LOLC reclaims the crown as Most Valuable Stock

ASPI ends sharply higher amid healthy turnover levels

By Hiran H. Senewiratne 

Financial services-heavy conglomerate LOLC regained the status as the most valuable stock in the Colombo Stock Exchange (CSE) achieving a price milestone after Expolanka closed lower following its meteoric rise, stock market analysts said yesterday.

LOLC recaptured lost glory as most valuable was short-lived as the share price gained by Rs. 16 or 3 percent  to cross the Rs. 500 mark to close at Rs. 507.50. This saw LOLC market capitalization move to Rs. 241.1 billion.  Around 1.87 million of LOLC shares changed hands via 2,149 trades for Rs. 965 million.

However, on Monday’s most valued, Expolanka did not survive the frenzied trading for the second day with a price gain due to profit taking. Expo saw 13 million of its shares change hands via 5,671 trades with a Rs. 1.6 billion turnover. The stock closed Rs. 2.75 or 2 percent lower to Rs. 120 with a market capitalisation of Rs. 234.58 billion, market analysts said.

Amid those developments market was bullished and the All Share Price Index touched the 200 point market but later the market witnessed some month end profit taking and could  not able to maintain that momentum  and settled down at 90 point mark. Commercial Leasing and Finance Plc became the highest contributor for the All Share Price Index out of 90 points 68.7 points came from the company and Expolaka contributed 12 points to the All Share Index.

Both indices moved upwards. All Share Price Indexc up by 90 points and S and P SL20 up by 13.44 points. Turnover stood at Rs 7.3 billion with three crossings. Those crossings were reported in Sanasa Development Bank, which crossed 1.5 million shares to the tune of Rs 76.6 million and its sahre price traded at Rs 51.10, Lanka Tiles 400,000 shares crossed for Rs 35 million and its share price traded at Rs 70 and Commercial Leasing and Finance 700,000 shares crossed for Rs 21 million and its share price traded at Rs 30.

In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs 1.46 billion (11.9 million shares traded), Hayleys Plc Rs 763 million (8.1 millions shares traded), LOLC Finance Rs 757 million (60.4 million shares traded), Commercial Leasing and Finance Rs 660 million (20.4 million shares traded) and million ) and Browns Investments Rs 496 million (65.8 million shares traded).

Further Sanasa Development Bank started trading yesterday in the CSE after the Secondary Public Offer, which issued 69.12 million shares to the stock market. Further, Laugfs Gas announced that they have resumed their commercial operations following the approval by the Consumer Affairs Authority for a price revision, market analysts said. During the day 287 million share volume changed hands in 55,000 transactions.