CSE plunges from bullish to bearish mode; profit-takings among banking counters

By Hiran H.Senewiratne

The stock market which was going through a bullish trend over several working days suddenly indicated a bearish trend yesterday due to profit- takings among banking sector counters. But a price appreciation was noted in Hayleys stocks by five percent. Its share price moved to Rs 104.75 from Rs 100.25 during the day, stock market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index up by 6.46 points and the S and P SL20 rose by 14.55 points. Turnover stood at Rs 1.39 billion with one crossing. The crossing was reported in Ambeon Capital, which crossed 2.5 million shares to the tune of Rs 30.8 million; its shares traded at Rs 12.30.

In the retail market companies that mainly contributed to the turnover were; Commercial Bank Rs 135 million (1.26 million shares traded), Hayleys Rs 121 million (1.17 million shares traded), JKH Rs 113 million (590,000 shares traded), Sampath Bank Rs 60 million (729,000 shares traded), Agarapathana Plantations Rs 62 million (6.3 million shares traded), ACL Cables Rs 40.2 million (460,000 shares traded) and NTB Rs 37.5 million (278,000 shares traded). During the day 59.3 million share volumes changed hands in 13194 transactions.

Yesterday the rupee opened flat at Rs 293.40/50 to the US dollar, from Rs 293.45/55 a day earlier, while bond yields were broadly steady, dealers said.

A bond maturing on 15.12.2027 was quoted at 11.45/60 percent, down from 11.50/60 percent. A bond maturing on 15.02.2028 was quoted stable at 11.65/75 percent. A bond maturing on 15.09.2029 was quoted at 12.00/15 percent, up from 11.95/12.05 percent.