Senthilverl drives stock turnover to 4-month high
Tuesday June 18, 2019 07:57
ECONOMYNEXT- Sri Lanka’s stock market turnover reached 2.2 billion rupees on Monday, reaching a four month high on the back of trading by high net worth investor Thirugnanasambandar Senthilverl, stock exchange filings showed.
Monday’s turnover surpassed the 2.1 billion rupee turnover mark on February 28, to reach the highest turnover seen since the 3.3 billion rupees which traded hands on February 11.
Senthilverl had sold shares he held in a personal account, stock exchange filings said.
A company named Senthilverl Holdings (Pvt) Ltd., in which he is a director, bought the shares the disclosures said.
The high net worth investor had in the past invested in stocks through two personal accounts at Seylan Bank and Sampath Bank.
Some of the biggest crossings on Monday were in Printcare Plc (614 million rupees), Sanasa Development Bank Plc (381 million rupees) and C. W. Mackie Plc (359 million rupees), according to disclosures made by the firms where Senthilverl is a director, or when the trades exceeded 10 percent of the total shares issued.
Crossings were seen across stocks of 10 firms, in which Senthilverl has large shareholdings, contributing to 79 percent of the turnover on Monday.
Some of the other larger crossings were in Samson International Plc, Asia Asset Finance Plc, Colombo Fort Land & Building Plc, Laxapana Batteries Plc and Sunshine Holdings Plc.
The crossings were happening at or slightly below market prices.
Senthilverl began reorganizing his portfolio on Friday where large crossings helped turnover surpass 1.1 billion rupees.
Brokers said Senthilverl has stakes in over 70 companies through personal accounts.
Brokers said a prolongued period of high turnover may bring momentum to a market which has been experiencing low turnover. (Colombo/Jun18/2019)