Market turnover tops Rs.10bn amid retailer interest in dollar earning stocks

• Expolanka retains crown as highest market cap company on CSE

The turnover on the Colombo Stock Exchange (CSE) yesterday topped Rs.10 billion with both indices significantly improving, as retail investors continued to dominate the trading heavily focusing on foreign exchange earning firms, with Expolanka Holding being the favourite. 

The All Share Price Index (ASPI) rose by 2.9 percent or 239.59 points to 8,479.65 points yesterday, while the more liquid S&P SL20 Index climbed by 2.6 percent or 96.52 points to 3148.16 points at the market closure yesterday.
With over 398 million shares were traded on the CSE, the total turnover reached Rs.10.8 billion. 

Expolanka accounted for around 40 percent of the turnover, followed by LOLC Holdings, Browns Investment, Royal Ceramic PLC, Hayleys Fabric PLC and Dipped Products PLC.

“The retail investor dominance is moving up again with crossing of the 8000-point mark, as similar to the last bull run in January. This upward push in the market is driving the turnover. The retail investors are targeting dollar income generating firms mainly; out of those, there’s a large concentration on Expolanka, LOLC and Browns Investment stocks,” First Capital Research Head Dimantha Mathew said. 

Expolanka maintained its recently achieved position as the largest listed firm on the CSE, with a market capitalisation of Rs.240 billion. Expolanka shares closed 22.14 percent higher at Rs.122.20, yesterday. However, Mathew opined that the current bull run would conclude shortly, as investors will move on to profit-taking. 

“It might be a bull run towards the 9,000-pont mark and afterwards, we think the market will settle around 7500-point mark,” he added.