Notable demand for bank and blue chip stocks



By Hiran H.Senewiratne


The demand for blue chip stocks at the Colombo Stock Exchange (CSE) increased due to a positive foreign investor sentiment. Companies listed under the S and P SL20 index traded well yesterday.


Since most banks' and financial institutions' first quarter profits have increased the demand for those stocks rose significantly, market analysts said. During the day, the All Share Price Index moved up by 35.93 points and S and P SL20 was up by 54.87 points.


Amid those developments, the day's turnover stood at Rs. 1.9 billion with four crossings. Those crossings were: Access Engineering 1.8 million shares crossed for Rs. 46.8 million at a per share value of Rs. 26, Sampath Bank 1.1 million shares crossed for Rs. 382.9 million at a per share value of Rs. 350, NDB's 750,000 shares crossed for Rs. 99 million, the per share value being Rs. 132 and JKH 491,000 shares crossed for Rs. 80 million at a per share value of
Rs. 163.


In the retail market, the companies that mainly contributed to the day's turnover were, Sampath Bank Rs. 541.7 million (1.5 million shares traded), NDB Rs. 127.3 million (961,000 shares traded) and JKH Rs. 122.8 million ( 763,000 shares traded). During the day 54.8 million shares changed hands in 9370 transactions.


"Foreign buying helped to keep the market positive. There was a lot of foreign buying in banks," a top market analyst said.


Meanwhile, JKSB reported as follows -


ASPI: 6,559.61 (+35.93 pts; +0.55%); Val T/O: Rs. 1.93bn (US$12.6mn); Vol T/O: 54.8mn; Trades: 9,370


Advance/decline ratio: 138/65; Top gainer: PCP.N (+100.00%) ; Top loser: TFIL.N (-12.66%)


Highlights:


• The ASPI ended higher amid healthy turnover levels. SAMP, NDB, JKH, and CCS led market activity with a crossing also seen in AEL. Trading in SAMP amounted to 48% of total turnover.


• Banks, Finance, & Insurance was the most actively traded sector (+1.71%)


• Banks, Finance, & Insurance was the best performing sector (+1.71%), supported by gains on SAMP (+4.11%)


• Information Technology was the worst performing sector (-7.15%), dragged down by declines on ECL (-7.41%)


 
 
 
 
 
 
 
 
 
 
animated gif
Processing Request
Please Wait...