Stocks buoyant on positive sentiments

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE)  gained over two percent within the first hour of trade yesterday and was able to maintain 100 points throughout the day. Apparently, the restoration of political stability in the country to a considerable degree and the sentiments expressed by U.S. investment bank JPMorgan last week backing Sri Lanka’s crisis-hit government bonds continue to give confidence to stock market investors, market analysts said.

Amid those developments most blue-chip counters made significant gain, especially Expolanka Holdings, which contributed approximately 40 percent to the turnover.Expolanka Holdings share price appreciated by 9 percent of Rs 22. Its share price moved to Rs 239.50 from RS 219.50. The main All Share Price Index jumped 3 percent or 299  points The most liquid index S&P SL20 moved up 3 percent or 105..9 points. Turnover stood at Rs 2.7 billion without a single crossing.

In the retail market top seven companies that mainly reported from Expolanka Holdings Rs one billion (4.3 million shares traded), Browns Investments Rs 465 million (50.4 million shares traded), LOLC Finance Rs 267 million (26.4 million shares traded), Lanka IOC Rs 125 million (2.4 million shares traded), Softlogic Holdings Rs 117  million (1.5 million  shares traded) LOLC Holdings Rs 95.5 million (157,000 shares traded) and JKH Rs 62.2 million (465,000 shares traded). During the day 153 million share volume changed hands in 23000 share transactions.