By Hiran H. Senewiratne
CSE yesterday ended its four-day winning streak, influenced by the drop in prices of heavyweights Expolanka and LOLC Holdings, with active investors making a profit and others abstaining, analysts said. Marlet.
However, strong rallies in Hayleys shares were noted during the day. Major transactions took place yesterday when Finco Group, being one of Hayleys’ largest shareholders, ceded / ceded 22 million shares, which equates to a three percent stake of Hayleys, to several high net worth individuals and institutional buyers to the tune of Rs 2.9 billion, by way of passage, according to stock analysts.
The Hayelys share price over the past few days has been a bit active and its shares have appreciated by Rs 4.50 or three percent yesterday. Its share price climbed to Rs 128.75 from Rs 124.25.
Sri Lanka’s gross domestic product, meanwhile, is expected to contract 1.5% in the third quarter of 2021 due to a curfew and Coroanvirus import restrictions, bureau data showed. state statistics.
Growth slowed after a recovery of 12.3% in the second quarter and 1.3% in the third quarter of 2020. Agriculture grew by 1.7%, industries contracted by 2.1% and services also fell by 1.6%. A Covid curfew was imposed from August 20 and continued until mid-October.
In the midst of these developments, both indices were down. The All-Share Price Index fell 75.03 points and the S&P SL20 fell 10.03 points. The turnover amounted to Rs 8.3 billion with four passages. These crosses were reported in Hayleys PLC, which crossed 23 million shares for an amount of Rs 2.9 billion and its shares were trading at Rs 125, JKH, 1.1 million cross shares for Rs 163 million , its shares traded at Rs 143, Sampath Bank 900,000 shares crossed for Rs 47.7 million, its shares reached Rs 53 and Amana Bank 10 million shares crossed for Rs 45 million, its shares were traded at Rs 4 , 50.
In the retail market, seven companies that mainly contributed to turnover were; Expolanka Rs one billion (2.9 million shares traded), Hayleys Rs one billion (8.2 million shares traded), Browns Investments Rs 281 million (20 million shares traded), Commercial Bank Rs 202 million ( 2.5 million shares traded), ACL Cables Rs 151 million (1.4 million shares traded), RIL Property Rs 133 million (8.9 million shares traded) and Royal Ceramic Rs 105 million (1, 4 million shares traded).
It is said that high net worth and institutional investor stake was noted in Expolanka Holdings, Hayleys and Commercial Bank. Mixed interest was seen in ACL Cables, Brown & Company and Guardian Capital Partners, while retail interest was noted in SMB Leasing, Browns Investments and Capital Alliance.
The stock market is said to have moved back into the red zone, breaking the previous four-day rally following profit-taking in selected counters.
Yesterday the US dollar was listed at Rs 200.67, which was the central bank’s controlled price to maintain price stability for essential imported items. This artificial price control would be hostile to the economy. The printing of excessive money by the government also adds insult to injury, according to market analysts.