Share market recovers in mid-session subsequent to starting on negative note

By Hiran H.Senewiratne

CSE activities kicked off on a negative note yesterday due to the previous day’s profit-takings and rumours over possible tax increases in the budget proposals to be presented shortly in Parliament. However, during the middle of the session the market recovered, stock market analysts said.

The market reflected mixed reactions. The All- Share Price Index declined by 34.69 points (0.39 per cent) to end at 8793.39 and S and P SL20 gained 5.66 points (0.20 per cent) to end the day at 2871.89. Turnover stood at Rs 2.28 billion with three crossings. Those crossings were reported in Expolanka Holdings, where one million shares crossed to the tune of Rs 215 million; its shares traded at Rs 215, Citizens Developments Business and Finance 525,000 shares crossed to the tune of Rs 105 million, its shares traded at Rs 200 and JKH 500,000 shares crossed for Rs 61 million; its shares fetched Rs 122.

In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 359 million (1.6 million shares traded), Lanka IOC Rs 310 million (1.8 million shares traded), Hayleys Rs 93.4 million (963,000 shares traded), Lankem Development R82. 7million (2.5 million shares traded), Browns Investments Rs 59.2 million (7.7 million shares traded), LOLC Finance Rs 49.2 million (6.4 million shares traded) and TJLanka Rs 45.2 million (1.1 million shares traded). During the day 73 million share volumes changed hands in 24000 transactions.