Lanka IOC stocks thrive as India considers economic relief package for Sri Lanka

By Hiran H.Senewiratne

The trading activites in the Colombo Stock Exchange  (CSE) yesterday were positive throughout the day and most counters indicated considerable buying interest. However, exceptional buying interest was noted in Lanka IOC stocks, which reflected that investor confidence had increased in those stocks following the announcement by the Indian government’s relief package for Sri Lanka, market analysts said.

It is said that the Indian government is considering an emergency economic relief package for Sri Lanka and under this package India is also planning to supply refined oil to the country.

With this news, the  buying interest propped up on  Lanka IOC Plc stocks. Its  share  price appreciated by 32 percent or Rs 16 during the day. Its share price startered trading at Rs 49.10 at the end of the day it shot up to Rs 65.10.

Amid those developments both indices moved upwards. All Share Price Index up by 180.65 points and S and P SL20 up by 45.28 points. Turnover stood at Rs 3.7 billion with three crossings. Those crossings were reported in Commercial Bank, which crossed 1.1 million shares to the tune of Rs 89.2 million and its share price traded at Rs 77.50, Windforce Limited three million shares crossed for Rs 54.3 million and its share price traded at Rs 18.10 and Chevron Lubricants  210,000 shares crossed for Rs 23.5 million and its share price traded at Rs 112.

In the retail market top seven companies that mainly contributed to the turnover were Lanka IOC Rs one billion, (17 million shares traded), Expolanka Holdings Rs 334 million (884,000 shares traded), Browns Investments Rs 201 million (14.3 million shares traded), Sunshine Holdings Rs 191.9 million (4.3 million shares traded), hSenid Rs 149 million (6.5 million shares traded), LOLC Holdings Rs 121 million (105,000 shares traded) and JKH Rs 19.5 million (626,000 shares traded).

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