Expolanka Holdings and Hayleys power share market

By Hiran H.Senewiratne

The CSE was extremely bullish and the market was driven by blue-chip companies yesterday. Further, shares gained over 2 per cent in mid-day trade pushed by index heavy counters, especially Expolanka Holdings and Hayleys, stock market analysts said.

The indices closed higher for a tenth consecutive session yesterday, although witnessing a reversal to the downside at the back of the session as investors reacted to the long-pending announcement made by the Public Utilities Commission (PUCSL), approving the Ceylon Electricity Board (CEB)’s proposal to increase electricity tariffs by an average of 75 per cent.

Amid those developments, the stock market showed outstanding growth yesterday as the All- Share Price Index gained 206.17 points or 2.4 per cent and closed at 8706.17 points and S and P SL20 rose by 158.86 points. Turnover stood at Rs 4.5 billion with three crossings. Those crossings were reported in CTC, which crossed 48000 shares to the tune of Rs 28.2 million, its shares traded at Rs 583, JKH 199,000 shares crossed to the tune of Rs 23.7 million; its shares traded at Rs 119 and Melstacorp 477,000 shares crossed to the tune of Rs 22.7 million, its shares fetching Rs 47.50.

In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Rs 1.3 billion (6.2 million shares traded), Lanka IOC Rs 614 million (4.3 million shares traded), Melstacorp Rs 230 million (4.7 million shares traded), Hayleys Rs 210 million (two million shares traded), JKH Rs 207 million (1.7 million shares traded), LOLC Holdings Rs 153 million (260,000 shares traded) and CIC Holdings Rs 141 million (2.4 million shares traded). During the day, 115 million share volumes changed hands in 33000 share transactions.

It is said high net worth and institutional investor participation was noted in Watawala Plantations, Citizens Development Business Finance and Commercial Bank. Mixed interest was observed in Lanka IOC, Expolanka Holdings and JKH, while retail interest was noted in Browns Investments, SMB Leasing and LOLC Finance.

Energy sector was one of the top contributors to the market turnover (due to Lanka IOC), while the sector index gained 4.89 per cent.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Watawala Plantations) Expolanka Holdings, JKH and Melsacorp were also included among the top turnover contributors. The Expolanka share price moved up by Rs 23.50 or 12 per cent. Its share price moved to Rs 225 from Rs 195.25 and Hayleys share price appreciated by 18 per cent or Rs 15.85. Its share price rose to Rs 106.25 from Rs 90.40.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 357.30 and its selling rate Rs 368.61.