The active local investor appetite amidst some profit takings backed the Colombo bourse to continue its growth wave where the market touched a daily turnover above LKR12 bn yesterday.
Moreover, given the volatile price movements in certain trading stocks, a market consolidation was observed where the All Share Price Index declined by 36.9 points (- 0.4%) to close at 8,894.4 whilst the S&P SL20 Index also declined by 42.2 points (-1.3%) to close the day at 3,303.1. Expolanka Holdings, Commercial Leasing and Finance, LOLC Development Finance, Hayleys and Ceylinco Insurance remained as the top negative contributors to the ASPI during the day.
Further, broader market’s total turnover stood at LKR 12,852.9 mn against the 12-month average daily turnover of LKR 3,633.5 mn, whilst the volume traded for the day was 650,167.9k against the 12-month average daily volume of 199,601.5k.
Transportation, Capital Goods, Diversified Financials and Food and Beverage sectors mostly contributed to the day’s turnover. In a CSE announcement said, LOLC Holdings PLC, with its robust Micro, Small and Medium Enterprises-based (MSMEs) business model, has disclosed its plans on expanding the global footprint with three parallel investments in Tajikistan in Central Asia as well as to Malawi and Tanzania in East Africa. Further, Expolanka Holdings PLC is making further inroads to Central America with the acquisition of logistics specialists’ firm for $ 9.7 million (around Rs. 2 billion). The acquisition of IDEA Logistics LLC and its group of companies is via EFL Global Logistics Ltd. Singapore and EFL Global LLC, USA fully owned subsidiaries of Expolanka Holdings. Additionally, ICRA Lanka Limited has rated Sri Lanka’s E B Creasy and Company ‘[SL]BBB’ with a stable outlook due to the steady position and improvements in Operation profits On the contrary S&P downgraded Sri Lanka’s sovereign rating outlook to CCC+ negative from stable amidst default worries.
(Courtesy Softlogic Stock Brokers)
0 comments: