Banking sector counters inject bourse with badly needed bounce

By Hiran H.Senewiratne

The stock market bounced back yesterday due to active participation by banking sector counters. Anticipated attractive banking sector quarterly results enabled the sector to be the main contributor to the turnover, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 48.35 points, while S and P SL20 rose by 37.79 points. Turnover stood at Rs 3.5 billion with five crossings. Those crossings were reported in Commercial Bank, which crossed 3.7 million shares to the tune of Rs 472.8 million; its shares traded at Rs 150, Sampath Bank 3.6 million shares crossed for Rs 443 million; its shares traded at Rs 122.25, JKH 2.8 million share crossed for Rs 63 million; its shares traded at Rs 22.80, CIC 250,000 shares crossed for Rs 30.7 million; its shares sold at Rs 123 and NTB 100,000 shares crossed for Rs 21 million; its shares sold at Rs 210.

In the retail market top six companies that mainly contributed to the turnover were; Sampath Bank Rs 277 million (2.2 million shares traded), Commercial Bank Rs 215 million (1.4 million shares traded), NDB Rs 208 million (1.7 million shares traded), HNB Rs 206 million (168,000 shares traded), JKH Rs 125 million (5.6 million shares traded) and CIC (Non- Voting) Rs 32.6 million (841,000 shares traded). During the day 75.5 million share volumes changed hands in 15900 transactions.

Commercial Bank and Sampath Bank figured as the main entities in the banking sector that contributed to the turnover, while the manufacturing sector was the second largest contributor to the turnover, especially on account of JKH.

Yesterday, the rupee was quoted at Rs 295.70/90 to the US dollar in the spot market, stronger from the previous day’s close of 296.25/45, dealers said, while bond yields were slightly up.

A bond maturing on 15.03.2028 was quoted at 10.00/05 percent. A bond maturing on 01.09.2028 was quoted at 10.25/33 percent. A bond maturing on 15.10.2030 was quoted at 11.14/16 percent, up from 11.13/16 percent.