Share depreciations in some LOLC Group companies

By Hiran H.Senewiratne

The CSE yesterday survived a choppy day of sentiments to close marginally on the up by 0.5 per cent amid healthy turnover. At the beginning stock market activities were positive, however, during the middle of the day price depreciation was witnessed in LOLC Group counters, especially Commercial Leasing and Finance and LOLC Finance, stock market analysts said.

Amid those developments mixed reactions were witnessed in both indices. All Share Price Index went down by 67.10 points and S and P SL20 rose by 1.73 points. Turnover was Rs.5. 6 billion though the volume of shares traded was a high 617 million with a single crossing. The crossing was reported in Kotagala Plantations, which crossed 15.5 million shares to the tune of Rs 121.6 million and its shares traded at Rs 7.80. It is said that Lanka IOC shares appreciated by 15 per cent or Rs 5.40.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs one billion (3.5 million shares traded), Browns Investments Rs 591 million (41.2 million shares traded), SMB Leasing Rs 369 million (241 million shares traded), Lanka IOC Rs 340 million (8.7 million shares traded), LOLC Finance Rs 224 million (10.4 million shares traded). JKH Rs 162 million (1.1 million shares traded) and Commercial Leasing and Finance Rs 148 million (4.9 million shares traded).

During the day Commercial Leasing and Finance contributed the highest negative points to the All- Share Price Index, which amounts to 45.7 points and LOLC Finance contributed 34.12 negative points to the All- Share Price Index. These two index heavy companies dragged the All- Share Price Index to negative territory. 617 million share volumes changed hands in 43000 transactions. Capital Alliance IPO was oversubscribed 8.5 times.

Yesterday the US dollar rate quoted in the market was Rs 202.36, which was the Central Bank controlled price and its actual rate was touching Rs 250. This forced suppression of the dollar would create fiscal issues in the future, market sources said.