LOLC Group sees profit-taking; indices slide

By Hiran H.Senewirane

CSE trading commenced on a positive note yesterday but later turned negative when the LOLC Group of companies witnessed profit-taking in all the companies of the Group. But later other companies too noted the same trend, stock market analysts said.

The All Share Price Index shed 127 points and the S&P SL20 declined by 1.2% or 34.7 points. Year-to-date (YTD) on September 3, the ASPI was up 37.5 percent and S&P SL20 up by 32.4 percent.

According to stock brokers, the stock market dipped by 1 percent yesterday owing to investors taking profit after record-high prices, while activity remained robust with over Rs. 5.6 billion in turnover being recorded with seven crossings. Those crossings were reported in HNB (Non Voting), where 4.5 million shares crossed to the tune of Rs. 597 million, its shares traded at Rs. 130, Acme Printing eight million shares crossed for Rs. 96 million, its shares traded at Rs. 12, Vallibel One eight million shares crossed for Rs. 64 million, Sampath Bank one million shares crossed for Rs. 51.5 million, its shares traded at Rs. 51.50, Renuka Holdings 2.5 million shares crossed for Rs. 40 million, its shares fetching Rs. 14, CCS 66500 shares crossed for Rs. 32. 7 million, its share price being Rs. 58 and Alliance Finance 410,000 shares crossed for Rs. 24.6 million, its shares trading at Rs. 60.

In the retail market, five companies that mainly contributed to the turnover were, Expolanka Rs. 2.7 billion (14.9 million shares traded), Browns Investments Rs. 1.9 billion (185 million shares traded), LOLC Holdings Rs. 379 million (635,000 shares traded), Royal Ceremic Rs. 299 million (6.8 million shares traded) and Hayleys Rs. 265 million (2.3 million shares traded). During the day 500.4 million share volumes changed hands in 46000 transactions.

It is said that high net worth and institutional investor participation was noted in Sunshine Holdings. Mixed interest was observed in Expolanka Holdings, Hemas Holdings and LOLC Holdings, while retail interest was noted in HNB voting and non-voting and Browns Investments.