CSE positive following PM-CSBA talks

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) witnessed positive trends especially in the banking sector counters yesterday. The banking sector counters were positive owing to the removal of the debt recovery levy by the government and following a fruitful meeting between Prime Minister Mahinda Rajapaksa and stockbroker companies the previous day, stock market analysts said.It is said that CEOs in stock broker companies who met Prime Minister Rajapaksa had asked for state support to boost the market.

It is said that  Colombo Stock Brokers Association had asked for the Employees Provident Fund and Employees Trust Fund to be listed. They had also suggested that state enterprises be listed, the report said.They had also asked that the demutualization of the stock exchange be speeded up, market analysts said.

Therefore, the CSE was a bit positive after having witnessed a market downturn for the last couple of  trading days. The All Share Price Index was up by 8.13 points and the S and P SL20 was up by 40.84 points. The day's turnover stood at  Rs. 339.9 million with two crossings. Those crossings were reported from Sampath Bank and Central Finance. Sampath Bank's  346,300 shares crossed to the tune of  Rs. 53.3 million, its per share traded at Rs. 154 and  Central Finance 300,000 shares crossed for Rs. 31.5 million, per share value Rs. 105.

In the retail market, companies that mainly contributed to the day's turnover were; Commercial Bank Rs. 42.4 million (470,000 shares traded), Sampath Bank Rs. 38.3 million (247,000 shares traded),  HNB Rs.  26.4 million (165,000 shares traded), Access Engineering Rs. 22.3 million ( five million shares traded), and Browns Investment  Rs. 20.6 million (3.82 million shares traded) During the day  13.8 million share volumes changed hands in 3467 transactions.

Appreciating banking sector counters have contributed 10 points to the All Share Price Index, stock market sources said.

It is said that Sampath Bank  was up 50 cents or 0.33 percent to Rs. 153.50  a share, contributing most to the ASPI’s gain. National Development Bank opened flat at Rs. 97.00  a share while the Union Bank of Colombo PLC stocks opened 10 cents or 0.83 percent higher at  Rs. 12.10 a share, also contributing to ASPI’s increase. In the secondary bond market, yields were flat in dull trading, dealers said.

Sri Lanka’s rupee was quoted steady at 181.30/35 to the US dollar in the spot market on Tuesday from Monday’s closing, while bond yields opened flat and stocks opened higher, dealers and brokers said. 

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