Share market sluggish despite trading time extension

By Hiran H.Senewiratne

Share market activities were not up to a satisfactory level yesterday despite the CSE expanding trading time by one and a half hours, a stock market analyst observed.

The stock market edged -up in mid- day trade with both indices trending upwards despite the turnover level not being satisfactory. However, Thalawakele Plantations shares appreciated by 25 per cent with the payment of attractive dividends to shareholders. Buying interest was also noted in Expolanka Holdings, which appreciated its share price by 11 per cent. These two companies’ price appreciations drove the market to positive territory, market analysts said.

Thalawakele Plantations paid Rs 17.35 per share as dividend for its shareholders, which appreciated its share by 25 per cent or Rs 20.70. Its share price moved up to Rs 103.50 from Rs 82.80, while Expolanka Holdings’ share price appreciated by 11 per cent or Rs 16.25. Its share price moved to Rs 162.50 from Rs 146.25.

The All- Share Price Index went up 71.63 points and S and P SL 20 rose by 46.8 points. Turnover stood at Rs 1.29 billion with five crossings. Those crossings were reported in Royal Ceramic , which crossed four million shares to the tune of Rs 120 million and its shares traded at Rs 30, Lanka Wall Tiles 1 million shares crossed for Rs 50 million, its shares traded at Rs 50, Ceylon Cold Stores one million shares crossed for Rs 40 million; its shares traded at Rs 40, Hayley 500,000 shares crossed to the tune of Rs 30 million and its shares fetched Rs 72 and Laughs Gas (Non- Voting) 1.5 million shares crossed for of Rs 33 million and its shares traded at Rs 22.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 352 million (2.2 million shares trades), JKH Rs 53.7 million (389,000 shares traded), Thalawakele Plantations Rs 41.3 million (406,000 shares traded), ACL Cables Rs 40.5 million (484,000 shares traded), Royal Ceramic Rs 30 million (one million shares traded), Softlogic Capital Rs 26.2 million (2.5 million shares trades) and Lanka Wall Tiles Rs 25.3 million (507,000 shares traded). During the day 75.2 million share volumes changed hands in 15000 transactions.

Yesterday, the Central Bank’s US dollar buying rate was Rs 311.63 and the selling rate Rs 327.72.