CSE’s poultry sector counters see price appreciations

By Hiran H.Senewiratne

The CSE yesterday closed on a positive note mainly due to the high market cap but illiquid stocks of the LOLC Group companies, especially Commercial Leasing and Finance and LOLC Finance, share price appreciations during the latter part of the day. They had gone through negative sentiments at the beginning, stock market analysts said.

LOLC Group companies’ share prices in Commercial Leasing and Finance and LOLC Finance appreciated without a reason but exceptional price appreciation was noted in poultry sector counters by 10 per cent, namely Bahira, Grain Elevators and Three Acre Farms.

Bahira Farms share price appreciated by 12 per cent or Rs 28. Its share price shot up to Rs 258.27 from Rs 230.25. Grain Elevators share price increased by 10 per cent or Rs 11.25. Its shares moved up to Rs 128 from Rs 116 and Three Acre Farms’ share price appreciated by 13 per cent or Rs 28.75. Its share price moved to Rs 254.25 from Rs 226.

Amid those developments both indices moved upwards. All Share Price Index went up by 157 points, and the S&P SL20 rose by 35.9 points. Turnover reached Rs. 5.5 billion, while volume was very high at 490 million shares with several crossings.

Those crossings were reported in JKH, which crossed one million shares to the tune of Rs 145 million and its shares traded at Rs 145, Renuka Hotel PLC 880,000 shares crossed for Rs 79.9 million, its shares traded at Rs 90.80. Durdans Hospitals 400,000 shares crossed for Rs 54.8 million, its shares traded at Rs 137, Brown and Company 100,000 shares crossed for Rs 30 million and its shares traded at Rs 300, Renuka Holdings 1.2 million shares crossed for Rs 21.9 million, its shares fetched Rs 17.30 and Dipped Products 400,000 shares crossed for Rs 20.2 million, its shares traded at Rs 50.50.

In the retail trade, the top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 759 million (2.4 million shares traded), Browns Investments Rs 518 million (36.5 million shares traded), LOLC Finance Rs 377 million (16.9 million shares traded), Commercial Leasing and Finance Rs 238 million (7.9 million shares traded), Tokyo Cement (Voting) Rs 178 million (2.9 million shares traded), Expack Corrugated Cartons Rs 175 million (7.4 million shares traded) and Tokyo Cement (Non Voting) Rs 173 million (3.4 million shares traded). .

It is said that following a strong first half boosted by a steady rise in Expolanka, the ASPI slipped lower and eventually closed on a positive note due to price appreciations in the LOLC Group of companies. Activity continued at healthy levels with turnover led by retail and crossings.

Further, high net worth and institutional investor participation was noted in poultry sector counters. Mixed interest was seen in Tokyo Cement voting and non-voting and Browns Investments Group of companies. During the day 490 million shares volumes changed hands in 41000 share transactions.

Yesterday, the US dollar rate quoted at Rs 201.83, which was the Central Bank controlled price. The Central Bank imposed a Rs 203 controlled price to prevent price escalations of essential items due to appreciation of the dollar against the rupee.