CSE Highs and Lows

20 Feb 2022

CSE Highs and Lows

20 Feb 2022

By Imesh Ranasinghe The Colombo Stock Exchange (CSE) recorded the lowest turnover in four months of Rs. 2.25 billion on Monday (14) as there was lower participation by high net-worth investors due to prevailing economic conditions. The All Share Price Index (ASPI) gained by a mere 11 points to 12,490, with bank shares in the spotlight – both gaining and losing in the index. Sampath Bank PLC and NDB gained 11.6 and 4.9 points while Commercial Bank of Ceylon PLC and CDB lost 6.2 and 3.2 points in the index. “The Colombo bourse struggled to sustain the positive momentum due to lower participation of high net worth investors and the selling pressures on the value stocks. Retail investors remained clueless on the market direction, affected by worries over the prevailing economic conditions,” Asha Securities said. Expolanka had the highest turnover of the day of Rs. 385 million while SMB Leasing PLC had the highest share volume of 9.9 million shares. It was announced that the Board of Directors of Property Development PLC (PDL) had recommended to its shareholders to delist the shares of PDL from the official list of CSE; modality for the purchase of shares of shareholders who wish to sell their shares pursuant to such delisting will be by the way of purchase by the company of its own shares at a price of Rs. 183 per share. Also, CSE announced that the trading of Anilana Hotels and Properties PLC would be suspended from 24 February 2022 in terms of Listing Rules, unless it published its interim financial statements for the quarter ended 30 September 2021 on or before 23 February. On Tuesday (15), the ASPI fell by 106 points due to continuous lower investor participation. Expolanka and Browns lost 22.6 and 12 points in the index while the day’s turnover was recorded at Rs. 3.23 billion – up by 43% from the previous day's value. “The Colombo bourse lost its momentum due to weakening investor confidence and lower participation,” Asha Securities said. Further to the announcement on the amalgamation of Commercial Leasing and Finance PLC (CLC) with LOLC Finance PLC (LOFC) that was announced on 1 February – which stated that “the value for the purpose of amalgamation; the share exchange ratio is based on the market price of a share of CLC and LOFC, as at end of trading, five market days, prior (7 March 2022) to the date fixed for both shareholders’ meetings” (14 March 2022) – the said value is now to be based on the market prices of CLC and LOFC, subject, however, if in the event such market value/s exceed the highest point of the valuation range of either CLC (Rs. 60.30) or LOFC (Rs. 39.90) or both, in such an event the proportion will be based on the highest value in the value range. However, in the event such market value/s is lower than the lowest point of the valuation range of either CLC (Rs. 11.10) or LOFC (Rs. 11.30) or both, the proportion will be based on the lowest value in the value range. On Thursday (17), the ASPI gained by 12 points to 12,364 while turnover was recorded at Rs. 3.8 billion.

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CSE Highs and Lows

CSE Highs and Lows

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