CSE witnesses fresh buying interest despite economic woes

by Hiran H.Senewiratne 

Share trading activities at the Colombo Stock Exchange (CSE) were positive in the beginning of the session yesterday and selling pressure was reported in the latter part of the day while the market witnessed fresh buying interest also, analysts said.

However, the market bounced bank yesterday in contrast to the previous day which suffered one of its steepest falls with Rs. 146 billion in value wiped off as investors resorted to panic selling whilst the more optimistic questioned their motive, stock market analysts said.

Further, net foreign selling increased on the previews day to Rs. 697 million, pushing the year to date outflow to over Rs. 42 billion to Rs. 42.5 billion. Recent biggest gainers were obvious contributors to the previous day’s fall. With the bounce bank, market was up by 2.13 percent and fresh buying interest was witnessed despite the political and economic woes.

However, those top contributing companies that mainly contributed to the All Share Price Index were Expolanka (38.3 points), LOLC (17.8 points) and Commercial Leasing (10 points).

 Amid those developments both indices were up. All Share Price Index was up by 180 points and S and P SL20 up by 51.3 points. Turnover stood at Rs 3.5 billion with two crossings. The two crossings were reported in Nestle Lanka 100,000 shares crossed to the tune of Rs 120 million and its share price traded at Rs 1200 and  Hemas Holdings 281,000 shares crossed for Rs 20.2 million and its share price traded at Rs 72.

In the retail market top five companies that mainly contributed to the turnover were Expolank Holdings Rs 1.59 billion (10.3 million shares traded), Browns Investments Rs 541 million (60.2 million shares traded), LOLC Rs 124 million (242,000 shares traded), HNB (Non Voting) Rs 116 million (898,000 shares traded) and TJ Lanka Rs 75 million (1.8 million shares traded). During the day 148 million share volume changed hands in 25000 transactions.

It is said high net worth and institutional investor participation was noted in Hayleys and Hemas Holdings. Mixed interest was observed in LOLC Holdings, Royal Ceramics and Teejay Lanka whilst retail interest was noted in Browns Investments, Industrial Asphalts and Expolanka Holdings.

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