With the extending of CSE trading by 30 minutes, ASPI crosses 10,000 points, turnover exceeds Rs. 5 billion

By Hiran H.Senewiratne

With CSE trading activities being extended by 30 minutes yesterday, the All- Share Price Index crossed 10,000 points, while turnover exceeded the Rs 5 billion level.Stock analysts said that most retail and institutional participation in the market witnessed significant rises. The share market gained over 2.5 per cent in mid-morning with trade crossing the 10,000 points psychological benchmark, moved by banking and retail shares.

‘Last three weeks’ Treasury Bill auctions were not fully subscribed due to the fear of internal debt restructuring by the government. But that fear has now eased off and the full subscribing of Treasury Bills is now on, amounting to Rs 80 billion. This has resulted in rallying on banking sector counters in the market, analysts said.

President Ranil Wickremesinghe on Wednesday issued a gazette notification allowing casino licenses to be issued for 20-years but the operations are expected to be conducted in an orderly manner.This has resulted in an appreciation of JKH stocks, which witnessed a price appreciation of 8.6 per cent or Rs 12. Its share price stepped up to Rs 151 from Rs 139 yesterday. JKH’s US $ one billion Cinnamon Life project is expected to benefit from the issuing of the relevant licenses, analysts said. Further, the Lanka IOC share price declined due to a probable revision of fuel prices.

Amid those developments both indices moved up. The ASPI rose by 158 points and S and P SL20 hiked by 71.4 points. Turnover stood at Rs 5.3 billion with five crossings.

Those crossings were reported in Expolanka Holdings, which crossed four million shares to the tune of Rs 920 million, its shares traded at Rs 230, Sampath Bank 2.7 million shares crossed to the tune of Rs 113 million and its shares traded at Rs 42, Richard Pieris 3.3 million shares crossed to the tune of Rs 27.60, Lion Brewery 92000 shares crossed to the tune of Rs 48.3 million, while its shares traded at Rs 525 and JKH, 280,000 shares crossed to the tune of Rs 42.2 million, its shares fetched Rs 150.

In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 556 million (3.6 million shares traded), Lanka IOC Rs 401 million (1.5 million shares traded), ACL Cables Rs 296 million (3.4 million shares traded), Sampath Bank Rs 205 million (five million shares traded), Expolanka Holdings Rs 166 million (734,000 shares traded), Keells Hotels Rs 124 million (6.3 million shares traded) and CIC Holdings Rs 114 million (1.2 million shares traded). During the day 188 million share volumes changed hands in 43000 transactions.

It is said high net worth and institutional investor participation was noted in Expolanka Holdings, Royal Ceramics and JKH. Mixed interest was observed in Lanka IOC, Sampath Bank and Ceylon Hotels Corporation, while retail interest was noted in Browns Investments, Industrial Asphalts and Co-Operative Insurance Company.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), while the sector index gained 0.55 per cent. The share price of Expolanka Holdings increased by Rs. 1.25 (0.55%) to close at Rs. 227.The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), while the sector index increased by 0.23 per cent. The share price of Browns Investments gained 20 cents (2.60 per cent) to close at Rs. 7.90.

Lanka IOC, Sampath Bank and JKH were also included among the top turnover contributors. The share price of Sampath Bank recorded a gain of Rs. 3.50 (10.64 per cent) to close at Rs. 36.40. The share price of John Keells Holdings appreciated by Rs. 6.00 (4.51 per cent) to close at Rs. 139. Separately, Talawakelle Tea Estates announced a first interim cash dividend of Rs. 3 per share.Yesterday the US dollar spot market rate was Rs 369.38.

Island.lk

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