JKH shares appreciate with firming of SLPA West Container Terminal deal

By Hiran H.Senewiratne

CSE trading activities became positive yesterday due to improved investor sentiment stemming from the opening of the country after the one month lockdown, proper administration of the vaccination programme for the people by the government , releasing of a road map for the development of the economy by the Central Bank Governor Ajith Nivard Cabraal and the firming of a strategic deal concerning the Colombo Port, the Adani Group signed on a build-operate-transfer (BOT) basis with its local partner JKH and the Sri Lanka Ports Authority (SLPA). The aim of the latter is to jointly develop the SLPA’s West Container Terminal (WCT), stock market analysts said.

While the Adani Group has been in talks with JKH, one of the largest conglomerates in Sri Lanka, on aspects of design and a probable timeline for execution, Thursday’s agreement among all three stakeholders will bear details of the execution of the project, officials in Colombo, who are familiar with the negotiations, revealed to The Hindu newspaper. Owing to this US $ 700 million deal, JKH shares appreciated by Rs. 3.25 or 2.2 percent. Further, JKH became the second largest contributor to the All Share Price Index, which contributed 9.6 points.

Both CSE indices moved upwards. The All Share Price Index went up by 49.3 points and S and P SL20 rose by 49.1 points. Turnover stood at Rs. 6.9 billion with five crossings. Those crossings were reported in JKH, which crossed three million shares to the tune of Rs. 447 million and its shares traded at Rs. 149, Brown and Company 900,000 shares crossed for Rs. 180.6 million, its shares traded at Rs. 202, Expolanka Holdings 700,000 shares crossed for Rs. 140 million, a share traded at Rs. 200, Nation Development Bank 500,000 shares crossed for 38.2 million, its shares traded at Rs. 76.50 and Alumex 2.5 million shares crossed for Rs. 39 million, its shares fetched Rs. 12.

In the retail market, five companies that mainly contributed to the turnover were; Expolanka Holdings Rs. 1.95 billion (9.8 million shares traded), Brown and Company Rs. 918 million (88.7 million shares traded), LOLC Holdings Rs. 515 million (824,000 shares traded), JKH Rs. 426 million (2.8 million shares traded) and Ambeon Capital Rs. 305 million (20.3 million shares traded traded). During the day 284 million share volumes changed hands in 39000 transactions. Hotel sector counters showed a bit of price appreciation due to positive external environmental factors. Jetwing Symphony Hotel shares appreciated and the entity announced that they do not possess any undisclosed price sensitive information.

A director attached to Browns Investments, Kamantha Amarasekera, gifted five million shares worth Rs. 9.90 per share to the charitable organization, Helpage, amounting to Rs. 49.5 million.

Several more Hayleys Group companies announced interim dividends. Dipped Products declared a 95 cents per share first interim dividend, Alumex announced a 10 cents per share first interim and for Hayleys Fabric it was a 40 cents per share first interim. Haycarb on Tuesday announced an 80 cents per share first interim dividend.

Yesterday 1 US dollar was equal to 199.87 Sri Lankan rupees. This is liable to change depending on the Central Bank policy announcement today.


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