LOLC Group share prices impact CSE

By Hiran H.Senewiratne 

CSE activities were negative throughout yesterday as the LOLC Group witnessed some share price declines, because  LOLC Holdings’ strategic investment arm, Browns Investments, had entered into an MoU with China Harbour Engineering Company Limited (CHEC) recently.  

This MoU was signed last year  to commence the Colombo International Finance Center (CIFC) mixed development project in the Colombo Port City (CPC). Several petitions have been filed  against the Port City Bill before the Supreme Court. Any delays in implementing the Port City Bill, consequent to any court decisions, could affect Browns Investments business  interests, stock market analysts said.

Further, profit taking  that was witnessed last Friday continued yesterday as well. Both indices moved downwards. All Share Price Index went down by 47.07 points and S and P SL20 declined by 28.51 points. The turnover stood at Rs. 2.98 billion with three crossings. Those crossings were reported in HNB, which crossed 850,000 shares to the tune of Rs. 112.2 million, its shares traded at Rs. 132, Swisstech 2.1 million shares crossed for Rs. 53 million, its shares traded at Rs. 30 and Lanka Walltiles 500,000 shares crossed for Rs. 26.6 million, its shares fetched Rs. 53.10.

In the retail market top five companies that mainly contributed to the turnover were; Royal Ceramic Rs. 540 million (1.6 million shares traded), Browns Investments Rs. 452 million (71 million shares traded), Dipped Products Rs. 187.4 million (3.1 million shares traded), Hayleys Rs. 170.5 million (2.1 million shares traded) and Lanka Walltiles Rs. 160 million (three million shares traded). During the day, 126.8 million share volumes changed hands in 19911 transactions.

The Sri Lankan rupee further appreciated against the US dollar with the buying rate of the dollar dropping to Rs. 187.93 yesterday, according to Central Bank’s daily exchange rates.

The selling rate of the US dollar has, meanwhile, reached Rs. 191.97, while this is the first time the selling rate has dropped below the 200-mark since March 15, 2021.

This is also the lowest selling rate of the US dollar recorded after January 08, 2021.

The selling rate of the US dollar had reached the highest figure in the country’s history on April 15 when it climbed to 204.62, while it had dropped back to 201.28 the following day.

According to the Central Bank of Sri Lanka, as of April 16, the Sri Lankan rupee has depreciated by 6.8% against the US dollar so far this year.