Stock Market investors keep cool despite foreign reserves hit more than USD 3 bn

By Hiran H.Senewiratne 

Trading activities on the Colombo Stock Exchange (CSE) yesterday showed some positivity as Central Bank Governor Ajith Nivard Cabraal announced that foreign reserves level has reached more than US $ three billion, stock market analysts said.

Although the entire market did not bustle with the statement, plantation sector counters showed significant price gain with the government’s announcement on releasing chemical fertilizer to the plantation sector soon, market analysts said.

Those plantation companies that indicated gains were Maskeliya Plantations, which recorded 25 percent or Rs 3.90 gain. Its share price startered trading at Rs 15.60 at the end of the day it moved to Rs 19.50, Bogawantalawa Plantations share price appreciated by 25 percent or Rs 6.10. Its share price startered trading at Rs 24.40 and at the end of the day it moved to Rs 30.50. Udupussalawa Plantations share price appreciated by 25 percent or Rs 16.40. Its share price startered trading at Rs 65.60 at the end of the day it moved to Rs 82, Hapugastenne Plantations share price appreciated by 25 percent or Rs 10.50. Its share price shot up to Rs 52.70 from Rs 42.20, Elpitiya Plantations share price appreciated by 14 percent or Rs 16.50. Its share price shot upto Rs 134.75 from Rs 118.25, Madulsima Plantations share price appreciated by 25 percent or Rs 2.90. Its share price shot upto Rs 14.70 from Rs 11.80, Kelanivalley Plantations share price gained by 10 percent or Rs 8.30. Its share price shot upto Rs 90.30 from Rs 82.50 and Watawala Plantations share price appreciated by six percent or Rs 6.75.

Further, the new entrant to the stock market hSenid share price also showed significant gain of Rs 5.30 or 23 percent . Its share price startered trading at Rs 23 at the end of the day it shot upto Rs 28.30.

Amid those developments both indices moved upwards. All Share Price Index up by 7.48 points and S and P SL20 up by 8.12 points. Turnover stood at Rs 5.8 billion with four crossings. Those crossings were reported in Melstacope , which crossed eight million shares to the tune of Rs 440 million and its share price traded at Rs 55, Commercial Bank 5.3 million shares crossed for Rs 416 million and its share price traded at Rs 78.50, Sinhaputhra Finance 4.9 million shares crossed for Rs 115 million and its share price traded at Rs 24 and Royal Ceramic 575,000 shares crossed for Rs 42.5 million and its share price traded at Rs 74.

In the retail market top seven companies that mainly contributed to the turnover were SMB Leasing Rs 326 million (147 million shares traded), SMB Leasing (Non Voting) Rs 292 million (452 million shares traded), Expolanka Holdings Rs 291 million (780,000 shares traded),hSenid Rs 280 million (10.4 million shares traded), Browns Investments Rs 278 million (19.5 million shares traded), Elpitiya Plantations Rs 181 million (1.3 millions shares traded) and Lanka IOC Rs 177 million (2.4 million shares traded). During the day 809 million share volume changed hands in 51,000 share transactions of the day.

It was said that high net worth and institutional investor participation was noted in Citizens Development Business Finance, Melstacorp and Commercial Bank. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Renuka Holdings whilst retail interest was noted in SMB Leasing (Voting) and( Non-Voting). Separately Hayleys Fabric announced an interim dividend of 40 cents per share.