Expolanka dislodges LOLC once more to regain top spot

Wednesday, 1 September 2021 03:59 - - {{hitsCtrl.values.hits}}

Staying at the top of the Colombo bourse appears challenging as Expolanka Holdings yesterday dislodged LOLC Holdings yet again to reclaim the most valued status.

The recoup follows a strong performance by Expolanka yesterday. Its share price shot up by 17.5%, or Rs. 25, to close at Rs. 167.50, which ensured a market capitalisation of Rs. 327.44 billion. Expolanka saw 31.1 million of its shares change hands via 11,804 trades for Rs. 5 billion. It touched an intra-day high of Rs. 169.50.

Investor demand for Expolanka ensured it staged a comeback after losing the most valued status to LOLC on Monday following a marginal drop in share price and the latter rising higher.

LOLC on the other hand saw its share price dip by 1.5%, or Rs. 9.25, to close at Rs. 591.75. With a lack of sellers, only 1.2 million of LOLC shares changed hands via 2,035 trades for Rs. 717.7 million.

Since early last week investors have ignited a battle between Expolanka and LOLC for the number one position, with each holding forte for a day only.

Analysts claimed Expolanka remains solid and on demand given the large volumes traded since early last week. It retaining the most valued status for a second day running today would prove this view. Others believe Expolanka is now overpriced.

Nevertheless, the stock market, which is on an all-time high, has developed a craving for companies with strong dollar earnings and both Expolanka and LOLC, as well as Hayleys and several Group companies, are being sought after for the same reason.