Bourse’s bullish exuberance sustained by banking sector

By Hiran H.Senewiratne

The stock market was extremely bullish yesterday and banking sector counters drove the market due to prevailing market- friendly economic conditions.

Both indices moved upwards. The All- Share Price Index went up by 291 points while S and P SL20 rose by 163 points.

Turnover stood at Rs 10.2 billion with ten crossings. Those crossings were reported in Commercial Bank, which crossed 5.5 million shares to the tune of Rs 775 million; its shares traded at Rs 141, HNB 1.4 million shares crossed for Rs 452 million; its shares traded at Rs 320, JKH 7.5 million shares crossed to the tune of Rs 169 million and its shares traded at Rs 32.50, LB Finance 1.3 million shares crossed to the tune of Rs 116 million; its shares sold at Rs 83, CCS 736,000 shares crossed for Rs 60 million; its shares traded at Rs 81, Seylan Bank 500,000 shares crossed to the tune of Rs 35 million; its shares traded at 70, Lanka IOC 200,000 shares crossed for Rs 25.2 million; its shares sold at Rs 120, Ambeon Capital 1 million shares crossed to the tune of Rs 23.2 million; its shares traded at Rs 23.20 and Browns Investments 3 million shares crossed to the tune of Rs 21.3 million; its shares fetched Rs 10.1.

In the retail market, companies that contributed to the turnover were HNB Rs 647 million (2 million shares traded), JKH Rs 498 million (22.1 million shares traded), Pan Asia Bank Rs 400 million (12.2 million traded), DFCC Rs 349 million (3.2 million shares traded), Royal Ceramic Rs 338 million (7.5 million shares traded) and Sampath Bank Rs 310 million (2.6 million shares traded). During the day 291 million shares volumes changed hands in 44000 transactions.

It is said that the banking sector was the biggest contributor to the turnover; especially HNB and Commercial Bank, while second largest contributor was the manufacturing sector, especially JKH.

Yesterday the rupee opened at Rs 292.40/60 to the US dollar in the spot market, broadly unchanged from Rs 292.40/70 on Friday, while bond yields were steady, dealers said.

A bond maturing on 15.12.2027 was quoted at 9.75/90 percent.

A bond maturing on 15.10.2028 was quoted at 10.42/48 percent, down from 10.08/18 percent.

A bond maturing on 15.09.2029 was quoted stable at 10.65/75 percent.

An auction of Rs. 80,000 million Treasury Bonds was ongoing.

The Central Bank announced an auction of Rs 168,000 million worth Treasury bills will be held Wednesday.