CDB crossing invigorates share market by contributing 45 percent to turnover

By Hiran H.Senewiratne

Although the Colombo Stock Market kicked off in a slow pace yesterday with profit takings, it later picked the slack as the banking sector counters showed dynamism.This was led by the Citizens Development Bank (CDB) which contributed more than 45 percent to the day’s turnover.

Reportedly , during the crossing, shares that belonged to Janashakthi Insurance were sold to other unknown parties but the details were not disclosed up to the time this report was compiled.

Amid those developments both indices moved upwards. All Share Price Index up by 93.07 points while S and P SL20 up by 15.8 points.

Turnover stood at Rs 4.92 billion with five crossings. Those crossings were reported in Citizens Development Bank, which crossed nine million shares to the tune of Rs 2.22 billion and its share price traded at Rs 247.50, DFCC 2.67 million shares crossed to the tune of Rs 227 million and its share price traded at Rs 85, HNB 430,000 shares crossed to the tune of Rs 99.4 million and its share price traded at Rs 234, Central Finance 250,000 shares crossed to the tune of Rs 32 million and its share price traded at Rs 128 million and Haycarb 300,000 shares crossed to the tune of Rs 23.2 million and its share price traded at Rs 77.50.

In the retail market top six companies that mainly contributed to the turnover were HNB rS 195 million (841,000 shares traded), Pan Asia Bank 163 million (6.3 million shares traded), Access Engineering Rs 118 million (4.5 million shares traded), ACL Cables Rs 98 million (one million shares traded), Sampath Bank Rs 97.6 million (1.11 million shares traded) and DFCC Rs 85.6 million (one million shares traded). During the day 104.3 million share volumes changed hands in 18643 transactions.

It was said that banking sector countries were extremely bullish and active. Citizens Development Bank alone contributed more than 45 percent while DFCC HNB and Sampath Bank also heavily contributed to the market. But Manufacturing sector companies such as Haycard and ACL Cables are a bit active.

Yesterday, the Central Bank announced the US dollar rate. The rupee was quoted around 292.80/85 to the US dollar , stronger from 293.00/20 to the US dollar the previous day, dealers said, while bond yields were steady.

A bond maturing on 15.12.2026 quoted at10.65/85 percent Thursday, from Wednesday’s close of 10.60/80 percent.A bond maturing on 15.12.2027 was quoted at 11.40/50 percent down from 11.45/60 percent.A bond maturing on 15.03.2028 was quoted 11.70/80 percent down from 11.75/80 percent.A bond maturing on 15.06.2029 was quoted at 11.95/12.05 percent unchanged from 11.95/12.10 percent.