By Hiran H.Senewiratne
In a day of fluctuating fortunes, at the beginning of operations yesterday the stock market was positive, by mid-day it turned negative but later recovered, stock market analysts said.In the international arena, the European Union Central Bank is likely to do an interest rate hike soon. Besides, the high temperature levels experienced by most European countries due to climate change will likely impact global stock markets, market analysts added.
Amid those developments both indices moved upwards. The All-Share Price Index went up by 24.3 points and S and P SL20 rose by 8.87 points. Turnover stood at Rs 1.29 billion with a single crossing. The crossing took place in JKH, which crossed 1.1 million shares to the tune of Rs 128.5 million, its shares traded at Rs 120.
In the retail market top event companies that mainly contributed to the turnover were; Browns Investments Rs 255.6 million (31.4 million shares traded), Lanka IOC Rs 152.7 million (1.9 million shares traded), Expolanka Holdings Rs 119 million (654,000 shares traded), Sunshine Holdings Rs 56 million (1.7 million shares traded), Softlogic Holdings Rs 50.5 million (791,000 shares traded), Hayleys Rs 46.1 million (634,000 shares traded) and JKH Rs 44 million (364,000 shares traded). During the day 71.1 million share volumes changed hands in 15713 transactions.
It is said that high net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Hayleys, while retail interest was noted in Browns Investments, SMB Leasing non-voting and Kotagala Plantations.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp and Browns Investments), while the sector index gained. A share price increase was witnessed in Sunshine Holdings, whose shares appreciated by 11.5 per cent or Rs 3.50. Its share price shot up to Rs 34 from Rs 30.50.
The Capital Goods sector was the second highest contributor to the market turnover (due to JKH).Expolanka Holdings and Lanka IOC were also included among the top turnover contributors. The share price of Expolanka Holdings recorded a gain of 25 cents to close at Rs. 180.25. The share price of Lanka IOC appreciated by 70 cents to close at Rs. 77.80.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 358.31 and selling rate Rs 368.91. Sri Lanka needs to accelerate fiscal reforms to bring back economic stability, and a stable government to carry them out, the Central Bank Executive Officers’ Union has warned.
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