By Hiran H. Senewiratne
The Colombo Stock Exchange (CSE), which started on a bullish momentum the day before, continued the same momentum yesterday, the two indices being up sharply, recording a turnover of more than Rs. 10 billion.
The stock price index jumped 174.72 points to close at a record high 12,800.53 points, according to stock analysts. 13 million against a net annual outflow of over Rs. 50 billion in 2021 and 2020. The reason the CSE was more positive throughout the day was that it would be the best investment option with the increase in the money supply in the economy with the economic relief plan of the Minister of Finance Basil Rajapaksa which has been announced. Monday, representing 10% of projected revenues in 2022.
The total donation of Rs 229 billion represents about 1.2% of gross domestic product. This is 10% of Rs 2,274 billion in revenue for 2022 already qualified as “ambitious” by analysts and rating agencies.
In the midst of these developments, both indices were positive. All Share Price Index up 174.7 points and S and P SL20 up 51.5 points. Although the first hour and a half indicated some profit taking, the market was mostly positive, driven by LOLC Group counters and other blue chip counters, analysts said. These companies were LOLC Holdings 67 points, LOLC Finance 39 points LOLC Development Finance 19.2 points contributed to the All Share Price Index.
The turnover amounted to Rs 10.8 billion with four passages. These crossings were reported in NDB, which crossed 7.3 million shares for an amount of Rs 125.6 million and its stock price traded at Rs 72, Sampath Bank one million shares crossed for Rs 52 million and its stock price traded at Rs 52, Asia Siyaka Commodities ten million shares were crossed for Rs 34 million and its share price traded at Rs 3.40 and Renula Holdings 1 , 2 million shares were crossed for Rs 25.2 million and its price traded at Rs 21.
In the retail market, the top seven companies that mainly contributed to turnover were LOLC Finance Rs 1.7 billion (60 million shares traded), Browns Investments Rs 788 million (45 million shares traded) ), Prime Lands Residencies Rs 621 million (46.2 million shares traded), Sunshine Holdings Rs 449 million (8.3 million shares traded), LOLC Holdings Rs 390 million (314,000 shares traded), Expolanka Holdings Rs 341 million (893,000 shares traded) and Overseas Realities Rs 250 million (10.5 million shares traded). During the day, 806 million share volumes changed hands in 76,000 trades.
Watawala Plantations, which is the market leader in palm oil in Sri Lanka, appreciated by 16 percent or Rs.21.75. The reason being that in the international market, the price of oil from palm has increased significantly. As a result, its share price reached Rs 160, against Rs 138.25. The share price of the parent company of Watawala Plantations Sunshine Holdings also appreciated by 18% or Rs 8.80. Its share price climbed to Rs 57.80 from Rs 49. LOLC General Insurance’s share price registered a gain of Rs. 1.20 (5.85%) to close at Rs. 21.70. Expolanka Holdings’ share price appreciated by Rs. 11.50 (3.06%) to close at Rs. 386.75.