NAVIGATE
:

Price rise for Lanka IOC shares



by Hiran H.Senewiratne


With the slash of Customs Import Duty on petrol and diesel, per share value of Lanka IOC appreciated yesterday by seven percent or increased from Rs. 29.60 to Rs. 31.70 in the Colombo Stock Exchange. Under the new duty revision, Rs. 15 waiver for petrol and Rs. 9 waiver for diesel were granted by the Sri Lanka Customs with effect from last December. However, local fuel prices in stations will remain unchanged but IOC and Ceylon Petroleum bottom line profits will increase, stock market analysts said.


Amid those developments, CSE operated yesterday on a positive note with the Central Bank Governor's favourable growth forecast.. Therefore, prices of many stocks, mainly of blue chips, companies rose, including CTC, two percent, JKH four percent and Sampath Bank three per cent, which boosted the market.


The day's turnover stood at Rs. 638.3 million with three crossings. Those crossings were; JKH 922,000 shares crossed for Rs. 144 million and per share value was Rs. 156, HNB 429,000 shares crossed for Rs. 107 million at a per share value of Rs. 250 and On'allay Holdings 1.1 million shares crossed for Rs. 103 million at a per share value of
Rs. 48.


Companies that mainly contributed to the day's turnover were; JKH Rs. 62 million (399,000 shares) , HNB Rs. 23 million ( 91,400 shares) and CTC Rs. 2.7 million (19500 shares traded). During the day All Share Price Index moved up by 52.23 points and S and P SL20 by 45.5 points and 13.4 million share volumes changed hands in 4099 transactions.


"It was a typical first few days of the new year with the volumes low. But the market is positive after the Central Bank kept the rates lower and the market rates are coming down,  stock market analysts said.


The $81 billion economy grew at an annual pace of 3.7 percent in the first nine months of 2017, which followed the most severe drought in 40 years in the first quarter and the worst flooding in 14 years in May.


Meanwhile, JKSB reports -


ASPI: 6,454.87 (+43.60 pts; +0.68%); Val T/O: Rs. 617mn (US$4.02mn); Vol T/O: 12.8mn; Trades: 3,880


Advance/decline ratio: 108/50; Top gainer: NIFL.N (+23.97%) ; Top loser: LCEY.R (-66.67%)


Highlights:


• The ASPI ended higher amid improved turnover levels. JKH, HNB, and ONAL led market activity including crossings. Trading in JKH amounted to 33% of total turnover.


• Banks, Finance, & Insurance was the most actively traded sector (+1.29%)


• Power & Energy was the best performing sector (+4.09%), supported by gains on LIOC (+6.42%)


• Footwear & Textiles was the worst performing sector (-8.19%), dragged down by declines on ODEL (-14.84%)


 
 
 
 
 
 
 
 
 
 
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