Investors going in for CSE’s low value stocks

By Hiran H.Senewiratne

Investors  are buying low value stocks in the CSE and this has become a sort of trend, CSE’s  Head- Research and New Products  Nishantha Hewavithana said.

” There is no manipulation in the CSE but basically investors are now interested in low value stocks, which in future may move up in price, Hewavithana told The Island Financial Review

However, both CSE indices went down following an announcement by Moody’s Investors Service, downgrading Sri Lanka’s sovereign rating, As a result, the All  Share Price Index went down by 30.48 points and  S and P SL20 declined by 16.75 points. Turnover stood at Rs. 3.15 billion with three crossings. Those crossings were reported in HNB, which crossed five million shares to the tune of Rs. 634 million at a per share value of Rs. 125, Hayleys Fabrics one million shares crossed for Rs. 24 million at a per share value of Rs. 24 and Commercial Bank 275,000 shares crossed for Rs. 22 million, the per share value being Rs. 80. 

In the retail market, top five contributors to the turnover were; HNB Rs. 557 million (4.45 million shares traded), Expolanka Rs. 161 million (14.8 million shares traded), Hayleys Fabrics Rs. 158.5 million (6.4 million shares  traded), Commercial Bank Rs. 130.8 million (1.6 million shares traded) and Sampath Bank Rs. 120.2 million (896,000 shares traded). During the day  163 million share volumes changed hands in 22290 transactions. 

Softlogic Capital PLC has agreed to acquire 33,063,877 ordinary shares amounting to 49.67 percent of the issued ordinary shares of Abans Finance PLC from its major shareholder Abans PLC at a price of Rs.30.10 per share, subject to the receipt of all regulatory approvals for the acquisition.