‘Unexplained jump’ in Chemanex share price: market analysts

by Hiran H. Senewiratne 

Activities on the Colombo Stock Exchange (CSE) were sluggish yesterday, but an unusual  share price increase was witnessed in  Chemanex Plc, one of the leading producers and importers of industrial chemicals and intermediates in Sri Lanka.

Its share price increased by 25 percent or Rs. 18.60 without any proper reasons and became one of the main retail market contributors to the turnover, stock market analysts said.

Its share price started trading at Rs. 74.60 per share and at the end of the day it shot up to Rs. 93.20.

Amid those developments market activities indicated mixed reactions. All Share Price Index down by 12.93 points and S and P SL20 up by 3.28 points. The turnover stood at Rs 1.24 billion without a single crossing.

In the retail market companies that mainly contributed to the turnover were Dip Products Rs 310 million (one million shares traded), Expolanka Rs 105 million (4.08 million shares traded), Kelani Tyre Rs 72.4 million  (899,000 shares traded), Central Industries Rs 70.6 million (645,000 shares traded) Commercial Bank Rs 49 million (640,000 shares traded) and Chemanex Rs 44.5 million (510,000 shares traded). During the day 39.04 million share volume changed hands in 16,553 transactions.