Lanka IOC shares shoot up; turnover hits Rs. 4 billion

By Hiran H.Senewiratne

CSE trading started yesterday on a negative note due to profit- takings but subsequently turned positive on account of turnover touching Rs 4 billion.Lanka IOC and Expolanka had created a major significant move to the market, stock market analysts said. Market had been gaining for the last five sessions on positive sentiments and speculation hinted that the government has no idea of going for a fuel price revision. The Lanka IOC share price appreciated by six per cent or Rs 12. Its share price during the day shot up to Rs 206.75 from Rs 194.75.

Expolanka Holdings contributed more than 27 per cent to the turnover due to foreign buying and also high institutional participation in the market. Rs 1.1 billion in crossings resulted in the market turning positive.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 51.8 points and S and P SL20 rose by 26.8 points. Turnover stood at Rs four billion with four crossings. Those crossings were reported in Expolanka Holdings, which crossed 5.6 million shares to the tune of Rs 1.1 billion and its shares traded at Rs 198, Colombo Fort Land 6.5 million shares crossed to the tune of Rs 186 million and its shares traded at Rs 31, JKH 750,000 shares crossed to the tune of Rs 105 million, its shares fetched Rs 140 and Sampath Bank 556,000 shares crossed to the tune of Rs 20 million, its shares traded at Rs 36.

In the retail market top seven companies that mainly contributed to the turnover were Lanka IOC Rs 592 million (2.9 million shares traded), Expolanka Holdings Rs 346 million (1.7 million shares traded), Browns Investments Rs 170 million (26.9 million shares traded), First Capital Holdings Rs 154 million (5.5 million shares traded), Sampath Bank Rs 150 million (3.9 million shares traded), First Capital Treasuries Rs 134 million (5.5 million shares traded), and Capital Alliance Rs 93.6 million (4.1 million shares traded). During the day 126 million share volumes changed hands in 21,000 share transactions.

It is said that high net worth and institutional investor participation was noted in Expolanka Holdings, Asia Siyaka Commodities and Sierra Cables. Mixed interest was observed in Lanka IOC, Sunshine Holdings and First Capital Holdings, while retail interest was noted in SMB Leasing (voting and nonvoting), Browns Investments and LOLC Finance.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) while the sector index gained 1.29 per cent. The share price of Expolanka Holdings increased by Rs. 2.50 (1.30 per cent) to close at Rs. 195.50.

Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance), while the sector index increased by 2.19 per cent. The share price of LOLC Finance recorded a gain of 10 cents to close at Rs. 7.90.Yesterday the Central Bank announced the US dollar buying rate as Rs 361.25 and selling rate as Rs 371.72.