Share market turns positive in the wake of GR’s resignation; turnover hits Rs. 1 billion

By Hiran H.Senewiratne

Sri Lankan shares continued to gain in mid-day trade yesterday after opening over 1 per cent stronger than previous days. Apparently, the market was positive throughout the day due to President Gotabaya Rajapaksa’s resignation, stock market analysts said.

Most counters performed well mainly on account of blue-chip counters in the stock market, market analysts said. During the day the turnover level had improved and touched the Rs one billion level and both indices moved upwards. The All- Share Price Index went up by 149.5 points and S and P SL20 rose by 61.9 points. Turnover stood at Rs 1.1 billion with one crossing. The crossing was reported in JKH, which crossed 400,000 shares to the tune of Rs 48.4 million; its shares traded at Rs 120.75.

In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 236 million (1.3 million shares traded), Browns Investments Rs 145.8 million (18.5 million shares traded), Hayleys Rs 116.3 million (1.7 million shares traded), LOLC Finance Rs 70.2 million (9.2 million shares traded), Lanka IOC Rs 61.3 million (833,000 shares traded), JKH Rs 37.8 million (310,000 shares traded) and Orient Finance Rs 31 million (2.6 million shares traded). During the day 66.5 million share volumes changed hands in 13000 transactions.

The sectors that mainly contributed to the turnover were, Capital Goods Rs 287 million (26 per cent), Food Beverages and Tobacco Rs 246 million (22 per cent) and Transport Rs 36 million (21 per cent). Yesterday the Central Bank announced the dollar parity rate as Rs 360.82.

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