Profit-taking in LOLC Group as banking sector performs okay

By Hiran H.Senewiratne 

The CSE witnessed mixed reactions yesterday following two extreme heated sessions last Friday and Monday but  could not maintain its momentum as profit takings took place across the board, specially in the LOLC Group of companies. However, the banking sector performed well yesterday, stock market analysts said. 

The All Share Price Index went down by 113.69 points and S and P SL20 rose by 55.73 points. Those companies which affected the All Share Price Index were LOLC, whose shares started trading at Rs. 265.25 and at the end of the day they moved down to Rs. 230. Its share price went down by Rs. 35.25 or 13 percent.

Expolanka shares started trading at Rs. 53.80 and at the end of the day they moved down to Rs. 50, which was a Rs. 3.80 or 7 percent fall, Browns Investments (LOLC Group)  started trading at Rs. 7.30 and at the end of the day it moved down to Rs. 6.90, which was a 40 cents or 5.5 percent price fall, LOLC Finance (LOCL Group) shares started trading at Rs. 9.40 and at the end of the day they moved down to Rs. 7.80, which was a Rs. 1.50 or 19 percent fall. Commercial Leasing shares started trading at Rs. 10.60 and at the end of the day they moved down to Rs.9, which was a Rs. 1.90 or 19 percent decline.

 Amid of those developments banking sector counters,  especially Commercial Bank, Sampath Bank, HNB and Pan Asia Bank performed well and their shares also appreciated significantly during the day. Commercial Bank  share prices started at Rs. 88.70 and at the end of the day they moved up to Rs. 96.20.Its price appreciated by Rs. 6.30 or seven percent. Sampath Bank shares started trading at Rs. 146.75 and at the end of the day moved up to Rs. 162, which was a Rs. 12.25 or eight percent price appreciation, HNB shares started trading at Rs. 132.50 and at the end of the day they moved up to Rs. 139, which was a Rs. 4.50 or 3.4 percent price appreciation and Pan Asia Bank shares started trading at Rs. 15 and at the end of the day they moved to Rs. 18.69, which was a Rs. 3.60 or 24 percent price appreciation.

Yesterday the turnover stood at Rs. 11.4 billion with  six crossings. Those crossings were reported in  Commercial Bank, which crossed two million shares to the tune of Rs. 180 million and its share traded at Rs. 90, HNB, 950,000 shares crossed for Rs. 125.5 million, its shares traded at Rs. 129, Dialog 5.8 million shares crossed for Rs. 73 million its share traded at Rs. 12.60, JKH 400,000 shares crossed for Rs. 64.8 million, its shares traded at Rs. 162, Central Finance 500,000 shares crossed for Rs. 44 million, its shares traded at Rs. 88 and Renuka Capital 2.5 million shares crossed for Rs. 20.5 million, its shares traded at Rs. 8.20.

Further in the retail market top six contributors to the turnover were; Browns Investments Rs. 1.47 billion (210 million shares traded), Access Engineering Rs. 1.04 billion (32.2 million shares traded), Expolanka Rs. 991 million (19.4 million shares traded),  LOLC Holdings Rs. 574 million (2.3 million shares traded), HNB Rs. 561 million (4.1 million shares traded) and JKH Rs. 541 million (3.4 million shares traded). During the day 690 million share volumes changed hands in  63438 transactions. 

Sri Lanka’s rupee was quoted around 194.50/196.00 in the spot-next market on Tuesday while bond yields eased, dealers said. Rupee last closed around 194.50/195.00 in the spot-next market on Monday against the greenback.