Following successive highs, the bourse takes a dip

By Hiran H.Senewiratne

The stock market yesterday noted profit- takings after witnessing a heavy upward trend over the last few working days. The latter phenomenon was due to a low interest regime coupled with positive corporate quarterly results, especially in the banking sector, market analysts said.

Amid those developments both indices moved downward. The All Share Price Index went down by 90.07 points, while the S and P SL20 declined by 58.36 points. Turnover over stood at Rs 7.4 billion with 12 crossings.

Those crossings were as follows: Melstacope crossed 4.8 million shares to the tune of Rs 808 million and its shares traded at Rs 128, JKH 5.8 million shares crossed for Rs 138 million; its shares traded at Rs 23.50, Sierra Cables six million shares crossed to the tune of Rs 97.2 million and its shares sold at Rs 16.20, CCS 825,000 shares crossed for Rs 74.2 million; its shares traded at Rs 90, HNB 170,000 shares crossed to the tune of Rs 59.3 million; its shares sold at Rs 347.75, Overseas Realties 2.2 million shares crossed for Rs 50.9 million; its shares sold at Rs 23.60.

Dialog two million shares crossed to the tune of Rs 27 million; its shares traded at Rs 13.50, Balangoda Plantations 335,000 shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 78, Tokyo Cement 317,000 shares crossed for Rs 25.1 million; its shares traded at Rs 70, Dipped Products 350,000 shares crossed to the tune of Rs 21.3 million; its shares traded at Rs 61, LOLC Holdings 27000 shares crossed for Rs 20 million and its shares traded at Rs 7.30 and Ambeon Capital 625,000 shares crossed for Rs 20 million; its shares traded at Rs 32.

In the retail market, companies that mainly contributed to the turnover were; HNB Rs 807 million (2.2 million shares traded), Browns Investments Rs 572 million (56.5 million shares traded), LOLC Holdings Rs 335 million (461,000 shares traded), Sierra Cables Rs 304 million (18.9 million shares traded), JKH Rs 303 million (12.8 million shares traded) and Dipped Products Rs 201 million (3.3 million shares traded). During the day, 257 million share volumes changed hands in 34000 transactions.

It is said that the banking sector led the market, especially HNB was the largest contributor to the turnover while as usual the manufacturing sector, especially JKH and Sierra Cables, were the second largest contributor to the turnover. The plantation sector and the services sector were also slightly active in the market.

Yesterday the rupee was quoted at Rs 298.60/90 to the US dollar in the spot market, weaker from Rs 298.65/75 to the US dollar on the previous day, while bond yields were broadly stable, dealers said.

Stocks were down 0.26 percent. A bond maturing on 15.09.2027 was quoted at 9.75/85 percent, up from 9.70/85 percent. A bond maturing on 15.03.2028 was quoted at 10.15/20 percent, up from 10.10/20 percent. A bond maturing on 01.05.2028 was quoted at 10.26/30 percent, down from 10.25/33 percent. A bond maturing on 15.09.2029 was quoted flat at 10.75/85 percent. A bond maturing on 15.10.2030 was quoted at 11.32/37 percent, up from 11.30/35 percent.