ECONOMYNEXT- Sri Lanka’s stock market turnover reached 2.05 billion rupees at the end of the morning session on Monday, reaching a three month high on the back of high net worth investor Thirugnanasambandar Senthilverl rearranging his portfolio.
The morning session turnover broke the 2 billion rupee turnover set on March 08, and inched closer to the 2.1 billion rupee turnover set on February 28. The highest turnover so far this year was 3.3 billion rupees on February 11.
Senthilverl was seen moving shares from his personal account at Seylan Bank to a company named Senthilverl Holdings (Pvt) Ltd.
In the past, he had owned stakes in companies through two personal accounts at Seylan Bank and Sampath Bank.
Brokers said Senthilverl, who has stakes in over 70 companies, is expected to continue trades over the rest of the week, moving the remainder of his equities portfolio held in his personal Seylan Bank account to the holding company account.
Some of the biggest crossings on Monday were in Sanasa Development Bank and C. W. Mackie.
Large crossings were also seen on Samson International, Asia Asset Finance, Colombo Fort Land & Building, Laxapana Batteries and Sunshine Holdings.
The crossings were happening at market prices.
Brokers said a prolongued period of high turnover may bring momentum to a relatively inactive market.
The All Share Price Index ended the morning session 0.16 percent or 8.62 points up at 5,392.34 while the more liquid S&P SL20 Index was up 2.90 points or 0.12 percent up at 2,515.58. (Colombo/Jun17/2019)