Expolanka dislodges LOLC once more to regain top spot

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.