Dhammika Perera-led companies drive share market; tile sector counters attractive

By Hiran H.Senewiratne

The CSE kicked off on a negative note in the early part of the session yesterday but buying interest developed during the middle of the session, mainly driven by companies led by local business magnate Dhammika Perera, especially tile sector counters. This was on account of the first interim cash dividend of Rs 6.50 per share on Lanka Tiles the previous day, market analysts said.

. Shares edged- up in mid- day trade, on Sri Lanka’s continued hopefulness of securing the long- awaited US $2.9 billion dollars from the IMF after China provided assurances on the agreement, a stock analyst said. The market had seen some profit- taking and selling pressures coming in, as the market is reviving on positive macroeconomic sentiments, he said.

“There has been a renewed interest for retail indexes, while banking and financial sectors have been slow since they were on an uptrend since the news of the IMF broke out, he added.

Both indices moved upwards. The All- Share Price Index went up by 55.26 points and S and P SL20 rose by 13.7 points. Turnover stood at Rs 2.49 billion with six crossings. Those crossing were reported in Hayleys PLC where 2.8 million shares crossed to the tune of Rs 218 million, its shares traded at Rs 78, Melstacorp 1.6 million shares crossed for Rs 98.76 million and its shares traded at Rs 60, Lanka IOC 194,000 shares crossed to the tune of Rs 38.9 million; its shares fetched Rs 200, Alumex PLC 4.2 million shares crossed for 36 million; its shares traded at Rs 8.50, Royal Ceramic one million shares crossed to the tune of Rs 34 million and its shares fetched Rs 34 and HNB 200,000 shares crossed for Rs 27 million and its shares traded at Rs 135.

In the retail market top companies that mainly contributed to the turnover were: Royal Ceramic Rs 168 million (4.9 million shares traded), JKH Rs 117 million (831,000 shares traded), Lanka Wall Tiles Rs 112 million (1.9 million shares traded), ACL Cables Rs 107 million (1.3 million shares traded), Lanka Tiles Rs 105.2 million (two million shares traded), Richard Peiris Rs 102.6 million (4.5 million shares traded) and Softlogic Capital Rs 91 7 million (eight million shares traded). During the day 97.4 million share volumes changed hands in 24000 transactions.

It is said high net worth and institutional investor participation was noted in Hayleys, HNB and Expolanka Holdings. Mixed interest was observed in JKH, Capital Alliance and Sampath Bank, while retail interest was noted in Browns Investments, LOLC Finance and Sierra Cables.

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and JKH) while the sector index edged- down by 0.09 per cent. The share price of Hayleys gained by 40 cents to Rs. 77.40. The share price of JKH inched up 25 cents to Rs. 140.25.

The Banking sector was the second highest contributor to the market turnover (due to HNB), while the sector index increased by 0.33 per cent. The share price of HNB increased by Rs. 7.25 (5.68 per cent) to Rs 135.Yesterday, the rupee opened at Rs 312/318 to the US dollar and was quoted around Rs 318/319 to the dollar in late morning trade in the spot market, dealers said.


, Business, ,

Post a Comment

Previous Post Next Post