Stepped-up share-buying by foreigners as CSE begins politically crucial week on positive note

By Hiran H.Senewiratne

The CSE began the politically crucial week on a positive note as overall investor activity improved with foreigners stepping- up share-buying yesterday. Net foreign- buying notched a six-week high of Rs. 123 million with JKH accounting for Rs. 122 million. So far in July there has been a net inflow of Rs. 360 million, stock observers said.

Over the last three weeks price appreciations were witnessed in plantation sector counters and at the tea auctions, all three elevations of low grown, mid grown and upper grown tea prices increased, which gave some impetus to the stock market, analysts said.

The market ended on a positive note with the All- Share Price Index gaining 107.51 points (1.43 per cent) to end at 7644 and S and P SL20 rose by 51.03 points (2.11 per cent) to end the day at 2474.11. Turnover stood at Rs 1.12 billion with a single crossing. The crossing was reported in Melstacorp, which crossed 2.9 million shares to the tune of Rs 116 million, its shares traded at Rs 40.50.

In the retail market top six companies that mainly contributed to the turnover were, Expolanka Holdings Rs 138 million (766,000 shares traded), Lanka IOC Rs 116 million (1.5 million shares traded), Browns Investments Rs 77.9 million (9.6 million shares traded), Hayleys Rs 52.2 million (742,000 shares traded), Kotagala Plantations Rs 46.9 million (9.1million shares traded) and Agalawatte Plantations Rs 35.6 million (960,000 shares traded). During the day 66.8 million share volumes changed hands in 15659 transactions,

It is said high net worth and institutional investor participation was noted in JKH and Teejay Lanka. Mixed interest was observed in Hayleys, Lanka IOC and Expolanka Holdings, while retail interest was noted in Browns Investments, LOLC Finance and ACME Printing & Packaging (rights).

Yesterday, the Central Bank- announced US dollar parity rate was Rs 358.94. ‘The Central Bank’s prudent monetary policies have stabilized the rupee against the dollar to a greater extent. Probably, the crude oil price surge in the global market will cushion the inflation pressure in the economy, some economists said.

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