Expolanka Holdings-linked stock deal boosts foreign inflows – The Island
By Hiran H. Senewiratne
The CSE fell 0.24% in mid-morning trading yesterday, while mixed reactions were seen across both indexes due to investor profit-taking. However, net inflows of foreigners declared since the beginning of the year were over 5.7 billion rupees. The company with the largest market capitalization, Expolanka Holdings, saw the bulk of its shares being bought by its main shareholder SG Holdings, which was a foreign entity, and this is the reason for the increase in foreign entries on the market, stock analysts said. The main All-Share Price Index fell slightly by 11.3 points and the S&P SL20 rose by 1.2 points.
The turnover stood at Rs 5.3 billion with four crossings. These crosses were reported in Expolanka Holdings which crossed 7.5 million shares at Rs 1.7 billion, its shares were trading at Rs 230, Royal Ceramic four million shares crossed at Rs 160 million and its shares were trading at Rs 40.10, Citizens Development Business Finance crossed 660,000 shares at Rs 130 million, its shares reached Rs 200 and Melstacorp 500,000 shares reached Rs 28.7 million, its shares reached Rs 57.50.
In the retail market, the top seven companies which mainly contributed to the revenue were Lanka IOC Rs 292 million (1.1 million shares traded), ACL Cables Rs 275.8 million (1.9 million shares traded), Expolanka Holdings Rs 275 million (1.2 million shares traded), Royal Ceramic Rs 193 million (4.7 million shares traded), Lankem Development Rs 191 million (1.7 million shares traded ), JKH Rs 185 million (1.2 million shares traded) and First Capital Holdings Rs 164 million (11.3 million shares traded). During the day, 136 million stock volumes changed hands in 37,000 stock trades.
During the day, manufacturing stock prices appreciated and the Lanka IOC stock price also appreciated as a much-anticipated revision in oil prices did not take place the previous night. It is said that high net worth and involvement of institutional investors have been noted in Expolanka Holdings, Sampath Bank and Richard Pieris & Company. Mixed interest was seen from JKH, Lanka IOC and ACL Cables, while retail interest was noted from SMB Leasing, HNB Finance and Browns Investments.
The capital goods sector was the largest contributor to market revenue (thanks to JKH and ACL Cables), while the sector index gained 4%. JKH’s share price gained Rs. 12 (8.63%) to close at Rs. 151. ACL Cables’ share price appreciated by Rs. 8.50 (10.66%). %) to close at Rs. 88.20. The transport sector was the second largest contributor to market revenue (due to Expolanka Holdings), while the sector index fell by 0.33%. Expolanka Holdings’ share price declined by 75 cents (0.33%) to close at Rs. 226.25.
Lanka IOC and Sampath Bank were also among the top revenue contributors. Lanka IOC’s share price declined by Rs. 5 (1.90%) to close at Rs 257.75. Sampath Bank’s share price recorded a gain of Rs. 4.30 (11.81%) to close at Rs 40.70. Separately, Kelani Valley Plantations has announced a first interim cash dividend of Rs. 2.50 per share. Yesterday, the Central Bank announced the buying rate for the US dollar at Rs 358.94 and the selling rate at Rs 369.91. The data showed that commercial banks offered dollars for wire transfers between Rs 369.45 and Rs 370 for small transactions.