SG Holdings ups Expo stake to 79% as CSE’s YTD net foreign inflow tops Rs. 15 b mark

Japan’s SG Holdings has increased its stake in Sri Lanka’s number one listed entity to 79% up from 75.6% prior to August with yesterday’s buying propelled year to date net foreign inflow at CSE to over Rs. 15 billion mark.

Between early August and yesterday, SG Holdings is estimated to have acquired 67 million shares or 3.7% stake in Expolanka at a price range of Rs. 200 and Rs. 230 per share. 

Aggressive buying in September alone resulted in a net inflow of Rs. 14.6 billion to the Colombo stock market and more importantly boosting liquidity to those who sold out of Expo. Yesterday Expo saw 11.6 million of its shares change hands via 883 trades for Rs. 2.65 billion. It closed at Rs. 224.75, up by one Rupee. Expolanka’s market value was Rs. 439.3 billion as of yesterday accounting for 10% of CSE’s total.

After an uncertain session on Monday, the CSE yesterday posted a welcome recovery to close on the green. The ASPI gained by 17 points and S&PSL20 by over seven points. Turnover rose to a week high of Rs. 5.8 billion involving 118.5 million shares.

Asia Securities said indices staged a strong comeback in the second half of the session to close in positive territory following two sessions of losses. 

Retail and HNI investors continued to book profits at higher levels at market open, however repositioned themselves in front-line stocks capitalising on the recent dip in prices. After declining to an intra-day low of 9,770 (-74 points) in early trading, the ASPI regained ground subsequently and closed at 9,862 (+17 points) supported by price gains in EXPO (+0.4%), LIOC (+0.9%), ACL (+9.6%), COMB (+4.6%), CICX (+1.9%), SUN (+1.3%), SAMP (+1.5%), and LOFC (+1.1%). 

Turnover was led by EXPO (Rs. 2,649 million), LIOC (Rs. 77 million), ACL (Rs. 538 million), and COMB (Rs. 281 million). Overall, 92 stocks recorded price gains during the session while 104 closed with losses.

First Capital said the Index took an upturn following two-days of losses amidst renewed retail interest despite some margin selling. Index moved on the red as the market opened as month-end selling took charge specifically on heavyweights such as JKH. Eventually by mid-session, the index started to recover losses as retail investors collected on ACL and COMB before closing for the day at 9,862 gaining 17 points.