Expolanka Holdings emerges top player; contributes 130 points to ASPI

By Hiran H. Senewiratne

The CSE bounced back yesterday as investor sentiment improved, though turnover was relatively low in comparison to recent highs. It was noted throughout the day that index heavy Expolanka Holdings was the top player in the market by contributing 130 points to the All- Share Price Index, stock market analysts said.

Yesterday Expolanka Holdings’ shares recorded an 8 per cent or Rs 26 price appreciation/gain. Its shares started trading at Rs 312.50 and at the end of the day they shot up to Rs 338.50. But an exceptional price appreciation was noted in Lanka Milk Food PLC, due to the government announcement of imported milk powder price restrictions due to the acute Forex crisis in the country. Its share price moved up or appreciated by Rs 39.50 or 18 per cent. Its price yesterday shot up to Rs 264.50 from Rs 225.

During the day manufacturing sector counters, especially tile sector counters and investor favorite blue chip companies, such as Expolanka, LOLC Group of companies indicated gains.

Both indices were up and were positive The All- Share Price Index gained by 2 per cent or 215.05 points and the S&PSL20 improved by two per cent or 88.74 points. Turnover amounted to Rs. 6.9 billion, involving 350 million shares with four crossings.

Those crossings were reported in HNB, which crossed 260,000 shares to the tune of Rs 36.9 million and its shares traded at Rs 142, Melstacorp 600,000 shares crossed for Rs 34.2 million, its shares trading at Rs 57, Sampath Bank 638,000 shares crossed for Rs 34.1 million, its shares traded at Rs 53.50 and Sanasa Development Bank 450,000 shares crossed for Rs 20.7 million; its shares fetching Rs 46.

In the retail market, the companies that mainly contributed to the turnover were; Expolanka Rs 1.2 billion (3.8 million shares traded), Browns Investments Rs 438 million (30.4 million shares traded), Royal Ceramic Rs 314 million (4.3 million shares traded), LOLC Finance Rs 309 million (311,000 shares traded), Hayleys PLC Rs 254 million (2.2 million shares traded) and Commercial Leasing and Finance Rs 226 million (6.8 million shares traded). During the day 350 million share volumes changed hands in 51,000 share transactions.

Yesterday, the US dollar was quoted at Rs 202.90, which is the controlled price of the Central Bank to prevent escalations in prices of essential imported items. The controlled price set by the Central Bank is Rs 203 per US dollar. This artificial price control will have long term economic repercussions. However, in the outside market the US dollar rate touched Rs 250, market sources said.