SGH Holdings drives CSE; Lanka IOC shares most sought after

By Hiran H. Senewiratne

The CSE edged up in mid- market trade yesterday. It was driven by SGH Holdings which once again bought shares of Expolanka by way of a crossing. Lanka IOC shares, meanwhile, became the most sought after shares in the market, stock market analysts said.

The Expolanka crossing featured the purchase of seven million shares at a cost of Rs 1.97 billion by SGH Holdings. Lanka IOC pushed the stock market into more comfortable territory, market analysts said.

The Lanka IOC share price appreciated by five per cent or Rs 12, up from Rs 228.25 to Rs 240.25. It created some positive sentiment for the market. The reason being that Lanka IOC and CPC are enjoying high profit margins with high local diesel and petrol prices, when international prices are at a lower range, analysts said.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 38.5 points and S and P SL20 rose by 18.5 points. Turnover stood at Rs 3.5 billion with a single crossing. The crossing was reported in Expolanka Holdings, which crossed seven million shares to the tune of Rs 1.47 billion, its shares traded at Rs 210.

In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 697 million (2.9 million shares traded), Expolanka Holdings Rs 198 million (956,000 shares traded), hZenid Business Solutions Rs 180 million (10.7 million shares traded), LOLC Finance Rs 149 million (17.6 million shares traded), Browns Investments Rs 120 million (14.7 million shares traded), Nestle Rs 92.7 million (106,000 shares traded) and First Capital Treasuries Rs 51.2 million (1.9 million shares traded).

Expolanka Holdings contributed approximately 50 per cent of the turnover. During the day 88.8 million shares changed hands in 16000 transactions.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 361.19 and the selling rate Rs. 371.71.