Positive momentum at CSE despite unrest in Galle Face area

By Hiran H.Senewiratne

CSE trading started on a positive note and the momentum continued until the end of the day with the index weighted companies showing considerable gains in the market despite yesterday’s unruly situation in the Galle Face area, stock market analysts said.

Several leading index-weighted entities, including LOLC Holdings, Expolanka Holdings, Browns Investments and several other companies registered significant gains yesterday. Amid those developments both indices moved upwards. The All- Share Price Index went up by 89.1 points and S and P SL20 rose by 35.5 points. Turnover stood at Rs 981 million without any crossings.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 367 million (2.2 million shares traded), Browns Investments Rs 101 million (17 million shares traded), Commercial Bank Rs 98.8 million (1.9 million shares traded), LOLC Finance Rs 54 million (8.5 million shares traded), Royal Ceramic Rs 39.5 million (1.3 million shares traded), Lanka IOC Rs 38.7 million (1.1 million shares traded) and LOLC Holdings Rs 33.3 million (730,000 shares traded). During the day 47.7 million share volumes changed hands in 11,000 transactions.

Sri Lanka’s commercial banks quoted Rs 375 to the dollar for telegraphic transactions yesterday, while only a handful of maturities were quoted in the secondary, participants said.

The Central Bank’s indicative spot was quoted at Rs 364.76 against the US dollar, down from Rs 358.5 against the US dollar on Friday.

The Central Bank was quoting the dollar TT rate on Monday at Rs 361.7/374.9 against the US dollar, almost close to the commercial bank rates. The kerb market ended the week at around Rs 397/400 to the US dollar on May 07.