hayleys Fabric. Mixed interest was observed in Hemas Holdings, Softlogic Life Insurance and HNB, while retail interest was noted in Browns Investments, LOLC Holdings and Expolanka Holdings. 

Sri Lanka rupee was quoted flat at 185.70/186.00 to the US dollar on Thursday in the spot market while yields remained unchanged in dull market trade, dealers said.

The rupee closed at 185.70/186.00 to the US dollar on Wednesday against the US dollar.