By Imesh Ranasinghe
The last week of December started with a high note on Monday (27 December) at the Colombo Stock Exchange (CSE) as the All Share Price Index (ASPI) surpassed the 12,000 mark the week prior.
However, after an intra day high of 12,219, the ASPI ended at just above 12,000 – at 12,008 – on Monday as the Senkadagala Finance Company PLC (SFCL), Expolanka, and LOLC had negative gains.
“Bourse started positive but activities remained lower; following the off board deals executed by BIL on HAPU and UDPL, short rally was noted on the plantation sector counters, but it failed to sustain due to profits taking and panic selling,” Asha securities said regarding Monday.
Softlogic Holding PLC (SHL) was the highest contributor for the day with 16 points.
The turnover for Monday was at Rs 7.32 billion, up by 158% from the previously recorded Rs. 2.84 billion the previous Friday (24 December), while foreign investors remained the net sellers for the day.
Brown and Company PLC (BRWN) announced that they have decided to issue upto 50 million listes, rated, guaranteed, senior, redeemable debentures amounting to Rs. 5 billion where the issue will have par value of Rs. 100 each, subject to necessary approvals.
On the following day (28 December), the ASPI fell by 100.79 points, closing at 11,907 while turnover was recorded as Rs. 5.67 billion, a drop of 0.84% compared to Monday.
The drop in ASPI was recorded due to the Senkadagala Finance Company PLC share price recording a sharp drop of 24.79%. In addition, the price per share dropped in Expolanka Holdings PLC, Commercial Leasing and Finance PLC, LOLC Finance PLC, and Vallibel One PLC during the trading.
The top contributor for the day in terms of trade volume was SMB Leasing PLC with 90 million trades contributing Rs. 185 million turnover.
Also, the CSE issued a circular last Tuesday announcing several amendments to the CSE Listing Rules in order to facilitate the new calculation methodology that would be issued to its index.
Rule 7.6 (iv) and Appendix 7B of Section 7 mentioned that “Continuing listing requirements” of the CSE Listing Rules have been amended. Accordingly, under the new rules, all listed entities are required to disclose the public holding percentage of its ordinary non-voting shares in the Annual Report and Interim Financial Statements, respectively.
Furthermore, Appendix 8A of Section 8 mentioned that “Corporate disclosure” of the CSE Listing Rules have been amended. Under the new rules, all listed entities are required to immediately disclose any deviation (increase or decrease) amounting to 2% or more from the public holding percentage of the entity most recently disclosed to the CSE in respect of ordinary voting and non-voting shares of such entities.
These Amendments have been approved by the Securities and Exchange Commission of Sri Lanka (SEC) and were scheduled to be effective from last Tuesday. CSE said these amendments were made to facilitate the compilation of a float-based version of the ASPI.
On Wednesday (29 December), the ASPI gained just seven points, ending the day at 11,915 as Senkadagala Finance PLC continued to fall, alongside LOLC.
“Bourse managed to close the session positive; plantation rally continued while erratic trades on SFCL affected the ASPI. The CBSL Governor’s statement on foreign reserves failed to convince investors,” Asha Securities said on Wednesday.
According to data released by LOLC General Insurance on Wednesday, its IPO was oversubscribed by 12.2 times, making it the second most successful IPO in the history of the CSE.
According to data released by LOLC General Insurance, it had received over 12,200 applications for its issue amounting to a total value of Rs. 11.6 billion. The shares of LOLC General Insurance were scheduled to be listed in the exchange last Friday (31 December).
CSE Highs and Lows
02 Jan 2022
CSE Highs and Lows
02 Jan 2022
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