LOLC Group companies indicate buying interest; main CSE indices up

By Hiran H.Senewiratne

CSE managed to close marginally on the up but ended last week on a negative note for the first time in almost a month. But yesterday stock market activities were somewhat positive. At the beginning the bourse was not active and during the latter part of the day several companies in the LOLC Group, mainly Commercial Leasing and Finance, LOLC Development Finance (NIFL) and LOLC Finance (LOFC), indicated some buying interests, stock market analysts said.

Commercial Leasing and Finance was the main contributor to the All- Share Price Index, contributing 74.4 points. Its shares appreciated by 16 percent or Rs 5.20. Its shares started trading at Rs 32.20 and at the end of the day’s trading share value moved up to Rs 37.40. NIFL share prices appreciated by Rs 15.75 or three percent. Its shares started trading at Rs 484 and at the end of the day they appreciated to Rs 502. and LOFC shares appreciated by three percent of 30 cents at the end of the day’s trading.

With those developments, market sentiments were positive, particularly with the approval of a US$ 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis. Both indices moved upwards. All Share Price Index went up by 104.2 points and S and P SL20 rose by 10.5 points. Turnover stood at Rs 2.7 billion with four crossings. Those crossings were reported in Ceylon Cold Stores, where 191,000 shares crossed for Rs 115.1 million, its shares traded at Rs 600, HNB 263,000 shares crossed for Rs 39.4 million, its shares traded at Rs 156, Lanka IOC one million shares crossed for Rs 27.5 million, its shares traded at Rs 27.50 and JAT Holdings one million shares crossed for Rs 24 million, its shares fetched Rs 24.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 387 million (1.9 million shares traded), Royal Ceramic Rs 272 million (5.4 million shares traded), ACL Cables Rs 228 million (4.5 million shares traded), Commercial Leasing Rs 214 million (5.9 million shares traded) and Kotagala Plantations Rs 97.7 million (14.1 million shares traded). During the day 159 million share volumes changed hands in 27000 transactions.

Yesterday, the Sri Lanka rupee was quoted at Rs 200.86 per US dollar, which was the Central Bank’s controlled price, which put a maximum price of Rs 202 to prevent increases in prices of essential goods.