Asia

Dialog Axiata has supported Sri Dalada Perahera of The Island for the 16th consecutive year.

By Hiran H. Senewiratne

CSE turned negative yesterday after trading bullish for 12 days in a row with profit taking on many counters, especially the good ones. According to stock market analysts, this development can be viewed as a market correction.

Sri Lankan stocks fell more than 1% in intraday trading and fell to retail stocks after rising for 13 sessions. All major stock indices fell 0.82% or 75.55 points midway through the session to 9,115.97.

“Although some stocks have taken profit, the overall market has risen about 2200 points over the last 12 sessions, prompting investors to move from the usual Expolanka, Browns Investments, Browns, LOLC, LOLC Finance to energy and We saw a shift in equities in the plantation sector, said a top analyst.

The Lanka IOC and plantation sector stocks have boosted the index over the past few weeks. According to market analysts, Lanka’s IOC shares are the most popular, with ample sales and high profits due to severe fuel shortages. Meanwhile, the appreciation of the dollar against the rupee boosted stocks in the plantation sector.

“There has also been a reaction on the banking sector counter, with banks adjusting for ISB restructuring and higher impairments in the sector.

However, the index was held back a bit for profit taking. ASPI was up 1.8% and the S&P SL20 was up 0.8%. All stock indices were down 105.2 points and the S and P SL20 were down 60.2 points. Turnover he reached Rs 54 crore with two crossings. These crossings were reported at Funas Falls with 1.4 million shares trading at Rs 54.7 crore and shares of Hera Apparel trading at Rs. traded in rupees.

In the retail market, the top seven major contributors to turnover are Lanka IOC with Rs 1.5 crore (4.8 million shares traded), Expolanka Holdings with Rs 665 crore (3 million shares traded) and Browns Investments with Rs 400 crore (3 million shares traded). Rs.59 million (52.1 million shares traded), ACL Cables Rs.320 crore (4.2 million shares traded), LOLC Holdings Rs.141 crore (230,000 shares traded), Hayleys Rs.117 million (1.1 million shares traded), EML Consultants at Rs 111 million (21 million shares traded). During the day, 222 million shares were traded in 42,000 trades.

The market is said to be doing well. However, we have seen some profit taking on active counters following a few up sessions. The recently surged Lanka-IOC, Expolanka and Hayleys closed in the red.

Lanka IOC, Melstacorp and Royal Ceramics are said to have been noted for their high net worth and institutional participation. Hayleys and Vallibel One saw mixed interest, while Browns Investments, SMB Leasing and Softlogic Capital saw individual interest.

The industrial goods sector was the largest contributor to market sales (according to Hayleys), while the sector index rose 2.86%. Hayleys share price recorded a loss of Rs. Finishes at 3.75 (3.18%) Rs. 114.25.

The Food, Beverages and Tobacco sector was the second largest contributor to market sales (by Browns Investments and MelstaCorp), while the sector index was up 3.39%. Shares of Browns Investments rose 70 cents (8.54%) to close at Rs. 8.90. Melstacorp shares surged 80 cents to close at Rs. 55.60. Separately, Lee Hedges PLC announced a cash dividend of Rs 1 per share.

Yesterday, the central bank announced the purchase rate of the US dollar at Rs 357.37 and the selling price at Rs 368.68.

http://island.lk/dialog-axiata-extends-its-support-to-the-sri-dalada-perahera-for-the-16th-consecutive-year/ Dialog Axiata has supported Sri Dalada Perahera of The Island for the 16th consecutive year.

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