Decision on vehicle imports helps rally stocks

By Hiran H. Senewiratne

The stock market yesterday slid downwards to 100 points but subsequently moved up due to President Anura Kumara Dissanayake’s statement in Parliament on the lifting of the ban on vehicle imports.

This triggered a rally among stocks in the vehicle imports related companies and banking sector counters, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 132.5 points while S and P SL20 rose by 29.5 points. Turnover stood at Rs 6.01 billion with twelve crossings.

Those crossings were reported in Softlogic Life Insurance where 2.2 million shares crossed to the tune of Rs 127.6 million and its shares traded at Rs 58, HNB 400,000 shares crossed for Rs 108.6 million and its shares sold at Rs 272, Hemas 1.08 million shares crossed to the tune of Rs 100 million; its shares traded at Rs 92.50, CIC 650,000 shares crossed to the tune of Rs 58.6 million; its shares traded at Rs 90.50, Dipped Products 1 million shares crossed for Rs 50 million; its shares traded at Rs 50, Vallibel One 1 million shares crossed for Rs 50 million; its shares traded at Rs 50, JKH 2 million shares crossed to the tune of Rs 44.6 million and its shares soldat Rs 22.30, Overseas Realty two million shares crossed to the tune of Rs 39 million; its shares traded at Rs 19.50, RIL Properties 3 million shares crossed to the tune of Rs 35.3 million; its share price traded at Rs 11.70, Commercial Bank 250,000 shares crossed to the tune of Rs 34.2 million and its shares sold at Rs 137, Central Finance 200,000 shares crossed to the tune of Rs 31 million; its shares traded at Rs 155 and NDB 238,000 shares crossed for Rs 21.4 million and its shares traded at Rs 90.

In the retail market top six performing companies that contributed to the turnover were; HNB Rs 562 million (two million shares traded), JKH Rs 245 million (11 million shares traded), Lanka Milk Food Rs 222 million (5.7 million shares traded), CIC Rs 180 million (two million shares traded) CIC (Non- Voting) Rs 172 million (2.6 million shares traded) and Agrapathana Plantation Rs168 million (15.5 million shares traded). During the day 210 million shares volumes changed hands in 34195 transactions.

It is said that banking and finance sector stocks moved upwards and indicated a significant gain while the manufacturing sector became the second largest contributor to the turnover.

Yesterday, the rupee traded weaker at Rs 291.25/50 to the US dollar in the spot market, slightly weaker from Rs 291.15/25 to the US dollar, while bond yields were steady, ahead of a bill auction, dealers said.

A bond maturing on 15.12.2026 was quoted at 9.40/50 percent down from 9.45/50 percent.

A bond maturing on 01.05.2027 was quoted at 9.70/80 percent down from 9.75/85 percent.

A bond maturing on 01.05.2028 was quoted at 10.20/25 percent, up from 10.10/15 percent.

A bond maturing on 15.09.2029 was quoted at 10.65/70 down from 10.67/73 percent.