Expolanka Holdings and Lanka IOC contribute to bulk of CSE turnover

By Hiran H. Senewiratne

The CSE was volatile throughout yesterday and ended with a negative trend due to profit- takings. Shares edged- up in mid- market trade, pushed up by Expolanka, analysts said.

“Bulk of the turnover, approximately 70 percent of the revenue contributions, were from Expolanka and Lanka IOC, analysts said. Expolanka had generated Rs. 670 million in turnover within the first hour of trade.

Due to foreign buying, Expolanka Holdings has pushed net inflows to more than Rs. 5.4 billion so far in December and to more than Rs. 23 billion year to date, stock market analysts said.CSE saw Rs. 1.6 billion in net inflows thanks to Rs. 1.5 billion worth net buying into Expolanka Holdings, market analysts said.

Amid those developments both indices moved downwards. The All -Share Price Index went down by 56.8 points and S and P SL20 declined by 34.9 points. Turnover stood at Rs 2.3 billion with three crossings. Those crossings were reported in Expolanka Holdings, which crossed 2.5 million shares to the tune of Rs 514 million, its shares traded at Rs 210, Dipped Products one million shares crossed to the tune of Rs 28.5 million, its shares traded at Rs 28.50 and Lanka IOC 100,000 shares crossed for Rs 24.5 million, its shares fetched Rs 245.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 485 million (two million shares traded), Expolanka Holdings Rs 214 million (one million shares created), Browns Investments Rs 116 million (14.5 million shares traded), First Capital Treasuries Rs 104 million (3.9 million shares traded), First Capital Holdings Rs 79.9 million (2.3 million shares traded), LOLC Finance Rs 69 million (8.1 million shares traded) and Richard Pieris Rs 50.7 million (1.8 million shares traded).

The transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) while the sector index gained 0.36 per cent. The share price of Expolanka Holdings increased by 75 cents to close at Rs. 207.50.

The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) while the sector index increased by 4.89 per cent. The share price of Lanka IOC gained Rs. 12 (5.26 per cent) to close at Rs. 240.25.It is said that the share price of LOLC Finance recorded a gain of 40 cents to close at Rs. 8.40. The share price of Browns Investments appreciated by 10 cents to close at Rs. 8.20. During the day 72.4 million share volumes changed hands in 17000 transactions.Yesterday the Central Bank- announced US dollar exchange rate was in the Rs 371.77 range.