Subdivision of shares by Associated Motor Finance; CSE turnover Rs. 5.57 billion

By Hiran H.Senewiratne

Associated Motor Finance has announced a subdivision of shares on the basis of one share to be subdivided into 12 new shares. They have subdivided 9.4 million shares into 113 million shares. With this subdivision of shares its share price appreciated by 13 percent or Rs. 22.75 from Rs. 175.25 to Rs. 200, stock market analysts said.

With those developments, CSE trading was happening in a positive manner at the beginning but later declined due to lockdown speculation. As a result, CSE activities showed mixed reactions. All Share Price Index went down by 45.47 points and S and P SL20 rose by 1.57 points. Turnover stood at Rs. 5.57 billion without a crossing.

In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 1.65 billion (16.4 million shares traded), Browns Investments Rs. 537 million (76.1 million shares traded), Hemas Holdings Rs. 442.7 million (6.3 million shares traded), Cargills Rs. 341 million (1.4 million shares traded) and Hayleys Fabrics Rs. 294.3 million (9.3 million shares traded). During the day 225 million share volumes changed hands in 39000 transactions.

The price indices in the Colombo bourse reflected mixed reactions yesterday after whooping gains in previous sessions despite high turnover as investor sentiments were dampened by calls for a lockdown as well as consequent to the revision in policy rates by the Central Bank, analysts said.

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