Interest in index-heavy markets boosts bourse

By Hiran H. Senewiratne

Yesterday, CSE trading activities were negative at the beginning, due to profit- taking in Expolanka Holdings and LOLC Group counters. However, later the market turned positive due to buying interest in index heavy counters, stock market analysts said.

A notable transaction was announced in Ceylon Investments PLC, where they highlighted a share purchase agreement of 993000 shares at Rs 102.70 per share. Under this arrangement, shareholders who have 102 shares are entitled to purchase a new share.

Amid those developments both indices moved up. The All-share price index went up by 72.08 points and S and P SL 20 rose by 45.7 points. Turnover stood at Rs 4.8 billion with 4 crossings. Those crossing were reported in Nestle Lanka, which crossed 141000 shares to the tune of Rs 172 million, its shares traded at Rs 1221, Royal Ceramic 1.2 million shares crossed for 91.9 million, its shares traded at Rs 76, Access Engineering 1 million shares crossed for RS 32.5 million, its shares traded at Rs 32.50 and Hayleys 159000 share crossed for 20.4 million, its shares being Rs 100.30 each.

In the retail market, top 5 companies that mainly contributed to the turnover were; Hayleys Rs 751 million (5.6 million shares traded), Expolanka Holdings Rs748 million (1.9 million shares traded), Browns Investments RS 539 million (38.5 million shares traded), Access Engineering Rs 189 million (5.4 million shares traded) and LOLC Holdings Rs 154 million (138000 share traded).

During the day 314 million share volumes changed hands in 35000 transactions.

Yesterday the US dollar was quoted at Rs 201.57, which was the Central Bank controlled price. This artificial suppression of the rupee will create an adverse impact on the economy, observers re-iterated.