By Hiran H. Senewiratne
CSE turnover yesterday was mainly fueled by Softlogic Capital and Softlogic Life Insurance, stock market analysts said. “Lanka IOC counter was up since the previous day and we saw crossings yesterday. The recent fuel price reduction has stimulated some interest in petroleum shares, analysts added.
Sri Lanka’s state-run CPC reduced prices after November 12, of auto diesel by 3.5 per cent or Rs 15 to Rs 405 a litre and kerosene by 2.7 per cent or Rs 10 to Rs 355.
CPC’s only competitor Lanka IOC, a subsidiary of the Indian Oil Corporation, also reduced prices in line with the CPC decision. With those developments, the Lanka IOC share price considerably appreciated. Further, primary dealer business counters actually created some impact on the stock market yesterday, market analysts said.
Amid those developments both indices moved upwards. The All Share Price Index went up by 1.94 points and S and P SL20 rose by 17.75 points. Turnover stood at Rs 2.8 billion with two crossings. Those crossings were reported in JKH, which crossed 598,000 shares to the tune of Rs 81 million and its shares traded at Rs 135.50 and Lanka IOC 100,000 shares crossed to the tune of Rs 21.2 million, its shares traded at Rs 135.50 and Lanka IOC 100,000 shares crossed to the tune of Rs 21.2 million, its shares fetched Rs 212.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital Rs 604 million (45.9 million shares traded), Lanka IOC Rs 438 million (2.1 million shares traded), Softlogic Life Insurance Rs 308 million (3.1 million shares traded), Capital Alliance Rs 217 million (8.5 million shares traded), First Capital Treasuries Rs 177 million (6.5 million shares traded), First Capital Holdings Rs 130 million (3.3 million shares traded) and Ambeon Capital Rs 103 million (8.6 million shares traded). During the day 156 million share volumes changed hands in 26000 transactions.
Net foreign outflow from the first day of trading reported Rs 76 million. It is said that high net worth and institutional investor participation was noted in Agstar. Mixed interest was observed in Softlogic Life Insurance, JKH and Lanka IOC, while retail interest was noted in Softlogic Capital, Browns Investments and LOLC Finance.
The Insurance sector was the top contributor to the market turnover (due to Softlogic Life Insurance) while the sector index gained 1.54 per cent. The share price of Softlogic Life Insurance gained Rs. 8.30 (9.58 per cent) to close at Rs. 94.90.
The Materials sector was the second highest contributor to the market turnover (due to Agstar) while the sector index edged down by 0.10 per cent. The share price of Agstar closed flat at Rs. 15.40.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 360.22 and selling rate Rs 371.59.
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