Expolanka excites market

Tuesday, 6 May 2014 00:01 - - {{hitsCtrl.values.hits}}

Leads foreign buying amidst heavy trading

Expolanka Holdings Plc (Expo) has for the second consecutive market day excited the Colombo Bourse with heavy trading whilst yesterday it led foreign buying. Around a 1.3% stake amounting to 26 million shares of EXPO traded yesterday for Rs. 270.5 million, of which 11.2 million shares worth Rs. 117 million amounted to net foreign buying. Over 21 million shares were done at Rs. 10.50 each, including a crossing of five million shares. The heavy trades on EXPO come hot on the heels of the market on Friday seeing 20.4 million shares traded before closing up 40 cents. Overall last week EXPO saw 29 million shares traded for Rs. 303 million. The share reached a new 52-week high of Rs. 10.80. However, yesterday EXPO closed at Rs. 10.30, lower by 30 cents. Some viewed heavy trades due to speculation whilst others said investors saw value.

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